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ABSTRACTThis article contributes to international political economy debates about the monetary power autonomy (MPA) of emerging market and developing countries (EMDs). The 2014–15 Russian financial crisis is used as a case study to explore why an accumulation of large international reserves does not provide protection against currency crises and macroeconomic adjustments in EMDs. The analysis centres on the interplay between two dimensions of MPA: the Power to Delay and the Power to Deflect adjustment costs. Two structural factors condition Russia’s low MPA. First, the country’s subordinated integration in global financial markets increases its financial vulnerability. The composition of external assets and liabilities, combined with cross-border capital flows, restrict the use of international reserves to delay currency crises. Second, the choice of a particular macroeconomic policy regime embraced the financialisation of the – mainly state-owned – Russian banking sector, thus making it difficult to transform liquidity inflows into credits for enterprises. Russia’s main comparative advantage, hydrocarbon export revenues, is not exploited. The type of economy created due to the post-Communist transition means that provided ‘excessive’ liquidity remains in the financial system and is channelled into currency arbitrage. This factor increases exchange rate vulnerability and undermines Russia’s MPA. 相似文献
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Lorenzo Dal Maso Rodrigo Basco Thomas Bassetti Nicola Lattanzi 《Business Strategy and the Environment》2020,29(3):1548-1562
Previous literature has found that listed family firms underperform their nonfamily counterparts in terms of environmental performance, but has not explained why this occurs. We address this research gap by hypothesizing that training and development practices (i.e., managerial practices devoted to providing training and development for the workforce) mediate the relationship between family blockholders and environmental performance. Using a sample of 33,901 firm‐year observations from 2002 to 2016 distributed across 56 countries and employing the structural equation model technique, we find that investment in training and development practices explains almost half of the negative relationship between family blockholders and environmental performance. Our study contributes to the agency theory debate on principal–principal problems by explaining why family blockholders could damage other blockholders and minority shareholders. 相似文献
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The purpose of this article is to estimate the impact of capitalizing durable goods on the euro area household saving ratios and disposable incomes for the first time. The reason for this exercise is twofold. Firstly, it is generally accepted that individual households regard consumer durables as assets even though they are not treated as such in the System of National Accounts 1993 . Secondly, the issue is related to the definition of household saving ratios. For instance, the U.S. Federal Reserve Board publishes three household saving measures. The main difference between these saving ratios is that one is derived by treating expenditure on consumer durables as investments while the other two are compiled by considering them to be household final consumption expenditure. We find that the effect of capitalizing consumer durables on EA saving ratios is moderate. The impact is lower than it is in the U.S. 相似文献
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Gerben A. Van Kleef Eric van Dijk Wolfgang Steinel Fieke Harinck Ilja van Beest 《Group Decision and Negotiation》2008,17(1):13-30
This paper reviews research on the role of anger in conflict. We distinguish between intrapersonal and interpersonal effects
of anger, the former referring to the impact of parties’ feelings of anger on their own behavior and the latter referring
to the impact of one parties’ anger on the other’s behavior. We further compare the effects of anger across a variety of conflict
settings, including negotiation, ultimatum bargaining, prisoner’s dilemma, resource dilemma, and coalition formation. At the
intrapersonal level, anger is associated with competition in all conflict settings. In contrast, the interpersonal effects
of anger differ across situations, with anger sometimes eliciting cooperation, sometimes eliciting competition, and sometimes
having no effect. Based on the research reviewed, we conclude that the interpersonal effects of anger in conflict are determined
by the level of interdependence of the parties, their information processing tendencies, and the justifiability of the anger
expressions.
Preparation of this paper was facilitated by a Veni grant from the Netherlands Organization for Scientific Research (NWO 451–05–010)
awarded to Gerben A. Van Kleef. 相似文献
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Ilja Maso 《Quality and Quantity》1991,25(4):407-420
According to Komter, the consultations necessary to get permission to investigate a certain group can provide information
as to the research subject and the prospects that the people to be examined believe to have in their circumstances. In this
paper it will be made clear that these ‘preliminary investigations’ can provide more than these two kinds of information.
On the basis of a case study it will be demonstrated that: (1) the reasons provided by the people involved for not being able
to participate in the research as such, or in its proposed form, at least provide some information about the context in which
the empirical research will have to take place; (2) this context may suggest in what way the results of the research will
possibly be utilized by the people examined.
I am grateful to Pieter Bak for presenting me with the necessary information for this article and to Sara Delamont and Paul
Atkinson for their helpful comments and suggestions. 相似文献
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Johan Coenen Ilja Cornelisz Wim Groot Henriette Maassen van den Brink Chris Van Klaveren 《Journal of economic surveys》2018,32(3):848-877
It has become widely accepted that teachers are important in facilitating student learning. Hundreds of empirical studies have tried to explain differences in student performance by evaluating the impact of particular teacher characteristics. Yet, this topic has not been the subject of a systematic review for more than 10 years, even though most of the empirical evidence has emerged over the past decade. This study provides an up‐to‐date review, drawing on empirical findings from several countries and distinguishing between acquired and sociodemographic teacher characteristics. This review confirms the existing consensus that subject‐related degrees and knowledge, and not general teacher certifications, are positively related to student performance and particularly so for Master's degrees in math and science. A new insight is that recent findings point out that teacher experience continues to contribute to student test scores throughout a teacher's career, instead of merely the first few years. An important future research avenue would be to examine which mechanisms can explain these teacher characteristic effects. 相似文献
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Lorenzo Dal Maso Kiridaran Kanagaretnam Gerald J. Lobo Simone Terzani 《Journal of Accounting and Public Policy》2018,37(5):402-419
We study the effects of country-level accounting enforcement on earnings quality of banks and whether bank regulation substitutes or complements the effect of accounting enforcement on bank earnings quality. We also examine whether the influence of accounting enforcement on bank earnings quality changed after the global financial crisis. Using a sample of listed banks from 40 countries between 2001 and 2014, and abnormal loan loss provisions (ALLP) as our main proxy for earnings quality, we document a consistent and strong association between accounting enforcement and bank earnings quality. More specifically, an increase in accounting enforcement decreases the level of ALLP and decreases the propensity to manage earnings to avoid losses. Furthermore, we provide empirical evidence that bank regulation complements the effect of accounting enforcement on bank earnings quality. Finally, unlike in the pre-crisis period, we find a positive association between accounting enforcement and income-decreasing ALLP in the post-crisis period, which indicates that stronger accounting enforcement is associated with more conservative earnings and higher loan loss reserves. Overall, our results indicate that accounting enforcement reduces opportunistic earnings management. 相似文献
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Lorenzo Dal Maso Gerald J. Lobo Francesco Mazzi Luc Paugam 《Contemporary Accounting Research》2020,37(2):1248-1289
We examine whether the joint provision of corporate social responsibility (CSR) assurance services and financial audit by the same audit firm influences auditors' assessment of going-concern risk. We predict that the provision of CSR assurance and financial audit by the same audit firm creates CSR-related knowledge spillovers from the CSR assurance team to the financial audit engagement team, which helps in the auditor's assessment of going-concern risk. Using more than 28,000 firm-year observations from 55 countries, we document that, relative to audit firms that provide only the financial audit, audit firms that provide both CSR assurance and financial audit for the same client (i) issue more frequent going-concern opinions and have lower Type II going-concern errors, (ii) have clients that book larger environmental and litigation provisions, (iii) report earnings that are more persistent and value-relevant and are less likely to book income-decreasing earnings restatements, and (iv) do not charge higher audit fees or total fees. Our results are important especially because of firms' increasing exposure to CSR risks and the growing number of countries that require assurance of CSR reports. 相似文献
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Ilja Simons 《Leisure Studies》2019,38(2):145-159
Events are per definition limited in time and space. However, the social interaction taking place during events can continue virtually. This can result in hybrid communities, existing of an offline and an online dimension. This paper explores the construction of hybrid event communities based on the following research questions: (1) What type of online practices can be identified before, during and after the event? (2) How do online and offline event practices and rituals influence each other? (3) How do combinations of online and offline practices contribute to the creation and maintenance of hybrid event communities?The practices of three events were studied using qualitative methods. Fifty-six interviews were conducted, and participant observation took place during 11 editions of the events. This was complemented with an online study.The findings identify different types of online practices around events such as connecting practices, recruiting practices and creative practices. Moreover, the combinations of practices lead to different types of event communities. The paper develops a framework of online/offline interaction processes that result in different types of event communities, contributing to our knowledge about the role that events can play in the contemporary network society. 相似文献