This research examines which firms achieve high growth in policy-dependent industries. Using the European solar photovoltaic industry as our empirical setting, we investigate the impact of policy support on the growth of independent startups and corporate-backed ventures operating across countries with diverse policy conditions. We find that producers' growth is positively linked to policy generosity, and negatively linked to policy discontinuity. Moreover, corporate-backed ventures are less affected by policy generosity compared to entrepreneurial startups, and less impacted by policy discontinuity as well. Our results underline the importance of country- and firm-level differences in analyzing firms' response to regulatory policies, and point to the need for a better understanding of the unintended consequences of policies designed to support new industries.
{"title":"Achieving High Growth in Policy-Dependent Industries: Differences between Startups and Corporate-Backed Ventures","authors":"Panikos Georgallis, Rodolphe Durand","doi":"10.2139/ssrn.2794262","DOIUrl":"https://doi.org/10.2139/ssrn.2794262","url":null,"abstract":"This research examines which firms achieve high growth in policy-dependent industries. Using the European solar photovoltaic industry as our empirical setting, we investigate the impact of policy support on the growth of independent startups and corporate-backed ventures operating across countries with diverse policy conditions. We find that producers' growth is positively linked to policy generosity, and negatively linked to policy discontinuity. Moreover, corporate-backed ventures are less affected by policy generosity compared to entrepreneurial startups, and less impacted by policy discontinuity as well. Our results underline the importance of country- and firm-level differences in analyzing firms' response to regulatory policies, and point to the need for a better understanding of the unintended consequences of policies designed to support new industries.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128728719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper discusses firms’ growth strategies: organic growth (internally generated growth) vs. inorganic growth (growth via acquisitions). We find that when market uncertainty drops, a decentralized firm (D-firm) is more likely to carry out a structural expansion (inorganic), while a centralized firm (C-firm) is more likely to carry out a structural reorganization (organic). When market competition subsides, a D-firm is more likely to carry out a structural reorganization or stay put, while a C-firm is more likely to carry out a structural expansion or stay put. When the market expands, a D-firm is more likely to carry out a structural expansion or stay put, while a C-firm is more likely to carry out a structural reorganization.
{"title":"Structural Expansion vs. Structural Reorganization","authors":"Susheng Wang","doi":"10.2139/ssrn.2792292","DOIUrl":"https://doi.org/10.2139/ssrn.2792292","url":null,"abstract":"This paper discusses firms’ growth strategies: organic growth (internally generated growth) vs. inorganic growth (growth via acquisitions). We find that when market uncertainty drops, a decentralized firm (D-firm) is more likely to carry out a structural expansion (inorganic), while a centralized firm (C-firm) is more likely to carry out a structural reorganization (organic). When market competition subsides, a D-firm is more likely to carry out a structural reorganization or stay put, while a C-firm is more likely to carry out a structural expansion or stay put. When the market expands, a D-firm is more likely to carry out a structural expansion or stay put, while a C-firm is more likely to carry out a structural reorganization.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128723688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
If the location of firm operations is relevant for financing, multinationals should have easier access to different foreign sources of funding relative to domestic firms. I document that U.S. multinationals are more likely to borrow from a foreign bank and to issue international bonds than are U.S. domestic firms. Multinationals are less affected than domestic firms by capital market dislocations because of greater funding flexibility. Using the 2007–2009 financial crisis as a capital supply shock, I find that multinationals relied more on foreign funding sources in bank loans and consequently reduced domestic investment less than did domestic firms. Received January 27, 2015; editorial decision March 20, 2017 by Editor David Denis.
{"title":"International Corporate Diversification and Financial Flexibility","authors":"Yeejin Jang","doi":"10.2139/ssrn.2816381","DOIUrl":"https://doi.org/10.2139/ssrn.2816381","url":null,"abstract":"If the location of firm operations is relevant for financing, multinationals should have easier access to different foreign sources of funding relative to domestic firms. I document that U.S. multinationals are more likely to borrow from a foreign bank and to issue international bonds than are U.S. domestic firms. Multinationals are less affected than domestic firms by capital market dislocations because of greater funding flexibility. Using the 2007–2009 financial crisis as a capital supply shock, I find that multinationals relied more on foreign funding sources in bank loans and consequently reduced domestic investment less than did domestic firms. Received January 27, 2015; editorial decision March 20, 2017 by Editor David Denis.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121414181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Theory suggests a commitment to voluntary disclosure may improve firm investment over time. Our findings support this argument. We document that voluntary disclosure commitment is associated with the more profitable exercise of firm investment opportunities. Additionally, prior research hypothesizes that voluntary disclosure can reduce both under- and over-investment. We document that commitment to voluntary disclosure is associated with greater investment efficiency. Results are robust to controls for accounting quality and other determinants of investment efficiency, as well as adjustments for endogeneity in the voluntary disclosure decision. Together, our findings highlight the benefits of voluntary disclosure commitment as they pertain to firm investment.
{"title":"Voluntary Disclosure Commitment and Firm Investment","authors":"Michael J Imhof, Thomas C. Omer, S. Seavey","doi":"10.2139/ssrn.2838894","DOIUrl":"https://doi.org/10.2139/ssrn.2838894","url":null,"abstract":"Theory suggests a commitment to voluntary disclosure may improve firm investment over time. Our findings support this argument. We document that voluntary disclosure commitment is associated with the more profitable exercise of firm investment opportunities. Additionally, prior research hypothesizes that voluntary disclosure can reduce both under- and over-investment. We document that commitment to voluntary disclosure is associated with greater investment efficiency. Results are robust to controls for accounting quality and other determinants of investment efficiency, as well as adjustments for endogeneity in the voluntary disclosure decision. Together, our findings highlight the benefits of voluntary disclosure commitment as they pertain to firm investment.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124168736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Asset liquidation values are an important determinant of distress costs and therefore optimal capital structure. Capital structure theories typically assume liquidation values are exogenous even though they may be determined in part by the debt choices of firms in the industry (Shleifer and Vishny, 1992; Pulvino, 1998). We develop a model in which high industry debt leads to a greater supply of assets for sale by distressed firms but also lower demand for assets from relatively healthy firms because of debt overhang. Thus, high industry debt lowers expected asset liquidation values and provides an incentive for individual firms to take on less debt to take advantage of attractive future buying opportunities. The indirect effect of equilibrium asset prices tempers, and sometimes reverses, the effect of parameters on optimal capital structure choices compared to models with exogenous prices. For example, we show that firms may choose lower debt ratios when assets are more redeployable, contrary to standard intuition (Williamson, 1988).
{"title":"Capital Structure with Endogenous Liquidation Values","authors":"Antonio E. Bernardo, Alex Fabisiak, I. Welch","doi":"10.2139/ssrn.2511379","DOIUrl":"https://doi.org/10.2139/ssrn.2511379","url":null,"abstract":"Asset liquidation values are an important determinant of distress costs and therefore optimal capital structure. Capital structure theories typically assume liquidation values are exogenous even though they may be determined in part by the debt choices of firms in the industry (Shleifer and Vishny, 1992; Pulvino, 1998). We develop a model in which high industry debt leads to a greater supply of assets for sale by distressed firms but also lower demand for assets from relatively healthy firms because of debt overhang. Thus, high industry debt lowers expected asset liquidation values and provides an incentive for individual firms to take on less debt to take advantage of attractive future buying opportunities. The indirect effect of equilibrium asset prices tempers, and sometimes reverses, the effect of parameters on optimal capital structure choices compared to models with exogenous prices. For example, we show that firms may choose lower debt ratios when assets are more redeployable, contrary to standard intuition (Williamson, 1988).","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123613850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine how corporate cash policy is related to the level of social trust in a country, with trust defined as the subjective probability that an individual assigns to the event of a potential counter-party performing an action that is beneficial or at least not harmful to that individual. We explore two competing hypotheses. On the one hand, in a high-trust country, shareholders are less concerned about managers abusing corporate cash resource for personal gains and therefore allow firms to maintain larger cash holdings. On the other hand, the reduced concern about managerial moral hazard in high-trust countries increases investors’ willingness to provide capital to firms. The resultant greater accessibility of external finance weakens firms’ precautionary saving motive and leads to lower corporate cash reserve. Our analysis of a large sample of firm-year observations from 41 countries supports the first hypothesis. Specifically, corporate cash holding is significantly and positively related to a country’s level of social trust. In addition, consistent with a substitutive relation between subjective belief and formal rules and regulations, the impact of trust is more pronounced in countries with poorer investor protection and weaker legal enforcement. We also observe an elevated effect of trust following negative shocks to investors’ confidence in formal institutions created by high-profile corporate scandals. Finally, we find that the market value of corporate cash holding is significantly higher in high-trust countries. Overall, our results highlight the importance of social trust as an informal institution in influencing corporate cash policy.
{"title":"Can I Trust You with My Money? The Role of Social Trust in Corporate Cash Policy","authors":"Feixue Xie, Xiangang Xin","doi":"10.2139/ssrn.2668026","DOIUrl":"https://doi.org/10.2139/ssrn.2668026","url":null,"abstract":"We examine how corporate cash policy is related to the level of social trust in a country, with trust defined as the subjective probability that an individual assigns to the event of a potential counter-party performing an action that is beneficial or at least not harmful to that individual. We explore two competing hypotheses. On the one hand, in a high-trust country, shareholders are less concerned about managers abusing corporate cash resource for personal gains and therefore allow firms to maintain larger cash holdings. On the other hand, the reduced concern about managerial moral hazard in high-trust countries increases investors’ willingness to provide capital to firms. The resultant greater accessibility of external finance weakens firms’ precautionary saving motive and leads to lower corporate cash reserve. Our analysis of a large sample of firm-year observations from 41 countries supports the first hypothesis. Specifically, corporate cash holding is significantly and positively related to a country’s level of social trust. In addition, consistent with a substitutive relation between subjective belief and formal rules and regulations, the impact of trust is more pronounced in countries with poorer investor protection and weaker legal enforcement. We also observe an elevated effect of trust following negative shocks to investors’ confidence in formal institutions created by high-profile corporate scandals. Finally, we find that the market value of corporate cash holding is significantly higher in high-trust countries. Overall, our results highlight the importance of social trust as an informal institution in influencing corporate cash policy.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121103199","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
SMEs have been recognized as being great contributors to the Kenyan economy offering both employment and platform for innovative ideas. They form a larger percentage of the businesses that operate in Kenya as compared to their counterpart, the large companies. They are however faced by many constraints that hinder their performance and consequently their growth. One of the main constraints that have been highlighted over the years is the financial constraint. The need for finance is of paramount importance for the success of any firm, be it big or small. The purpose of this research was to investigate the factors that influence SMEs’ access to funding.The literature explored in this research highlight three main factors, namely firm’s, financial and entrepreneurial characteristics. These form the independent variables in the theoretical framework that influence the dependent variable, that is, access to external funding. The analysis involves primary data obtained through questionnaire and interviews and secondary data from journals, books and internet. This report contributes as a wake up call to the financial system to be more and more SMEs’ sensitive and offer financial services that are all inclusive. The financing gap, in the credit market, that exists between large and small companies need to be abridged. This can be achieved by creating an enabling environment for SME, formulating regulatory framework that is SMEs’ friendly, segmenting NSE for SMEs’ listing. SMEs are also called up to keep good financial report and to form linkages or associations to ease the burden of accessing funds.
{"title":"Factors Influencing Small and Medium Enterprises’ Access to Funding in Kenya: A Case Study of Westlands Division","authors":"Kung'u Kamau Gabriel","doi":"10.2139/ssrn.2665041","DOIUrl":"https://doi.org/10.2139/ssrn.2665041","url":null,"abstract":"SMEs have been recognized as being great contributors to the Kenyan economy offering both employment and platform for innovative ideas. They form a larger percentage of the businesses that operate in Kenya as compared to their counterpart, the large companies. They are however faced by many constraints that hinder their performance and consequently their growth. One of the main constraints that have been highlighted over the years is the financial constraint. The need for finance is of paramount importance for the success of any firm, be it big or small. The purpose of this research was to investigate the factors that influence SMEs’ access to funding.The literature explored in this research highlight three main factors, namely firm’s, financial and entrepreneurial characteristics. These form the independent variables in the theoretical framework that influence the dependent variable, that is, access to external funding. The analysis involves primary data obtained through questionnaire and interviews and secondary data from journals, books and internet. This report contributes as a wake up call to the financial system to be more and more SMEs’ sensitive and offer financial services that are all inclusive. The financing gap, in the credit market, that exists between large and small companies need to be abridged. This can be achieved by creating an enabling environment for SME, formulating regulatory framework that is SMEs’ friendly, segmenting NSE for SMEs’ listing. SMEs are also called up to keep good financial report and to form linkages or associations to ease the burden of accessing funds.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126739589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the empirical analysis the use of micro-data often encounters confidentiality issues, especially when data are derived from different countries. One way to tackle this type of problems is known as “distributed micro-data analysis”, which proposes an aggregation of data with sufficient information on the distribution of the underlying micro-based data. In this paper we propose an inverse analysis, i.e. a methodology to mimic the anonymised firms’ micro-data starting from a distributed micro-dataset and using standard equations and assumptions about the distribution of the residuals that are most likely to reproduce the original micro dataset. As a result this paper offers an easy tool to analyse the firm-level financial ratios, such as firms’ leverage, profitability, and productivity performance of firms across country, sector and firm size even when firm-level data are not readily available.
{"title":"Firms’ Financial Statements and Competitiveness: An Analysis for European Non-Financial Corporations Using Micro-Based Data","authors":"N. Benatti, Annalisa Ferrando, P. Lamarche","doi":"10.2139/ssrn.2639171","DOIUrl":"https://doi.org/10.2139/ssrn.2639171","url":null,"abstract":"In the empirical analysis the use of micro-data often encounters confidentiality issues, especially when data are derived from different countries. One way to tackle this type of problems is known as “distributed micro-data analysis”, which proposes an aggregation of data with sufficient information on the distribution of the underlying micro-based data. In this paper we propose an inverse analysis, i.e. a methodology to mimic the anonymised firms’ micro-data starting from a distributed micro-dataset and using standard equations and assumptions about the distribution of the residuals that are most likely to reproduce the original micro dataset. As a result this paper offers an easy tool to analyse the firm-level financial ratios, such as firms’ leverage, profitability, and productivity performance of firms across country, sector and firm size even when firm-level data are not readily available.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"275 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128634283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
One of the arguments given to explain the widespread use of costly trade credit in supply chains is that trade credit enhances efficiency by resolving moral hazard problems. In this paper, we consider the impact of demand shocks on this efficiency role of trade credit. We show that as the probability of a negative demand shock increases, the amount of trade credit necessary to resolve moral hazard also increases. In other words, as economic conditions weaken (i.e. as the probability of low demand increases), more trade credit is required to coordinate the supply chain. The working capital financing costs associated with trade credit can impose a burden that makes it infeasible to coordinate the supply chain. We show that an appropriately designed reverse factoring program can provide suppliers with access to inexpensive credit necessary to finance the working capital associated with trade credit and restore supply chain efficiency.
{"title":"The Impact of Working Capital Financing Costs on the Efficiency of Trade Credit","authors":"Sripad K. Devalkar, H. Krishnan","doi":"10.2139/ssrn.2437739","DOIUrl":"https://doi.org/10.2139/ssrn.2437739","url":null,"abstract":"One of the arguments given to explain the widespread use of costly trade credit in supply chains is that trade credit enhances efficiency by resolving moral hazard problems. In this paper, we consider the impact of demand shocks on this efficiency role of trade credit. We show that as the probability of a negative demand shock increases, the amount of trade credit necessary to resolve moral hazard also increases. In other words, as economic conditions weaken (i.e. as the probability of low demand increases), more trade credit is required to coordinate the supply chain. The working capital financing costs associated with trade credit can impose a burden that makes it infeasible to coordinate the supply chain. We show that an appropriately designed reverse factoring program can provide suppliers with access to inexpensive credit necessary to finance the working capital associated with trade credit and restore supply chain efficiency.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122733411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Muhammad Farooq Ahmad, Eric de Bodt, Helen Bollaert
We study international mergers and acquisitions from a cross-cultural perspective. We examine in particular (i) which types of cultures are more likely to carry out acquisitions in a different culture to their home society and (ii) which are more likely to complete deals. We use the culture clusters developed by the GLOBE study to classify acquirer and target countries into culturally similar groups. In a sample of 130,000 transactions worldwide, we find that result-oriented cultures are less likely to attempt an acquisition outside their home culture cluster and are less likely to complete announced deals. Cross-cultural acquisitions are also less likely to occur and less likely to complete if the acquirer is from a traditional-oriented culture. Acquirers from people-oriented cultures are more likely to make a cross-cultural acquisition and complete announced deals.
{"title":"Mergers and Acquisitions Across Cultures","authors":"Muhammad Farooq Ahmad, Eric de Bodt, Helen Bollaert","doi":"10.2139/ssrn.2409308","DOIUrl":"https://doi.org/10.2139/ssrn.2409308","url":null,"abstract":"We study international mergers and acquisitions from a cross-cultural perspective. We examine in particular (i) which types of cultures are more likely to carry out acquisitions in a different culture to their home society and (ii) which are more likely to complete deals. We use the culture clusters developed by the GLOBE study to classify acquirer and target countries into culturally similar groups. In a sample of 130,000 transactions worldwide, we find that result-oriented cultures are less likely to attempt an acquisition outside their home culture cluster and are less likely to complete announced deals. Cross-cultural acquisitions are also less likely to occur and less likely to complete if the acquirer is from a traditional-oriented culture. Acquirers from people-oriented cultures are more likely to make a cross-cultural acquisition and complete announced deals.","PeriodicalId":236717,"journal":{"name":"ERN: Other Microeconomics: Intertemporal Firm Choice & Growth","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133947377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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