The effects of power on consumers’ evaluation of a luxury brand's corporate social responsibility

This paper examines how power affects consumers’ responses to corporate social responsibility (CSR) initiatives of luxury brands. The results of three studies show that high‐power individuals evaluated a luxury brand's CSR campaign more positively than low‐power individuals. High‐power individuals viewed CSR activities as being more fluent than low‐power individuals. This study further demonstrates that power influences consumers’ responses to nonluxury brand's CSR activities. Low‐power individuals, who are more receptive to warmth, evaluated nonluxury brand's CSR more favorably rather than high‐power individuals.     

户籍制度扭曲及放松对经济的影响:理论与实证

户籍制度是我国劳动力流动的主要障碍.那么,当前我国的户籍扭曲程度几何?户籍制度放松对经济又会有怎样的影响?对这些问题的回答将有助于政府评估户籍制度改革的空间和经济效益.文章在Hansen和Prescott(2002)的两部门劳动力流动模型基础上,将工人分为农业和非农户口,引入户籍扭曲因子,构建两部门两类工人的户籍扭曲模型;然后,使用1984?2013年宏观经济数据度量户籍扭曲程度,并对2013年我国户籍制度逐渐放松过程中经济变量的变化进行模拟;最后,文章建立了包含"农业与非农"和"本地与外地"户籍差异的省份异质性户籍扭曲模型.研究表明:(1)经济和户籍制度改革的不同步导致了1984?2013年我国户籍扭曲程度呈现倒"U"形变化,且相较于韩国尚有较大的改善空间;(2)以韩国为参照,若2013年我国户籍制度完全放开,经济达到均衡时,农业部门和非农部门的就业人数将分别下降58.83%和上升26.92%,工资率将分别上升19.44%和下降6.77%,社会增加值将增长15.33%,这说明社会经济效率将得到提升,贫富差距将缩小.文章丰富和完善了户籍扭曲的理论模型,从减少劳动力流动摩擦的视角为政府制定相关政策提供了参考.     

Foreign direct investment subsidy in a dynamic stochastic general equilibrium model with heterogeneous firms

This study analyzes the macroeconomic impacts of subsidies to attract multinational corporations when firms are determining whether to enter or how to serve foreign markets. We show that a small FDI subsidy scheme induces consumption gains and delivers short‐term welfare improvement for the FDI host country if firms differ in productivity. However, the subsidy generates a new problem and results in the wealth reallocation effect, leading to welfare deterioration for the host country in the long run. Moreover, we find that a subsidy program induces a welfare improvement for the host country if it is offered to all domestic producers instead of foreign producers only in the host country.     

DO FIRMS SEEK A TARGET BOARD STRUCTURE? EVIDENCE FROM THE POST‐SOX PERIOD

We investigate whether firms restructure board composition to align with changes in their contracting environment. Board size and independence increase with firm complexity, consistent with theoretical predictions. However, the hypothesized negative relation between board independence and information costs is evident only for firms completing acquisitions. Furthermore, board independence increases to offset increases in CEO power in a sample of firms making acquisitions, but decreases when CEO power increases in a large cross‐section of firms. We conclude that after the Sarbanes–Oxley Act of 2002, firms face constraints adjusting to target board structure, but these constraints can be mitigated by a shock to the contracting environment via acquisition.     

深圳高新技术企业供应链体系研究

相对于世界高新技术发展的低迷,深圳高新技术产业发展迅速,近10年来,深圳市高新技术产品产值年均增长50%,2002年,深圳市高新技术产业实现产值1710亿元.但随着深圳市高新技术成果产业化过程加快,导致产品种类增多,产品的技术复杂生提高,涉及的市场日趋细分化,遭遇到相同或替代产品竞争益发激烈,产品之间关联度越来越大,这一切,都加大了对深圳市高新技术企业供应链体系研究的重要性与急迫性.     

经济增加值(EVA)在经营决策评估中的应用

EVA是从股东财富最大化出发来衡量公司业绩的指标,国外许多大公司的成功实践证明了它的价值。本文从公司的经营决策评估角度探讨其应用性,试图为提高中小企业的科学决策水平提供一些帮助。     

The best way of bilateral special economic zone to Sino-Vietnam economic cooperation

The Bilateral Special Economic Zones is a new idea about economic co-operation ways. It is going to be set by both countries with a common boundary for promoting the economic co-operation between two sides. It can be firstly set along the boundary between China and Vietnam. It will promote the economic co-operation between them, but China and ASEAN. It can be set along the Chinese boundary with the neighboring countries and will promote the economic co-operation between the both sides for setting up a better environment around China.     

The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures