债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

Hi-tech start-ups: legitimacy challenges and funding dynamics

Studies on the legitimacy challenges faced by hi-tech start-ups are still scarce, leaving room for research, and policymaking debate. Legitimacy issues may become difficult to face for hi-tech firms in comparison with other start-ups, because they work in an extreme environment where the technological challenges are at the edge of the scientific possibility. The paper proposes a conceptual model to grasp the relevance of three legitimacy drivers of the hi-tech start-ups for investment decisions. We investigated the ability of 30 hi-tech start-up firms to obtain financial resources from the US investors, employing a set-theoretic approach and carried out fuzzy-set Qualitative Comparative Analysis. Our findings clarify that the funding decisions of US investors are driven by the location of headquarter and R&D of hi-tech start-ups and by the educational experience of the founders. Our study has significant theoretical, practical, and policymaking implications.     

A hybrid information approach to predict corporate credit risk

This study proposes a hybrid information approach to predict corporate credit risk. In contrast to the previous literature that debates which credit risk model is the best, we pool information from a diverse set of structural and reduced‐form models to produce a model combination based on credit risk prediction. Compared with each single model, the pooled strategies yield consistently lower average risk prediction errors over time. We also find that while the reduced‐form models contribute more in the pooled strategies for speculative‐grade names and longer maturities, the structural models have higher weights for shorter maturities and investment grade names.     

Work Relationships in Telephone Call Centres: Understanding Emotional Exhaustion and Employee Withdrawal

This paper examines the nature of employment and the conditions of work in five telephone call centres in the telecommunications industry in Australia. Call centre work typically requires high levels of sustained interpersonal interaction with customers which can lead to burnout and employee withdrawal. Customer service staff can also become targets of customer hostility and abuse. In addition, this form of work tends to involve extensive employee monitoring and surveillance with little job discretion or variety of tasks. The paper draws upon survey data from 480 telephone service operators to identify the factors that are associated with emotional exhaustion and the frequency of absence amongst the employees. A modelling of the data using LISREL VIII revealed that a number of job and work-setting variables affected the level of emotional exhaustion of employees. These included interactions with the customer, a high workload and a lack of variety of work tasks. Moreover, higher rates of absence were associated with emotional exhaustion.     

Transforming Local Government: Innovation and Modernization

This article is based on research investigating why local authorities innovate and what happens when they do. The authors show how local authorities have responded to the current normative climate for innovation, and explore the interaction between central policy and local action. The article demonstrates the importance of the policy climate set by central government in fostering—or constraining—innovation at a local level.     

Implementing reverse e-auctions: A learning process

Reverse e-auctions, which enable suppliers to compete on-line in real-time, are changing the way organizations select their suppliers. We explore how five large firms in different industries learned to use e-auctions, and how e-auctions were integrated into their purchasing processes. To successfully implement e-auctions, organizations should: (1) build e-auction competencies; (2) organize for knowledge management; (3) create a holistic sourcing process; (4) focus on the total cost of ownership; and (5) experiment with e-auction designs. Key observations are drawn from the case studies, and implications for supply managers are presented.     

Japanese/U.S. technological competitiveness and strategic alliances in the biotechnology industry

This paper analyzes the reasons for Japanese/U.S. collaborations in the biotechnology industry, and considers the question of whether such alliances pose a threat to the North American industry. Japan's technological competitiveness in biotechnology is examined in terms of its strengths and perceived weaknesses. Ways in which Japan is attempting to overcome these weaknesses are identified. As well, the strengths and weaknesses of the North American biotechnology industry are assessed. The paper concludes with recommendations for government and R&D managers on how to preserve U.S. competitiveness. R&D managers must keep abreast of their techno-global competitive environments. While organizations can enter into alliances to improve their competitiveness they must be aware of the dangers of collaboration, and to benefit from their alliances they must enhance their organizational learning. Organizations must be aware of the pitfalls of alliance formation, and any alliance must be viewed in its national context. Last, but not least, managers must be more effective in their management of the processes of technological innovation.