This article is an attempt to present and explain the role played by the Polish business groups in the institutional system of the European Union （EU）.This article presents the forms of representing the interests of...This article is an attempt to present and explain the role played by the Polish business groups in the institutional system of the European Union （EU）.This article presents the forms of representing the interests of Polish business groups in the institutional system of the European Union.展开更多
In the context of globalization and rapid development of information technology,the transformation of industrial structure has become a major force driving China’s economic and social development.Under this situation...In the context of globalization and rapid development of information technology,the transformation of industrial structure has become a major force driving China’s economic and social development.Under this situation,as an important component of China’s higher vocational education,the information construction of the business and trade professional group is of great significance.The construction of informatization can not only improve the education quality of the business and trade professional group,but also closely connect with the needs of the industry,providing strong talent support for the transformation and upgrading of the industry.Aiming at the problems existing in China’s current economic and social development,this paper proposes a new economic and trade professional system based on information technology,and puts forward corresponding solutions.展开更多
"We are pleased to announce another quarter of profitable growth,"said Dr.Roland Fischer,CEO of Oerlikon Group."Our positive performance confirms that our strategy addresses attractive markets,our initi..."We are pleased to announce another quarter of profitable growth,"said Dr.Roland Fischer,CEO of Oerlikon Group."Our positive performance confirms that our strategy addresses attractive markets,our initiatives and activities are delivering positive results,and we are able to take advantage of the growth momentum and opportunities in our end markets.Consequently,we are in a position to increase our full-year expectations for the second time this year."展开更多
This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-...This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.展开更多
With the development of urbanization,the decline of religious and business group culture and constructive destruction have caused the loss of temple market space of traditional settlement.In view of this,this paper fo...With the development of urbanization,the decline of religious and business group culture and constructive destruction have caused the loss of temple market space of traditional settlement.In view of this,this paper focuses on the three spatial levels of temple buildings,temple front street and temple market street of Jiaying Linghui Temple in Hecun Town from the perspective of settlement heritage,and analyzes the historical development of spatial vitality of its temple market.Taking history as a mirror,the living relationship of temple market space in the traditional market town of Wu’an business group is established.Through the establishment of living system of temple market space,this paper puts forward three levels of living strategies:the inheritance of living unit authenticity,the construction of living mode diversity and the construction of living environment,in order to provide power for the activation,protection and value continuation of heritage of temple market space in Wu’an traditional market town.展开更多
The mechanism by which enterprises set salaries is vitally important to employees and is especially relevant to the reform of state-owned enterprises(SOEs).This paper investigates the effect of comparing employee comp...The mechanism by which enterprises set salaries is vitally important to employees and is especially relevant to the reform of state-owned enterprises(SOEs).This paper investigates the effect of comparing employee compensation based on a sample of A-share SOE groups from 2008 to 2018.We find that when employee compensation at one company sharply increases,the employee compensation of other companies controlled by the same group will increase sharply in the following year.Further analysis shows that when employees’sense of unfair compensation is stronger,when employees are less replaceable and when enterprises’ability to pay is stronger,the effect of employee pay comparison is stronger.Increased employee salary does not improve enterprise performance,however,suggesting that such salary adjustment is ineffective.This paper expands the research on employee compensation and provides useful insights for optimizing the design of compensation contracts and promoting compensation reform in SOEs.展开更多
Although business groups are prevalent globally,limited attention is paid to how financial pressure transmission between parent and subsidiary firms elicits tax avoidance.We explore the impact of parent firms’dividen...Although business groups are prevalent globally,limited attention is paid to how financial pressure transmission between parent and subsidiary firms elicits tax avoidance.We explore the impact of parent firms’dividend policy on their subsidiaries’tax strategy using China’s mandatory dividend policy as a quasi-natural experiment.We find that parent firm dividends elevate tax avoidance among their subsidiaries.Mechanism tests show that parent firms transmit the pressure of paying dividends to their subsidiaries,compelling them to adopt tax avoidance strategies to alleviate the pressure.The effect is more pronounced among subsidiaries facing greater dividend pressure and external financing constraints and operating in weaker corporate governance environments.Finally,subsidiaries engaging in greater tax avoidance subsequently pay higher dividends.Our findings highlight how intra-group financial dynamics influence tax avoidance among subsidiaries and the significance of financial pressure transmission from parent firms to subsidiaries.展开更多
The role of taxation in promoting economic recovery has attracted great-er attention in recent years,with economic dislocation following the Global Financial Crisis and the COVID-19 pandemic.While taxation is only one...The role of taxation in promoting economic recovery has attracted great-er attention in recent years,with economic dislocation following the Global Financial Crisis and the COVID-19 pandemic.While taxation is only one of the factors impacting economic recovery,both economic literature and practical experience show that tax policy can contribute to enhanced growth and therefore greater economic activity.Tax instruments used as a means for promoting economic recovery include tax holidays,preferential tax rates,investment allowances,tax credits and special economic zones.However,there are a range of constraints over tax incentive design imposed by bodies such as the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting,the Forum on Harmful Tax Practices of the OECD and the Code of Conduct on Business Taxation of the European Union.Given the above,this paper sets out practical issues to inform governments seeking to promote economic activity through taxation.展开更多
文摘This article is an attempt to present and explain the role played by the Polish business groups in the institutional system of the European Union （EU）.This article presents the forms of representing the interests of Polish business groups in the institutional system of the European Union.
基金Shandong Provincial Vocational Education Teaching Reform Research Project“Research and Practice on the Digital Upgrade of Business and Trade Professional Groups in Vocational Colleges from the Perspective of System Theory”(2023075)。
文摘In the context of globalization and rapid development of information technology,the transformation of industrial structure has become a major force driving China’s economic and social development.Under this situation,as an important component of China’s higher vocational education,the information construction of the business and trade professional group is of great significance.The construction of informatization can not only improve the education quality of the business and trade professional group,but also closely connect with the needs of the industry,providing strong talent support for the transformation and upgrading of the industry.Aiming at the problems existing in China’s current economic and social development,this paper proposes a new economic and trade professional system based on information technology,and puts forward corresponding solutions.
文摘"We are pleased to announce another quarter of profitable growth,"said Dr.Roland Fischer,CEO of Oerlikon Group."Our positive performance confirms that our strategy addresses attractive markets,our initiatives and activities are delivering positive results,and we are able to take advantage of the growth momentum and opportunities in our end markets.Consequently,we are in a position to increase our full-year expectations for the second time this year."
文摘This study examines the impact of financial development on corporate investment in terms of their influence on financing constraints.This study also tries to find the effect of financial development on the investment-cash flow sensitivity across the size,degree of financial constraints and group affiliation of the firm.This study employs dynamic panel data model or more specifically system generalized method of moments(GMM)estimation technique.The estimation results reveal that cash flow affects the investment decision of the company positively,which implies that Indian firms are financially constrained.Also,we observe that financial development reduces the investment-cash flow sensitivity and the effect of financial development is more prominent for small size and standalone firms.The results are robust across the period and,for both financially constrained and unconstrained firms.This study contributes to the existing literature by analyzing the impact of financial development on the role of cash flow in determining investments undertaken by the Indian firms,which is an unexplored issue from an emerging market perspective.
文摘With the development of urbanization,the decline of religious and business group culture and constructive destruction have caused the loss of temple market space of traditional settlement.In view of this,this paper focuses on the three spatial levels of temple buildings,temple front street and temple market street of Jiaying Linghui Temple in Hecun Town from the perspective of settlement heritage,and analyzes the historical development of spatial vitality of its temple market.Taking history as a mirror,the living relationship of temple market space in the traditional market town of Wu’an business group is established.Through the establishment of living system of temple market space,this paper puts forward three levels of living strategies:the inheritance of living unit authenticity,the construction of living mode diversity and the construction of living environment,in order to provide power for the activation,protection and value continuation of heritage of temple market space in Wu’an traditional market town.
基金supported by the National Natural Science Foundation of China(No.71802208)the National Social Science Fund of China(No.19BJY019)
文摘The mechanism by which enterprises set salaries is vitally important to employees and is especially relevant to the reform of state-owned enterprises(SOEs).This paper investigates the effect of comparing employee compensation based on a sample of A-share SOE groups from 2008 to 2018.We find that when employee compensation at one company sharply increases,the employee compensation of other companies controlled by the same group will increase sharply in the following year.Further analysis shows that when employees’sense of unfair compensation is stronger,when employees are less replaceable and when enterprises’ability to pay is stronger,the effect of employee pay comparison is stronger.Increased employee salary does not improve enterprise performance,however,suggesting that such salary adjustment is ineffective.This paper expands the research on employee compensation and provides useful insights for optimizing the design of compensation contracts and promoting compensation reform in SOEs.
文摘Although business groups are prevalent globally,limited attention is paid to how financial pressure transmission between parent and subsidiary firms elicits tax avoidance.We explore the impact of parent firms’dividend policy on their subsidiaries’tax strategy using China’s mandatory dividend policy as a quasi-natural experiment.We find that parent firm dividends elevate tax avoidance among their subsidiaries.Mechanism tests show that parent firms transmit the pressure of paying dividends to their subsidiaries,compelling them to adopt tax avoidance strategies to alleviate the pressure.The effect is more pronounced among subsidiaries facing greater dividend pressure and external financing constraints and operating in weaker corporate governance environments.Finally,subsidiaries engaging in greater tax avoidance subsequently pay higher dividends.Our findings highlight how intra-group financial dynamics influence tax avoidance among subsidiaries and the significance of financial pressure transmission from parent firms to subsidiaries.
文摘The role of taxation in promoting economic recovery has attracted great-er attention in recent years,with economic dislocation following the Global Financial Crisis and the COVID-19 pandemic.While taxation is only one of the factors impacting economic recovery,both economic literature and practical experience show that tax policy can contribute to enhanced growth and therefore greater economic activity.Tax instruments used as a means for promoting economic recovery include tax holidays,preferential tax rates,investment allowances,tax credits and special economic zones.However,there are a range of constraints over tax incentive design imposed by bodies such as the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting,the Forum on Harmful Tax Practices of the OECD and the Code of Conduct on Business Taxation of the European Union.Given the above,this paper sets out practical issues to inform governments seeking to promote economic activity through taxation.
