Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment i...Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.展开更多
Based on the matched data of China’s tax survey and customs from 2007 to 2011,this paper studies the differential impact of exchange rate changes on the performance of companies by region from the perspective of fact...Based on the matched data of China’s tax survey and customs from 2007 to 2011,this paper studies the differential impact of exchange rate changes on the performance of companies by region from the perspective of factor market distortion.The results show that for import companies,the RMB appreciation significantly contributes to improving their performance and this phenomenon is more pronounced in areas with high factor market distortions.Channel tests show that the proportion of intermediate goods imported by final producers increases with regional factor market distortions.Therefore,the appreciation of the national currency is more favorable for areas with high factor market distortions(companies with high proportion of imported intermediate goods).In addition,the appreciation of the national currency will promote the production of China’s upstream intermediate goods producers by expanding the output of downstream enterprises.This paper complements previous studies on the differential impact of RMB exchange rate changes on regional economic growth from a micro perspective.展开更多
In the last years, most of the leader companies have advantages of their CRM （customer relationship management） systems in order to improve their market share. These companies implement CRM systems to get loyal cust...In the last years, most of the leader companies have advantages of their CRM （customer relationship management） systems in order to improve their market share. These companies implement CRM systems to get loyal customer portfolio and maintain the sustainability of it. While they are building CRM strategies, they try to catch business excellence results like valuable marketing opportunities, improve customer value and customer satisfaction. CRM gained prominence as a marketing sub-discipline in the 1990s, fueled by publications like The One to One Future and The Loyalty Effect. Some studies were especially powerful in highlighting the gap between the cost of acquiring customers and retaining them. The quest for competitive advantage and profitability triggered a rush to implement CRM programs in enterprises both large and small in all comers of the globe. Different kinds of studies show that there are some key components which play a critical role in gaining success for companies which use CRM applications. At this situation, these key components are named as critical success factors. Purpose of this study is to find out that how these critical success factors affect results which show company performance. On this direction, critical success factors are defined as independent variable and company performance is defined as dependent variable. A supportive model is suggested. In order to verify proposed model, hypotheses are developed and a survey is applied in automotive sales agents in Turkey. The study is completed with survey results.展开更多
The study investigates the plausible link between multiple directorships and company performance for Johannesburg Stock Exchange （JSE） listed companies in South Africa. This study also interrogates whether companies...The study investigates the plausible link between multiple directorships and company performance for Johannesburg Stock Exchange （JSE） listed companies in South Africa. This study also interrogates whether companies with busy boards perform better or worse than non over-boarded companies. The incidence of multiple directorship on JSE is low, therefore the hypothesis is rejected at 5%. Over-boarded company directors attend significantly less board meetings. The Pearson correlation between connectedness and log-transformed financial ratios is not significant between all the six financial ratios. The study finds no difference in performance between over-boarded and non over-boarded companies, and no association between multiple directorships and company performance.展开更多
By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, ...By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, different succession modes get different efficiency. The result shows that： The decline of company performance will cause the top executive turnover, and that the possibility of top executive turnover in non-state-owned listed companies is higher than that of the state-owned companies. In the routine turnover sample, the performance level of the internal succession is better than that of the external succession. In the non-routine turnover sample, the results are reversed. For further analysis, the main sources of the improvement for performance are items of below-the-line and non-recurring profit and loss, rather than the company＇s operating revenue.展开更多
Access Report on Performances of Listed Ports and Shipping Com- panies in 2007,by International Economy Research Institute of Dalian Maritime University(DMU),was issued. According to the report,Shenzhen Chi- wan Wharf...Access Report on Performances of Listed Ports and Shipping Com- panies in 2007,by International Economy Research Institute of Dalian Maritime University(DMU),was issued. According to the report,Shenzhen Chi- wan Wharf Holdings Limited(CWH),展开更多
Based on the earlier work, this paper re-examines the relationship between diversification and corporate performance and finds a statistically significant U-shape relationship in the Chinese market. The result is test...Based on the earlier work, this paper re-examines the relationship between diversification and corporate performance and finds a statistically significant U-shape relationship in the Chinese market. The result is tested and confirmed for robustness by controlling for the firm size, age and indusu＇y effects. The findings do not support the notion that diversification is a return-reducing strategy and the understanding in the western economic and financial literature about diversification performance may not be automatically applicable to the case of China.展开更多
The main focus of this scientific article is organizational culture that represents very complicated and complex social phenomenon. Organizational culture is understood as the set of basic assumptions, values, standar...The main focus of this scientific article is organizational culture that represents very complicated and complex social phenomenon. Organizational culture is understood as the set of basic assumptions, values, standards, and artifacts, shared in the company in long-term horizon. The main objective of empirical research was to map organizational culture content in manufacturing companies in the Czech Republic and Austria. The content of organizational culture in the selected level of analysis was identified by means of qualitative methods--individual interviews and focus group discussions. With respect to specified objective, research was implemented in the sample of 10 companies in the Czech Republic and Austria. Data acquired by qualitative method of focus group were processed by means of content analysis. The main result of this part of empirical research was to describe the organizational culture content in the manufacturing companies operating in Austrian and Czech environment.展开更多
The decrease in business activity and the fall in the production volume in the sectors of economy relying on long-term crediting is characteristic feature of the modern recessions. The pessimistic expectations of entr...The decrease in business activity and the fall in the production volume in the sectors of economy relying on long-term crediting is characteristic feature of the modern recessions. The pessimistic expectations of entrepreneurs concerning product demand leads to falling direct investment into business despite unlimited investment opportunities due to the developed capital markets nowadays. As a result it has created the opportunity for the development of such business restructuring types as mergers and acquisitions. Potential investors are different and their investment motivation is different, but the goal is the same--to increase the value of the business and its efficiency as a result of mergers and acquisitions. Utilizing borrowed capital for acquisitions of enterprises has many advantages. However, purchasable enterprises are exposed to several financial risk factors.展开更多
At the invitation of the Min-On Concert Association,the China National Peking Opera Company performed three masterpieces(Leopard,Imperial Concubine Yang,and Suolin Purse)in Nakano Sunplaza.The performances received po...At the invitation of the Min-On Concert Association,the China National Peking Opera Company performed three masterpieces(Leopard,Imperial Concubine Yang,and Suolin Purse)in Nakano Sunplaza.The performances received positive responses from the audience,which included Cheng Yonghua,Chinese ambassador展开更多
According to eastmoney.com’s Choice data,50listed non-ferrous metals companies have announced the 2017 performance forecasts,where 39 companies forecast profits,accounting for more than 70%.Among them,there are 19 co...According to eastmoney.com’s Choice data,50listed non-ferrous metals companies have announced the 2017 performance forecasts,where 39 companies forecast profits,accounting for more than 70%.Among them,there are 19 companies each with a forecast net profit of more than RMB 100million and 13 companies with a more展开更多
The year 2016 is the year of change for China’s new energy vehicles industry,and also the key year in which the industry walks into the growth period from a lead-in period.The opportunities were obvious,and challenge...The year 2016 is the year of change for China’s new energy vehicles industry,and also the key year in which the industry walks into the growth period from a lead-in period.The opportunities were obvious,and challenges extremely difficult to meet.On one hand,many lithium battery enterprises suffered from a long account period,slowly returned money or展开更多
Significant revenue growth 100 Chinese firms engaged in the production and sale of textile have already announced their first-half 2010 financial results.
基金Supported by the National Natural Science Foundation of China (No. 70831003)
文摘Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.
文摘Based on the matched data of China’s tax survey and customs from 2007 to 2011,this paper studies the differential impact of exchange rate changes on the performance of companies by region from the perspective of factor market distortion.The results show that for import companies,the RMB appreciation significantly contributes to improving their performance and this phenomenon is more pronounced in areas with high factor market distortions.Channel tests show that the proportion of intermediate goods imported by final producers increases with regional factor market distortions.Therefore,the appreciation of the national currency is more favorable for areas with high factor market distortions(companies with high proportion of imported intermediate goods).In addition,the appreciation of the national currency will promote the production of China’s upstream intermediate goods producers by expanding the output of downstream enterprises.This paper complements previous studies on the differential impact of RMB exchange rate changes on regional economic growth from a micro perspective.
文摘In the last years, most of the leader companies have advantages of their CRM （customer relationship management） systems in order to improve their market share. These companies implement CRM systems to get loyal customer portfolio and maintain the sustainability of it. While they are building CRM strategies, they try to catch business excellence results like valuable marketing opportunities, improve customer value and customer satisfaction. CRM gained prominence as a marketing sub-discipline in the 1990s, fueled by publications like The One to One Future and The Loyalty Effect. Some studies were especially powerful in highlighting the gap between the cost of acquiring customers and retaining them. The quest for competitive advantage and profitability triggered a rush to implement CRM programs in enterprises both large and small in all comers of the globe. Different kinds of studies show that there are some key components which play a critical role in gaining success for companies which use CRM applications. At this situation, these key components are named as critical success factors. Purpose of this study is to find out that how these critical success factors affect results which show company performance. On this direction, critical success factors are defined as independent variable and company performance is defined as dependent variable. A supportive model is suggested. In order to verify proposed model, hypotheses are developed and a survey is applied in automotive sales agents in Turkey. The study is completed with survey results.
文摘The study investigates the plausible link between multiple directorships and company performance for Johannesburg Stock Exchange （JSE） listed companies in South Africa. This study also interrogates whether companies with busy boards perform better or worse than non over-boarded companies. The incidence of multiple directorship on JSE is low, therefore the hypothesis is rejected at 5%. Over-boarded company directors attend significantly less board meetings. The Pearson correlation between connectedness and log-transformed financial ratios is not significant between all the six financial ratios. The study finds no difference in performance between over-boarded and non over-boarded companies, and no association between multiple directorships and company performance.
文摘By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, different succession modes get different efficiency. The result shows that： The decline of company performance will cause the top executive turnover, and that the possibility of top executive turnover in non-state-owned listed companies is higher than that of the state-owned companies. In the routine turnover sample, the performance level of the internal succession is better than that of the external succession. In the non-routine turnover sample, the results are reversed. For further analysis, the main sources of the improvement for performance are items of below-the-line and non-recurring profit and loss, rather than the company＇s operating revenue.
文摘Access Report on Performances of Listed Ports and Shipping Com- panies in 2007,by International Economy Research Institute of Dalian Maritime University(DMU),was issued. According to the report,Shenzhen Chi- wan Wharf Holdings Limited(CWH),
文摘Based on the earlier work, this paper re-examines the relationship between diversification and corporate performance and finds a statistically significant U-shape relationship in the Chinese market. The result is tested and confirmed for robustness by controlling for the firm size, age and indusu＇y effects. The findings do not support the notion that diversification is a return-reducing strategy and the understanding in the western economic and financial literature about diversification performance may not be automatically applicable to the case of China.
文摘The main focus of this scientific article is organizational culture that represents very complicated and complex social phenomenon. Organizational culture is understood as the set of basic assumptions, values, standards, and artifacts, shared in the company in long-term horizon. The main objective of empirical research was to map organizational culture content in manufacturing companies in the Czech Republic and Austria. The content of organizational culture in the selected level of analysis was identified by means of qualitative methods--individual interviews and focus group discussions. With respect to specified objective, research was implemented in the sample of 10 companies in the Czech Republic and Austria. Data acquired by qualitative method of focus group were processed by means of content analysis. The main result of this part of empirical research was to describe the organizational culture content in the manufacturing companies operating in Austrian and Czech environment.
文摘The decrease in business activity and the fall in the production volume in the sectors of economy relying on long-term crediting is characteristic feature of the modern recessions. The pessimistic expectations of entrepreneurs concerning product demand leads to falling direct investment into business despite unlimited investment opportunities due to the developed capital markets nowadays. As a result it has created the opportunity for the development of such business restructuring types as mergers and acquisitions. Potential investors are different and their investment motivation is different, but the goal is the same--to increase the value of the business and its efficiency as a result of mergers and acquisitions. Utilizing borrowed capital for acquisitions of enterprises has many advantages. However, purchasable enterprises are exposed to several financial risk factors.
文摘At the invitation of the Min-On Concert Association,the China National Peking Opera Company performed three masterpieces(Leopard,Imperial Concubine Yang,and Suolin Purse)in Nakano Sunplaza.The performances received positive responses from the audience,which included Cheng Yonghua,Chinese ambassador
文摘According to eastmoney.com’s Choice data,50listed non-ferrous metals companies have announced the 2017 performance forecasts,where 39 companies forecast profits,accounting for more than 70%.Among them,there are 19 companies each with a forecast net profit of more than RMB 100million and 13 companies with a more
文摘The year 2016 is the year of change for China’s new energy vehicles industry,and also the key year in which the industry walks into the growth period from a lead-in period.The opportunities were obvious,and challenges extremely difficult to meet.On one hand,many lithium battery enterprises suffered from a long account period,slowly returned money or
文摘Significant revenue growth 100 Chinese firms engaged in the production and sale of textile have already announced their first-half 2010 financial results.
