Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.     

Impulse response function analysis of the impacts of land value-added tax policy on government performance

In this study, an epsilon-based network data envelopment analysis is employed to construct assessment mechanisms for government performance. Moreover, performance indicators of two dimensions of tax collection efficiency and financial effectiveness are measured. We propose a vector autoregression model in which all economic variables are regarded as dependent variables to address the disadvantages of traditional regression model. The conclusions are as follows: (a) measures of tax collection efficiency deteriorated, whereas those of financial effectiveness improved. (b) In an impulse response analysis of the model, an increase in government-published land values produced significantly increased tax collection efficiency.     

Volatility forecasting: long memory,regime switching and heteroscedasticity

In this article, we account for the first time for long memory, regime switching and the conditional time-varying volatility of volatility (heteroscedasticity) to model and forecast market volatility using the heterogeneous autoregressive model of realized volatility (HAR-RV) and its extensions. We present several interesting and notable findings. First, existing models exhibit significant nonlinearity and clustering, which provide empirical evidence on the benefit of introducing regime switching and heteroscedasticity. Second, out-of-sample results indicate that combining regime switching and heteroscedasticity can substantially improve predictive power from a statistical viewpoint. More specifically, our proposed models generally exhibit higher forecasting accuracy. Third, these results are widely consistent across a variety of robustness tests such as different forecasting windows, forecasting models, realized measures, and stock markets. Consequently, this study sheds new light on forecasting future volatility.     

跨入新世纪的石油、能源和经济发展记"2001·北京--世纪石油论坛"

“2001·北京——世纪石油论坛”于10月23～24日在北京举行。论坛由国家经贸委主办,中国石油天然气集团公司、中国石油化工集团公司、中国海洋石油总公司和中国化工进出口总公司协办,国家经贸委经济研究中心和3E信息咨询公司承办。这是在“9·11”恐     

征占用林地生态公益林价值评估的探讨

国家重点工程建设常常需要征占用生态公益林的林地.在进行补偿时,如何评估此生态公益林林木的价值呢?不同评估方法,其评估价值有很大的差异.本文将征占用林地的天然生态公益林的评估价值定为以培育中径材为目标的同类林分用材林评估价值的三倍至五倍.作者认为这样的评估价值最接近现行市场交易价,能够为征占用单位和林木所有者所接受.     

加大关键性领域改革力度奠定经济发展体制基础

2005年,是我国改革与发展继往开来的重要年份。我国将要完成“十五”规划提出的各项主要任务,并向全面建设小康社会的第二个五年迈进;同时,加入世贸组织的三年过渡期基本结束,开始跨进范围更广、层次更深的开放型经济。2005年能否保持经济平稳较快增长,不仅关乎年度宏观经济稳定,而且涉及能否为“十一五”期间奠定坚实的、可持续的基础,甚至将影响到整个“十一五”时期的经济走势。因此,今年经济工作不仅应实现年度宏观调控的四大目标(经济增长、物价稳定、就业增加和国际收支基本平衡),而且还要为延长经济上升期创造有利条件。一、目前我国…     

票据无权代理追认制度微探

票据行为是一种法律行为，自然也可以以代理方式为之。民法上有关代理制度的规则一般也都可以适用于票据代理行为。但由于民法与商事法的立法旨趣各有侧重，为促进票据流通、保障交易安全，票据代理不能照搬民法上关于代理制度的规定。票据的无权代理是票据代理中一个非常典型的问题，与民法上的无权代理区别很大，其中存在的问题很多。对于票据的无权代理中是否应当赋予本人以追认权，多数大陆法系国家的立法例与英美法系国家之立法例有所不同。     

北京郊电资产上划的利与弊

资产上划的主要内容 1.北京市政府将北京郊电公司及所属的10个远郊区(县)供电局的全部资产无偿划转给华北电力集团公司.