Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

区域全面经济伙伴关系协定研究的演化历程与展望——基于CiteSpace的可视化分析

基于2012—2022年的CSSCI(中文社会科学引文索引)数据,利用CiteSpace和Bicomb软件对区域全面经济伙伴关系协定(RCEP)研究领域进行文献计量分析。结果表明：RCEP研究可分为缓慢推进、平稳过渡和加速发展3个阶段;RCEP领域核心作者和发文机构整体较为分散、局部有所集中,未建立广泛的合作关系网络;研究热点主要集中在国别和区域研究、价值链、贸易方式及影响3个方面。因此,未来研究方向应紧扣RCEP规则和政策设计等层面,积极探索RCEP框架下中国深化区域经济合作的路径安排。     

Determinants of Innovative Behaviour in the Hotel Industry: A cross-Cultural Study

The present study develops a conceptual framework that sheds light on whether institutional pressures (i.e., normative, mimetic, and coercive) and corporate support can improve innovative behavior across different societies and the moderating role of national cultural dimensions on this link. Our study validated these arguments empirically using data from the 2018 Global Entrepreneurship Monitor (GEM). Data were collected and analyzed from 2,618 respondents. Data were collected through a questionnaire survey of full-time non-managerial employees selected, from different departments of various four- and five-star hotels across five economically and culturally different societies (UK, UAE, Germany, China, USA). Our results indicated that both institutional pressures and corporate support have positive influence on employees’ innovative behaviour. Furthermore, Hotels in cultures with high levels of individualism and low levels of uncertainty avoidance, power distance, and masculinity will indicate higher levels of innovative behaviour in response to corporate support programs. While, hotels in nations with high levels of power distance, collectivism, uncertainty avoidance, and masculinity will indicate higher levels of innovative behaviour in response to normative, mimetic, and coercive pressure. These findings provide important implications for innovative behaviour by developing and validating a multilevel model empirically in the hospitality context.     

关于深化农电体制改革的建议

总结了我国农电体制改革在构建农村供电所或营业所、促进农业经济发展等方面的成效,分析了县级供电企业存在的政企未完全分开、股份制改革困难较多、产权关系复杂等问题,提出在深化农电体制改革的过程中,应优先考虑上划方式结束对县级供电企业的代管,明晰农电资产所有权,对农电工管理采用农电业务外包方式,建立有效的农电投融资机制及合理的农村电价形成机制。     

Investor sentiment and the risk–return relation: A two-in-one approach

Traditional finance theory posits a positive risk–return relation, but empirical evidence is inconclusive. Retail investor sentiment has long been viewed as a distorting factor, while more recently institutional investor sentiment is thought to play a role. We examine the separate and joint impacts of retail and institutional investor sentiments on the risk-return relation. We find, at both market and firm levels, the risk-return relation is more likely to be distorted by the two investor-type sentiments jointly, rather than separately. We further find a cross-sectional pattern, with the risk-return relation being more sensitive to investor sentiment for stocks with specific characteristics.     

小型水力发电厂管理模式初探

简要分析当前小型水力发电厂的生产管理现状,结合实际提出＂大公司、小电厂,区域化、中心站＂生产管理模式,介绍在此模式下的机构设置及人员配置。     

美国预算过程及其对我国预算制度改革的启示

目前国内学者对预算过程的研究还没有足够的重视。中美两国的预算过程有着很大的差异,立法部门预算过程的差异尤为明显。通过对美国预算过程的分析,可以发现立法部门在美国预算过程中处于主导地位,预算过程的运行受到大量制度安排的控制。结合国情,我国应该通过制度建设与机构改革逐步完善立法部门的预算监控职能,并通过程序控制与法律手段保证立法部门的预算意志得以执行。     

金融集聚促进了技术创新吗？

在促进经济总量提升的表象下,金融集聚对经济持续高质量增长的源泉——技术创新是否依然有促进作用？结合新经济地理学与金融地域运动理论,系统梳理金融集聚的作用机理,并选用我国1998—2015年的省级面板数据,以金融集聚对经济增长的影响为参照,实证检验及分析金融集聚对技术创新的影响,结果表明：金融集聚虽然对经济总量的快速增长有促进作用,但会抑制经济可持续发展所必需的技术创新;金融集聚存在空间分布不均衡的特征,东部地区集聚程度远高于中西部地区;金融行业集聚的作用效果不一,银行业和保险业集聚对技术创新有显著的促进作用,证券业集聚则会逆向挤出技术创新;在克服自选择问题后,金融集聚对技术创新的真实效果表现为抑制作用下降。     

关于基层人民银行进一步加强金融突发事件应急管理机制建设的思考

金融突发事件应急机制是针对金融突发事件而建立的一套防范处置体系。当前全球金融危机的爆发使国际金融环境危机四伏,而我国金融业还处于体制改革和机制更新阶段,因此金融突发事件出现的几率也呈现逐渐上升的趋势。为避免和减少金融突发事件所造成的损失,基层人民银行应进一步加强应急机制建设,增强应对突发金融事件的能力,保障人民银行的资金财产安全。     

Rhetorical History as Institutional Work

Rhetorical history has emerged as a useful theoretical construct that bridges the long recognized gap between historical and organizational scholarship. Despite its growing popularity, the precise nature of rhetorical history as a construct, its scope conditions, and its utility in resolving critical issues in historical organizational analysis remains unclear. This paper addresses these issues. We define rhetorical history and contextualize the construct by elaborating its relationship to associated concepts like collective memory, rhetoric, and narrative. We ground the construct by reviewing literature that has applied rhetorical history in both theory and empirical research. Our inductive review identifies four recurring themes in which rhetorical history is used to construct perceptions of; (a) continuity and discontinuity, (b) similarity and difference, (c) winners and losers, and (d) morality and immorality. We conclude with a discussion of how rhetorical history is an essential mechanism of institutional work.