Institutional dynamics and access to non-farm employment in rural China, 1950–1996

This article examines non-farm employment in the context of Chinese rural institutional change, based on evidence from discrete-time logistic models for event history analysis using the Life History and Social Change survey. We find the transition to non-farm sector rose rapidly during the Great Leap Forward and market reform, while the Cultural Revolution saw it reach the lowest ebb. While male advantage prevailed exclusively during the Cultural Revolution and early marketization, education possessed a stable positive effect in all historical periods. Although the returns to different kinds of political capital vary along with institutional dynamics, intergenerational reproduction was greatly reduced after the Cultural Revolution.     

Leadership mindsets: Why new managers fail and what to do about it

It is not a secret that many leadership development programs are not producing intended results, and the majority of first-time managers are ineffective. Even though organizations prioritize leadership development, most companies recognize that their programs need improvement in selecting and developing first-time managers. Perhaps it is time to reconsider the assumptions that these programs are based on. First, while organizations tend to promote high-performing individual contributors, the mindsets of an effective individual contributor do not translate to effective leadership mindsets. Second, leadership development programs generally assume that new managers can change behavior by focusing on skill development. These programs fail to identify, name, and address the underlying mindsets that influence individual action. In this article, I highlight research on leadership and leadership mindsets that can replace the flawed assumptions of underperforming leadership selection and training programs. Building on leadership mindset research, I make recommendations to help organizations better select and train new managers.     

Bouncing Back from Extreme Weather Events: Some Preliminary Findings on Resilience Barriers Facing Small and Medium‐Sized Enterprises

Extreme weather events (EWEs) pose unprecedented threats to modern societies and represent a much‐debated issue strongly interlinked with current development policies. Small and medium‐sized enterprises (SMEs), which constitute a driving force of economic growth, employment and total value added, remain highly vulnerable to and ill prepared for such environmental perturbations. This study investigates barriers to SMEs’ resilience to EWEs in an attempt to shed light on enabling factors that can define effective organizational responses to non‐linear environmental stimuli. Relying on structural equation modeling and data gathered from 109 SMEs that recently experienced EWE impacts, we link the general concept of SMEs’ resilience barriers to EWEs with a series of elements to determine specific internal and external factors that contribute the most to EWE resilience. In particular, external barriers of institutional conditions and mechanisms of support and guidance as well as internal barriers of resources and managerial perceptions are found to be the most critical ones in determining resilience. The assessment offers essential research evidence for practitioners on SME management and sets forth linkages with current mechanisms for policy interventions towards an appropriate resilience agenda for SMEs. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment     

Capital gains lock-in and governance choices

Differences in accrued gains and investors’ tax-sensitivity induce variation in a capital gains lock-in effect across mutual funds even for the same stock at the same time. Exploiting this variation, we show this effect influences funds’ governance decisions: higher capital gains decrease the likelihood a fund exits prior to contentious votes and increase the likelihood a fund votes against management. Consistent with tax motivation, these findings are concentrated among funds with tax-sensitive investors. Further, high aggregate capital gains across funds holding a stock predict a higher likelihood management loses a vote and a lower likelihood a contentious vote is proposed.     

Environmental Policy,Sustainable Development,Governance Mechanisms and Environmental Performance

We investigate the effects of environmental policy (Climate Change Act – CCA), sustainable development frameworks (Global Reporting Initiative – GRI; UN Global Compact – UNGC) and corporate governance (CG) mechanisms on environmental performance (carbon reduction initiatives – CRIs; actual carbon performance – GHG emissions) of UK listed firms. We use the generalized method of moments (GMM) estimation technique to analyse data consisting of 2245 UK firm‐year observations over the 2002–2014 period. First, we find that the CCA has a positive effect on CRIs, and this effect is stronger in better‐governed firms. Second, we find that the GRI‐based framework is positively associated with CRIs. Third, we find that firms with poor CG structures have lower actual carbon performance compared with their better‐governed counterparts. Overall, our evidence suggests that firms can symbolically conform to environmental policy (CCA) and sustainable development frameworks (GRI, UNGC) by engaging in CRIs without necessarily improving actual environmental performance (GHG emissions) substantively. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Financial development and economic growth in a microfounded small open economy model

The global financial crisis since 2008 revived the debate on whether or not and to what extent financial development contributes to economic growth. This paper reviews different theoretical schools of thought and empirical findings on this nexus, building on which we aim to develop a unified, microfounded model in a small open economy setting to accommodate various theoretical possibilities and empirical observations. The model is then calibrated to match some well-documented stylized facts. Numerical simulations show that, in the long run, the welfare-maximizing level of financial develop is lower than the growth-maximizing level. In the short run, the price channel (through world interest rate) dominates the quantity-channel (through financial productivity), suggesting a vital role of international cooperation in tackling systemic risk of the global financial system.     

资本外逃的经济效应与应对政策选择研究

资本外逃是一个复杂的经济问题,是由多种原因造成的,并会给一国经济发展带来不可估量的风险和损失。基于此,论文梳理了资本外逃的研究现状,提出了资本外逃所产生的经济效应,在此基础上,提出了资本外逃的政策选择,为一国在治理资本外逃时提供了政策选择和借鉴。     

后疫情下休闲体育产业高质量发展的推进策略

新冠疫情以来,人们的健康意识觉醒,体育产业越来越受重视,本文通过对疫情期间体育产业受到的影响进行分析,从体育消费、体育产品中小企业、体育赛事几个方面阐述了疫情以来体育产业受到的阻碍。凡事都有两面性,疫情也为体育产业带来了新的机遇,"线上+线下"融合、新兴产业的崛起、人们健康意识的加强都因为疫情带来了新的发展动力。在后疫情时代,政府应该推出新的政策与措施鼓励体育产业发展,市场则应该抓住机遇实现体育产业的供给侧改革,通过与新兴产业、互联网等的结合,推动体育产业的转型升级。     

增信服务还是腐蚀效应:论金融科技等新兴产业发展过程中的风险信号

提出行业性风险暴发的"腐蚀效应"理论,即存在着一种特殊的行业风险暴发过程:行业中各个企业的倒闭是沿着企业的资质链从低到高的顺序发生的.该过程的存在得到了数据回归证实.对于科技金融等新兴行业,警惕和积极防范腐蚀效应,对防范行业性风险具有重要意义.对于客户信任高度依赖的新兴行业,如金融科技等,最容易出现腐蚀效应.因此,在一度高速膨胀的网络贷款领域出现腐蚀效应具有一定必然性."腐蚀效应"的存在也否定了当前把网络贷款行业大面积爆雷的原因归咎于其开展"增信服务"的普遍观点,真正引发风险的原因是网络贷款行业中的企业资质参差不齐和无序竞争造成的无谓成本的大幅增加.从政府对行业的管理视角来看,在促进行业发展时不忘记防范风险十分重要.这在实质上是对制度-制度接口的设计问题.因此应当以制度设计理论来指导防范风险政策的制定,才能取得更好的效果.     

Revising price history: consumer price index for Norway 1492–2018

ABSTRACT

The paper presents a new combined annual cost of living and consumer price index for Norway covering 1492–2018, indicating that Norwegian price history has to be revised. The new historical price index is constructed on a significantly richer data material, which also makes it cover a longer period of price history than the existing one. This is made possible by the compilation of quantitative data from numerous sources, mostly originating from the eighteenth, nineteenth and early twentieth centuries, with grain prices stretching back to 1492. The new combined cost of living and consumer price index is constructed by a Laspeyres approach with shifting baskets for commodities and expenditure groups.

The index makes it possible to follow annual inflation and deflation in Norway for a period of 526 years. When comparing to existing indices, the new series reveals that revisions are needed in Norwegian price history. These make the historical price development more in line with those of the neighbouring countries and more in line with the pattern of wholesale prices.