独立审计、公司外部治理与真实经营业绩——来自中国上市公司的经验证据

独立审计是公司治理的重要外部机制,但考察独立审计治理功能影响公司真实经营业绩的文献还较少。从减少信息不对称、提升治理效率与决策能力角度,提出了一个独立审计的公司外部治理功能影响公司真实经营业绩的理论框架。选取事务所规模、审计收费和审计意见作为审计质量的替代变量,以我国2007年-2009年上市公司为样本,实证研究发现事务所规模及审计收费均与公司真实经营业绩正相关;审计意见对公司滞后一年的真实经营业绩没有影响,这可能与我国监管及诉讼制度不完善导致＂非标＂意见未给公司及其内部人带来显著成本有关。     

Do insurance activities enhance the performance of financial services holding companies?

Stiroh and Rumble (2006) and Yeager et al. (2007) have argued that extension of banks into nonbanking activities produces no diversification benefits for financial services holding companies (FSHCs) eligible to consolidate banking and insurance products. We investigate the effect of aggregate nonbank activities, as well as two main areas of insurance business, namely agency and underwriting enterprise, on the risk-adjusted performance of FSHCs. Our sample includes a quarterly panel data of FSHCs over the period 2003–2011. We find that the effect of FSHCs’ entry into agency insurance activities on their risk-adjusted returns is dependent on their size; it is positive for FSHCs in the top quartile of our sample (assets greater than $4.495 billions), but negative for smaller and mid-size FSHCs. The effect of underwriting insurance activities on risk-adjusted returns is generally negative or statistically insignificant, except for some of the largest-size firms.     

Exenatide BID and liraglutide QD treatment patterns among type 2 diabetes patients in Germany

Abstract

Objectives:

This study evaluated patient and prescriber characteristics, treatment patterns, average daily dose (ADD), and glycemic control of patients initiating glucagon-like peptide 1 (GLP-1) receptor agonists in Germany.

Methods:

The LifeLink? EMR-EU database was searched to identify patients initiating exenatide twice daily (BID) or liraglutide once daily (QD) during the index period (January 1, 2009–April 4, 2010). Eligible patients had ≥180 days pre-index history, ≥90 days post-index follow-up, and a pre-index type 2 diabetes diagnosis. Univariate tests were conducted at α?=?0.05.

Results:

Six hundred and ninety-two patients were included (exenatide BID 292, liraglutide QD 400): mean (SD) age 59 (10) years, 59% male. Diabetologists prescribed liraglutide QD to a larger share of patients (65% vs 35% exenatide BID) than non-diabetologists (51% vs 49%). GLP-1 receptor agonist choice was not associated with age (p?=?0.282), gender (p?=?0.960), number of pre-index glucose-lowering medications (2.0 [0.9], p?=?0.159), pre-index HbA1c (8.2 [1.5%], p?=?0.231) or Charlson Comorbidity Index score (0.45 [0.78], p?=?0.547). Mean (SD) ADD was 16.7?mcg (9.2, label range 10–20?mcg) for exenatide BID and 1.4?mg (0.7, label range 0.6–1.8?mg) for liraglutide QD. Among patients with post-index HbA1c tests, mean unadjusted values did not differ between cohorts. Exenatide BID patients were more likely than liraglutide QD patients to continue pre-index glucose-lowering medications (67.1% vs 60.3%, p?=?0.027) or to start concomitant glucose-lowering medications at index (32.2% vs 25.0%, p?=?0.013); exenatide BID patients were less likely to augment treatment with another drug post-index (15.8% vs 22.5%, p?=?0.027).

Limitations:

Results may not be generalizable. Lab measures for clinical outcomes were available only for a sub-set of patients.

Conclusions:

Results suggested that some differences exist between patients initiating exenatide BID or liraglutide QD, with respect to prescribing physician specialty and pre- and post-index treatment patterns. Both GLP-1 receptor agonists showed comparable post-index HbA1c values in a sub-set of patients.     

Factores determinantes de la lealtad al proveedor de servicios turísticos online

The aim of this study is to analyze the factors determining loyalty towards online tourist services supplier with a model which integrates the influence of trust in tourism websites with the conceptual framework of the Theory of Planned Behaviour (TPB). The hypotheses were tested on a sample of 305 airline travel tickets online purchasers, with the use of structural equation models. The results of the empirical study suggest that the three variables of TPB (perceived control, subjective norm and attitude) positively influence loyalty towards Internet use to purchase airline tickets. The role of trust is especially relevant as it also boosts the effect of TPB variables. Finally, a set of managerial implications are considered.     

The intranet's role in newcomer socialization in the hotel industry in Taiwan – technology acceptance model analysis

This study examined a research model for explaining the relationships of intranet adoption and newcomers' organizational socialization in the hotel industry. Data were gathered for a structural equation model (SEM) analysis, from 298 individual participants, who had only worked in a hotel for 6 months to 1 year. The research results demonstrated the mediation role of the perceived usefulness (PU) and perceived ease of use of the intranet. The SEM results also revealed that usage of the intranet did increase the extent of an employee's socialization into the organization. Moreover, PU has direct and indirect effects on socialization. Tests on gender and age differences were conducted. The invariance analysis of the theory model showed that both males and females demonstrated the same patterns in performing technology acceptance factors and socialization, whereas different age groups demonstrated significantly different paths. The direct effect of PU was not significant for the newcomers aged over 35.     

Drivers of Taiwan’s Tourism Market Cycle

This paper examines the business cycle of tourism market (BCTM) in Taiwan. It begins by studying the BCTM based on a Markov regime-switching (MRS) model. The MRS model reveals strong evidence of a regime-switching BCTM with two distinct regimes: a high-growth regime (HGR) and a low-growth regime (LGR), over the period from 1st quarter of 1969 to 1st quarter of 2011. The second step is to examine the driving forces of the BCTM. Specifically, the study identifies the factors that cause the tourism market to stay in the high-growth regime (HGR). Test results show that the growth rate of gross domestic product (GDP), growth rate of exports, and inflation rate are significant drivers of the BCTM in Taiwan.     

Towards a sustainable capacity expansion of the Danish biogas sector

Promotion of bioenergy production is an important contemporary topic around the world. Vast amounts of research are allocated towards analysing and understanding bioenergy systems, which are by nature multi-faceted. Despite a focus on the deployment of multi-criteria decision-making (MCDM) methods for planning of bioenergy systems, only little research has addressed the location component of bioenergy facility planning. In this paper the authors develop a model for sustainable capacity expansion of the Danish biogas sector allowing for an identification and prioritization of suitable locations for biogas production. The model builds on a framework for spatial planning and decision making through the application of spatial multi-criteria evaluation (SMCE). The paper is structured around a case study including four Danish municipalities in order to demonstrate the power of the spatial multi-criteria evaluation model. The model allows a two level comparison of suitability, within municipalities as well as between municipalities. Criteria weights for generation of alternatives are obtained through an analytical hierarchy process (AHP) analysis, carried out among a group of Danish central governmental decision makers. We find that resource and production economic criteria are given highest priority followed by environmental and social criteria. In all four case study municipalities, the identified alternatives are compared through incorporating economic, environmental and social criteria. It is found that 4–6% of the municipal area is suitable for biogas facility location and among the best performing sustainable locations the potential of reducing overall production costs is 3% as compared with current biogas plants. The results of this paper can provide support to central governmental decision makers, regarding regional allocation of subsidies in the country. Likewise local decision makers can obtain important information for planning and decision support, allowing for a more inclusive and transparent planning procedure.     

IFRS within the Multi‐GAAP Canadian Reality: A Teaching and Learning Imperative for Intermediate Financial Accounting

Intermediate accounting instructors need to be engaged in the specific complexities and challenges of the new international financial reporting standards (IFRS) reality within the Canadian multi‐GAAP environment. Intermediate accounting courses are directly affected because they represent substantive coverage of the corporate reporting environment. In this article I make the case that these courses should primarily reflect IFRS standards in order to entrench IFRS competencies in students who wish to pursue a professional designation, to prepare students for the global environment, and to concentrate IFRS expertise issues in a robust instructor group. The competency maps of each of the three Canadian professional accounting bodies clearly reflect IFRS. Students can analyze the implications of major areas of policy differences between IFRS and private enterprise GAAP (PEGAAP) through specific targeted course coverage, but also through active learning elements, particularly research elements. This commentary reflects some of the active debate occurring regarding postsecondary curriculum as Canada adapts to IFRS and PEGAAP, and encourages action.     

研发支出在会计核算与国民经济核算中的比较研究

在知识经济时代,对研发支出的核算处理同时成为了会计核算和国民经济核算关注的重点。本文对国民经济核算与企业会计核算中有关研发支出的核算处理进行了对比,发现其对研发的定义和对研发支出的核算处理方法都有区别。     

基于本质的物流网体构建设计三元论——高级物流网体的三元设计:阴流子、阳流子、TMS网系

传统物流是指物质资源和服务信息从生产场所到消费场所的流动.本质上,在需求与供应之间的联系枢纽:产—消通道乃至超级英特网上运动着的阴流子和阳流子正是物流的量子经济概念.在未来TMS网系上,纳米制造术将大尺度物体(产品)转化为量子,在网上传送并按需配置资源,同时又根据衣食住行用等的需要,将量子还原成可以使用的消费品.也就是说,从TMS网系发射端输入产品设计模型软件包,在其接收端下载设计模型软件,便可就地取材还原产品；或同时输入产品设计模型软件包与产品纳米形式,使消费者在接收端直接下载原产品.