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Co-Parenting: A Model of Value Creation in the Multinational Network 共同抚养:跨国网络中的价值创造模式
Pub Date : 2017-01-01 DOI: 10.2139/ssrn.3028674
José Pla-Barber, Cristina Villar, A. Madhok
We analyze a novel way to configure and manage multinational networks and propose a model of "co-parenting", characterized by the sharing of parenting roles and distribution of responsibilities between two units. We develop our argument around the notion of the springboard subsidiary, which has an extra-regional geographic mandate of a more strategic nature. Such extra-regional headquarters help parent firms overcome the liability of inter-regional foreignness. Based upon qualitative data, our model revolves around three stages: establishment, consolidation and maturity, each of which reflects distinct roles and knowledge flows among the three actors involved: HQ, springboard subsidiary and local subsidiary. Overall, our study sheds distinct light on when and how headquarters add value by matching parenting to context.
我们分析了一种配置和管理跨国网络的新方法,并提出了一种“共同养育”模式,其特征是在两个单位之间分担养育角色和分配责任。我们围绕跳板子公司的概念展开我们的论点,该子公司具有更具战略性的区域外地理任务。这样的地区外总部有助于母公司克服跨地区的涉外责任。基于定性数据,我们的模型围绕三个阶段展开:建立、整合和成熟,每个阶段都反映了三个参与者:总部、跳板子公司和本地子公司之间不同的角色和知识流动。总的来说,我们的研究清楚地揭示了总部何时以及如何通过将养育子女与环境相匹配来增加价值。
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引用次数: 0
Studying the Integration of Damascus Securities Exchange with Selected Stock Markets 大马士革证券交易所与部分证券市场整合研究
Pub Date : 2016-11-15 DOI: 10.18488/JOURNAL.62/2016.3.7/62.7.85.102
Oubay Mahmoud, Boushra M. Ali, Yousefi Mahmoud
This study aims to examine the integration of Damascus Securities Exchange (DSE) with some Arab and international financial markets, which are (Jordan, Iraq, Germany, and France). The study used monthly data of each stock market index during the period 2010-2015. To achieve the objectives of the study, five tests are used. Namely, Unit Root Test, Johansen Cointegration Test, Vector Error Model, Vector Autoregressive Models (Impulse Response Function and Variance Decomposition) and finally Granger Causality. The findings show a long-run relationship between DSE and other studied markets. Consequently, markets move together in a long-term. No evidence is found about short-term relationship. In addition, DSE seems to respond slowly to changes in the other markets; as a result, shocks on these markets do not explain the variation on DSE index. Finally, Granger Causality test reveals absence of causality among these markets. Thus, investors can benefit from diversifying their portfolios in short-term, but not in the long-term.
本研究旨在考察大马士革证券交易所(DSE)与一些阿拉伯和国际金融市场(约旦、伊拉克、德国和法国)的整合情况。该研究使用了2010-2015年期间各股市指数的月度数据。为了达到研究的目的,使用了五个测试。即单位根检验、约翰森协整检验、向量误差模型、向量自回归模型(脉冲响应函数和方差分解),最后是格兰杰因果关系。研究结果表明,DSE与其他研究市场之间存在长期关系。因此,市场在长期内是一致的。没有发现短期关系的证据。此外,DSE似乎对其他市场的变化反应迟缓;因此,这些市场的冲击并不能解释上证指数的变化。最后,格兰杰因果检验表明,这些市场之间不存在因果关系。因此,投资者可以从短期分散投资组合中获益,但长期则不然。
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引用次数: 0
Determinants and Dimensions of Supply Chain Evolution Path 供应链演化路径的决定因素与维度
Pub Date : 2016-02-22 DOI: 10.16980/jitc.12.1.201602.91
Jong Dae Kim, Sangchun Lee
Vertical integration, as well as outsourcing, are typical make or buy decisions and have been given attention in the academic area and among practitioners. Many previous studies have been done on the determinants of the span of process of a firm and the related choice of appropriate governance structure. In turn, those decisions affect an appropriate structure of supply chain which continually evolves with environmental changes. In this study, we propose an evolution map of supply chains and groups of accelerators and decelerators which accelerate or decelerate the evolution of supply chains. In creating a supply chain evolution map, we define three dimensions of the evolution, namely, span of process, supplier base structure and inter-organizational relationship. Following these dimensions, we propose three stages for each dimension: full spectrum, core and outsourcing and Micro-some for the first dimension, span of process. One-to-one, N-to-one and No-to-N for the second dimension, supplier base structure.
垂直整合,以及外包,是典型的“做或买”决策,并且在学术领域和从业者中得到了关注。前人对企业过程跨度的决定因素以及相应的治理结构选择进行了大量的研究。反过来,这些决策会影响供应链的适当结构,而供应链会随着环境的变化而不断发展。在本研究中,我们提出了供应链的演化图,以及加速或减速供应链演化的加速器和减速器组。在构建供应链演进图时,我们定义了演进的三个维度,即过程跨度、供应商基础结构和组织间关系。在这些维度之后,我们为每个维度提出了三个阶段:全谱、核心和外包以及微-部分(第一个维度)、过程跨度。1 - 1, n - 1和no - n为第二次元,供应商基础结构。
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引用次数: 1
أثر الدمج المصرفي علي كفاءة الأداء والربح في السودان (Bank Mergers, Efficiency and Profitability in Sudan) 银行兼并对苏丹效率和利润的影响
Pub Date : 2015-05-05 DOI: 10.2139/SSRN.2615016
Issam A.W. Mohamed
Arabic Abstract: يعتبر الدمج المصرفي احد الوسائل التي يتبعها القطاع المصرفي الحديث لمعالجة بعض المشاكل التي تواجه القطاع المصرفي وذلك من خلال عملية دمج المصارف التي تعاني من بعض المشاكل ودمجها مع بعض البنوك ذات الوضع المتحسن والمستقر وفي السودان كانت تلك التجربة ذات أثر كبير في مسيرة القطاع المصرفي وذلك من خلال التجارب التي طبقت في المصارف السودانية. ولمعرفة ذلك الأثر قامت الدراسة علي استعراض دراسة حالة مصرف المزارع التجاري وذلك بتسليط الضوء علي مشكلة هل تعتبر عملية الدمج المصرفي هي الخيار الأمثل للإصلاح المصرفي وذلك لمعرفة أهمية الدمج المصرفي وايجابيات وسلبيات عملية الدمج. هذا بهدف التعرف علي مساهمة عملية الدمج في تطوير الجهاز المصرفي ودراسة وتحليل مراحل عملية الدمج. ركزت الدراسة علي افتراض أن الدمج له أثر ايجابي علي تقوية المركز المالي وزيادة الربحية وحجم التعاملات الداخلية والخارجية. ذلك بإتباع المنهج الوصفي والتحليلي لتقييم الدراسة. ثم استخلصت بعض النتائج التي توصلت إليها الدراسة ومنها أن الدمج المصرفي الذي كان نتاجه مصرف المزارع التجاري من أنجح العمليات المصرفية. وكذلك التوصية بضرورة الاهتمام بعملية الدمج المصرفي مع التقييم المصرفي في البنوك السودانية.English Abstract: Banking merger means a process of integrating banks that suffer from some problems to be combined with some other banks for better performance due to expanding their working capital. With the dire situation of the banking in Sudan, that experience a big impact in the banking sector in 2008 due to dead debts it was imperative to apply it. The study reviews the case study merger of the Commercial Bank and highlights the considered a banking merger process is the perfect choice for banking reform. The importance is to study banking mergers and its construction in order to recognize the contribution of the integration process in the development of the banking system. Moreover, it is essential to study and analyze phases of the merger. The study focused on the assumption that the merger has a positive impact on the strengthening of the financial position, increase profit and volume of internal and external performance by following the systematic descriptive and analytical to assess study. Findings included banking merger, which was of successful commercial banking operations, as well as recommending the need for attention to the process of banking merger and rating operations in Sudanese banks.
巴西:银行合并是现代银行部门解决银行部门所面临的一些问题的一种手段,通过将有问题的银行合并,并与苏丹的一些银行合并,这一经验通过苏丹银行的经验对银行部门产生了重大影响。为了了解这种影响,该研究审查了商业农场银行的案例研究,强调了银行合并是否被认为是银行改革的最佳选择的问题,以便了解银行合并的重要性以及合并的利弊。目的是确定合并对银行系统发展的贡献,并研究和分析合并的各个阶段。研究的重点是,合并对加强财务状况、提高利润和扩大内部和外部交易规模产生积极影响。这是通过评估研究的描述性和分析性方法进行的。随后,该研究得出了一些结论,其中包括商业农场银行进行的银行合并是最成功的银行业务之一。还有人建议,应注意银行合并和苏丹银行银行银行评估。体制性做法:通过制定立法,使更广泛地参与处理与工业生产有关的问题。注意到银行的的状况,这是2008年在银行的发展中采取的行动的一个实例。关于商业银行和商业银行业务的的的研究报告。向穷人和穷人提供就业机会的机会。关于美洲美洲和加勒比区域的研究和分析。关于金融金融危机的新趋势、方法和经验证据的研究报告。包括商业银行在内的商业银行,被认为是适合用于银行银行业务和业务的需要。
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引用次数: 0
Strategic Investment in Merchant Transmission: The Impact of Capacity Utilization Rules 商业输电的战略投资:容量利用规则的影响
Pub Date : 2015-03-19 DOI: 10.2139/ssrn.2959331
F. Boffa, Viswanath Pingali, Francesca Sala
In this paper we look at the relative merits of two capacity utilization regimes in the merchant electricity transmission network: Must offer (Mo) where the entire capacity installed has to be made available for transmission and Non Must Offer (NMo) where some capacity could be withheld. We look at two specific cases: (i) demand for transmission varies across time, and (ii) vertical integration is allowed between investors in transmission network and electricity generators. In the case of time-varying demand under Mo, we find that a monopolist may underinvest in transmission when compared to NMo, although NMo may lead to more capacity withholding. In the case of vertical integration, we find that when the market power is with the generators of the exporting node, without vertical integration no welfare-enhancing merchant investment would occur, neither under Mo nor NMo. Further, if the generators in the importing node have market power, in case vertical integration is allowed, Mo is better than NMo. Finally, we also argue that the incentive to collude among various transmission network investors is mitigated with Mo in place.
在本文中,我们研究了商业电力传输网络中两种容量利用制度的相对优点:必须提供(Mo),其中安装的全部容量必须用于传输,而非必须提供(NMo),其中可以保留一些容量。我们研究了两种具体情况:(i)输电需求随时间变化,(ii)输电网络投资者和发电机之间允许垂直整合。在Mo下的时变需求情况下,我们发现与NMo相比,垄断者在传输方面的投资可能不足,尽管NMo可能导致更多的容量保留。在垂直整合的情况下,我们发现当市场力量与出口节点的生产者在一起时,如果没有垂直整合,无论是在Mo还是NMo下,都不会出现增加福利的商人投资。此外,如果进口节点的发电商具有市场支配力,在允许垂直整合的情况下,Mo优于NMo。最后,我们还认为,在Mo到位的情况下,各种输电网络投资者之间串通的动机得到了缓解。
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引用次数: 105
Decentralization, Incentive Contracts and the Effect of Distortions in Performance Measures 分权、激励契约与绩效衡量扭曲效应
Pub Date : 2014-12-01 DOI: 10.1111/manc.12031
Tigran Melkonyan
A model endogenizing authority over decisions and incentive contracts is developed. In addition to motivating the agent to exert effort, the principal is concerned about some non-contractible decision that is chosen simultaneously with the agent's effort. The choice of this decision affects both the performance measure and the principal's objective. We consider two allocations of authority to make this decision; principal and agent authority. The choice of authority structure affects the incentive contract, which together with authority structure, affects the agent's effort. We determine the optimal authority structure and incentive contract and how they are affected by different factors.
在此基础上,建立了决策和激励契约的内生性模型。除了激励代理人付出努力外,委托人还关心与代理人付出努力同时做出的一些不可收缩的决策。这个决定的选择既影响绩效衡量,也影响校长的目标。我们考虑两种权力分配来做出这一决定;委托人和代理人的权力。授权结构的选择影响激励契约,激励契约与授权结构共同影响代理人的努力。我们确定了最优的权力结构和激励契约,以及它们如何受到不同因素的影响。
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引用次数: 2
Firm Size and Wages in Italy: Evidence from Exogenous Job Displacements 意大利企业规模与工资:来自外生就业流失的证据
Pub Date : 2014-12-01 DOI: 10.1111/manc.12037
Vincenzo Scoppa
We use longitudinal data based on administrative archives from 1985 to 2002 to estimate the relationship between wages and firm size in Italy. By controlling for individual fixed effects, we find that larger firms pay significantly higher wages, although the individual unmeasured ability component accounts for about one half of the uncovered size–wage premium. To reduce potential self-selection problems arising from endogenous job changes, we focus on a sample of workers displaced by firm closures. By using this sample, we confirm that larger firms pay higher wages, in part for unmeasured workers' abilities and in part for firm size effects.
我们使用基于1985年至2002年行政档案的纵向数据来估计意大利工资与企业规模之间的关系。通过控制个体固定效应,我们发现大公司支付的工资明显更高,尽管个人不可测量的能力成分约占未发现的规模工资溢价的一半。为了减少因内生工作变化而产生的潜在自我选择问题,我们重点研究了因公司倒闭而流离失所的工人样本。通过使用这个样本,我们证实,大公司支付更高的工资,部分是由于未测量的工人能力,部分是由于公司规模效应。
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引用次数: 10
Inflation Targeting and the Consistency of Monetary Policy Decisions in Mexico: An Empirical Analysis with Discrete Choice Models 通货膨胀目标制与墨西哥货币政策决策的一致性:基于离散选择模型的实证分析
Pub Date : 2014-12-01 DOI: 10.1111/manc.12039
Rebeca I. Muñoz Torres, D. Shepard
This paper examines the nature of monetary policy decisions in Mexico using discrete choice models applied to the Central Bank's explicit monetary policy instrument. We find that monetary policy adjustments in Mexico have been strongly consistent with the CB's inflation targeting strategy. We also find evidence that monetary policy responds in a forward‐looking manner to deviations of inflation from the target and that observed policy adjustments exhibit asymmetric features, with stronger responses to positive than to negative deviations of inflation from the target and a greater likelihood of policy persistence during periods when monetary policy is tightened, compared with periods when policy is loosened.
本文考察了墨西哥货币政策决策的性质,使用离散选择模型应用于中央银行的明确货币政策工具。我们发现,墨西哥的货币政策调整与央行的通胀目标策略非常一致。我们还发现,有证据表明,货币政策以前瞻性的方式对通胀偏离目标做出反应,观察到的政策调整表现出不对称特征,对通胀偏离目标的正面反应强于负面反应,在货币政策收紧时期,与政策放松时期相比,政策持续的可能性更大。
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引用次数: 3
Financial Networks and Contagion 金融网络与传染
Pub Date : 2014-01-01 DOI: 10.2139/ssrn.2175056
M. Elliott, B. Golub, M. Jackson
We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increases further, organizations are better insured against one another's failures. Integration also faces trade-offs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate the model with data on European debt cross-holdings.
我们研究了相互依赖的金融组织网络中失败的级联:资产价值的不连续变化(例如,违约和关闭)如何触发进一步的失败,以及这如何取决于网络结构。整合(更依赖交易对手)和多样化(每个组织更多的交易对手)对级联的程度有不同的非单调影响。多样化最初连接网络,允许级联传播;但随着它的进一步增加,组织之间就能更好地防范彼此的失败。集成还面临着权衡:增加对其他组织的依赖与减少对自己投资的敏感性。最后,我们用欧洲债务交叉持有的数据来说明该模型。
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引用次数: 1008
Literature Review of Reverse Logistics Problem 逆向物流问题的文献综述
Pub Date : 2013-07-31 DOI: 10.2139/ssrn.2977791
Varun Kumar S G, R. Panneerselvam
In this paper a literature review of various problems concerned with the area of reverse logistics has been carried out. Reverse logistics forms an important domain in supply chain management. Because of growing global competition, increased concern towards green environment and strict legislations, business organizations of many countries are compelled to use reverse logistics as a part of their logistics support in bringing back the products which have been supplied to customers after sometime. Reverse logistics in brief is all about recycle, reduce and reuse of products. In the literature review, the problems are classified into facility location problem, logistics network problem, vehicle routing problem and other problems. Under each problem type, discussions are carried out based on type of models/algorithms used to solve that problem. At the end, directions for future research are presented.
本文对有关逆向物流领域的各种问题进行了文献综述。逆向物流是供应链管理的一个重要领域。由于全球竞争的加剧,对绿色环境的日益关注和严格的立法,许多国家的商业组织不得不使用逆向物流作为物流支持的一部分,将已经供应给客户的产品在一段时间后收回。简而言之,逆向物流就是关于产品的回收、减少和再利用。在文献综述中,问题分为设施选址问题、物流网络问题、车辆路线问题和其他问题。在每个问题类型下,讨论是基于用于解决该问题的模型/算法类型进行的。最后,对今后的研究方向进行了展望。
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引用次数: 0
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ERN: Integration (Topic)
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