The diffusion of industrial robot technology has coincided with increasing divergence in firms’market shares,potentially leading to enhanced market power and shifts in the distribution of factor income.This paper inv...The diffusion of industrial robot technology has coincided with increasing divergence in firms’market shares,potentially leading to enhanced market power and shifts in the distribution of factor income.This paper investigates the impact of industrial robot adoption on firms’labor income share and explores the underlying mechanisms,with particular attention to the rise of superstar firms.The findings suggest that,overall,the use of industrial robots contributes to an increase in labor’s income share,reflecting a generally favorable trend for labor’s position in primary income distribution.This effect,however,is markedly heterogeneous across different types of firms,regions,and industries.A significant concern is that robot adoption strengthens firms’relative market power within industries,fueling the emergence of superstar firms.These firms jointly influence labor income share through both a competition effect and a demonstration effect:the former is the main cause of declining labor shares,while the latter introduces a new channel through which labor’s share is further reduced.Although antitrust policies can help improve labor’s income share,they are not well-suited to curbing the market power expansion driven by industrial robot adoption.Thus,the concern over superstar firms’suppression of labor income remains.Amid the intensifying trend of“machines replacing humans”,this paper offers empirical insights into how to address the distributional implications brought about by the rise of superstar firms.展开更多
The perfection of the cross-border regional innovation system of the Pearl River Delta(PRD)and Hong Kong region remarkably underpins the construction of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)towards an in...The perfection of the cross-border regional innovation system of the Pearl River Delta(PRD)and Hong Kong region remarkably underpins the construction of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)towards an international technological innovation hub.This paper focuses on the relational characteristics of the usage of technological innovation functions and elements,including labor force,technology,and producer services from Hong Kong region by high-technology firms in the PRD,and probes into the influencing factors by integrating the objective perspective on the impact of firm-level socioeconomic attributes and subjective perspective on the open interpretations on the reasons by using or not using technological innovation functions and elements from Hong Kong region by various stakeholders in high-technology domains in the PRD.Key research findings are fourfold.First,Hong Kong's technological innovation functions primarily ride on its institutional advantages under the“One Country,Two Systems”framework to empower high-technology firms in the PRD by expanding their international market,international business operation,and financing,but cross-border investment and entrepreneurship has retrieved to a relatively marginalized position.The degree of supply-demand relations of producer services is the highest,followed by labor force and technology.Second,Hong Kong-invested,large-sized,and long-standing high-technology firms in the PRD are more inclined to use technological innovation elements from Hong Kong region,while domestic,small-and-medium-sized,and start-up high-technology firms in the PRD are in turn,gradually unhooked from the supply of technological innovation elements from Hong Kong region.Third,Hong Kong enjoys both advantages and disadvantages in supplying labor forces,technologies,and producer services to high-technology firms in the PRD,with advantages in competitiveness,international linkages and visions,and disadvantages in high cost,lack of more profound mutual understanding between Hong Kong and the PRD,and the imperfect cooperation mechanisms.Fourth,interactions among the transitioning role of Hong Kong region in the macro-level global and national economic development landscape,meso-level cross-border regional specificities under the“One Country,Two Systems”framework,and micro-level heterogeneous practices and capabilities of firms influence the usage of technological innovation functions and elements from Hong Kong region by high-technology firms in the PRD.展开更多
Purpose:Currently,different research conclusions exist about the relationship between relational capital and corporate innovation.The research aims to(1)reveal the actual relationship between executive alumni relation...Purpose:Currently,different research conclusions exist about the relationship between relational capital and corporate innovation.The research aims to(1)reveal the actual relationship between executive alumni relations and firm innovation performance,(2)examine the moderating role of executive academic backgrounds,(3)analyze the paths for firms to leverage knowledge spillovers from regional universities to promote firm innovation by their geographic location.Design/methodology/approach:A social network approach is used to construct alumni relationship networks of A-share listed companies in Shanghai and Shenzhen,China.A two-way fixed effects model is used to assess the impact of firms’structural position in executive alumni networks on firms’innovation performance.In addition,the research also delves into the interactions between knowledge spillovers from geographic locations and executives’alumni networks,aiming to elucidate their combined effects on firms’innovation performance.Findings:This paper explores the curvilinear relationship between executive alumni networks’centrality and firm innovation within the Chinese context.It also finds that in the positive effect interval on the right side of the“U-shaped,”the industry with the highest number of occurrences is the high-tech industry.Moreover,it elucidates the moderating influence of executives’academic experience on the alumni networks-innovation nexus,offering a nuanced understanding of these dynamics.Lastly,we provide novel insights into optimizing resource allocation to leverage geographic knowledge spillovers for innovation.Research limitations:The study may not fully represent the broader population of firms,particularly small and medium-sized enterprises(SMEs)or unlisted companies.Future research could expand the sample to include a more diverse range of firms to enhance the generalizability of the findings.Practical implications:Firstly,companies can give due consideration to the alumni resources of executives in their personnel decisions,but they should pay attention to the rational use of resources.Secondly,universities should actively work with companies to promote knowledge transfer and collaboration.Originality/value:The findings help clarify the influence mechanism of firms’innovation performance,providing theoretical support and empirical evidence for firms to drive innovation at the executive alumni relationship network level.展开更多
This study explores the impact of board diversity on firm performance,with a focus on companies listed on the Singapore Stock Exchange(SGX).Board diversity is examined across various dimensions,including gender,age,et...This study explores the impact of board diversity on firm performance,with a focus on companies listed on the Singapore Stock Exchange(SGX).Board diversity is examined across various dimensions,including gender,age,ethnicity,and professional background,to understand its relationship with key performance indicators such as Return on Assets(ROA)and Return on Equity(ROE).Using a quantitative research approach,the study analyzes data from 90 publicly listed firms,employing descriptive statistics,correlation analysis,and multiple regression techniques.The findings reveal that the direct correlation between board diversity and financial performance,particularly in terms of ROA and ROE,is not statistically significant in the studied sample.Despite the lack of direct significance,the research underscores the nuanced and multifaceted role of diversity in corporate governance,suggesting that its impact may be more complex and influenced by various contextual factors.The study concludes by recommending that companies continue to enhance gender diversity,balance age structures,tailor professional backgrounds to industry needs,and manage board tenure effectively to optimize corporate governance and support sustainable growth.展开更多
In this paper I investigate the effect of the greenhouse gas emissions of a sample of 478 Italian unlisted firms on their bank debt,in the context of the growing attention and awareness for climate change issue.My fin...In this paper I investigate the effect of the greenhouse gas emissions of a sample of 478 Italian unlisted firms on their bank debt,in the context of the growing attention and awareness for climate change issue.My findings show that unlisted firms generating low levels of greenhouse gas emissions borrow less long-term,short term,and total bank debt than unlisted firms generating high levels of greenhouse gas emissions,to finance their growth opportunities.Being the first work analyzing this topic,to the best of my knowledge,further empirical research could also investigate the impact of greenhouse gas emissions on the bank financing of unlisted firms of different countries,representing specific cultural and political approaches towards climate change problems.展开更多
This study examines how controlling shareholders influence firm performance through the mediating role of firm efficiency in transforming inputs into outputs.To achieve this objective,it conducts a mediation analysis ...This study examines how controlling shareholders influence firm performance through the mediating role of firm efficiency in transforming inputs into outputs.To achieve this objective,it conducts a mediation analysis with 5,000 bootstraps on a dataset of 2,849 firm-year observations of publicly listed firms in Malaysia from 2009 to 2019.The findings reveal a positive relationship between controlling shareholdings and firm performance,with both total and indirect effects having this positive relationship.Moreover,while controlling shareholdings improve firm performance,firm efficiency partially mediates this relationship.Thus,improved firm efficiency plays a critical role in understanding the relationship between governance by controlling shareholders and enhanced firm performance.In summary,this study contributes to the existing literature by expanding our understanding of the complex relationship between controlling shareholdings,firm efficiency,and firm performance.In addition,the findings shed light on the importance of indirect channels in shaping organizational outcomes.As such,this study provides a valuable direction for future research in this area.展开更多
This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public of...This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010,Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships.The result shows that the audit committee has no effect on the earnings of the first day of listing,and the establishment of the audit committee may not be considered before listing.展开更多
The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has bee...The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.展开更多
Taking absorptive capacity effects on research spillovers into consideration, this paper focuses on the R＆D investment decisions and the output decisions of labor-managed firms. Based on the general model of the cost...Taking absorptive capacity effects on research spillovers into consideration, this paper focuses on the R＆D investment decisions and the output decisions of labor-managed firms. Based on the general model of the cost-reducing R＆D, the strategic interactions of output and R＆D investment between labor-managed firms in a duopoly are analyzed. Moreover, the impact of absorptive capacity effects on optimal output in the production stage is discussed. In the R＆D stage, the impacts of absorptive capacity effects on the equilibrium R＆D investment in cooperative and non-cooperative R＆D are analyzed. Finally, the R＆D strategy of labor-managed firms is compared with the behavior of profit-maximizing firms. The results show that equilibrium R＆D investment is always higher than that in the exogenous spillover rate, which is similar to the behavior of the profit-maximizing firms. However, unlike the profit-maximizing firms, the impact of the absorptive capacity that affects the relationship between the optimal output and its own（rival＇ s）R＆D is shown to be dependent upon a return-to-scale of the production.展开更多
Drug product internationalization（DPI） can be affected by multiple firm-level factors. However, existing studies mainly focus on a single or several factors and the deviation generated by the factors＇ effects on ea...Drug product internationalization（DPI） can be affected by multiple firm-level factors. However, existing studies mainly focus on a single or several factors and the deviation generated by the factors＇ effects on each other has been neglected. We aimed to study the comprehensive influences of firm-level factors on Chinese pharmaceutical firms that chose the DPI mode. Student＇s t tests and Chi Square tests were used to explore the differences between firms with or without DPI modes. Then, logistic regression analysis was used to explore the comprehensive impacts of these 16 variables. Through empirical research, we found the factors influencing the DPI mode of Chinese pharmaceutical enterprises and the firm-level factors that influenced DPI mode selection. This study showed that the capacity of enterprise＇s innovation and knowledge absorption were related to the mode selection. Moreover, the education of the top management team significantly contributed to the DPI mode selection of pharmaceutical firms. This study also provided theoretical and empirical evidence for pharmaceutical enterprises when choosing their DPI mode. The internationalization of Chinese pharmaceutical firms remained at the early stage. However, the internationalization of drug products from China would affect the international pharmaceutical supply in the long term.展开更多
The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） w...The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.展开更多
The paper investigates the determinants of capital structure in Nigerian listed insurance firms using data obtained from annual report of the sampled firms for the period of 2001-2010. It used five explanatory variabl...The paper investigates the determinants of capital structure in Nigerian listed insurance firms using data obtained from annual report of the sampled firms for the period of 2001-2010. It used five explanatory variables to measure their effects on debt ratio. Multiple regression is employed as a tool of analysis. The result reveals that all the explanatory variables have statistically and significantly influenced the explained variable. The results approve the prediction of pecking order theory in the case of profitability and trade-off theory in case of tangibility variables. The growth variable supports the agency theory hypothesis whereas size variable confirms to the asymmetry of information theory. It is therefore recommended that the management of listed insurance firms in Nigeria should always consider their positions using these capital structure determinants as important inputs before embarking on debt financing decision.展开更多
Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a ...Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.展开更多
Two complementary firms＇ information sharing and security investment are investigated. When two complementary firms with heterogeneous assets are both breached, it is assumed that they suffer different losses which a...Two complementary firms＇ information sharing and security investment are investigated. When two complementary firms with heterogeneous assets are both breached, it is assumed that they suffer different losses which are associated with their information assets. Some insights about optimal strategies for the firms and the attacker are obtained by the game theory, which forms a comparison with those derived from substitutable firms, and those derived from complementary firms with homogenous loss. In addition, both the unit transform cost of investment and the extent of firms＇loss affect the optimal strategies.Assuming that firms can control information sharing, security investments and both of them, respectively, the effect of the social planner is further analyzed on the information sharing, firms＇ aggregate defence, the aggregate attack and social total cost. Finally, some policy advice is provided through numerical simulation. Results show that firms are willing to choose security investment centrally rather than individually, but an intervention in information sharing by the social planner may not necessarily be preferable.展开更多
Most studies on environmental policy and total factor productivity(TFP)growth under the heterogeneity framework tend to ignore the distance to the technical frontier,while research that investigates TFP growth based o...Most studies on environmental policy and total factor productivity(TFP)growth under the heterogeneity framework tend to ignore the distance to the technical frontier,while research that investigates TFP growth based on technical distances does not tend to consider environmental policy.To fill this research gap,this study investigates the impact of environmental regulation on the total factor productivity of heterogeneous firms,based on technical distance.In addition to theoretical analysis,we apply a two-direction fixed effects model to test the impact using firm-level data selected from the CSMAR database and environmental regulation data of 287 Chinese cities between 2007 and 2015.We report two major findings from our analysis.First,environmental regulation increasingly enhances(or hinders)TFP growth,as firms get closer to(or further away from)the country-industry technology frontier,ceteris paribus.Second,grouped regression further highlights that environmental regulation affects TFP growth for heterogeneous firms.For proximal-type firms,environmental regulation promotes the growth of TFP through innovation and imitation mechanisms,while only the imitation mechanism works for middle-type firms.Neither mechanism,however,applies to distal-type firms,for whom environmental regulation hinders TFP growth.These conclusions provide a theoretical and practical basis for environmental policy,suggesting that the focus should be directed toward improving exit mechanisms for distal-type firms,creating a favorable market environment to accelerate the convergence of middle-type firms to the frontier,and encouraging proximal-type firms to innovate to catch up with or surpass the global frontier.展开更多
China and Kazakhstan are reviewing the possibil-ity of building a pipeline to deliver natural gas fromwestern Kazakhstan to Xinjiang Uygur AutonomousRegion,on China’s western border,to satisfy the
China National Offshore Oil Co. (CNOOC) and two other companies had jointly signed two new production-sharing contracts to explore offshore oil and natural gas fields in Myanmar. CNOOCs Myanmar Ltd., China Huanqiu ...China National Offshore Oil Co. (CNOOC) and two other companies had jointly signed two new production-sharing contracts to explore offshore oil and natural gas fields in Myanmar. CNOOCs Myanmar Ltd., China Huanqiu Contracting and Engineering Corp. and Golden Aaron Pte. Ltd. of Singapore had signed contracts with展开更多
The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager's investment strategy in levered firms. Stock options do not necessari...The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager's investment strategy in levered firms. Stock options do not necessarily aggravate agency costs in levered firms. The corporate governance affects agency costs greatly. If debt-holders were entitled to design executive stock options together with stockholders, by allocating power properly between stockholders and debt-holders, firm value could be enhanced greatly. The following way of allocating power between the two parties is proposed: the exercise price should be the weighted average of the stockholders' and debt-holders' suggested exercise prices. The weight allocated to debt-holders is positively related to the amount of debts that debt-holders lend to stockholders.展开更多
基金supported by General Project of the National Social Science Fund of China(NSSFC),“Mechanisms and Strategies of Artificial Intelligence’s Impact on Inter-firm Wage Disparities”(Grant No.21BJY097).
文摘The diffusion of industrial robot technology has coincided with increasing divergence in firms’market shares,potentially leading to enhanced market power and shifts in the distribution of factor income.This paper investigates the impact of industrial robot adoption on firms’labor income share and explores the underlying mechanisms,with particular attention to the rise of superstar firms.The findings suggest that,overall,the use of industrial robots contributes to an increase in labor’s income share,reflecting a generally favorable trend for labor’s position in primary income distribution.This effect,however,is markedly heterogeneous across different types of firms,regions,and industries.A significant concern is that robot adoption strengthens firms’relative market power within industries,fueling the emergence of superstar firms.These firms jointly influence labor income share through both a competition effect and a demonstration effect:the former is the main cause of declining labor shares,while the latter introduces a new channel through which labor’s share is further reduced.Although antitrust policies can help improve labor’s income share,they are not well-suited to curbing the market power expansion driven by industrial robot adoption.Thus,the concern over superstar firms’suppression of labor income remains.Amid the intensifying trend of“machines replacing humans”,this paper offers empirical insights into how to address the distributional implications brought about by the rise of superstar firms.
基金National Natural Science Foundation of China,No.42301203Strategic Public Policy Research Grant of the Policy Innovation and Coordination Office of the Hong Kong SAR Government,No.S2017.A8.007.17S+2 种基金Guangdong Basic and Applied Basic Research Foundation,No.2022A1515110969Major Program of National Social Science Foundation of China,No.21&ZD107GDAS’Project of Science and Technology Development,No.2023GDASZH-2023010101。
文摘The perfection of the cross-border regional innovation system of the Pearl River Delta(PRD)and Hong Kong region remarkably underpins the construction of the Guangdong-Hong Kong-Macao Greater Bay Area(GBA)towards an international technological innovation hub.This paper focuses on the relational characteristics of the usage of technological innovation functions and elements,including labor force,technology,and producer services from Hong Kong region by high-technology firms in the PRD,and probes into the influencing factors by integrating the objective perspective on the impact of firm-level socioeconomic attributes and subjective perspective on the open interpretations on the reasons by using or not using technological innovation functions and elements from Hong Kong region by various stakeholders in high-technology domains in the PRD.Key research findings are fourfold.First,Hong Kong's technological innovation functions primarily ride on its institutional advantages under the“One Country,Two Systems”framework to empower high-technology firms in the PRD by expanding their international market,international business operation,and financing,but cross-border investment and entrepreneurship has retrieved to a relatively marginalized position.The degree of supply-demand relations of producer services is the highest,followed by labor force and technology.Second,Hong Kong-invested,large-sized,and long-standing high-technology firms in the PRD are more inclined to use technological innovation elements from Hong Kong region,while domestic,small-and-medium-sized,and start-up high-technology firms in the PRD are in turn,gradually unhooked from the supply of technological innovation elements from Hong Kong region.Third,Hong Kong enjoys both advantages and disadvantages in supplying labor forces,technologies,and producer services to high-technology firms in the PRD,with advantages in competitiveness,international linkages and visions,and disadvantages in high cost,lack of more profound mutual understanding between Hong Kong and the PRD,and the imperfect cooperation mechanisms.Fourth,interactions among the transitioning role of Hong Kong region in the macro-level global and national economic development landscape,meso-level cross-border regional specificities under the“One Country,Two Systems”framework,and micro-level heterogeneous practices and capabilities of firms influence the usage of technological innovation functions and elements from Hong Kong region by high-technology firms in the PRD.
基金supported in part by the National Natural Science Foundation of China under Grant No.72264036,in part by the West Light Foundation of The Chinese Academy of Sciences under Grant No.2020-XBQNXZ-020Xinjiang University of Finance and Economics Postgraduate Innovation Project XJUFE2024K036.
文摘Purpose:Currently,different research conclusions exist about the relationship between relational capital and corporate innovation.The research aims to(1)reveal the actual relationship between executive alumni relations and firm innovation performance,(2)examine the moderating role of executive academic backgrounds,(3)analyze the paths for firms to leverage knowledge spillovers from regional universities to promote firm innovation by their geographic location.Design/methodology/approach:A social network approach is used to construct alumni relationship networks of A-share listed companies in Shanghai and Shenzhen,China.A two-way fixed effects model is used to assess the impact of firms’structural position in executive alumni networks on firms’innovation performance.In addition,the research also delves into the interactions between knowledge spillovers from geographic locations and executives’alumni networks,aiming to elucidate their combined effects on firms’innovation performance.Findings:This paper explores the curvilinear relationship between executive alumni networks’centrality and firm innovation within the Chinese context.It also finds that in the positive effect interval on the right side of the“U-shaped,”the industry with the highest number of occurrences is the high-tech industry.Moreover,it elucidates the moderating influence of executives’academic experience on the alumni networks-innovation nexus,offering a nuanced understanding of these dynamics.Lastly,we provide novel insights into optimizing resource allocation to leverage geographic knowledge spillovers for innovation.Research limitations:The study may not fully represent the broader population of firms,particularly small and medium-sized enterprises(SMEs)or unlisted companies.Future research could expand the sample to include a more diverse range of firms to enhance the generalizability of the findings.Practical implications:Firstly,companies can give due consideration to the alumni resources of executives in their personnel decisions,but they should pay attention to the rational use of resources.Secondly,universities should actively work with companies to promote knowledge transfer and collaboration.Originality/value:The findings help clarify the influence mechanism of firms’innovation performance,providing theoretical support and empirical evidence for firms to drive innovation at the executive alumni relationship network level.
文摘This study explores the impact of board diversity on firm performance,with a focus on companies listed on the Singapore Stock Exchange(SGX).Board diversity is examined across various dimensions,including gender,age,ethnicity,and professional background,to understand its relationship with key performance indicators such as Return on Assets(ROA)and Return on Equity(ROE).Using a quantitative research approach,the study analyzes data from 90 publicly listed firms,employing descriptive statistics,correlation analysis,and multiple regression techniques.The findings reveal that the direct correlation between board diversity and financial performance,particularly in terms of ROA and ROE,is not statistically significant in the studied sample.Despite the lack of direct significance,the research underscores the nuanced and multifaceted role of diversity in corporate governance,suggesting that its impact may be more complex and influenced by various contextual factors.The study concludes by recommending that companies continue to enhance gender diversity,balance age structures,tailor professional backgrounds to industry needs,and manage board tenure effectively to optimize corporate governance and support sustainable growth.
文摘In this paper I investigate the effect of the greenhouse gas emissions of a sample of 478 Italian unlisted firms on their bank debt,in the context of the growing attention and awareness for climate change issue.My findings show that unlisted firms generating low levels of greenhouse gas emissions borrow less long-term,short term,and total bank debt than unlisted firms generating high levels of greenhouse gas emissions,to finance their growth opportunities.Being the first work analyzing this topic,to the best of my knowledge,further empirical research could also investigate the impact of greenhouse gas emissions on the bank financing of unlisted firms of different countries,representing specific cultural and political approaches towards climate change problems.
基金Universiti Malaysia Pahang for its financial support to this research(University Research Grant Scheme RDU223303).
文摘This study examines how controlling shareholders influence firm performance through the mediating role of firm efficiency in transforming inputs into outputs.To achieve this objective,it conducts a mediation analysis with 5,000 bootstraps on a dataset of 2,849 firm-year observations of publicly listed firms in Malaysia from 2009 to 2019.The findings reveal a positive relationship between controlling shareholdings and firm performance,with both total and indirect effects having this positive relationship.Moreover,while controlling shareholdings improve firm performance,firm efficiency partially mediates this relationship.Thus,improved firm efficiency plays a critical role in understanding the relationship between governance by controlling shareholders and enhanced firm performance.In summary,this study contributes to the existing literature by expanding our understanding of the complex relationship between controlling shareholdings,firm efficiency,and firm performance.In addition,the findings shed light on the importance of indirect channels in shaping organizational outcomes.As such,this study provides a valuable direction for future research in this area.
文摘This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010,Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships.The result shows that the audit committee has no effect on the earnings of the first day of listing,and the establishment of the audit committee may not be considered before listing.
基金Under the auspices of the National Natural Science Foundation of China(No.41201107)the Fundamental Research Funds for the Central Universities(No.2015KJJCB30)
文摘The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.
基金The National Natural Science Foundation of China(No.70671024)Annual Research Results in Zhejiang Federation of Humanities and Social Sciences Circles(No.08N40)
文摘Taking absorptive capacity effects on research spillovers into consideration, this paper focuses on the R＆D investment decisions and the output decisions of labor-managed firms. Based on the general model of the cost-reducing R＆D, the strategic interactions of output and R＆D investment between labor-managed firms in a duopoly are analyzed. Moreover, the impact of absorptive capacity effects on optimal output in the production stage is discussed. In the R＆D stage, the impacts of absorptive capacity effects on the equilibrium R＆D investment in cooperative and non-cooperative R＆D are analyzed. Finally, the R＆D strategy of labor-managed firms is compared with the behavior of profit-maximizing firms. The results show that equilibrium R＆D investment is always higher than that in the exogenous spillover rate, which is similar to the behavior of the profit-maximizing firms. However, unlike the profit-maximizing firms, the impact of the absorptive capacity that affects the relationship between the optimal output and its own（rival＇ s）R＆D is shown to be dependent upon a return-to-scale of the production.
文摘Drug product internationalization（DPI） can be affected by multiple firm-level factors. However, existing studies mainly focus on a single or several factors and the deviation generated by the factors＇ effects on each other has been neglected. We aimed to study the comprehensive influences of firm-level factors on Chinese pharmaceutical firms that chose the DPI mode. Student＇s t tests and Chi Square tests were used to explore the differences between firms with or without DPI modes. Then, logistic regression analysis was used to explore the comprehensive impacts of these 16 variables. Through empirical research, we found the factors influencing the DPI mode of Chinese pharmaceutical enterprises and the firm-level factors that influenced DPI mode selection. This study showed that the capacity of enterprise＇s innovation and knowledge absorption were related to the mode selection. Moreover, the education of the top management team significantly contributed to the DPI mode selection of pharmaceutical firms. This study also provided theoretical and empirical evidence for pharmaceutical enterprises when choosing their DPI mode. The internationalization of Chinese pharmaceutical firms remained at the early stage. However, the internationalization of drug products from China would affect the international pharmaceutical supply in the long term.
文摘The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.
文摘The paper investigates the determinants of capital structure in Nigerian listed insurance firms using data obtained from annual report of the sampled firms for the period of 2001-2010. It used five explanatory variables to measure their effects on debt ratio. Multiple regression is employed as a tool of analysis. The result reveals that all the explanatory variables have statistically and significantly influenced the explained variable. The results approve the prediction of pecking order theory in the case of profitability and trade-off theory in case of tangibility variables. The growth variable supports the agency theory hypothesis whereas size variable confirms to the asymmetry of information theory. It is therefore recommended that the management of listed insurance firms in Nigeria should always consider their positions using these capital structure determinants as important inputs before embarking on debt financing decision.
文摘Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.
基金The National Natural Science Foundation of China(No.71371050)
文摘Two complementary firms＇ information sharing and security investment are investigated. When two complementary firms with heterogeneous assets are both breached, it is assumed that they suffer different losses which are associated with their information assets. Some insights about optimal strategies for the firms and the attacker are obtained by the game theory, which forms a comparison with those derived from substitutable firms, and those derived from complementary firms with homogenous loss. In addition, both the unit transform cost of investment and the extent of firms＇loss affect the optimal strategies.Assuming that firms can control information sharing, security investments and both of them, respectively, the effect of the social planner is further analyzed on the information sharing, firms＇ aggregate defence, the aggregate attack and social total cost. Finally, some policy advice is provided through numerical simulation. Results show that firms are willing to choose security investment centrally rather than individually, but an intervention in information sharing by the social planner may not necessarily be preferable.
基金supported by Humanities and Social Science project of Ministry of Education of China“Study on the impact of environmental regulation on firm's TFP growth”[Grant number:17YJC790196].
文摘Most studies on environmental policy and total factor productivity(TFP)growth under the heterogeneity framework tend to ignore the distance to the technical frontier,while research that investigates TFP growth based on technical distances does not tend to consider environmental policy.To fill this research gap,this study investigates the impact of environmental regulation on the total factor productivity of heterogeneous firms,based on technical distance.In addition to theoretical analysis,we apply a two-direction fixed effects model to test the impact using firm-level data selected from the CSMAR database and environmental regulation data of 287 Chinese cities between 2007 and 2015.We report two major findings from our analysis.First,environmental regulation increasingly enhances(or hinders)TFP growth,as firms get closer to(or further away from)the country-industry technology frontier,ceteris paribus.Second,grouped regression further highlights that environmental regulation affects TFP growth for heterogeneous firms.For proximal-type firms,environmental regulation promotes the growth of TFP through innovation and imitation mechanisms,while only the imitation mechanism works for middle-type firms.Neither mechanism,however,applies to distal-type firms,for whom environmental regulation hinders TFP growth.These conclusions provide a theoretical and practical basis for environmental policy,suggesting that the focus should be directed toward improving exit mechanisms for distal-type firms,creating a favorable market environment to accelerate the convergence of middle-type firms to the frontier,and encouraging proximal-type firms to innovate to catch up with or surpass the global frontier.
文摘China and Kazakhstan are reviewing the possibil-ity of building a pipeline to deliver natural gas fromwestern Kazakhstan to Xinjiang Uygur AutonomousRegion,on China’s western border,to satisfy the
文摘China National Offshore Oil Co. (CNOOC) and two other companies had jointly signed two new production-sharing contracts to explore offshore oil and natural gas fields in Myanmar. CNOOCs Myanmar Ltd., China Huanqiu Contracting and Engineering Corp. and Golden Aaron Pte. Ltd. of Singapore had signed contracts with
文摘The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager's investment strategy in levered firms. Stock options do not necessarily aggravate agency costs in levered firms. The corporate governance affects agency costs greatly. If debt-holders were entitled to design executive stock options together with stockholders, by allocating power properly between stockholders and debt-holders, firm value could be enhanced greatly. The following way of allocating power between the two parties is proposed: the exercise price should be the weighted average of the stockholders' and debt-holders' suggested exercise prices. The weight allocated to debt-holders is positively related to the amount of debts that debt-holders lend to stockholders.
