This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has bec...This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.展开更多
This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings ...This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables.Profitability,often measured by Return on Assets(ROA)or Return on Equity(ROE),is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits.Firm size,measured by total assets or the logarithm of sales,is also assumed to influence firm value,both through economies of scale and better access to capital markets.Meanwhile,capital structure,measured by Debt to Equity Ratio(DER)or Debt to Asset Ratio(DAR),has a complex impact;while debt can enhance firm value through tax shields,excessive debt levels can increase financial risk and potentially decrease firm value.The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value,though there is variation in the significance and direction of the relationship for capital structure variables.This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.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
Following the global economy’s shift toward a digital-based system,the significance of digital transformation(DT)at the firm level has become increasingly important.Accordingly,this study aims to enhance understandin...Following the global economy’s shift toward a digital-based system,the significance of digital transformation(DT)at the firm level has become increasingly important.Accordingly,this study aims to enhance understanding of a firm’s DT by examining the varying impacts ofirm life cycle(FLC)stages on DT adoption.We consider the impact of the mass entrepreneur and innovation campaign(MEIC)on this relationship.Based on the data of China A-share non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2020.The baseline findings reveal that firms in the growth stage are likelier to adopt DT than firms in the introduction and decline stages;however,DT adoption in the maturity stage is uncertain.MEIC encourages DT adoption during the introduction,maturity,and decline stages.Furthermore,the univariate test demonstrates a relative enhancement in DT after implementing MEIC,underscoring its role in effectively allocating resources within the firms to embrace DT.This study’s results are robust across various estimation techniques and instrumental variables.The empirical results offer insights into policy implications,highlighting the factors shaping firms’DT adoption decisions at different FLC stages and endorsing resource-based and agency theories.展开更多
Firm-level productivity analysis serves as a cornerstone for understanding the micro-foundations of economic growth,industrial competitiveness,and efficient resource allocation.This comprehensive review synthesizes an...Firm-level productivity analysis serves as a cornerstone for understanding the micro-foundations of economic growth,industrial competitiveness,and efficient resource allocation.This comprehensive review synthesizes and critically evaluates the primary statistical and econometric methodologies employed in the measurement and analysis of productivity at the firm level.We systematically delineate the evolution from traditional parametric techniques,such as production function estimation and Stochastic Frontier Analysis(SFA),to non-parametric approaches,including Data Envelopment Analysis(DEA)and the Malmquist Productivity Index.A significant focus is placed on addressing pervasive micro-level challenges,notably firm heterogeneity,measurement error,and endogeneity biases,which are endemic to firm-level data.The paper further explores recent methodological innovations,highlighting the integration of machine learning,quantile regression,and network analysis into the productivity research arsenal.By providing a structured guide for selecting and applying appropriate statistical tools,this review aims to equip researchers with the knowledge to conduct robust micro-level productivity analyses.Finally,we outline promising future research trajectories,emphasizing the potential of novel data sources and computational methods to deepen our understanding of productivity determinants.展开更多
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
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
Firm entry plays an important role in the industrial transformation of mature resource-based cities.This study describes the industrial evolution of resource-based cities at the firm level and uses kernel density esti...Firm entry plays an important role in the industrial transformation of mature resource-based cities.This study describes the industrial evolution of resource-based cities at the firm level and uses kernel density estimation and econometric models to study the spatiotemporal characteristics and determinants of new firm entry from 2011 to 2019 in four mature resource-based cities.The results are summarized as follows:(1)New resource-based firm entry tends to be natural resource-oriented and path-dependent.The new non-resource-based firms show a high concentration in central urban areas,and the industry types are mainly wholesale and retail of resource products,cultural tourism,and equipment manufacturing.(2)Heterogeneous incumbent firms affect firm entry differently.Affected by competition and agglomeration effects,resource-based and non-resource-based incumbent firms have negative and positive impacts on new resource-based firm entry,respectively.Resourcebased incumbent firm agglomeration positively influences new non-resource-based firm entry.(3)Besides incumbent firms,firm entry can also be affected by multidimensional factors,such as factor costs,economic environment,and institutional environment.Research on new firm entry can better reveal the path dependence and path creation process of the industrial development of resource-based cities from a micro-perspective.展开更多
Objective The aim was to provide basis for further studies on fruit firmness in peach fruits and the standardization and standardization of peach germplasm resource. [ Method] The analysis of fruit firmness of peach g...Objective The aim was to provide basis for further studies on fruit firmness in peach fruits and the standardization and standardization of peach germplasm resource. [ Method] The analysis of fruit firmness of peach germplasm resource was based on the improved firmness measurement, and the probability grading of characteristics was carried out on peach fruit firmness. [Result] The coefficient of variation of peach fruit firmness with skin was less than that of fruit firmness without skin; the fruit firmness with skin and fruit firmness without skin were both fitted the normal distribution; the probability grading of characteristics were divided into five series based on four points of （X-1. 281 8s）, （X-0. 524 6s）, （X＋0. 524 6s） and （X＋1.281 8s）, so that the probability of 1 -5 were 10%, 20%, 40%, 20% and 10%. [Conclusion] There was more abundant genetic basis in fruit firmness, which held a potential for greater choice.展开更多
[Objective] This study aimed to investigate the inheritance mechanism of tomato fruit firmness.[Method] Two tomato cultivars significantly different in fruit firmness were selected for investigation of the inheritance...[Objective] This study aimed to investigate the inheritance mechanism of tomato fruit firmness.[Method] Two tomato cultivars significantly different in fruit firmness were selected for investigation of the inheritance mechanism of tomato fruit firmness using combination analysis of six generations （P1,P2,F1,F2,B1 and B2）.[Result] The results indicated that the heredity of tomato fruit firmness was consistent with the additive-dominant model controlled by one pair of major genes; the additive effect （d）,dominant effect （h） and degree of dominance （h/d） of major genes were 17.37,-7.96 and-0.46,respectively,showing positive additive effect and incompletely dominant-negative effect; the hereditability of major gene effect in B1,B2 and F2 generation was 88.59％,45.81％ and 85.62％,respectively.[Conclusion] The heredity of fruit firmness was controlled by one pair of major gene,showing significant additive effect and dominant effect.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
Taking the advanced technology of the foreign firm into account, a mixed duopoly three-stage game model is established in the context of research and development（RD）investment subsidies and product subsidies for dom...Taking the advanced technology of the foreign firm into account, a mixed duopoly three-stage game model is established in the context of research and development（RD）investment subsidies and product subsidies for domestic firms provided by the government, and the RD subsidy policy of domestic firms in competition with foreign firms is analyzed.The equilibrium output, RD investment of the domestic firm, social welfare and the value of government subsidies are derived, in the case of the two policies, RD investment subsidies and product subsidies for domestic firms, provided by the government. The results show that, the equilibrium output and the optimal social welfare under the RD investment subsidy policy are both less than those under the product subsidy policy; the optimal RD investment under the RD investment subsidy policy is less than that under the product subsidy policy; and the RD product subsidy has a more obvious incentive effect on firm RD investment. Under the background of the leading edge of technology of foreign firms, the product subsidy policy drawn up by the government to encourage RD innovation of domestic firms is more effective than the RD investment subsidy policy.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
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
In recent decades, the world economy has been stron gl y driven by worldwide foreign direct investment (FDI) of transnational corporati ons (TNCs). And business globalisation is leading to widespread re-structuring of...In recent decades, the world economy has been stron gl y driven by worldwide foreign direct investment (FDI) of transnational corporati ons (TNCs). And business globalisation is leading to widespread re-structuring of international manufacturing systems in TNCs. However, still very little sys tematic research in manufacturing engineering or production/operations managemen t (P/O M) has focused on these new types of globalised manufacturing systems, an d little communication is organised between different academic disciplines such as manufacturing, management/ business studies, economics, geography, internatio nal development studies and so on. Many critical issues are still poorly unders tood and are not covered by current research agendas, for example: · properties of international manufacturing network systems in terms of structu ral architecture, dynamic mechanisms, strategic capabilities, strategy processes , new technology, and alliance relationships · knowledge management and organisational learning mechanisms in international manufacturing context, especially in globally coordinated networks at both intra - and inter- organisational levels · global economic trends, regional collaboration, national culture/identity, an d their impacts on industrial sector development, and company’s manufacturin g system design/re-structuring In industry, lack of global vision and appropriate strategies during internation alisation have become major barrier to the effective management of international operations. In academia, limited multi-discipline exchanges have inhibited de velopments not only in each area but also knowledge contribution to industry whi ch could arise from discipline integration. This paper, based on recent years case observations and action research work on manufacturing internationalisation, especially globalisation, introduces an evol utionary process of manufacturing systems. It seeks to explore the external and internal driving forces of the transformation and the responses of manufacturin g systems in terms of static architectures, dynamic mechanisms, and strategic ca pabilities in the evolutionary process. The paper Reviews recent researches on manufacturing internationalisation in dif ferent disciplines to gain a comprehensive picture about international manufactu ring system from different perspectives. Based on the empirical observations of industrial issues and difficulties, a further research framework is proposed to tackle wider issues in international manufacturing covering manufacturing value creation process, internationalisation process, and strategic alliance formatio n process. The paper argues that, besides deep research on three dimensions of international manufacturing system, development of strategy process to synthesis e these three processes is more important in the future research work. It sugge sts that it is necessary to enhance the collaboration between countries and disc iplines, and stimulate explorations of new frameworks that can provide more insi ghts about new manufacturing systems and foresights their development.展开更多
Aiming at the deficiency of exterminating measures of Chinese firm safety management, a simulation model of Chinese firm＇s safety management capability based on the organizational learning theory, in which the simula...Aiming at the deficiency of exterminating measures of Chinese firm safety management, a simulation model of Chinese firm＇s safety management capability based on the organizational learning theory, in which the simulation method of system dynamics is utilized. The level variable and rate variable are designed based on the practical situation and change situation of corresponding variables of firm＇s safety management ca- pability. Simulation firms are built with accident case groups of the oil industry, chemical industry, machine industry, coal mining industry, and weapon industry. Through analyzing the simulation result, the growth law of Chinese firm＇s safety management capability is obtained as follows： the accumulating and the coupling of safety knowledge should be emphasized at the same time; the balance of learning behavior of individual, group and organization should be considered together; different types of Chinese firm should take different safety policies according to their practical situations.展开更多
To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, t...To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.展开更多
This study elaborates that the economic growth of a country depending on not only the business performance of the investor owned firms （IOFs）, but also the business surplus of the cooperative organizations （Co-ops...This study elaborates that the economic growth of a country depending on not only the business performance of the investor owned firms （IOFs）, but also the business surplus of the cooperative organizations （Co-ops）. The policy maker should have the level of understanding and competence to blend five different factors related to organizational structure and business model of the Co-ops and the IOFs to the five similarities factors on the managerial approach of them into one marked. The study investigated five similarities factors and included into a conceptual structural model with its six measurement models, economic growth model, general national factor model, market and industry factors model, Co-ops/IOFs opportunities/threat model, Co-ops/IOFs strength /weakness model, and lastly the Co-ops/IOFs firm dynamic/active： sales, profit, and lost model. Reliability of the six similarities measurement models was tested by the Delphi technique with a sample of 33 respondents. The study found that, apart from the six measurement models, it also has two intervening factor variables that will reduce the power and magnitude of the economic growth which will come from mismanagement of policy maker： These factors are the different in intemational culture among countries, and the global warming and natural disaster from the excess consumption and excess production. These selfish, competition and economic greedy of people will lead to economic, social, and natural disaster problems. To reduce the socioeconomic disadvantages and global disaster, board＇s committee, and Co-ops manager as well as chief executive officer （CEO） of the IOFs must have a good understanding on these five similarities factors. Appropriate management of these five similarities factors will lead the firms to reach their high managerial efficiency, customer value, firm value, and finally economic growth.展开更多
文摘This study aims to analyze the influence of leverage,firm size,firm value,and managerial ownership on tax aggressiveness in technology sector companies listed on the Indonesia Stock Exchange.Tax aggressiveness has become a critical issue in corporate financial management practices,particularly in the context of optimizing tax burdens through strategies that remain within legal boundaries.The study adopts a quantitative approach using panel data regression methods.Data processing and analysis were conducted using EViews version 12.The research sample consists of 13 technology sector companies selected through purposive sampling,with an observation period spanning five years(2019-2023),resulting in a total of 65 observations.The analysis results indicate that leverage and firm value have a negative effect on tax aggressiveness.Conversely,managerial ownership is found to have a positive effect on tax aggressiveness.Meanwhile,firm size does not show a significant influence on tax aggressiveness.
文摘This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables.Profitability,often measured by Return on Assets(ROA)or Return on Equity(ROE),is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits.Firm size,measured by total assets or the logarithm of sales,is also assumed to influence firm value,both through economies of scale and better access to capital markets.Meanwhile,capital structure,measured by Debt to Equity Ratio(DER)or Debt to Asset Ratio(DAR),has a complex impact;while debt can enhance firm value through tax shields,excessive debt levels can increase financial risk and potentially decrease firm value.The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value,though there is variation in the significance and direction of the relationship for capital structure variables.This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.
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Following the global economy’s shift toward a digital-based system,the significance of digital transformation(DT)at the firm level has become increasingly important.Accordingly,this study aims to enhance understanding of a firm’s DT by examining the varying impacts ofirm life cycle(FLC)stages on DT adoption.We consider the impact of the mass entrepreneur and innovation campaign(MEIC)on this relationship.Based on the data of China A-share non-financial companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2020.The baseline findings reveal that firms in the growth stage are likelier to adopt DT than firms in the introduction and decline stages;however,DT adoption in the maturity stage is uncertain.MEIC encourages DT adoption during the introduction,maturity,and decline stages.Furthermore,the univariate test demonstrates a relative enhancement in DT after implementing MEIC,underscoring its role in effectively allocating resources within the firms to embrace DT.This study’s results are robust across various estimation techniques and instrumental variables.The empirical results offer insights into policy implications,highlighting the factors shaping firms’DT adoption decisions at different FLC stages and endorsing resource-based and agency theories.
文摘Firm-level productivity analysis serves as a cornerstone for understanding the micro-foundations of economic growth,industrial competitiveness,and efficient resource allocation.This comprehensive review synthesizes and critically evaluates the primary statistical and econometric methodologies employed in the measurement and analysis of productivity at the firm level.We systematically delineate the evolution from traditional parametric techniques,such as production function estimation and Stochastic Frontier Analysis(SFA),to non-parametric approaches,including Data Envelopment Analysis(DEA)and the Malmquist Productivity Index.A significant focus is placed on addressing pervasive micro-level challenges,notably firm heterogeneity,measurement error,and endogeneity biases,which are endemic to firm-level data.The paper further explores recent methodological innovations,highlighting the integration of machine learning,quantile regression,and network analysis into the productivity research arsenal.By providing a structured guide for selecting and applying appropriate statistical tools,this review aims to equip researchers with the knowledge to conduct robust micro-level productivity analyses.Finally,we outline promising future research trajectories,emphasizing the potential of novel data sources and computational methods to deepen our understanding of productivity determinants.
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.
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.
基金National Natural Science Foundation of China,No.72050001。
文摘Firm entry plays an important role in the industrial transformation of mature resource-based cities.This study describes the industrial evolution of resource-based cities at the firm level and uses kernel density estimation and econometric models to study the spatiotemporal characteristics and determinants of new firm entry from 2011 to 2019 in four mature resource-based cities.The results are summarized as follows:(1)New resource-based firm entry tends to be natural resource-oriented and path-dependent.The new non-resource-based firms show a high concentration in central urban areas,and the industry types are mainly wholesale and retail of resource products,cultural tourism,and equipment manufacturing.(2)Heterogeneous incumbent firms affect firm entry differently.Affected by competition and agglomeration effects,resource-based and non-resource-based incumbent firms have negative and positive impacts on new resource-based firm entry,respectively.Resourcebased incumbent firm agglomeration positively influences new non-resource-based firm entry.(3)Besides incumbent firms,firm entry can also be affected by multidimensional factors,such as factor costs,economic environment,and institutional environment.Research on new firm entry can better reveal the path dependence and path creation process of the industrial development of resource-based cities from a micro-perspective.
基金Supported by National Science and Technology Support Plan Project(2008BAD92B02)the Earmarked Fund for Modern Agro-industryTechnology Research System(nycytx-31-zs-4)~~
文摘Objective The aim was to provide basis for further studies on fruit firmness in peach fruits and the standardization and standardization of peach germplasm resource. [ Method] The analysis of fruit firmness of peach germplasm resource was based on the improved firmness measurement, and the probability grading of characteristics was carried out on peach fruit firmness. [Result] The coefficient of variation of peach fruit firmness with skin was less than that of fruit firmness without skin; the fruit firmness with skin and fruit firmness without skin were both fitted the normal distribution; the probability grading of characteristics were divided into five series based on four points of （X-1. 281 8s）, （X-0. 524 6s）, （X＋0. 524 6s） and （X＋1.281 8s）, so that the probability of 1 -5 were 10%, 20%, 40%, 20% and 10%. [Conclusion] There was more abundant genetic basis in fruit firmness, which held a potential for greater choice.
文摘[Objective] This study aimed to investigate the inheritance mechanism of tomato fruit firmness.[Method] Two tomato cultivars significantly different in fruit firmness were selected for investigation of the inheritance mechanism of tomato fruit firmness using combination analysis of six generations （P1,P2,F1,F2,B1 and B2）.[Result] The results indicated that the heredity of tomato fruit firmness was consistent with the additive-dominant model controlled by one pair of major genes; the additive effect （d）,dominant effect （h） and degree of dominance （h/d） of major genes were 17.37,-7.96 and-0.46,respectively,showing positive additive effect and incompletely dominant-negative effect; the hereditability of major gene effect in B1,B2 and F2 generation was 88.59％,45.81％ and 85.62％,respectively.[Conclusion] The heredity of fruit firmness was controlled by one pair of major gene,showing significant additive effect and dominant effect.
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.
基金The Special Project of Innovative Methods and Work Funded by Ministry of National Science and Technology of China(No.2013IM030600)
文摘Taking the advanced technology of the foreign firm into account, a mixed duopoly three-stage game model is established in the context of research and development（RD）investment subsidies and product subsidies for domestic firms provided by the government, and the RD subsidy policy of domestic firms in competition with foreign firms is analyzed.The equilibrium output, RD investment of the domestic firm, social welfare and the value of government subsidies are derived, in the case of the two policies, RD investment subsidies and product subsidies for domestic firms, provided by the government. The results show that, the equilibrium output and the optimal social welfare under the RD investment subsidy policy are both less than those under the product subsidy policy; the optimal RD investment under the RD investment subsidy policy is less than that under the product subsidy policy; and the RD product subsidy has a more obvious incentive effect on firm RD investment. Under the background of the leading edge of technology of foreign firms, the product subsidy policy drawn up by the government to encourage RD innovation of domestic firms is more effective than the RD investment subsidy policy.
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.
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.
文摘In recent decades, the world economy has been stron gl y driven by worldwide foreign direct investment (FDI) of transnational corporati ons (TNCs). And business globalisation is leading to widespread re-structuring of international manufacturing systems in TNCs. However, still very little sys tematic research in manufacturing engineering or production/operations managemen t (P/O M) has focused on these new types of globalised manufacturing systems, an d little communication is organised between different academic disciplines such as manufacturing, management/ business studies, economics, geography, internatio nal development studies and so on. Many critical issues are still poorly unders tood and are not covered by current research agendas, for example: · properties of international manufacturing network systems in terms of structu ral architecture, dynamic mechanisms, strategic capabilities, strategy processes , new technology, and alliance relationships · knowledge management and organisational learning mechanisms in international manufacturing context, especially in globally coordinated networks at both intra - and inter- organisational levels · global economic trends, regional collaboration, national culture/identity, an d their impacts on industrial sector development, and company’s manufacturin g system design/re-structuring In industry, lack of global vision and appropriate strategies during internation alisation have become major barrier to the effective management of international operations. In academia, limited multi-discipline exchanges have inhibited de velopments not only in each area but also knowledge contribution to industry whi ch could arise from discipline integration. This paper, based on recent years case observations and action research work on manufacturing internationalisation, especially globalisation, introduces an evol utionary process of manufacturing systems. It seeks to explore the external and internal driving forces of the transformation and the responses of manufacturin g systems in terms of static architectures, dynamic mechanisms, and strategic ca pabilities in the evolutionary process. The paper Reviews recent researches on manufacturing internationalisation in dif ferent disciplines to gain a comprehensive picture about international manufactu ring system from different perspectives. Based on the empirical observations of industrial issues and difficulties, a further research framework is proposed to tackle wider issues in international manufacturing covering manufacturing value creation process, internationalisation process, and strategic alliance formatio n process. The paper argues that, besides deep research on three dimensions of international manufacturing system, development of strategy process to synthesis e these three processes is more important in the future research work. It sugge sts that it is necessary to enhance the collaboration between countries and disc iplines, and stimulate explorations of new frameworks that can provide more insi ghts about new manufacturing systems and foresights their development.
基金the National Social Science Foundation of China (07BJY080)
文摘Aiming at the deficiency of exterminating measures of Chinese firm safety management, a simulation model of Chinese firm＇s safety management capability based on the organizational learning theory, in which the simulation method of system dynamics is utilized. The level variable and rate variable are designed based on the practical situation and change situation of corresponding variables of firm＇s safety management ca- pability. Simulation firms are built with accident case groups of the oil industry, chemical industry, machine industry, coal mining industry, and weapon industry. Through analyzing the simulation result, the growth law of Chinese firm＇s safety management capability is obtained as follows： the accumulating and the coupling of safety knowledge should be emphasized at the same time; the balance of learning behavior of individual, group and organization should be considered together; different types of Chinese firm should take different safety policies according to their practical situations.
基金The Fok Ying-Tong Education Founda-tion for Young Teachers in the Higher Education Institutions of China (No101084)Science and Technology Foundationof Liaoning Province (No1051354)
文摘To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.
文摘This study elaborates that the economic growth of a country depending on not only the business performance of the investor owned firms （IOFs）, but also the business surplus of the cooperative organizations （Co-ops）. The policy maker should have the level of understanding and competence to blend five different factors related to organizational structure and business model of the Co-ops and the IOFs to the five similarities factors on the managerial approach of them into one marked. The study investigated five similarities factors and included into a conceptual structural model with its six measurement models, economic growth model, general national factor model, market and industry factors model, Co-ops/IOFs opportunities/threat model, Co-ops/IOFs strength /weakness model, and lastly the Co-ops/IOFs firm dynamic/active： sales, profit, and lost model. Reliability of the six similarities measurement models was tested by the Delphi technique with a sample of 33 respondents. The study found that, apart from the six measurement models, it also has two intervening factor variables that will reduce the power and magnitude of the economic growth which will come from mismanagement of policy maker： These factors are the different in intemational culture among countries, and the global warming and natural disaster from the excess consumption and excess production. These selfish, competition and economic greedy of people will lead to economic, social, and natural disaster problems. To reduce the socioeconomic disadvantages and global disaster, board＇s committee, and Co-ops manager as well as chief executive officer （CEO） of the IOFs must have a good understanding on these five similarities factors. Appropriate management of these five similarities factors will lead the firms to reach their high managerial efficiency, customer value, firm value, and finally economic growth.
