创新驱动发展与企业劳动收入份额

选取2012—2020年沪深A股上市公司为样本,实证检验创新驱动发展与企业劳动收入份额之间的关系,以及高管股权激励和员工持股对上述关系的调节效应。研究发现：企业创新驱动发展能够有效提高企业劳动收入份额;实施高管股权激励和员工持股计划均能显著增强上述关系。进一步研究发现,盈利水平发挥了部分中介效应,且当企业处于成长期和衰退期、市场化程度较高的地区以及为非国有企业时,上述关系更显著。研究结论表明,特别是处于成长期与衰退期、市场化程度较高地区的企业,以及非国有企业,大力推动创新驱动发展,并辅之以高管股权激励和员工持股计划,可以提高企业劳动收入份额,实现和谐发展,推进共同富裕目标实现。     

Marketing Strategies for Last-Minute Travel and Tourism

Abstract

Travel and tourism arranged at the “last minute” has become a growing trend among consumers today. Responding to this trend, more and more travel/tourism firms are offering services catering to consumers seeking last-minute travel and tourism opportunities. Yet, clearly, not all last-minute travellers are alike. Variability in last-minute consumer characteristics such as motivations, lifestyles, and benefits sought suggests opportunities for astute marketers and revenue managers to collaborate in further segmenting the last-minute market and developing more effective marketing and revenue management strategies to potentially increase the firms' revenues, profitability, and customer satisfaction. Toward this end, this article evaluates and discusses marketing strategies, marketing mix elements, and segmentation approaches that may be most appropriate for more effective marketing and revenue management in the last-minute travel and tourism market.     

中国银行业盈利影响因素分析

考察了2001年至2007年14家商业银行的盈利状况,并选择银行资产利润率为银行盈利水平的测度变量,分析银行机构的个体特征变量、宏观经济变量和金融结构变量对中资银行利润率的影响。结果发现,商业银行的盈利能力主要由个体特征变量决定,其中,银行信贷率与银行利润率呈显著正相关关系,而银行规模、所有权性质与银行利润率之间呈显著负相关关系;宏观经济变量和金融结构变量与银行利润率的关系在总体上不显著,其中,只有通胀率与银行利润率呈显著负相关关系,存款和公债投资与银行利润率之间也呈负相关关系,但是没有显著性。     

比较分析十六家旅游上市公司的发展态势

根据国家对旅游业的重视,文章结合旅游上市公司的发展现状,对三类旅游上市公司分别从盈利能力、负债能力、运营能力和发展能力四个方面八项指标进行分析,并提出了相关发展建议和对策,以期为各类旅游上市公司的未来发展提供参考和借鉴。     

Do foreign companies earn more and distribute more than domestic companies in India？

There is a prevalent opinion in the corporate arena that the foreign companies are earning more but are less concerned with reinvesting their earnings in the foreign countries in which they operate and are more concerned in profit appropriations for quick repatriation of their investments by way of declaring high dividend payments. As compared to the foreign companies, domestic companies in India are relatively more concerned for reinvesting their profits and help to trigger the capital accumulation and industrial growth. This practice of comparatively paying higher dividend by foreign companies in India, if proved, supports the view that foreign companies are least concerned with the industrial growth of the country in which they operate. Hence the analyses of the dividend payments and the retained earnings of foreign and domestic firms assume economic importance. Considering the above hypothesis and the importance of the study, this paper made an attempt to empirically test the opinion and bring out any significant differences in the profitability and dividend payments between the two groups often pharmaceutical companies operating in India for the period of last 20 years.     

The determinants of commercial banking profitability in low-, middle-, and high-income countries

Using a broad bank-level dataset and the GMM estimator technique described by Arellano and Bover (1995), this paper analyses how bank-specific characteristics, macroeconomic variables, and industry-specific factors affect the profitability of 10,165 commercial banks across 118 countries over the period from 1998 to 2012. Grouping the countries according to three income levels, we show that the determinants of bank profitability included in our model can explain existing profitability differences among commercial banks in low-, middle-, and high-income countries. The profitability determinants vary quite widely across the different levels of income in terms of significance, sign and size of the effect. The level of income has thus an important impact on the determinants of bank profitability.     

Does interdependency affect firm and industry profitability? an empirical test

Strategy researchers have argued that heterogeneity in firms' practices and profitability within and across industries may derive from industry‐level differences in the extent of interdependencies among firms' activities. Theoretical models have clarified how and why differences in the extent of the interdependencies faced by firms across industries may affect the distributions of firm profits, but the specific predictions from these models have not been empirically tested. In this paper, we present what we believe is the first large scale empirical analysis linking differences in the extent of interdependencies across industries to differences in the distribution of firm profits within and across those industries. We use survey data to measure interdependencies systematically across a wide number of industries, thus addressing the primary obstacle to incorporating interdependencies in larger scale empirical work, and find evidence consistent with the theoretical predictions: average profitability is highest in industries with moderate levels of interdependency; the dispersion of profits among firms is higher in industries with more extensive interdependencies; and industries with more extensive interdependencies have a more positively skewed performance distribution. We find that the effect of interdependencies on average industry profitability is similar in scale to the effect of patent protection and industry growth rates, placing interdependency squarely among the strategy field's central concepts. Copyright © 2009 John Wiley & Sons, Ltd.     

The Metrics of Relationships

Abstract

In the last two decades, it has been suggested that the marketing discipline is undergoing a paradigm shift from a transactional perspective to a relational perspective (Sheth & Parvatiyar, 2002). At the same time, there has been a call for the discipline to focus on accurate measurement of the outcome of marketing activities (Rust, Ambler, Carpenter, Kumar, & Srivastava, 2004). Extant research in this area has predominantly examined the sales and profitability of relationships through customer life time analysis or examined attitudinal measures such as satisfaction and loyalty. This paper attempts to combine both streams of research by examining the profitability, satisfaction and probability of switching associated with transactional customers, relationship customers (less than five years of relationship) and deep relationship customers (more than five years of relationship) in three business to business industries. The results demonstrate the transactional customers are most profitable followed by relationship and deep relationship customers. The probability of switching was in the reverse direction of profitability and there were no difference in satisfaction measures. Implications for research and practice and also derived in the paper.     

What Enhances Insider Trading Profitability?

This study analyses the factors triggering insider trading profitability. Since there is not much evidence on this topic in the continental-European context, we focus on the Spanish stock market. Our findings show that the main relevant factors (the timing ability of the insider, the transparency of the transaction and the level of free cash flow of the firm) are related to insiders’ opportunities behaviour, motivated by the lack of either managerial control within the firm or enforcement of insider trading regulation. The level of ownership concentration, the spread and the interaction between the size and the transparency of the transaction are other relevant factors, some of them tested for the first time in the insider trading literature.