Political uncertainty and investments by private and state-owned enterprises

We study corporate investments around national elections in India. Investment rates drop by a nonsignificant 2.2% for state-owned enterprises (SOEs) in election years. The decrease is significantly larger for private firms, which record an investment drop of 7.4%. The decrease in investment for private firms is likely attributable to political uncertainty. SOEs balance political uncertainty with the desire to woo voters who want government investments. Investments in election years are perceived positively for both private firms and for SOEs. Increased investment by SOEs and reduction in investment by private firms during election years are associated with improved investment efficiency.     

Incorporating corporate social responsibility into graduate employability

To remain sustainably viable in today's business environment, employers require appropriate skills to support their commitment to social responsibility. When recruiting skills, employers recognize that graduate attributes are essential indicators of the capability to render constructive workplace outcomes. Graduates need to develop these attributes to demonstrate their employability potential to prospective employers. However, existing employability capital frameworks do not include the graduate attributes needed to measure capability in corporate social responsibility (CSR) skills. The objective of this study was to determine which graduate attributes would support employability capability in CSR skills. Following a theoretical investigation, a mixed-method exploratory study was undertaken in South Africa's state-owned electricity provider to determine the employability attributes required by the organization in CSR management. The first phase involved a data collection survey, 302 managers and supervisors in South Africa's primary electricity provider rated a proposed 44 personal attributes linked to nine theoretical determined CSR skills and their importance in CSR management. In the second phase, the survey results were validated through a separate Delphi technique with three Human Resource Development experts. Confirmatory factor analysis found significant relationships between the tested attributes and the nine CSR skills. The findings could assist graduates in understanding the attributes they need to develop to be deemed employable for CSR performance. Furthermore, higher education institutions can include the results in curriculums to contribute to the development of CSR skills. Finally, the attributes and skills could be used to conceptualize a focused CSR employability capital, which employers can use to test employability potential.     

The influence of social capital on local retail patronage in an urban setting

Local retail stores are currently facing intense competition from both online retailers and large chain stores. An understanding of local retail store patronage (i.e., patronage of retail stores in one's own community) is essential to the survival and growth of local retailers. Drawing on Social Capital Theory, we theorize and show with store-level survey data the influence of social capital (community attachment and reciprocity) on local retail store patronage in a large urban setting. We find that the impact of social factors differs for residents within the community compared to those outside of the community. We also demonstrate the importance of social factors in comparison to non-social factors. These findings contribute to the literature by extending the impact of social capital on local retail store patronage beyond rural settings, providing insight into urban consumers' decision to patronize local retail stores, and highlighting the impact of community boundaries. These findings also generate practical recommendations for local merchants and stress the importance of building reciprocal relationships with local customers as well as varying communications across community boundaries.     

Exploring the mediating role of utilitarian value and hedonic value in the formation of oppositional loyalty in online communities

Our research expands the scope of the research on oppositional loyalty from brands to online communities. Online communities allow members to freely express their opinions and promote the occurrence of oppositional loyalty behaviours towards the communities. Oppositional loyalty is defined in this article that, for the purpose of strengthening the market position of their preferred community, members of the online community may express negative views or even show oppositional behaviour towards adversarial communities. In view of social capital theory, the study examines the effect of hedonic value and utilitarian value on oppositional loyalty in online communities. The results show that only hedonic value significantly affects oppositional loyalty; hedonic value mediates the effect of the three dimensions of social capital (network ties, identification, and common language) on oppositional loyalty. The study identifies that community type moderates the impact of social capital (identification and common language) on hedonic value but does not moderate the effect of social capital on utilitarian value. Finally, we find that members' oppositional loyalty towards their community can promote their community participation. This research provides recommendations for online community managers to manage and benefit from members' oppositional loyalty.     

地方经济发展与企业资本结构选择——来自我国上市公司的经验证据

本文选择1994～2004我国上市公司数据为研究样本,检验地方经济发展以及地方经济发展因素与公司内因素的交互作用如何影响企业资本结构。本文发现,人均居民消费水平越高,企业资产负债率越高;人均GDP较高的地区,人均居民消费水平对资产负债率影响较小,企业资产负债率较高;企业非债务税盾越大,人均GDP对其资产负债率影响越小;城乡储蓄年度余额越高的地区,企业资产负债率越高;随着地区人均GDP的提高,城乡储蓄对企业资产负债率的影响减小;资本形成总额越高、企业资产负债率越高。     

基于PSO算法的股权拍卖机制设计及仿真分析

运用PSO群体智能算法模拟信息交互条件下外部投资者报价决策的学习机制和演化规律,在此基础上设计了实现风险投资退出的股权拍卖机制。Netlog仿真结果表明,所设计的股权拍卖机制能在一定程度上揭示股权的真实价值,并降低竞买人和卖方之间的信息不对称程度。进一步的仿真分析结果表明:适当的激励力度对外部投资者的投标报价具有显著影响;引入更多的竞买人能产生更有利于风险投资家的拍卖结果;即使外部投资者过于强化单一的学习能力,最终也可得到相对理想的拍卖结果,从而证明了所设计的股权拍卖机制具有广泛的适用性。     

公务员个体人力资本产权残缺与纠正方式

公务员个体人力资本产权残缺不仅会使人力资本价值难以充分实现,也会导致人力资本产权价值大打折扣.而要克服公务员个体人力资本产权残缺,一方面要完善公务员收益分配制度;另一方面要改善公务员人力资本配置方式.     

湖南省5市农地流转对农户增收及收入分配的影响

研究目的:从农户微观收入视角和收入差距变化视角,分析湖南省农村土地流转对不同参与农户增收及收入分配的影响。研究方法:统计分析法、多元线性回归模型和基尼系数测算法。研究结果:(1)农地流转有效增加了参与流转的农户家庭人均总收入,且转出户家庭人均收入的增长幅度高于转入户。(2)农地流转对转入户家庭人均收入、人均种植业收入增长具有显著正向影响的关键因素有家庭纯务农比例、单位面积土地收益、农业投入增加值;对转出户家庭人均收入、非农收入增长具有显著正向影响的关键因素有家庭在外打工比例、固定资产值、补偿金支付;其中土地流转面积和签订转租合同对流转户收入均具有显著正向影响。(3)家庭财富水平和人力资本水平的差异在农地流出后逐渐明显,拉大了转出户的收入差距;转入土地后农户家庭实现规模化经营和生产效益的增值,使转入户的收入差距缩小。研究结论:应针对不同类型农户制定差异化的政策,积极引导农户进行土地流转,提高流转效率,促进农户增收,缩小农户收入差距。     

金融支撑体系对我国物联网产业发展的作用——基于我国物联网上市企业的实证分析

界定了金融支撑体系的内涵及其构成,阐述了国内外物联网产业发展现状,从理论层面分析了财政税收、商业银行、创业投资和资本市场对中国物联网产业发展的影响,并提出相关研究假设。以2010—2012年中国46家物联网上市企业的数据为基础,建立面板数据混合回归模型,实证分析不同金融支持方式对物联网上市企业绩效的影响。研究发现:留存收益、财税、股权和创业投资4种金融支持方式与物联网上市企业的绩效显著正相关;商业银行信贷支持与物联网上市企业绩效正相关但不显著,说明信贷资金利用的有效性有待加强。最后提出完善金融支撑体系以促进中国物联网产业发展的对策建议。     

战略联盟关系资本的形成及其管理

战略联盟关系资本能给企业带来关系性租金,从而提升企业的竞争优势。但是,与一般企业管理不同,战略联盟管理更加复杂,其复杂性主要体现在如何妥善处理联盟企业之间的合作关系。因此,战略联盟管理需要加强关系资本管理,通过增加专用性资产投资、促进信任和承诺的循环递进,以及构建有效的冲突协调机制,从而建立和维护战略联盟关系资本。