Entrepreneurial Leadership, Market Orientation, and Firm Performance

This paper explores entrepreneurial leadership, market orientation, and firm performance. It sorts to ascertain through the literature whether entrepreneurial leadership has an influence on market orientation decision and firm performance. The review points to the fact that entrepreneurial leadership creates visionary scenarios which they used to assemble and mobilize a “supporting cast” of participants who become committed to the vision and the discovery of strategic value creation by influencing market orientation decision and thus enhancing firm performance. The study thus developed a process model as a result of the literature reviewed. The study concludes that, entrepreneurial leadership influences the market orientation decision of a firm with the help of the “supporting cast” and this helps the firm to increase its performance.

The Effects of Servitization on Manufacturing Firm Performance: Moderating Role of Marketing Capability

Based on the current development of China's manufacturing industry,this study analyses the relationship between servitization and firm performance,and explores the moderating role of marketing ability.The study collected and processed the annual reports of manufacturing firms that disclosed information on CNINF in 2017.Through a series of screening work,the annual reports of 260 firms were finally selected as sample data.The results of empirical analysis show that there is a positive relationship between servitization and firm performance.Marketing ability can moderate this relationship,in which marketing investment intensity positively moderates the relationship between service level and firm performance,and the proportion of salespeople negatively moderates the relationship between service investment intensity and firm performance.Based on these findings,this paper developed recommendations for managers of manufacturing firms.

Leveraging core capabilities and environmental dynamism for food traceability and firm performance in a food supply chain: A moderated mediation model

This paper develops a moderated mediation model in which the interactive effects of food traceability and environmental dynamism on firm performance are mediated by the core capabilities(operating capabilities and marketing capabilities)in food supply chain context, by invoking the indirect view of organizational learning theory. Our hypotheses were tested using hierarchical regression and bootstrapping methods with a sample of 216 food manufacturing firms in China, and a survey-based, two-informant design was used to collect data. The results revealed that operating and marketing capabilities fully mediate the food traceability-performance link. In addition, environmental dynamism positively moderates the food traceability-core capabilities link. Moreover, it is found that operating and marketing capabilities transform the interactive impacts of environmental dynamism and food traceability into firm performance. Our study offers a fine-grained picture of the essential food traceability-performance link by revealing for the first time that there is an interactive impacts of food traceability and environmental dynamism on firm performance via core capabilities.

The Relationship Between Intellectual Capital （IC） and Stock Market Performance： Empirical Evidence From Italy

Intellectual capital （IC） is an important source of value for companies. The competitive firm invests in new productive ideas through scientific and technological researches of the human factor and services. The traditional factors of＂old economy＂ based on physical assets have been replaced or at least reinforced, with the belief that the ＂new economy＂ takes its steps mainly through IC. The knowledge workers, at every organizational level, have the knowledge that allows the organization to be competitive and deal with the complexity of the environment by creating intellectual added value. In particular, the proposed analysis consists with an empirical way to show other financial indicators and market-to-book （MTB） value from the perspective of creating value for shareholders based on the dynamics of companies＇ performance, as value-added intellectual capital （VAICTM） is capable of expressing a direct relationship with the return on equity （ROE）. The traditional financial information cannot ensure the high efficiency of a stock market and the need for IC reporting to explain intangible asset contribution in company performance.

Environmental regulation and firms'performance:a quasi-natural experiment from China

This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)policy implemented by the Chinese government in 1998,in which tougher environmental regulations were imposed in TCZ cities but not others.By difference-indifferences estimation,we find that tougher environmental regulation leads to larger increase on both total factor productivity and wage,and firms tend to employ fewer workers under pressure of environmental protection.Heterogeneous tests show that the impacts are better for nonpollution intensive firms,non-exporters and SOEs.Finally,we find that R&D input and exiting firms among industry are the driving forces for enhancing TFP and increasing wage and unemployment.

Relationship Between Firm’s Social Capital and Innovation Performance:A Meta-Analysis

Despite a surge of studies examining the impact of firm’s social capital on the innovation performance,empirical research shows controversial results.To resolve this problem,this paper conducted a meta-analysis to restudy the relationship between firm’s social capital and innovation performance based on the empirical research results of 63 independent samples.This paper also identified some moderators affecting this relationship.The results indicated that the firm’s social capital-innovation performance link was positive and significant(r=0.363),and the age of the firm and the cultural context affected the impact of social capital on innovation performance to a large extent.Based on these findings,this paper developed recommendations for future research.

The Impact of Electronic Supply Chain Management Usage on Firm’s Performance

This study investigates the status of e-SCM and performance among Jordanian manufacturing sector. The objective of this study is to analyze the impact of trust and communication on the e-SCM usage. Moreover, the study investigates the effect of the trust and communication on the firm’s performance while the e-SCM usage is used as a mediating factor on firm’s performance. The proposed research model was validated by distributing 250 survey questionnaires to the manufacturing sector in Jordan. Structural equation modelling (SEM) technique was used to analyze the results. One of the main limitations of this study was that the results could not be universal since the study was limited to Jordan. We discussed the implications of our results for research and practice.

税收激励、ESG绩效与企业价值——基于内外部互动视角

增强ESG(Environment,Social and Governance,环境、社会和企业治理)绩效已成为提升企业价值的新方式,而内外部良性互动是企业可持续发展的重要途径。使用2009—2022年中国上市公司数据,探究税收激励政策对企业ESG绩效的影响及其与外部市场监管、内部财务冗余的互动效应。实证结果表明:税收激励总体上能显著促进企业ESG绩效,经多种稳健性检验后结论仍然成立。考虑到企业内外部环境因素,资本市场监管程度较高或企业财务冗余较丰富时,税收激励对企业ESG绩效的提升作用更强,其中市场监督与税收激励的互动效应尤为显著。进一步研究表明,税收激励政策对制造业企业绿色转型的影响更明显。经济后果研究表明,税收激励能进一步促进ESG绩效对企业价值提升的作用。

绿色信贷政策、ESG表现与高污染企业资本结构调整

绿色信贷政策作为结构性去杠杆的重要举措,对于高污染企业资本结构升级大有裨益。与此同时,ESG概念的提出明确了企业发展需着重考量环境(E)、社会(S)和公司治理(G)三方面的表现,即企业ESG表现也将作用于高污染企业资本结构调整。因此,论文以2011—2020年中国A股上市的高污染企业为研究样本,基于ESG表现视角,探究绿色信贷政策对高污染企业资本结构调整的作用效果。研究表明:1)绿色信贷政策显著促进高污染企业资本结构调整,区分企业负债水平后发现,相比于低负债企业,绿色信贷政策显著加快高负债污染企业的资本结构调整速度;2)绿色信贷政策会提升高污染企业的ESG表现,企业ESG表现会削弱绿色信贷政策对高污染企业资本结构调整的促进效果;3)在深入探讨企业融资约束和商业信用程度的异质性是否会影响绿色信贷政策的实施效果时,发现相较于面临弱融资约束和拥有高商业信用的企业,绿色信贷政策显著促进面临强融资约束和低商业信用的高污染企业调整资本结构。因此,探讨绿色信贷政策与高污染企业资本结构调整的关系对优化信贷资源配置、推动高污染企业绿色转型意义重大。

ESG表现、创新投资决策与企业价值

基于可持续发展理念的背景下,企业积极履行ESG责任是否以及如何影响企业价值的问题备受各界的广泛关注与讨论。选取2009—2021年中国沪深交易所A股上市公司,实证检验了ESG表现对企业账面价值和市场价值的影响效应,同时立足于企业创新投资决策的视角,分别探讨了企业创新投资水平和创新投资结构在上述过程中发挥的中介效应。研究结果表明:ESG表现对企业账面价值和企业市场价值的影响存在明显差异,良好的ESG表现有利于企业账面价值的提升,但对企业市场价值存在显著的负向影响;ESG表现通过提高企业创新投资水平对企业账面价值和市场价值产生了积极影响,但尚未通过调整企业创新投资结构这一传导渠道影响企业的账面价值和市场价值。研究结论不仅丰富了企业ESG表现对企业价值影响效应及作用机制的研究成果,而且为激发企业ESG履责内在动力、以创新投资决策赋能企业价值提升提供了可行的实践启示。

Impact of Controllable Factors on Export Performance of SMEs in Jordan

Exporting is of great interest for SMEs in Jordan from both microeconomic and macroeconomic perspective.The objective of this study was to identify to what extent specific internal factors contribute to export success of SMEs in Jordan.This study hypothesized that export performance of SMEs is directly affected by three groups of internal factors.These include firm characteristics,managerial characteristics,and marketing strategy.A multiple case approach is used to conduct this research and a structured interview is developed to collect the data directly from the participants.A pattern matching approach was used to test the hypotheses.The results show that export performance is positively affected by firm characteristics,managerial characteristics,and marketing strategy.Additionally,the demographic characteristics of managers and adaptation of distribution channels are unlikely to have an influence on export performance.This was unexpected,because of the plenty of empirical evidences in the literature that support the impact of these variables on export success.

Strategies, Performances and Profiling of a Sample of U.S. Universities in 2012

The global economic crisis is affecting performances of not-for-profits. At the same time donors are targeted by a pressing good-cause related marketing, so that the competition for philanthropy is particularly keen. U.S. universities can be public, not-for-profit and for-profit. U.S. not-for-profit universities are confronted with different marketing, fundraising and revenue diversification. Above all, marketing concerns customers and their segmentation and their purchasing-power exploitation;fundraising aims to gain the trustworthiness of donors, instead. The aim of this paper is the analysis of the revenue diversification of a sample of 100 U.S. not-for-profit universities according to IRS (Internal Revenue Service) Forms. These 100 U.S. universities had the highest 2012’s revenues for the Guidestar ranking (www.guidestar.org). The cluster analysis gives evidence that the highest gain and the highest solvency are both connected with the implementation of revenue diversification for one profile. The most crowded cluster is the Marketing Expert with the second highest gain.

The Application of the Emerging Market Score Model in China During the Global Crisis Period： A Countertrend

The global economic crisis that blew up at the end of 2006 in the United States has had extremely negative impacts on the social, political, and economic fields. The countries operating in the most affected macro areas---the United States and Europe---have put through the wringer the domestic trade relationships as well as the international ones, by injecting a chain reaction into the global economic scenario. However, there are countries that seem to be free from the economic and financial contagion overflowing over the past years, as they are moved by an ＂invincible projection toward the growth＂. The present study aims to analyze how much the main emerging market of China has been effectively involved in this vicious circle. More specifically, the study intends to propose an empirical analysis on the real connection between the macroecnnomic data and the strong structure of the Chinese publicly listed companies. This paper investigates the prediction of failure among 3,220 Chinese publicly traded companies （listed companies） during the global crisis period. By analysing the financial accounting data over the past seven years （2008 to 2014）, the emerging market score （EMS） has been adopted in order to investigate the impact of the crisis on financial distress in the main emerging market of China. The results confirm the following hypotheses： On one hand, the great majority of companies have not been suffering the downturn, since 71.93% of the entire samples present no risk of financial distress during the global crisis; on the other hand, only 6.18% have a reasonable risk of financial distress.

ESG表现对企业风险的影响效应研究

基于2010—2020年A股上市公司的数据及第三方ESG数据实证检验了ESG表现对企业风险的影响。研究发现,良好的ESG表现能够显著提升企业抵御财务风险和市场风险的能力;非国有企业履行ESG责任对企业风险的积极效应更加显著;东部地区的企业积极履行ESG责任更能抑制市场风险;中西部地区的企业积极履行ESG责任更能抑制财务风险。

The Impact of Investing in Emerging Markets on Firm Performance: An Exploratory Study of Taiwan Residents Multinational Enterprises in the Chinese Mainland

Ⅰ.IntroductionDuring the past two decades,many multinationalenterprises(MNEs)have made substantial investmentsin emerging markets.Two factors dominate thereasoning in favor of such an investment strategy:lowlabor costs and the large size of the markets in the hostcountries.While these two economic factors seem quite

“一带一路”倡议对跨国并购绩效的影响研究——基于国家顶层战略的一项准自然实验检验

国家顶层战略如何影响微观企业跨国并购的财务和创新绩效?虽然这一问题的研究既有理论价值又有实践意义,但长期以来,人们对这一问题研究甚少.本研究以“一带一路”倡议这一国家顶层战略的提出来构建准自然实验,运用双重差分模型来检验该倡议对我国上市公司跨国并购财务和创新绩效的影响.结果表明:在倡议提出后,相比于在非“一带一路”沿线国家的并购,我国上市公司在“一带一路”沿线国家开展并购可以更大幅度地提升并购后公司的股票市场表现、创新产出和生产效率.进一步研究“一带一路”倡议的影响机制还发现,“一带一路”倡议主要通过提升我国与“一带一路”沿线国家的政治互信与文化交流、优化东道国投资环境、出台投资优惠政策等途径来降低跨国并购中的信息沟通成本和政策不确定性,从而提升跨国并购的财务和创新绩效.本研究不仅从国家顶层战略这一崭新的视角深化和拓展了跨国并购领域的研究,而且为政府进一步推动“一带一路”建设提供了科学决策的理论依据.

“一带一路”倡议、市场进入与企业长期经济绩效

本研究选取2009年-2018年间我国上市公司为样本,利用事件分析法测算企业对“一带一路”倡议的短期资本市场反应,进而基于“一带一路”倡议这一准自然实验环境构建双重差分模型,探究“一带一路”倡议对企业绩效以及企业市场进入行为的长期影响.研究发现:1)“一带一路”倡议引致的企业累计异常收益为正,但异常收益为负值的企业占比略高于正值企业;2)“一带一路”倡议显著促进了企业投资的扩大、规模的扩张、收益的提高以及企业市场进入行为的增加,且倡议的积极影响主要通过融资约束机制实现;3)“一带一路”倡议对企业绩效及市场进入的影响因企业特征、地区制度环境及行业特征存在一定的异质性.本研究为当前保护主义抬头背景下“一带一路”倡议的建设、经济全球化的发展,以及如何依托“一带一路”建设,更好地构建新发展格局提供了经验证据.

渠道多元化、跨渠道冲突与渠道内冲突:市场化水平的调节效应

文章以开放系统理论为基础,讨论制造商采用多元化的渠道对两种不同形式的渠道冲突的作用,以及市场化水平对渠道多元化与跨渠道冲突、渠道内冲突之间关系的调节效应。从中国制造商一方收集520份调查数据,引入市场化指数二手数据,应用统计方法分析数据和检验假设。文章的数据检验结果发现:第一,制造商采用多元化的销售渠道会导致制造商内部各条渠道之间产生冲突,也会加剧制造商与同一条渠道内合作经销商之间的冲突;第二,制造商采用多元化渠道通过加剧与同一条渠道中经销商之间的渠道内冲突,进而降低企业绩效;第三,市场化水平会弱化渠道多元化对跨渠道冲突的正向影响。文章最后从理论贡献、实际应用和研究不足等方面对研究结果进行了讨论。

营销战略风格转变前因组态及其对企业绩效的影响研究

立足多视角营销战略研究框架,运用模糊集定性比较分析方法和倾向得分匹配方法,使用中国制造业上市公司样本进行对比研究,检验外部冲击发生前后环境、组织、管理三个维度的六个条件对企业营销战略风格转变的组态效应,以及不同组态对企业绩效的影响。研究结果显示,外部冲击发生前,三种组态可引发营销战略风格转变:“壮志凌云”憧憬式转变、“居安思危”审慎式转变、“云程发轫”坚定式转变;外部冲击发生后,三种组态可引发营销战略风格转变:“孤注一掷”探索式转变、“内外交困”突围式转变和“踔厉奋发”笃行式转变。进一步的研究结果显示,引发高程度营销战略风格转变的不同组态对企业绩效的影响在外部冲击发生前后存在明显差异。外部冲击发生前,“居安思危”审慎式转变正向影响企业绩效,“壮志凌云”憧憬式转变和“云程发轫”坚定式转变均不影响企业绩效。而外部冲击发生后,“孤注一掷”探索式转变、“内外交困”突围式转变和“踔厉奋发”笃行式转变三种组态均不能提升企业绩效。

政府科技支出如何作用于区域创新能力?——区域创新中政府与企业、市场关系的思考

考虑区域创新中政府、企业及市场间的作用,理论分析中国政府科技支出对区域创新能力的影响及作用机理,采用30个省区(因数据缺失,未包含西藏地区及港澳台地区)2008—2020年面板数据以系统GMM模型和门槛效应模型检验其影响效应及非线性关系。研究表明:政府科技支出对区域创新能力有显著的激励作用和正向滞后效应;政府科技支出对区域创新能力的作用效力受到企业创新绩效、市场化程度的单门槛效应影响,存在效力发挥的关键期。研究有助于理清区域创新中政府与企业、市场的关系,对政府资金干预区域创新的形式作出思考,提升政府科技支出效率,增强区域创新能力。