Impacts of agri-food e-commerce on traditional wholesale industry:Evidence from China

Rapidly expanding studies investigate the effects of e-commerce on company operations in the retail market.However,the interaction between agri-food e-commerce(AEC)and the traditional agri-food wholesale industry(AWI)has not received enough attention in the existing literature.Based on the provincial panel data from 2013 to 2020 in China,this paper examines the effect of AEC on AWI,comprising three dimensions:digitalization(DIGITAL),agrifood e-commerce infrastructure and supporting services(AECI),and agri-food e-commerce economy(AECE).First,AWI and AEC are measured using an entropy-based combination of indicators.The results indicate that for China as a whole,AWI has remained practically unchanged,whereas AEC exhibits a significant rising trend.Second,the findings of the fixed-effect regression reveal that DIGITAL and AECE tend to raise AWI,whereas AECI negatively affects AWI.Third,threshold regression results indicate that AECI tends to diminish AWI with three-stage inhibitory intensity,which manifests as a first increase and then a drop in the inhibition degree.These results suggest that with the introduction of e-commerce for agricultural product circulation,digital development will have catfish effects that tend to stimulate the vitality of the conventional wholesale industry and promote technical progress.Furthermore,the traditional wholesale industry benefits financially from e-commerce even while it diverts part of the traditional wholesale circulation for agricultural products.

Does Green Food Certification promote agri-food export quality?Evidence from China

The construction of a food certification system plays a vital role in upgrading export quality, which previous studies have largely overlooked. We match China's industry-level data of Green Food Certification with its HS6-digit export data of agri-food products to quantify the impact of Green Food Certification on export quality. We identify the significant and positive effect of Green Food Certification on export quality. The 2SLS estimation based on instrumental variables and a range of robustness checks confirm the validity and robustness of the benchmark conclusions. Further analysis discloses that Green Food Certification improves export quality by raising agricultural production efficiency and brand premiums. Heterogeneity analysis shows that the effect of Green Food Certification varies across regions, notably improving the quality of agri-food products exported to developed regions and regions with high levels of import supervision. Furthermore, among various product types, Green Food Certification significantly improves the export quality of primary products and products vulnerable to non-tariff measures. The above findings could guide the future development of agri-food quality certification systems, potentially leading to a transformation and promotion of the agri-food trade.

Identification of an Aux/IAA regulator for flesh firmness using combined GWAS and bulked segregant RNA-Seq analysis in watermelon

Watermelon is a highly cultivated fruit crop renowned for its quality properties of fruit flesh.Among various quality factors,fruit flesh firmness is a crucial quality parameter influencing the fruit texture,shelf life and its commercial value.The auxin/indole-3-acetic acid(Aux/IAA)plays a significant role in fruit development and ripening of non-climacteric fruits.However,the regulatory mechanism of Aux/IAA in controlling fruit flesh firmness and ripening in watermelon remains unknown.In this study,we employed an integrative approach combining genome-wide association study(GWAS)and bulked segregant RNA-Seq analysis(BSR-Seq)to identify an overlapping candidate region between 12776310 and 12968331 bp on chromosome 6,underlying an auxin-responsive gene(Aux/IAA)associated with flesh firmness in watermelon.Transcriptome analysis,followed by real-time quantitative reverse transcription PCR(qRT-PCR),confirmed that the expression of Aux/IAA was consistently higher in fruits with high flesh firmness.The sequence alignment revealed a single base mutation in the coding region of Aux/IAA.Furthermore,the concomitant Kompetitive/Competitive allele-specific PCR(KASP)genotyping data sets for F2 population and germplasm accessions identified Aux/IAA as a strong candidate gene associated with flesh firmness.Aux/IAA was enriched in the plant hormone signal transduction pathway,involving cell enlargement and leading to low flesh firmness.We determined the higher accumulation of abscisic acid(ABA)in fruits with low flesh firmness than hard flesh.Moreover,overexpression of Aux/IAA induced higher flesh firmness with an increased number of fruit flesh cells while reducing ABA content and flesh cell sizes.Additionally,the allelic variation in Aux/IAA for soft flesh firmness was found to exist in Citrullus mucosospermus and gradually fixed into Citrullus lanatus during domestication,indicating that soft flesh firmness was a domesticated trait.These findings significantly enhanced our understanding of watermelon fruit flesh firmness and consequently the watermelon fruit quality.

Innovation and Firm Co-ownership Network in China’s Electric Vehicle Industry

Firms are embedded in complex networks,where diverse ideas combine and generate new ideas.Shareholders of firms are of-ten seen as critical external resources that have significant influence on firm innovation.The current literature tends to focus on the rela-tionship between firms and their shareholders,while paying less attention to the connections between firms with the same shareholders.This article identifies two types of network spillover effects,intra-city network effect and inter-city network effect,by visualizing the co-ownership networks in China’s electric vehicle(EV)industry.We find that firms with the same shareholders,which are defined as co-owned EV firms,are more innovative than non-co-owned ones.Furthermore,there are two dominant types of firm co-ownership ties formed by corporate and financial institution shareholders.While corporate shareholders help exploiting local tacit knowledge,financial institutions are more active in bridging inter-city connections.The conclusion is confirmed at both firm and city levels.This paper theor-izes the firm co-ownership network as a new form of institutional proximity and tested the result empirically.For policy consideration,we have emphasized the importance of building formal or informal inter-firm network,and the government should further enhance the knowledge flow channel by institutional construction.

Absorptive capacity and R&D strategy of labor-managed firms

Taking absorptive capacity effects on research spillovers into consideration, this paper focuses on the R＆D investment decisions and the output decisions of labor-managed firms. Based on the general model of the cost-reducing R＆D, the strategic interactions of output and R＆D investment between labor-managed firms in a duopoly are analyzed. Moreover, the impact of absorptive capacity effects on optimal output in the production stage is discussed. In the R＆D stage, the impacts of absorptive capacity effects on the equilibrium R＆D investment in cooperative and non-cooperative R＆D are analyzed. Finally, the R＆D strategy of labor-managed firms is compared with the behavior of profit-maximizing firms. The results show that equilibrium R＆D investment is always higher than that in the exogenous spillover rate, which is similar to the behavior of the profit-maximizing firms. However, unlike the profit-maximizing firms, the impact of the absorptive capacity that affects the relationship between the optimal output and its own（rival＇ s）R＆D is shown to be dependent upon a return-to-scale of the production.

Security investment and information sharing for complementary firms with heterogeneous monetary loss

Two complementary firms＇ information sharing and security investment are investigated. When two complementary firms with heterogeneous assets are both breached, it is assumed that they suffer different losses which are associated with their information assets. Some insights about optimal strategies for the firms and the attacker are obtained by the game theory, which forms a comparison with those derived from substitutable firms, and those derived from complementary firms with homogenous loss. In addition, both the unit transform cost of investment and the extent of firms＇loss affect the optimal strategies.Assuming that firms can control information sharing, security investments and both of them, respectively, the effect of the social planner is further analyzed on the information sharing, firms＇ aggregate defence, the aggregate attack and social total cost. Finally, some policy advice is provided through numerical simulation. Results show that firms are willing to choose security investment centrally rather than individually, but an intervention in information sharing by the social planner may not necessarily be preferable.

How Chinese Financial Centers Integrate into Global Financial Center Networks:An Empirical Study Based on Overseas Expansion of Chinese Financial Service Firms

The increasing globalization of the Chinese economy has been enabled by both Chinese financial institutions operating globally as well as international firms operating within China. In geographical terms, this has been organized through a number of strategic cities serving as gateways for the exchange of financial functions, products and practices between China and the global economy. Drawing on location data of financial service firms in China listed on stock exchanges in Shenzhen, Shanghai and Hong Kong, this paper shows that Chinese financial firms are expanding globally and how Chinese financial centers are positioned and connected in the urban networks shaped by these financial service firms. It is found that Hong Kong, China, holds strategic positions in the integration of Chinese cities into global financial center networks, and that establishing a foothold in global financial centers such as New York and London has been a priority for Chinese financial institutions. The increasing capital flows directed by Chinese financial institutionssuggests a shifting global financial geography, with numerous Chinese cities playing increasingly important roles within global financial center networks.

Identification of Behavior of Voluntary Traceability and Analysis of Its Determinants: A Case Study of Hog Slaughtering and Processing Firms in Zhejiang Province,China

In recent years, the Chinese government has highlighted the importance of adopting hog safety/quality traceability, and a growing amount of research continues to entice firms to adopt traceability systems. In this study, a survey was conducted on a sample of pig slaughtering and processing firms in Zhejiang, China through personal interviews and emails. The aim of this study was to examine the determinants of firm behavior on the implementation of voluntary traceability systems with more stringent standards and controls than those of the mandatory system in China. The results revealed that motivation based on product quality improvement, capital ability and role perception （business type） had significantly positive relationships with a firm＇s voluntary traceability. Other incentives, such as operation improvement, recall risk reduction, reduced occurrence of safety issues, and technical strength were not found to be supportive in our study. This study provides an opportunity to better understand the determinants of firm behavior on voluntary traceability, particularly in light of the fact that some Chinese firms are facing the threat of criminal action for the use of illegal additives and the abuse of Clenbuterol. Policy recommendations on encouraging the implementation of pork safety voluntary traceability by hog slaughtering and processing firms are also discussed.

Effect of family control on corporate dividend policy of firms in Pakistan

This study examines the impact of family control on the dividend policy of firms in Pakistan,covering the period from 2009 to 2016.It also investigates whether family control moderates the impact of firm-specific factors on the dividend policy.The GMM model for panel data estimation is used.The mean difference univariate analysis shows that family firms differ from nonfamily firms based on financial characteristics.The multivariate analysis shows that family firms pay lower dividends than nonfamily firms.Besides,firm size inversely affects the dividend policy,whereas tangibility positively affects it.Moreover,family control does not moderate the impact of all firm-specific factors on the dividend policy.Overall,family control,size,and tangibility are found to be the main determinants of the dividend policy in Pakistan.

Strategic HR Director Position: Implementation of SHRM in Firms

This study argues theoretical framework for strategic human resource management(SHRM),and implementation of SHRM in firms.HRM field is related to skill development and performance improvement.So,theoretical framework of SHRM is established by performance and skills.HR systems improve knowledge,skills,and abilities(KSAs)of employees,which affect individual-level performance.Individual-level performance makes employee go up to executive positions,and talents at the up affect firm-level performance via their managerial decisions.Secondly,a firm may apply SHRM through three factors:strategic HR director,HR systems,and star employees.

Determinants of Capital Structure in the Nigerian Listed Insurance Firms

The paper investigates the determinants of capital structure in Nigerian listed insurance firms using data obtained from annual report of the sampled firms for the period of 2001-2010. It used five explanatory variables to measure their effects on debt ratio. Multiple regression is employed as a tool of analysis. The result reveals that all the explanatory variables have statistically and significantly influenced the explained variable. The results approve the prediction of pecking order theory in the case of profitability and trade-off theory in case of tangibility variables. The growth variable supports the agency theory hypothesis whereas size variable confirms to the asymmetry of information theory. It is therefore recommended that the management of listed insurance firms in Nigeria should always consider their positions using these capital structure determinants as important inputs before embarking on debt financing decision.

After-market liquidity and IPOs underpricing： Evidence from Shari＇ah and non Shari＇ah-based firms

The underpricing of initial public offerings （IPOs） is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano （2006） where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari＇ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index （JII）, at least one period （one semester）. Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.

Factors Affecting Financial Performance of Tourism Destination Firms Listed on Stock Exchanges in China

Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.

加权firm阈值奇异值分解及其旋转机械故障诊断

奇异值分解(Singular value decomposition,SVD)作为一种有效的信号降噪方法广泛应用于旋转机械振动信号周期性瞬态冲击提取中。传统SVD以能量为导向,无法提取出能量较弱但含故障信息丰富的奇异分量(Singular Component,SC)。为此,提出加权firm阈值奇异值分解(Weighted Firm Singular Value Decomposition,WFSVD)方法。该方法首先引入平方包络谱峭度(Squared Envelope Spectrum Kurtosis,SESK)作为量化故障敏感度的指标,以评估各个SC所含故障信息的丰富程度;其次,将SESK作为权重因子引入到基于firm阈值的SC去噪中,设计基于SESK的加权firm阈值SC去噪策略;最后,重构信号,实现信号降噪并有效提取故障特征。对于仿真信号与试验数据的分析验证了所提方法在周期性微弱瞬态冲击提取及旋转机械故障诊断中的有效性。

Executive Stock Option, Mediation of Agency Costs and Allocation of Power in Levered Firms

The relationship between options and agency costs in levered firms is studied by modeling the effect of executive stock options on the manager's investment strategy in levered firms. Stock options do not necessarily aggravate agency costs in levered firms. The corporate governance affects agency costs greatly. If debt-holders were entitled to design executive stock options together with stockholders, by allocating power properly between stockholders and debt-holders, firm value could be enhanced greatly. The following way of allocating power between the two parties is proposed: the exercise price should be the weighted average of the stockholders' and debt-holders' suggested exercise prices. The weight allocated to debt-holders is positively related to the amount of debts that debt-holders lend to stockholders.

Modeling the dynamics of firms' technological impact

Recent studies in complexity science have uncovered temporal regularities in the dynamics of impact along scientific and other creative careers, but they did not extend the obtained insights to firms. In this paper, we show that firms' technological impact patterns cannot be captured by the state-of-the-art dynamical models for the evolution of scientists' research impact, such as the Q model. Therefore, we propose a time-varying returns model which integrates the empiricallyobserved relation between patent order and technological impact into the Q model. The proposed model can reproduce the timing pattern of firms' highest-impact patents accurately. Our results shed light on modeling the differences behind the impact dynamics of researchers and firms.

Another Case on Discounted FCF vs.P2S Valuation:Privately Held Food&Drinks Firms in Greece

This paper is a step-by-step attempt in applying two different valuation methodologies on privately held firms in Greece.Initially the two methodologies—free cash flows to equity and the price-to-sales multiple(P2S)—are being explained.These two models are further developed under the Greek accounting standards(especially the first model,being a more fundamental approach),in order to be applied afterwards more correctly to Greek firms’data,leading to adjusted forms.The application of these two models comes right next upon privately held food&drinks firms’financial statements,collected for each year(2013 up to 2015).The final step consists of the analysis and discussion of the results with the help of descriptive statistics(frequencies),as well as the pearson statistic,as a simple correlation tool.

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.

Entrenched Board in New Public Firms： An Empirical Study of Chinese IPOs

This study empirically investigates the impact of managerial entrenchment on firm financial performance of Chinese firms initial public offerings （IPOs）. Using 142 firms listed in the Shenzhen Stock Exchange （SZSE）, which was collected from the Guotaian Research Service Center （GTA-RSC） databases, this study uses two proxies to measure firm performance and three proxies to measure managerial entrenchment. The two proxies for firm performance are Tobins＇ Q and return on assets （ROA）, and the three proxies for managerial entrenchment are entrenchment 1, entrenchment 2, and entrenchment 3. These three entrenchment proxies are derived from the principal component analysis （PCA）. Though previous studies of managerial entrenchment and firm performance variables suffer from endogeneity, with respect to the corporate governance it is unclear as to which variables are endogenous and which are exogenous. This study confirms that the data are linear and no endogeneity issue should be address in this study, but only heteroskedasticity, non-normality for Tobins＇ Q are a problem, therefore, the regression method employed for Tobins＇ Q is the generalised least square （GLS） and the ordinary least square （OLS） between estimators for ROA. The regression result for Tobins＇ Q reveals that managerial entrenchment is negatively impact on firm performance. The results are in contradiction to the stewardship theory for new firms whereas the managerial entrenchment for new firms is positive. Furthermore, only one entrenchment proxy yields a significant coefficient. In conclusion, the negative results of entrenchment proxies were caused by the different institutional structures and legal systems which are the Chinese corporations that are still largely owned and controlled by a state and hence the centralised state controlled was responsible for all managerial actions.