Effect of financial constraints on the growth of family and nonfamily firms in Turkey

This study examined whether family-owned firms have advantages for accessing external financial sources for growth.Especially in developing countries with imperfect markets,firms can face difficulties accessing external financing sources;however,family-owned firms might have some advantages in this regard over nonfamily firms.Unlike previous studies,this study considered that,in the Turkish context,nonfamily firms are financially constrained while family firms are not.To examine this hypothesis,we used the generalized method of moments(GMM)approach to analyze panel data from 2006 to 2017.The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large,well-established family groups.These results elucidate the relationship between corporate ownership and growth among Turkish firms,especially those with strong links to large family-owned corporations.The results also revealed that reputation and network may facilitate easier access to external financing sources,especially when considering the“Big Six”family ties of firms.

Simulation About the Growth of Chinese Firm's Safety Management Capability

Aiming at the deficiency of exterminating measures of Chinese firm safety management, a simulation model of Chinese firm＇s safety management capability based on the organizational learning theory, in which the simulation method of system dynamics is utilized. The level variable and rate variable are designed based on the practical situation and change situation of corresponding variables of firm＇s safety management ca- pability. Simulation firms are built with accident case groups of the oil industry, chemical industry, machine industry, coal mining industry, and weapon industry. Through analyzing the simulation result, the growth law of Chinese firm＇s safety management capability is obtained as follows： the accumulating and the coupling of safety knowledge should be emphasized at the same time; the balance of learning behavior of individual, group and organization should be considered together; different types of Chinese firm should take different safety policies according to their practical situations.

Co-alignment between Environment Risk,Capital Structure,Growth and High-tech Firm Performance

To examine whether there is a co-alignment relationship between environment risk, capital structure, growth and high-tech firm performance, the environment risk was measured from the viewpoint of environment change, the long-term debt ratio was adopted as the measure of the capital structure, and the total asset growth and sales growth were chosen to measure the growth of high-tech firms. Regression analysis shows that there is a significant relationship between environment risk, growth and performance of hightech firms measured by the return on equity and cash flow, respectively.

The impact of environmental regulation on total factor productivity of firms:An analysis based on technical distance

Most studies on environmental policy and total factor productivity(TFP)growth under the heterogeneity framework tend to ignore the distance to the technical frontier,while research that investigates TFP growth based on technical distances does not tend to consider environmental policy.To fill this research gap,this study investigates the impact of environmental regulation on the total factor productivity of heterogeneous firms,based on technical distance.In addition to theoretical analysis,we apply a two-direction fixed effects model to test the impact using firm-level data selected from the CSMAR database and environmental regulation data of 287 Chinese cities between 2007 and 2015.We report two major findings from our analysis.First,environmental regulation increasingly enhances(or hinders)TFP growth,as firms get closer to(or further away from)the country-industry technology frontier,ceteris paribus.Second,grouped regression further highlights that environmental regulation affects TFP growth for heterogeneous firms.For proximal-type firms,environmental regulation promotes the growth of TFP through innovation and imitation mechanisms,while only the imitation mechanism works for middle-type firms.Neither mechanism,however,applies to distal-type firms,for whom environmental regulation hinders TFP growth.These conclusions provide a theoretical and practical basis for environmental policy,suggesting that the focus should be directed toward improving exit mechanisms for distal-type firms,creating a favorable market environment to accelerate the convergence of middle-type firms to the frontier,and encouraging proximal-type firms to innovate to catch up with or surpass the global frontier.

Facing Both Challenges and Opportunities:How Can Financial Service Firms Survive Under the Pandemic?SOAR Analysis of Three Leading Firms in the Financial Service Industry

After the breakout of COVID-19,many entity industries have to shut down.The rapid decline of money transaction caused by the shutdown of the entity industries has shocked the financial service industry while the increase in digital transactions also offers them opportunities.Facing both challenges and opportunities,financial services firms should change their target and compensation policy during the pandemic to survive.After analysing three major firms in this industry by using SOAR method,we conclude four keys for financial services firms to survive in COVID-19.

Benefi ts of Internationalization to Students Cosmopolitan Competency

Higher education institutions across the world are responding to globalization through internationalization.However,there is limited research that focuses on the benefits of both internationalization-at-home and cross-border internationalization to students’cosmopolitan competency from the perspective of students.Therefore,this qualitative case study explored the benefits of internationalization to students from the perspectives of both domestic and international undergraduate and graduate students at two U.S universities.Purposeful and snowball sampling strategies were adopted to identify sixteen students.Data were garnered via interviews,institutions’websites,and documents.Constant comparative method was employed to analyze the data.Findings from this study revealed that students acquired bilingual or multilingual abilities,fi rsthand cultural knowledge,global knowledge,cultural nuances critical to showing respect to people from different cultures and geographical backgrounds,friendship and networking,personal growth,high tendency to develop empathy through university internationalization,and opportunity to taste food from different parts of the world.The study recommends that,institutions of higher education should provide opportunities such as foreign language courses,Rosetta Stones,language laboratories,foreign language conversation hour sessions,English as a Second Language(ESL)or Intensive English Language program for students.Also,administrators and faculty are encouraged to provide a platform for study abroad returnees to share their experiences with their colleagues.Higher education institutions should continue to recruit more international students to enrich students’experiences and global learning.

二代继任方式与家族企业国际化——来自东西部家族企业的经验证据

中国家族企业正进入代际传承高峰时期,而国际化则是家族企业获取长期竞争优势与持续成长的重要战略选择。目前学术界关于代际传承对家族企业国际化影响的文献,主要考察家族后代权力涉入对家族企业国际化的影响,忽视了二代继任方式对家族企业国际化的作用。因此,文章在将中国家族企业二代继任方式区分为渐进式继任方式和激进式继任方式的基础上,利用2020年8月至11月对重庆和浙江等东西部省(直辖市)253家家族企业的问卷调查数据,首次实证研究二代继任方式对家族企业国际化的影响,探讨代际权威、创始人政治身份和继承人年龄对二代继任方式与家族企业国际化关系的调节效应,并进一步研究国际化承诺对二代继任方式与家族企业国际化关系的遮掩效应,以揭示二代继任方式对家族企业国际化的影响机制与作用情境。研究结果表明:与激进式继任方式相比,采取渐进式继任方式的家族企业更倾向于选择深度、广泛和快速地进入国际市场;代际权威、创始人政治身份、继承人年龄会显著地削弱渐进式继任方式对家族企业国际化深度、广度和速度的促进作用,即渐进式继任方式对家族企业国际化深度、广度和速度的促进作用在代际权威大、创始人拥有政治身份、继承人年龄大的家族企业更不明显。文章使用重新定义家族企业、选择已经进入或完成代际传承的家族企业样本进行稳健性检验,上述研究结论仍然成立。进一步研究表明,国际化承诺在渐进式继任方式与家族企业国际化深度、广度之间发挥遮掩效应,即渐进式继任方式通过降低国际化承诺水平进而削弱其对家族企业国际化深度和广度的积极效应。基于上述研究结果,文章提出如下建议:家族企业创始人应提前制定传承计划,尽可能安排二代渐进式继任,在渐进式继任过程中帮助二代继承人尽快建立权威合法性,以降低两代之间的权威差异;家族企业创始人要理性认识政治关系的积极和消极作用,积极构建亲清政商关系,政府部门应着力构建更加公正公平透明的经营环境,充分调动家族企业家经营活动的积极性。

高管团队稳定性对公司成长性影响分析

近年来我国部分上市公司出现了高管团队“大换血”现象,引起了资本市场的广泛关注。上市公司高管团队是公司战略决策的制定者与执行者,高管团队稳定性对公司经营及未来发展影响重大。本文以2009—2022年沪深A股上市公司为研究样本,实证检验了高管团队稳定性与公司成长性之间的关系,深入研究了高管团队稳定性对公司未来发展的影响问题。

彭罗斯对跨国公司的研究及其重要贡献

跨国公司理论一直将企业对外直接投资与其在母国国内的扩张割裂研究,且多是静态研究,彭罗斯对跨国公司的研究可弥补这一缺陷。作为企业成长理论的提出者和跨国公司研究的先驱,彭罗斯认为对外投资是企业成长的自然表现,企业的跨国经营和在国内的扩张并无本质差异,且是动态演进发展的。从企业成长理论出发,在母国国内设立多个分支机构、越出母国到东道国投资、在东道国国内设立多个分支机构可以统一于“三位一体”的、动态演进的分析框架中,中国和美国多家典型企业在国内外的扩张可诠释这一框架。引入空间费用和区位选择微观机制,企业成长理论可以一般性地、动态地解释公司在母国、跨国和在东道国的投资行为。

“精一赢家”特质调节下数字化转型对企业成长与业绩波动的影响研究

以2010~2020年我国沪深上市企业为研究样本,考察不同环境因素影响下“精一赢家”特质对数字化转型与企业成长、业绩波动之间关系的影响。研究发现:数字化转型可促进企业成长,但同时会加剧业绩波动,而“精一赢家”特质加强了数字化转型对企业成长的促进作用,并弱化数字化转型对业绩波动的放大作用,降低企业的数字化转型风险,“精一赢家”特质在正反两方面均优化了数字化转型效果;进一步地,环境技术波动越强、竞争强度越高,“精一赢家”特质对数字化转型效果的两种优化作用会变得更强,环境资本密集度则对“精一赢家”特质的作用产生异质性影响。

Debt choice, growth opportunities and corporate investment: evidence from China

The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth firms.The study uses a large set of panel data of nonfinancial Chinese listed firms over the period 2007–2017 and,using the robust twostage generalized method of moments,which is robust to unobserved heterogeneity of individual firms and addresses endogeneity issues.Findings show a positive relationship between growth and investment;this association is enhanced by leverage,especially for high-growth firms.This supports the view that short-term debt helps Chinese firms to make optimal use of leverage and therefore make better investment decisions.Furthermore,the results reveal that leverage plays a disciplining and monitoring role to reduce overinvestment incentive for low-growth firms.Overall,the study suggests that shareholders should consider short-term debt to mitigate the debt overhang problem and restrict the opportunistic behavior of managers,which can lead to efficient investment decisions.It also provides foreign investors insights about capital structure in China,and how it can help them make better investment decisions.

中国专精特新制造企业国际化路径探究:基于安索夫矩阵的多案例研究

国际化发展是专精特新制造企业持续成长的重要动力。基于对宇视科技、金洲精工、亿华通等3家企业的案例研究发现:产业成熟度、海内外需求差异、自身技术禀赋共同影响它们国际化初期的路径选择,这种选择可以结合权变理论与安索夫矩阵加以解释。当产业成熟、内外需求差异小、自身技术禀赋存在优势时,企业优先以老产品进入国际新市场,选择“市场开发”路径;当产业成熟、内外需求差异大、技术禀赋高但与国际需求失配时,企业需要研发新产品来“出海”,采取“产品开发”路径;当处于新兴产业、海内外需求有待激发、企业需要借助全球知识资源形成技术禀赋时,建立全球研发网络至关重要,应采取“技术合作”路径。随着国际化深入,权变因素可能发生变化,国际化路径也会动态更新。

中国高成长性创业企业的时空格局与区位因素研究

基于创业知识溢出理论和创业生态系统理论,以739家中国创业板企业为依据,借助赫芬达尔指数、区位基尼系数和ZINB模型,研究了中国高成长性创业企业发展的时空格局及其区位因素。得出以下结论:(1)在时空分布上,中国高成长性创业企业发展呈现出稳步推进趋势,其发展过程因受经济环境和国家政策的影响而表现出“M”状波动性;空间格局呈分散与集聚并存、集聚为主的特征,并且集聚程度因行业大类而异。(2)在时空格局演变方面,中国高成长性创业企业总体由沿海向内陆推进,由中心城市向周边城市扩散,并且总体呈现出集聚向分散转化,但仍以高度集聚为主的时空分布格局。(3)中国高成长性创业企业的形成不是随机的,科学技术支出比例、集聚经济水平、风险资本存量、人力资本存量和信息化水平等5个新型区位因素,均对创业板企业的产生存在显著的正向影响,影响程度依次减弱,证明良好的区域创业生态系统在高成长性创业企业产生中具有重要作用。

新时代中国企业国际化的实践探索——基于以河钢集团为代表的“新后来者”的研究

以河钢集团国际化实践为案例研究素材,解析了其前奏、布局与深化三个发展阶段;在此基础上,深入剖析了河钢案例样本,提出新时代中国企业实现国际化紧密相关的三个理论问题:第一,中国企业如何在世界的不确定性中谋求发展;第二,“新后来者”如何构建国际竞争优势;第三,中国跨国公司能为世界贡献什么。以河钢为代表的中国企业抓住了时代机遇,大胆探索和开辟中国企业国际化新路径,正在努力为世界贡献中国企业的经营管理智慧和进步成果。

Government Intervention and Support on SMEs Firm Performance

The small and medium enterprise firms are renowned for improving the na­tion’s economy through the provision of job opportunities for its populace,improving the financial and investment status of the countries and provi­sion of innovative products that meets the need of the people.SMEs are key players in the economy,through sustainable development goals(SDGs)enabling them to thrive in the open business environment and actively applying the digital transformation,promoting inclusive and sustainable in­dustrialization should be the core of any country government.This research is designed to explore the influence of government intervention and support on enterprise performance and growth in five business sectors-Hospitality,Education,Health care,Bottled Water Production and Transport and Logis­tics organizations.The research paper had a descriptive research design with a randomly selected sample size of one hundred and ninety-seven respondents.The research hypotheses were tested using(Factor Analysis and Ordinal Logistic Regression Analysis)with Statistical Packages for Social Science(SPSS)version 25.The results of the study reveal that gov­ernment intervention policies and intervention programmes when instituted will promote the growth of business firms in Nigeria.Also identified are relevant recommendations that serve as motivation for policy administra­tors,entrepreneurs,and business managers to ensure that relevant interven­tion programme is adopted to boost performance and growth of the SME sector in Nigeria.

打开建筑企业走出去的“黑匣子”:企业高管团队特征对国际化战略的影响

本研究探索建筑企业高管团队特征与国际化程度的关系,并考虑政治关联的调节作用。以高阶梯队理论为基础,站立在统计学的角度,使用OLS回归方法探索建筑企业高管团队特征(年龄、性别、任期、教育水平以及海外经验)对国际化程度的影响,并将政治关联作为调节因素探讨其对高管团队与国际化的作用。研究结果发现:高管团队的平均教育水平越高、女性比例越大、具有海外经验的管理者比例越大,越有利于企业国际化发展;高管团队的平均年龄与国际化程度呈现倒“U”型关系;政治关联会减弱女性比例及海外经验对国际化的积极影响。此外,分位数回归结果也显示了国际化程度在不同分位点时的因素作用关系。研究结论有助于建筑企业实现最佳的高管团队配置,促进其国际化发展。

研发转换速度对企业成长的影响研究

从时间视角出发,聚焦研发情境下探索与利用的转换速度。融合间断平衡理论和组织双元理论,分析跨越式和渐进式两种不同速度的研发转换对企业成长的影响,以及冗余资源在其中的调节作用。利用2007~2018年中国A股1034家上市公司的面板数据,通过可行性广义最小二乘法回归检验,研究表明:总体上研发转换正向促进企业成长,意味着研发转换是企业适时切换技术赛道,以保持竞争优势的有效方式。跨越式研发转换有助于企业质的成长,但会折损企业量的成长,是组织以牺牲量的扩张为代价而获得质的攀升;渐进式研发转换对企业量的成长与质的成长均具有积极促进作用,常规情境下是更佳的策略。冗余资源在研发转换与企业成长关系中具有正向调节效应,其助推作用大于因管理层代理带来的效率损失。

环境规制、产品空间演化与企业导向性技术创新——基于上市公司制造业企业的证据

基于实证产业组织和演化经济地理研究范式,本文构建了环境规制内生影响企业导向性技术创新的理论与实证研究框架,利用我国上市公司的制造业企业数据,创新性地基于非线性工具变量的控制函数方法,实证分析了污染费征收对于上市公司绿色技术创新绩效的影响效应及其潜在作用机制。研究结论表明,精准的环境规制政策激励了企业绿色技术创新,企业产品相关性与城市产品相关性是影响企业导向性技术创新的关键因素,产业间的前向与后向联系进一步强化了环境规制的激励创新效应,并且不同城市的企业效应存在显著差异。在潜在作用机制方面,环境规制通过内生影响企业TFP、企业的行业技术赶超、优化行业资源配置等渠道显著影响了企业导向性绿色技术创新。本文认为,导向型环境规制与城市产品空间演化是引致我国上市公司绿色技术创新的主要原因。

高成长企业主导逻辑与价值共创适配演化——小米纵向案例研究

在创业和战略研究领域,关于高成长企业如何在动荡竞争环境下通过不断调整策略扩大规模并维持快速增长这一问题,学者们具有不同的洞见。采用纵向单案例研究方法,以北京小米科技有限责任公司为研究对象,基于企业成长过程视角,探索高成长企业在不确定性环境下通过互动合作与资源整合实现主导逻辑转变、追求独特成长模式的过程。结果发现:(1)机会窗口和成长压力驱动企业高成长,其主导逻辑经历从爆品逻辑、平台逻辑到生态逻辑的演化过程;(2)高成长企业成长过程中,历经个体、组织和生态间价值共创,具体表现为从交互式价值共创到赋能式价值共创最终转变为开放式价值共创;(3)基于“认知—行为”逻辑,高成长企业主导逻辑、价值共创方式与成长轨迹存在适配关系,爆品逻辑依靠交互式价值共创突破资源约束,平台逻辑通过赋能式价值共创激活冗余资源,生态逻辑利用开放式价值共创摆脱资源依赖。结论有助于拓展高成长企业发展理论,促进高成长过程中企业认知与行为匹配。