Managerial and Decision Economics最新文献

This study is grounded in the perspective of pressure perception, examining how a company's awareness of climate risk influences its propensity for violations. The study reveals that an enhanced perception of climate risks is correlated with an increased likelihood of such behaviors. This effect is primarily mediated through a mechanism of stress transmission, exacerbating the myopia and rent-seeking activities of corporate managers. Furthermore, this study integrates a heterogeneity analysis within the framework of the fraud triangle theory to explore strategies for mitigating the impact of climate risk perception on corporate violations. The findings indicate that the influence of climate risk perception on corporate violations becomes insignificant under certain conditions: when companies offer strong equity incentives to managers, thus alleviating pressure; when companies are heavily influenced by Confucian culture, thereby reducing rationalizations; and when companies possess robust internal governance and are subject to stringent external oversight, thereby diminishing opportunities for violations. This study not only validates the pressure transmission mechanism of climate risk but also proposes avenues for mitigating the onset of non-compliant behaviors induced by the perception of climate risk.

This paper considers a hidden action agency model in which an agent can be incentivized to simultaneously work and exert effort to invest in human capital or process innovation so as to increase productivity in a future period. We characterize the conditions under which the principal would and would not want to incentivize such multitasking and the conditions under which the agent would want to participate. The firm's support for investment is contingent on the agent's outside market option not being too high, and sufficient conditions for a separate contingent payment for productivity increase are presented.

The purpose of this study is to determine whether there are blind spots in decision making to protect innovation by examining how formal and informal protection systems affect software innovation. We empirically compared the innovation activities of 218 software companies with 261 information and communication technology (ICT) manufacturing companies in South Korea. Our results confirm that formal protection system alone is insufficient to protect software innovation, but its effect may vary depending on the corporate size. While, combination of patent with complicated designs is effective. More sophisticated policy to complement informal protections for small and medium-sized enterprises with less than 100 employees is needed.

This study examined Chinese A-share listed companies in Shanghai and Shenzhen from 2016 to 2020 to explore the relationship between regional culture of integrity (COI) and enterprise total factor productivity (TFP) and the internal mechanism of regional COI on TFP. The findings showed that regional COI is conducive to promotion of TFP. The mechanism test revealed that optimizing the business environment, promoting corporate technological innovation, and reducing transaction costs are three essential mechanisms. Further, the results indicated that the enhancement effect of regional COI on TFP is more significant in non-SOEs and enterprises with high financing constraints.

The extraction of minerals such as lithium, widely used in the battery technologies of electric vehicles, is a process that necessitates consideration of its environmental impacts. This study aims to examine the environmental impacts of electric vehicles and the effects of lithium mining on water resources, particularly in regions abundant in lithium reserves like Chile. The analyses indicate a long-term relationship between lithium mining and irrigation water sources. This study establishes a foundation for understanding the relationship between the environmental sustainability of electric vehicles and the environmental impacts of lithium mining.

Firms can derive insights not only from their own failures but also from the innovation failures of counterparts in the same industry. This study investigates how 109 Chinese A-share listed high-tech firms (2013–2022) learn from counterparts' innovation failures to improve their success rate of innovation and emphasizes the crucial role of venture capital (VC) syndication networks in facilitating knowledge transfer. Central VCs within the network notably enhance vicarious learning from others' failures. Further empirical analysis shows a significant increase in the success rate of exploitative innovations, while the impact on exploratory innovations is minimal.

The impact of ethnicity and gender on employment and income disparities in the labor market has been extensively studied, revealing patterns of discrimination. We focus on these specific attributes as potential influencers of perceptions regarding resume fraud and counterproductive behavior in the workplace. In our research, 1002 participants reviewed CVs of prospective job candidates and were subsequently informed about various instances of resume fraud and counterproductive behavior exhibited by the candidates. The names of the candidates were selected to reflect distinct ethnic origins and genders. Our findings indicate the presence of ethnic discrimination. Specifically, individuals within each ethnic group tended to evaluate candidates from their own group with less severity compared to candidates from the opposite group. We did not uncover any indications of gender bias; both male and female candidates were assessed in a similar manner. Our findings uncover ethnicity-based discrimination in the evaluation of negative behavior within the workplace.

Based on the puzzle of mismatch between China's current innovation environment construction and firms' innovation achievements, this paper uses data of Chinese A-share listed firms and tries to explore whether rent-seeking is a strategic choice for firms to achieve high-quality development in the context of institutional deficiencies. This paper finds that (1) corporate rent-seeking can significantly increase total factor productivity (TFP), a result that still holds after various robustness tests such as the instrumental variables method. The mechanism test finds that corporate rent-seeking can significantly incentivize corporate innovation, especially high-quality innovation. (2) Rent-seeking has a stronger effect on TFP in high-tech enterprises, patent-intensive industries, and non-overcapacity industries; institutional factors such as the reasonableness of the government-market relationship and the degree of distortion in the factor market have a significant negative and positive moderating effect on the promotion of TFP by rent-seeking, respectively. Further sub-sample tests show that the TFP promotion effect of rent-seeking in firms with stronger willingness and demand for innovation is more influenced by the institutional environment factors. The above results suggest that rent-seeking can act as an alternative means for firms to satisfy their innovation needs in the absence of institutions, and thus increase TFP. (3) Industry-based tests show that rent-seeking can promote overall technological progress, but it does not have the “lubricant” effect of optimizing the allocation of resources, and rent-seeking is always a suboptimal choice for the allocation of resources. Unlike previous studies that emphasized the negative consequences of rent-seeking, we highlight the potential benefits of rent-seeking in the context of China's transition economy from a total factor productivity (TFP) perspective, which enriches the research in the area of rent-seeking and TFP.

Industrial organization economists and financial analysts often employ firm level Tobin's q, typically interpreted as the firm's market value divided by its book value. The measurements, applications, and interpretations vary considerably enough to warrant the questioning of its usefulness. This paper develops a conceptual framework for Tobin's q and, in doing so, offers some useful interpretations that hopefully clear up some of the past misunderstandings regarding this useful metric.

This paper examines the transformation towards greenness, focusing on consumer environmental awareness within a circular city model characterized by elastic demand. Our findings reveal that the equilibrium investment in environmentally friendly initiatives falls short of the socially optimal level for a given market structure. The degree of excess or insufficient market entry is influenced by the level of environmental awareness. Further, we delve into the role of environmental delegation, demonstrating that heightened environmental awareness can mitigate underinvestment in the environment and reduce inefficiency in market entry. From a policy perspective, we expand our analysis to include the “Green Product Policy.” This extension aims to explore the impact of such a policy on environmental awareness and assess the applicability of the “excess entry theorem” in this context.