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.

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.

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.

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.

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.

Firms discuss cross-border gas pipeline

China and Kazakhstan are reviewing the possibil-ity of building a pipeline to deliver natural gas fromwestern Kazakhstan to Xinjiang Uygur AutonomousRegion,on China’s western border,to satisfy the

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.

Oils Firms Clinch Large Overseas Deals

China National Offshore Oil Co. (CNOOC) and two other companies had jointly signed two new production-sharing contracts to explore offshore oil and natural gas fields in Myanmar. CNOOCs Myanmar Ltd., China Huanqiu Contracting and Engineering Corp. and Golden Aaron Pte. Ltd. of Singapore had signed contracts with

Study on the Relationship Between the Audit Committee of Ipo Firms and the First-Day Stock Earnings

This paper mainly discusses the relationship between the audit committee of IPO firms and the stock returns on the first day of trading on the stock exchange.Using the sample of 21 firms that made an initial public offering in ASX between 2008 and 2010,Regression analysis was used to conclude that the existence of the audit committee of IPO firms and listed on the first day of the stock returns have no significant direct relationships.The result shows that the audit committee has no effect on the earnings of the first day of listing,and the establishment of the audit committee may not be considered before listing.

A Study on the Activities During the Fuzzy Front End in New Product Development Projects of Korean ICT Firms

Although previous studies on Korean manufacturing firms have empirically analyzed the causal relationship between activities during the FFE(Fuzzy Front End)and success of NPD(New Product Development)of Korean manufacturing firms,no study has concretely focused on Korean ICT(Information and Communications Technology)firms and their FFE activities.The main aim of this study is to identify the activities of these firms during their FFE and provide managerial insights into the other ICT firms.The authors conducted a survey(106 valid responses)that their FFE activities on new product development project managers in Korean ICT firms.The results showed that even though new product development managers of Korean ICT firms did not search for ideas systemically,they communicated with those departments/divisions that had frequent interaction with customers for idea assessment,with the active involvement of middle-or higher-level managers.They thoroughly established initial plans in the pre-development stages and seriously analyzed competitors’products and direct and indirect customer interactions in their market survey activities.

Stock Market Reaction to Yearly Earnings Announcements for Firms in Financial Distress:Evidences from Italy

The purpose of this paper is to feed the debate regarding investor’s reaction to relevant financial information releases as yearly earnings announcements(EAs)with a specific focus on financial distressed firms.Using the event study methodology and adopting two well-known tests in the literature,we analyzed Italian listed companies in the period of 2008-2016,to detect whether there is a market reaction to EAs releases for firms in financial distress,adopting as a measure of financial distress the presence in the audit report of a going concern opinion(GCO).In the Italian legislation,the GCO must be communicated immediately to the market and this can be done before,simultaneously or after EAs.The achieved results shed light on the negative impact of EAs of distressed firms receiving a GCO.On the other hand,the possibility that negative abnormal returns are mainly due to the GCO release cannot be neglected.Hence,through additional tests,we found that effects of EAs are more persistent and significant than GCOs,in accordance with the prevailing literature,which sees,on average,EAs predominant information for investors.Our study is pioneering in disentangling possible effects of confounding events for the Italian stock market.The EAs superior effect confirms the dynamics characterizing weak and small equity markets as Italy where,before GCOs releases,some relevant and more precise information(such as earnings magnitude)is often held by shareholders because of the high percentage of family firms and/or concentrated ownership,demonstrating also the weakness of auditor profession if compared with other developed countries.