How Productive Is Workplace Health and Safety?

In this paper, we investigate the causal impact of workplace health and safety practices on firm performance, using Danish longitudinal matched employer–employee data merged with unique cross‐sectional representative firm survey data on work environment conditions. We estimate standard production functions, augmented with workplace environment indicators, addressing both time‐invariant and time‐varying potentially relevant unobservables in the production process. We find positive and large productivity effects of improved physical dimensions of the health and safety environment, specifically, “internal climate” and “monotonous repetitive work”.     

对土地财政与地方经济增长相关性的探讨

近些年来,之所以演化出土地财政这一具有非褒义的概念,是因为有着深刻的社会背景。这不仅有财政体制上的原因,也有城市自身扩张与政府官员政绩考核的原因。目前,土地财政在推动地方经济增长的过程中发挥了重要作用。实证分析表明,GDP虽不是土地性财政收入的Granger因,而GDP却是土地性财政收入的Granger果。地方经济增长过度依赖于土地财政,不仅会造成严重的不良后果,如威胁我国粮食安全、不利于和谐社会建设、加剧购房居民的负担等,而且也会扩大政府的寻租空间。为此,地方政府必须寻求摆脱经济增长对于土地财政依赖的路径选择,要转变经济增长观念、推进财政体制改革、充分发挥土地流转机制的作用、不断完善土地法规的相关内容等。     

互联网应用与创业绩效:社会资本的中介作用

借助社会资本理论,探究了与企业经营密切相关的互联网应用——信息获取与社交沟通如何通过社会资本积累对创业绩效产生影响。利用来自中国2432家创业企业的调研数据进行实证研究。结果显示:社会资本中的服务者联系对互联网应用的信息获取维度与创业绩效的关系起部分中介作用;社会资本中的参与者联系对互联网应用的社交沟通维度与创业绩效的关系起部分中介作用。     

Policy Consequences of Multiple Equilibria and the Indeterminacy of Economic Outcomes in a Boundedly Rational World: Closing the System with Non-Economic Variables1

In the conventional economic wisdom, the notion of unique equilibria that are efficient and Pareto optimal dominates the modeling discourse. Hebert Simon proposed an alternative analytical framework where the notion of multiple and sustainable equilibria is critical. Multiple equilibrium is the crucial stylized fact of economic life that requires better understanding and modeling. Of particular significance, Simon touched on the importance of institutions and differential power relationships in affecting economic outcomes. But this modeling approach was not well developed by Simon. Following from his contributions, further develop the notion of multiple equilibria especially in the realm of production with an emphasis on x-efficiency theory. I bring to bear the importance of institutional parameters (including power relationships), culture, norms, ethics, and moral sentiments to the determination of economic outcomes. In the model developed here, boundedly rational decision-makers’ choices are contextualized and constrained by complex environmental factors. No one choice is either inevitable or economically efficient. A multiplicity of outcomes is possible and sustainable inclusive of those that are suboptimal. Much depends on individual preferences and institutional design. This has significant implication for institutional design and policy.     

Competitive strategies,innovation, and firm performance: an empirical study in a developing economy environment

This paper studies the relationships between competitive strategies, innovation, and firm performance within the context of Turkish manufacturing companies. The data were collected from top management of the firms via Computer Assistant Telephone Interviewing method. One hundred and forty manufacturing firms operating in various sectors including textile, automotive supply, computer and electronics provide the basis for this empirical research. In order to test our model, we employ structural equation modelling using partial least squares. The results show that competitive strategies such as cost-leadership and differentiation can lead to innovation, which, in turn, increase firm performance. Managers implement cost-leadership and differentiation strategies to take part in competitive market conditions; however, they should put additional importance on innovation that plays a significant role as a bridge between competitive strategies and firm performance.     

Vertical alliance portfolios and the business performance of small technology-based firms

This paper discusses how small technology-based firms (STBFs) effectively manage vertical alliances by choosing proper alliance structures to both manage challenges and pursue higher performance. We consider the main challenges of STBFs’ vertical alliances as opportunistic risk and coordination concern between partners, and derive four types of vertical alliance portfolios with different extents of risk and return based on the relational perspective. We then examine the impact of each portfolio on performance and the moderating effect of STBFs’ age and technological capability. The results show the portfolio focusing on bilateral alliances is not helpful for STBFs, while the others are useful. The portfolio focusing on unilateral alliances promises young firms better performance, while hybrid portfolios of unilateral and bilateral alliances are more helpful for older STBFs. In hybrid portfolios, bilateral alliance in the upstream is beneficial to specific technology-focused firms, while bilateral alliance in the downstream is recommended to STBFs whose technology covers a wider range.     

Family firm succession and performance

We analyse more than half a million businesses from the Census Bureau’s 2007 Survey of Business Owners with less survivorship and size biases. After controlling for firm- and owner-specific characteristics, we find family businesses generate fewer receipts and less employment and payroll. Family businesses involving a second-generation owner-manager show better performance. On the other hand, those managed by founder-owners show worse performance. These results of all firms, mostly small businesses, are contrary to the previous studies of large public firms. However, for a subsample of 2064 businesses large enough to be listed on a US stock exchange, the results become consistent with the previous large-firm studies.     

制造业产出服务化对企业绩效的作用机制 ——基于产品市场竞争的视角

制造业服务化是先进制造业与现代服务业融合的重要内涵之一,按生产关系分为投入服务化和产出服务化,产出服务化反映了制造企业向“微笑曲线”两端服务环节转型。基于产品市场竞争视角,从市场势力和产品差异化两方面探究制造业产出服务化对企业绩效的作用机制,并通过构建产出服务化测算指标,选取2008-2018年中国1987家上市公司的面板数据,运用PSM-DID方法对制造业产出服务化与企业绩效的关系进行实证检验。研究表明:(1)制造业产出服务化显著提升了企业绩效,但存在明显的地域与所有制差异。东部、中部地区以及民营制造企业产出服务化对企业绩效的提升效果较为显著,西部地区以及国有制造企业绩效的提升在考察期内并不明显,外资企业产出服务化降低了企业绩效水平;(2)制造业产出服务化可通过“市场势力”效应和“产品差异化”效应共同促进企业绩效水平的提升。但在地域与所有制上差异显著,东部、中部地区以及民营制造企业存在“市场势力”效应和“产品差异化”效应,西部地区、国有以及外资制造企业产出服务化虽能有效提高企业的市场势力和产品差异化水平,但对企业绩效水平的提升并不明显。因此,应从市场环境、社会分工、人力资本积累等方面为制造业服务化提供保障,帮助制造企业获取竞争优势。     

险资股权投资的结构性改革研究——基于险资投资的倒U型效应分析

保险资金作为重要的机构投资者能否发挥促进公司绩效提升的作用在已有研究和监管政策制定上都存在较大争议。本文以2005-2017年A股上市公司为研究样本,发现险资持股比例对上市公司绩效以及估值影响存在显著的倒U型曲线效应,相应机制研究表明险资持股通过显著影响两类代理成本的渠道发挥治理作用。在适度持股比例以下,险资增持能够降低被投资公司管理费用率和其他应收款占比,并提高资产周转率,从而降低两类代理成本;持股超过一定比例反而造成两类代理成本上升。险资持股比例变化对保险机构调研次数的影响则从公司治理参与角度印证了以上结论。对倒U型曲线效应的深入分析既有助于深化对机构投资者影响公司绩效的多重效应和机制的认识,同时为在金融机构层面落实金融供给侧结构性改革、增强险资服务实体经济能力提供参考。     

比较创新体制与比较历史创新体制——开创比较经济学研究的新框架

近十几年来,建基于新制度经济学和博弈论的广泛影响,比较制度分析和历史制度分析在比较经济学领域已经成为最有影响的分析范式,但它在处理技术创新、制度演化和结构变迁等诸多问题上却存在着固有的缺陷。为了克服这些缺陷,本文以演化经济学的研究纲领为基础,提出了比较创新体制和比较历史创新体制作为比较经济学研究新框架的构想,简要说明了它在基础理论上与比较制度分析和历史制度分析所存在的重大差别,论述了这种新框架的概念、体系内容和意义所在,综述了相关研究的最新进展,并讨论了比较创新体制和比较历史创新体制的重大前沿问题。本文认为,比较创新体制和比较历史创新体制是我国创新型国家建设不可或缺的研究工具,它为比较经济学的新发展提供了最有价值的新范式和新框架,比较经济学界不应该把其发展排除在视野之外。