Managers’ Escalation Behavior in Equity Investment Decisions and the Role of Corporate Governance

The aim of this study is to investigate the relationship between free cash flows and escalation behavior in the long-term stock buying decisions for the firms listed in Taiwan. The main findings include: (1) Managers tend to exhibit the escalation behavior in the long-term equity investment. (2) There is a positive association between the level of free cash flows and the magnitude of managers’ behavioral escalation. (3) The corporate governance mechanisms play a contributory role in mitigating the escalation behavior. The evidence is robust across subsamples for electronic versus non-electronic industries, growth versus value firms, and loss versus gain firms.     

小额信贷、农民创业与收入增长——基于中介效应的实证研究

基于2009—2014年山东省17地市小额贷款公司的面板数据,运用固定效应模型、工具变量和中介效应等分析方法,从农民创业的中介效应视角实证检验小额信贷的农民增收效应。结果表明：小额信贷对农民收入具有显著的正向影响,但由于小额信贷规模仍相对较小,因此其对农民收入的正向影响程度仍相对较低。同时,利用中介效应分析方法,验证农民创业在小额信贷对农民收入的影响中存在显著的中介效应。所以,为了促进农民收入的提高,政府应进一步推动小额信贷的发展以及加大对农民创业的金融支持力度。     

OCB and external–internal social networks: effects on individual performance and adaptation to change

In this study, we develop and test a model that links one's internal and external social network structures to his or her willingness and ability to adapt in a changing work context. Using a survey data from 371 employees working in 133 different branches of a large financial firm, we find that individual behaviors that explain task performance and individual adaptation to change are affected by a number of supportive social ties (size of the support network) with which one receives support inside and, mostly, outside the workplace. The results also show that individual performance and adaptation to change are affected by the level of workers' organizational citizenship behavior. We also identify a mediating effect exerted by the informational network structure (mostly an internal network) on the relationship between the support network (mostly an external network) and individual task performance.     

Consumers’ Sensorical Product Evaluation and Perception

The aim of the research was to determine consumer perceptions of meat products regarding their origin and the potential impact of their origin on the sensory evaluation of other meat properties. Data were collected during the experiment. By testing the correlation model with multiple analyses of variance for repeated measures, it was determined that there was a statistically significant correlation between the factors. The important contribution of the research is the surveyed issue and the approach to researching the impact of product origin on scientific field of marketing and field of consumer behavior. The research represents a deeper investigation of impact of country-of-origin (COO) on consumer perceptions. An integrated approach to the research of the impact of meat origin was chosen to form interlinks between meat origin and its other sensorical properties.     

UNDERSTANDING MEMBER CHARACTERISTICS AND COOPERATIVE PRICE EFFECTS: THE CASE OF THE ARGENTINEAN DAIRY SECTOR

Since the 1990s, Argentinean dairy‐processing cooperatives have lost considerable amounts of members and market share. We analyse their current role by investigating the characteristics of farmers who continue delivering to them and price differentials between cooperatives and investor‐oriented firms (IOFs). A probit regression model applied to 917 farmers suggests that cooperative farmers are more disadvantaged than farmers delivering to IOFs in terms of education, farm size and productive technology. Moreover, t‐tests applied to data representing 70 per cent of national volume indicate that farmers delivering to cooperatives are between 11 per cent and 29 per cent smaller than those delivering to IOFs, depending on province. A hierarchical multilevel regression model applied to 9,720 transactions among farmers and processors shows that, after controlling for quantity and quality, cooperatives pay lower (3.5%) but more stable prices than IOFs. In a context of rapid structural change, we observe a market in which larger farmers deliver to IOFs and smaller farmers deliver to cooperatives and conclude that, at the expense of paying lower prices, cooperatives may act as buyers of last resort for otherwise disadvantaged farmers.     

行政私法行为及其法律控制

为了适应现代行政管理的需要,行政机关在使用权力手段来实现行政目的的同时,越来越青睐采用相对温和、民主的行政私法行为来实现行政目的。如何界定行政私法行为,如何对行政私法行为进行法律控制,成为我们迫切需要解决的课题。     

发展农产品加工业是我国农业产业化经营的核心

本文通过对我国农产品加工业发展特点以及当前制约因素的论述,为我国农产品加工业提出了今后进一步发展的设想.     

Resentful and religious: How religiosity can mitigate the detrimental effects of workplace embitterment on helping behaviors

This study aims to establish how employees' experiences of workplace embitterment may direct them away from voluntary efforts to help coworkers, mediated by emotional exhaustion and moderated by religiosity. Three rounds of survey data, collected from employees and their supervisors in various Pakistani organizations, reveal that a sense of being emotionally overburdened by work links rancorous feelings due to negative work events with tarnished helping behavior, mitigated by employees' ability to draw on their religious faith. As an original contribution, this research addresses the effect of an actually felt negative emotion (workplace embitterment), instead of a source of emotional hardship, on employees' propensity to halt extra-role work efforts; it also describes how the personal resource of religiosity influences this process.     

Do German security analysts herd?

We employ an innovative methodology suggested by Bernhardt et al. (J. Financ. Econ. 80:657–675, 2006) to examine the herding (or anti-herding) behavior of German analysts regarding earnings forecasts. This methodology avoids well-known shortcomings often encountered in related studies, such as correlated information signals, unexpected common shocks to earnings, systematic optimism or pessimism, or forecast target mismeasurement. Our findings suggest that German analysts anti-herd, that is, they systematically issue earnings forecasts that are further away from the consensus forecast than their private information indicates. Furthermore, we analyze the association between herding behavior and different characteristics, including the size of the brokerage, general or firm-specific experience, and the coverage of firms on the Neuer Markt. We mainly confirm findings for the United States, for example, that anti-herding is more severe in cases of higher competition among analysts. Contrary to anecdotal evidence, we also find anti-herding behavior in earnings forecasts for Neuer Markt firms during the “new economy” bubble.

财政分权、地方政府行为与经济绿色转型

依据2009—2019年省级面板数据,运用空间计量模型和中介效应模型,考量财政分权对经济绿色转型的影响。结果显示：财政分权促进本地经济绿色转型作用显著,但会阻碍相邻地区经济绿色转型进程。地方政府行为在二者之间发挥着中介作用,财政分权主要通过促进地方政府合理竞争、提高地方政府财政科技投入强度促进经济绿色转型,提高财政分权程度会强化地方保护主义行为,但地方保护主义行为对经济绿色转型的影响不显著。