WAGE‐RISE CONTRACT AND QUANTITY COMPETITION WITH PROFIT‐MAXIMIZING AND LABOUR‐MANAGED FIRMS

This paper examines the behaviours of a profit‐maximizing firm and a labour‐managed profit‐per‐worker‐maximizing firm in a two‐stage quantity‐setting model with a wage‐rise contract as a strategic commitment. The paper then shows that there exists a unique equilibrium that coincides with the Stackelberg solution where the profit‐maximizing firm is the leader and the labour‐managed firm is the follower.     

企业规模边界的系统审视——基于马克思主义协作系统观的视角

新制度主义从交换关系出发,认为企业规模扩展的界限是企业的边际组织成本与市场的边际交易成本相等之点;而古典主义则从企业核心的生产功能出发,认为企业规模扩展的界限也就在于企业的边际协调收益与市场的边际协调收益相等之点。文章借鉴马克思的协作观对新制度主义企业理论进行了修补,并进而探究了体现协作系统这一企业本质的社会合理规模界限:企业的净边际协调收益与企业的净边际组织成本相等之点;同时,又借鉴马克思的异化观考察了企业组织发生异化后所衍生出来的收益转移效应以及相应企业规模。在此基础上,文章得出了两个基本结论:企业的现实规模通常要大于企业的社会合理规模;并且,随着企业形态偏离协作系统这一本质的程度不同,企业规模也存在明显的差异。     

The dynamic impact of intellectual capital on firm value: evidence from China

We examine the dynamic relationship between intellectual capital (measured by human capital and organizational capital) and firm value of Chinese listed firms. We do causality identification using system GMM and IV estimation, and find no significant relation between human capital and firm value, but organizational capital positively affects firm value with a lag. Our findings are robust to firms with different property rights, of different sizes, or in different industries, with the only exception of capital-intensive firms, in which human capital has a significant influence on firm value. The results imply that the improvement of organizational system plays a more important role in raising the value of a firm in a typical developing country, like China.     

Permit markets, market power, and the trade-off between efficiency and revenue raising

This paper focuses on an emissions permit market dominated by one firm and with a government concerned about social efficiency and permits revenue. In this setting, it is shown that the dominant firm's market power reduces the opportunities for the government to raise non-distortionary revenue from permits without loss of consumer surplus. Since the government's objectives are thus hampered in auctioning permits, the dominant firm should be excluded from the auction. Specifically, the regulator should sell permits directly, through bilateral negotiation, to the dominant firm, and auction off the remaining permits to the fringe firms.     

Does Accrual Management Impair the Performance of Earnings‐Based Valuation Models?

This study examines how accrual manipulations affect firm valuation in the years surrounding the passage of the Sarbanes‐Oxley Act (SOX). We compare the absolute percentage pricing errors of RIM and DCF valuation models for a group of US firms suspected to have engaged in accrual manipulations to avoid a small loss or a small earnings decline vs. ‘Normal’ firms matched on industry, year and size. We find that RIM can better estimate intrinsic value than DCF for the matched Normal firms in the pre‐SOX period, but not so for accrual manipulators, and that SOX mitigates the harmful effect of accrual manipulations, completely eliminating the difference in RIM's accuracy advantage over DCF between Normal firms and accrual manipulators. As a further analysis, we redefine Suspect firms as real‐activity manipulators and find a significant across‐group difference in accuracy wedge in both sample periods, implying that SOX has prompted firms to favor real‐activity manipulations over accrual manipulations.     

基于企业理论的“农民工”权益保护研究

随着农村劳动力的过剩,很多农民选择了城市务工,但是损害农民工权益的现象屡屡发生。研究"农民工"权益在企业的保护方案,首先要解决企业理论与"三农"政策的内在一致性。从原有企业理论出发,可以建立社会网络产业结构信息系统、各地区各行业"农民工"权益信息系统,给不同区域企业与"农民工"传递"农民工"权益及其变动信息,保护"农民工"的权益。     

The Antecedents and Consequences of Travelers' Need for Uniqueness: An Empirical Study of Restaurant Experiences

Dining out at a restaurant is one of the most important parts of travelers' tourism experience. The purpose of this research was to examine the antecedents and consequences of travelers' need for uniqueness (CNFU) in their restaurant experiences. Based on a literature review, three theoretical antecedents (perceived firm innovativeness (PFI), perceived firm uniqueness, and brand prestige) and three theoretical consequences (utilitarian value, hedonic value, and behavioral intentions) were proposed. During this process, it was theorized that consumers' uniqueness-seeking behaviors can be strengthened and/or weakened by three psychological moderators: attention to social comparison information (ATSCI), face consciousness, and materialism. By integrating the theoretical arguments, a structural model was proposed. The proposed model was tested using data collected from 379 travelers who had dined out at a luxury restaurant in the past three months. According to the data analysis results, PFI, perceived firm uniqueness, and brand prestige were all confirmed to be important factors in enhancing CNFU. Furthermore, it was determined that CNFU bears a positive impact on behavioral intentions, an impact that is mediated by perceived value. Lastly, the moderating roles of ATSCI and materialism were found to be significant. In the latter part of this research, managerial implications derived from the data analysis results are discussed.     

Unobserved firm heterogeneity and the size-exports nexus: Evidence from German panel data

This paper starts from the stylized fact that firm size and exporting tends to be positively related. Using large sets of establishment panel data for three different industries from official statistics, evidence is presented that the familiar picture of an export/sales ratio that increases (at a decreasing rate) with firm size vanishes if unobserved firm heterogeneity is controlled for in a fixed-effects fractional logit regression model. This finding is well in line with the fact that many small firms are “hidden export champions.” JEL no. F10, D21, L60     

Self‐selection,endogeneity, and the relationship between CEO duality and firm performance

This study focuses explicitly on the methodological implications of the endogenous theory of governance as applied to firm performance. In particular, if firms choose their governance structures as part of a constrained performance maximization process, then application of an appropriate empirical methodology should reveal statistical evidence of such behavior. In this study we take advantage of the endogenous switching regression model framework to determine whether such predicted optimizing behavior can be corroborated by the data. The model allows us to test explicitly for selection behavior in accordance with comparative advantage and, concomitantly, the presence of selectivity bias, in estimating the impact of CEO duality on firm performance. The selection and performance equations are modeled in accordance with the extant accounting, economics, and management literature on the impact of the dual governance structure on firm performance. Overall, we tested four performance measures for the entire sample of firm‐year observations as well as for the largest three industries in terms of sample sizes. The major finding, robust in all cases, is that there is no evidence to support a contention that CEO duality is a structure purposefully chosen for optimizing performance. If firms are indeed choosing the dual leadership structure, they are doing so for reasons other than improving performance from what it would be otherwise. In fact, for performance measured as market return and earnings per share, there is evidence of a significant selectivity bias that acts to lower performance below what it would have been under random assignment. For performance measured by Tobin's q and return on assets, we found neither evidence of selectivity bias, nor any significant marginal performance impacts of CEO duality. Such findings are inconsistent with an endogenous governance theory, at least when applied to firm performance. Copyright © 2009 John Wiley & Sons, Ltd.     

跨国公司在华物流外包对企业绩效影响的实证研究——以企业战略为调节变量

在现有理论文献和调查的基础上,提出假设,利用问卷统计分析,对跨国公司在华实施的企业战略在物流外包与企业绩效的调节作用进行了实证检验,研究结果表明,跨国公司在华实施的成本领先战略会促进物流外包对财务绩效、市场绩效和运作绩效的正向影响;跨国公司在华实施的差异化战略对物流外包与企业绩效间的关系不产生影响。