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Labor Productivity In Emerging Markets: Evidence From Brazil, China, India, And Russia (BRIC) 新兴市场的劳动生产率:来自巴西、中国、印度和俄罗斯(金砖四国)的证据
Q4 Business, Management and Accounting Pub Date : 2018-02-21 DOI: 10.19030/JABR.V34I2.10134
Younghoon Kang, Kyunga Na, Yang Sok Kim
Despite the great amount of attention to emerging markets, much still remains unknown about firm performance in emerging economies. To fill this gap, this study aims to investigate factors that influence labor productivity of firms in Brazil, China, India, and Russia (BRIC countries). This study focuses on features of business environments of emerging markets such as informality, corruption, foreign ownership, and external audit. Using a cross-national sample of 8,885 firms from the World Bank Enterprise Surveys dataset, we find that informality is negatively associated with labor productivity, while corruption and external audit are positively related to labor productivity. Implications will be discussed.
尽管人们对新兴市场给予了极大的关注,但新兴经济体的企业表现仍有很多未知之处。为了填补这一空白,本研究旨在调查影响巴西、中国、印度和俄罗斯(金砖四国)企业劳动生产率的因素。本研究的重点是新兴市场商业环境的特征,如非正式、腐败、外资所有权和外部审计。使用世界银行企业调查数据集的8885家跨国公司样本,我们发现非正规性与劳动生产率呈负相关,而腐败和外部审计与劳动生产率呈正相关。将讨论其影响。
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引用次数: 5
Factors That Affect Sustained Profitability In The Textile Industry Of Tshwane 影响茨瓦恩纺织业持续盈利能力的因素
Q4 Business, Management and Accounting Pub Date : 2018-02-20 DOI: 10.19030/JABR.V34I2.10130
Z. Worku
The textile industry of the City of Tshwane has been overwhelmed by cheap imports from countries such as China, India, Pakistan, Bangladesh, Malaysia, South Korea and Vietnam. Although support is provided to black entrepreneurs in the textile industry of Tshwane by institutions such as the South African National Department of Trade and Industry and the South African Small Enterprise Development Agency, local textile businesses are unable to compete favourably with foreign manufacturers, importers and distributors. The textile industry is a key contributor to the South African GDP and employs about 5% of the South African workforce. One of the key priorities of the City of Tshwane is to transform the textile industry of Tshwane so that it provides sustainable livelihood and career opportunities to black indigenous South Africans. A descriptive, cross-sectional study design was used for collecting data from a stratified random sample of size 250 textile businesses operating in the five geographical zones of Tshwane.  One of the aims of the study was to assess the veracity of the theory proposed by Bansal and DesJardine (2014) in which the authors have argued that changing global circumstances would compel local industries to adapt to global changes at local level as a means of sustained survival. Data analysis was performed by using Structural Equations Modelling (SEM). The results showed that sustained viability in textile businesses was significantly influenced by the degree of entrepreneurial skills, the ability to secure loan needed for operation, and the ability to order merchandise in bulk on credit from suppliers, in a decreasing order of strength. About 32% of business operators had adequate entrepreneurial skills based on the composite index developed by Acs, Szerb and Autio (2011). A repeat of the same study as a 5-yearlong study is recommended in order to estimate theoretically reliable predictors such as hazard ratios for factors that are known to affect viability in the local textile industry.
茨瓦内市的纺织业已经被来自中国、印度、巴基斯坦、孟加拉国、马来西亚、韩国和越南等国的廉价进口产品所淹没。虽然南非国家贸易和工业部和南非小企业发展局等机构向茨瓦内纺织业的黑人企业家提供支助,但当地纺织企业无法与外国制造商、进口商和分销商竞争。纺织业是南非国内生产总值的主要贡献者,雇佣了南非约5%的劳动力。茨瓦内市的主要优先事项之一是改造茨瓦内的纺织业,以便为南非土著黑人提供可持续的生计和职业机会。采用描述性横断面研究设计,从Tshwane五个地理区域的250家规模的纺织企业分层随机样本中收集数据。该研究的目的之一是评估Bansal和DesJardine(2014)提出的理论的准确性,该理论的作者认为,不断变化的全球环境将迫使当地工业在当地层面适应全球变化,以此作为持续生存的手段。数据分析采用结构方程模型(SEM)。结果表明,纺织企业的持续生存能力受到创业技能程度、获得运营所需贷款的能力以及从供应商处批量订购商品的能力的显著影响,影响程度由小到大。根据Acs、Szerb和Autio(2011)开发的综合指数,约32%的经营者具有足够的创业技能。建议重复同一项为期5年的研究,以便估计理论上可靠的预测因素,例如已知影响当地纺织工业生存能力的因素的风险比。
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引用次数: 3
How Marketing Factors Influence Online Browsing and Sales: Evidence From China's E-Commerce Market 营销因素如何影响在线浏览和销售:来自中国电子商务市场的证据
Q4 Business, Management and Accounting Pub Date : 2018-02-15 DOI: 10.19030/JABR.V34I2.10124
Z. Wang, Yongjune Kim
As the e-commerce market evolves from being primarily transactional to being more subtle, sellers now seek to form online strategies. Previous studies have investigated buyers’ purchasing patterns, online transaction trust, electronic word-of-mouth, online resale behavior as well as online auctions. However, less is known about the antecedents that effect store traffic and sales. By using real market data from a major Chinese C2C e-commerce site, this article investigates C2C transactional formation and identifies sellers’ performance payoffs that result from various marketing factors. Marketing factors that influence store traffic and sales will be analyzed by means of the Negative Binomial model and Tobit model. Results point out that strong store reputation and high service quality are crucial indicators for increasing number of browsers and sales amount. In accordance with the results of prior research, advertising is confirmed as an effective tool for positively influencing both store traffic and sales. In addition, we found that guarantee policies can positively impact store sales only by interacting with reputation ratings. Drawing on empirical findings, we also discuss the managerial implications for C2C sellers and put forth some recommendations.
随着电子商务市场从主要的交易发展到更加微妙,卖家现在寻求形成在线策略。以往的研究调查了买家的购买模式、网上交易信任、电子口碑、网上转售行为以及网上拍卖。然而,我们对影响商店流量和销售的前因知之甚少。本文通过使用中国大型C2C电子商务网站的真实市场数据,调查了C2C交易的形成,并确定了各种营销因素导致的卖家绩效回报。运用负二项模型和Tobit模型对影响客流量和销售的营销因素进行分析。结果表明,良好的店铺声誉和优质的服务质量是提高浏览量和销售额的关键指标。根据先前的研究结果,广告被证实是一种有效的工具,对商店流量和销售都有积极的影响。此外,我们发现保证政策只能通过与声誉评级互动来积极影响商店销售。根据实证研究结果,我们还讨论了C2C卖家的管理启示,并提出了一些建议。
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引用次数: 4
Stock Option Grants And Cost Behavior 股票期权授予和成本行为
Q4 Business, Management and Accounting Pub Date : 2018-02-15 DOI: 10.19030/JABR.V34I2.10125
Dae-Hyun Kwon
This study examines the relation between cost asymmetry and stock option grants. I posit that managers’ incentives to decrease the strike price of subsequent option awards may affect manager’s resource adjustment decisions. Using U.S. firm data, I find that the degree of SG&A (selling, general, and administrative) cost asymmetry is positively related to the value of subsequent option grants awarded to the CEOs, suggesting that managers who expect large stock-option grants deliberately delay reduction of committed costs to decrease the share price prior to the option award date. Manipulating the timing of stock option grants do not fully explain the results because the positive relation that this paper documents still holds with only fixed-date option awards sample.
本研究探讨成本不对称与股票期权授予的关系。假设管理者降低后续期权奖励执行价格的激励可能会影响管理者的资源调整决策。使用美国公司的数据,我发现SG&A(销售、一般和行政)成本不对称的程度与授予ceo的后续期权授予的价值正相关,这表明期望获得大量股票期权的经理故意推迟承诺成本的减少,以降低期权授予日期之前的股价。操纵股票期权授予时间并不能完全解释这一结果,因为本文所证明的正相关关系仍然只在固定日期的期权授予样本中成立。
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引用次数: 5
A Research On Practical Significance Of Productivity Theory In Consumption Society 消费社会生产力理论的现实意义研究
Q4 Business, Management and Accounting Pub Date : 2018-02-15 DOI: 10.19030/JABR.V34I2.10123
Jifu Wang, Yuzhu Diao, Xisheng Li, Liza Lybolt
This paper systematically elaborates the theory of productivity in consumption society, the mainstay theory in Dr. Bingxin Wu’s (Wu, 1997, 2008, 2011, 2013, 2015 & 2017) comprehensive consumption theoretical system.  An analysis on history and current academic situation of the western consumption theory is employed to explore the defects and shortages of the existing consumption theory.  The emphasis of the paper is on the academic significance and practical significance of the consumption society productivity.  The paper also explains in detail the practical importance of productivity theory in guiding consumption society and provides evidences discovered from the continuous rapid development of the Chinese economy.
本文系统阐述了消费社会生产力理论,这是吴炳新博士(吴,199720082011201320152017)综合消费理论体系中的支柱理论。通过对西方消费理论的历史和学术现状的分析,探讨了现有消费理论的缺陷和不足。本文着重论述了消费社会生产力的理论意义和现实意义。本文还详细阐述了生产力理论在引导消费社会中的现实意义,并为中国经济持续快速发展提供了证据。
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引用次数: 0
Are Value At Risk And Maximum Drawdown Different From Volatility In Stock Market 风险价值和最大回撤与股票市场波动不同吗
Q4 Business, Management and Accounting Pub Date : 2018-02-14 DOI: 10.19030/JABR.V34I2.10121
Soohun Kim
Measuring risk is the key component in many asset pricing models. Although volatility is the most widely used measure for the risk, Value at Risk (VaR) and Maximum drawdown (MDD) are also considered as alternative risk measure. This article questions whether VaR and MDD contain additional information to volatility in equity market. The empirical analysis is conducted using the stocks listed in Korean stock market. By constructing portfolios in accordance with three risk measures, cross-sectional predictability is tested. The primary findings are as follow; (1) the return patterns are bell shaped in all measures and (2) VaR and MDD do not capture additional risk factors after conditioning volatility.
衡量风险是许多资产定价模型的关键组成部分。尽管波动性是最广泛使用的风险度量,但风险值(VaR)和最大提款量(MDD)也被视为替代风险度量。本文质疑VaR和MDD是否包含股票市场波动性的额外信息。实证分析是以韩国股市上市的股票为样本进行的。通过根据三个风险度量构建投资组合,检验了横截面的可预测性。主要发现如下:;(1) 收益模式在所有度量中都是钟形的,(2)VaR和MDD在调节波动性后不会捕获额外的风险因素。
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引用次数: 1
Effect Of The IFRS Adoption On The Cost Of Capital: Evidence From Korea 采用国际财务报告准则对资本成本的影响:来自韩国的证据
Q4 Business, Management and Accounting Pub Date : 2018-02-14 DOI: 10.19030/JABR.V34I2.10120
Leem Wook-Bin, J. Yuk
This study investigates whether the cost of capital of Korean listed firms was substantially reduced after the IFRS adoption in long-term aspect and which firms listed in KOSPI or KOSDAQ market had been more enjoyed the benefit. Prior studies related to this subject don’t provided consistent results and have limitations of insufficiency of research periods and generalization problem. Therefore, this study analyzes the positive effect of the IFRS adoption in Korea using long-term based approach and differential measurements (CAPM and WACC) to facilitate generalization. Results of the study found that the cost of capital of Korean listed firms had been significantly reduced during 5 years after the IFRS adoption. In addition, the cost of capital of KOSPI listed firms was reduced more than KOSDAQ listed firms. The results provide meaningful implications to evaluate the effects of IFRS adoption on the cost of capital and to assess accomplishment of fundamental purpose of the IFRS adoption in Korea.
本研究从长期角度考察了采用IFRS后韩国上市公司的资金成本是否大幅降低,以及在KOSPI和KOSDAQ市场上市的公司哪个更受益。以往的相关研究结果不一致,存在研究周期不足、泛化问题等局限性。因此,本研究使用基于长期的方法和差分测量(CAPM和WACC)来分析韩国采用国际财务报告准则的积极影响,以促进推广。研究结果发现,韩国上市公司的资本成本在采用国际财务报告准则后的5年内显著降低。与KOSDAQ上市公司相比,KOSPI上市公司的资金成本下降幅度更大。研究结果为评估采用国际财务报告准则对资本成本的影响以及评估韩国采用国际财务报告准则的基本目的是否实现提供了有意义的启示。
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引用次数: 6
The Importance Of Entrepreneurial Competencies On The Performance Of Women Entrepreneurs In South Africa 创业能力对南非女性企业家业绩的重要性
Q4 Business, Management and Accounting Pub Date : 2018-02-14 DOI: 10.19030/JABR.V34I2.10122
Tola Zizile, Chimucheka Tendai
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引用次数: 34
The Effects Of Foreign Strategic Investors On Pricing Of Wealth Management Products Of Commercial Banks In China: Does Ownership Structure Matter? 外资战略投资者对中国商业银行理财产品定价的影响:股权结构是否重要?
Q4 Business, Management and Accounting Pub Date : 2018-02-09 DOI: 10.19030/jabr.v34i1.10112
Hong Zhao, Xue-Shu Zhao, Ning Hou
Allowing foreign strategic investors (FSIs) to hold minority stake in Chinese banks is very important for China’s banking. Based on data of 221 commercial banks from 2007 to 2015, we use difference in differences (DID) and propensity score matching (PSM) to investigate the effects of shareholding of FSIs on pricing of wealth management products (WMPs) for banks in China from single product view and every bank view. Besides, we further investigate the effects of bank ownership on above relationship. We find that FSIs’ acquisitions significantly enhance the expected rate of return of WMPs on both levels, however decrease the deviation of return of WMPs on single product level but have no evident effects on bank level. Finally, we find that the impact of acquisitions from foreign banks depend on Chinese banks’ ownership structure. Specifically, the effects of FSIs’ acquisitions on pricing of WMPs are positive for state-owned banks (SOBs), while are negative for city commercial banks.
允许外国战略投资者(FSIs)持有中国银行的少数股权对中国银行业来说非常重要。基于中国221家商业银行2007 - 2015年的数据,本文采用差分法(DID)和倾向得分匹配法(PSM),从单一产品视角和各银行视角考察了金融服务机构持股对中国银行理财产品定价的影响。此外,我们还进一步研究了银行所有权对上述关系的影响。我们发现金融服务机构的收购在两个层面上都显著提高了理财产品的预期收益率,但在单个产品层面上降低了理财产品收益率的偏差,而在银行层面上没有明显的影响。最后,我们发现外资银行并购的影响取决于中国银行的股权结构。具体而言,金融服务机构收购对理财产品定价的影响对国有银行为正,对城市商业银行为负。
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引用次数: 0
Efficient market hypothesis and stock market anomalies: Empirical evidence in four European countries 有效市场假说与股票市场异常:四个欧洲国家的经验证据
Q4 Business, Management and Accounting Pub Date : 2018-02-06 DOI: 10.19030/JABR.V34I1.10111
M. Rossi, A. Gunardi
The stock market efficiency is the idea that equity prices of listed companies reveal all the data regarding the company value (Fama, 1965). In this way, there isn’t possible to make additional returns. However, evidence against the Efficient Market Hypothesis is growing. Researchers studied Calendar Anomalies (CAs) that characterised financial markets. These CAs contradict the efficient hypothesis. This research studies some of the most important market anomalies in France, Germany, Italy and Spain stock exchange indexes in the first decade of new millennium (20012010). In this study, to verify the distribution of the returns and their auto correlation, we use statistical methods: the GARCH model and the OLS regression. The analysis doesn’t show strong proof of comprehensive Calendar Anomalies. Some of these effects are country-specific. Furthermore, these country-anomalies are instable in the first decade of new millennium, and this result demonstrates some doubt on the significance of CAs.
股票市场效率是指上市公司的股票价格揭示了公司价值的所有数据(Fama,1965)。这样,就不可能获得额外的回报。然而,反对有效市场假说的证据越来越多。研究人员研究了以金融市场为特征的日历异常现象。这些CA与有效假设相矛盾。本研究研究了法国、德国、意大利和西班牙在新千年第一个十年(2001-2010)的一些最重要的市场异常。在本研究中,为了验证收益的分布及其自相关性,我们使用了统计方法:GARCH模型和OLS回归。分析没有显示出全面的日历异常的有力证据。其中一些影响是针对具体国家的。此外,这些国家的异常在新千年的第一个十年是不稳定的,这一结果表明了对CA意义的一些怀疑。
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引用次数: 57
期刊
Journal of Applied Business Research
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