Showing papers in "Economic Management Journal in 2011"

Predictive Power of Internet Search Data for Stock Market:A Theoretical Analysis and Empirical Test

Abstract: The Internet search data,recording hundreds of millions searchers' concerns and intends,can provide necessary data basis for the study of market transaction behaviors.In this paper,taking the stock market as a research object,we firstly establish a theoretical framework to reveal a lead-lag relationship between search data and stock market based on micro-perspective of investors' behaviors.Then according the meanings of search key-word and cross-correlation analysis,we develop three types of composite search index:investor action index,market condition index,and macroeconomic index.The empirical test indicates cointegration relationship between search index and the annualized yield of Shanghai composite index.In the long-term trend,each additional one percentage point increase in the three types search indices separately,the annualized yield will increase 0.22,0.56,0.83 percentage points in the next month.Furthermore,Granger causality test shows that the search indices have significant predictive power for the annualized yield of Shanghai composite index.

A Study on Industry Complex Network and Its Modeling ——on the Example of Shandong Province

Abstract: For such hot study issues in economics and management as supply chain management,industry aggregation and circular economy and so on,this paper proposes the concept of the industry complex network(ICN)and analyzes its characteristics.Then it studies the principles and techniques of modeling industry complex network,designing 2 basic networks and 4 extended networks.Based on the models,it turns the above-mentioned business and regional decision-making activities into such optimizations as the selecting of path,subnet extraction and so on.The analysis of ICNs of Shandong Province shows that industry complex networks are an effective tool for the research of inter-industry linkage,and can provide the important technical support for the research of business strategies and regional economy.

Study on the Influence Factors of China's Carbon Intensity——Based on Provincial Panel Data

Abstract: This paper chooses the panel data of China's 30 provinces,cities and municipalities from 2001 to2008,reviews the impact of China's economic development level、FDI、energy structure and industry structure oncarbon intensity.The result shows that for the overall level of China's carbon intensity,China's economic developeffect to region's environment in the locality,energy structure of China's three major regions has negative effect toregion's environment in the locality.However,FDI and industry structure in China's three major regions has differ-ence effects to environment respectively.structure has negative effect to China's ecological environment.Further,we divide China to three major regions for empirical examine,the result shows that the economic development level of China's three major regions has positive

The Dominant drivers of the Real Energy Intensity Changes in Chinese Manufacturing Sector:The LMDI Decomposition Approach

Abstract: Taken the ratio between aggregate energy consumption and real added value as the index of energy intensity,this paper utilizes the LMDI decomposition technique to explore the dominant drivers for the energy intensity changes in Chinese manufacturing industry between 1994 and 2009,based on.Results show that,the technical effect,which was the leading factor during the period,contributing over 80% to the total intensity changes.For most manufacturing sectors,technical effect was the main driving force as well.Meanwhile,it shows that the structural effect was also found to be a contributor.Moreover,when the added value of each sub-sector was adjusted by the price index at sectoral level,a greater decline of energy intensity occurs in manufacturing sector.

Confucian Values and Production Deviance in China:The Mediating Effects of Job Satisfaction

Abstract: Production deviance is an important category of counterproductive workplace behaviors(CWB).Using data collected from 362 employees of Chinese enterprises,the current study focused on exploring the predicting effects of Confucian values on production deviance and the mediating effects of job satisfaction on the relationship between Confucian values and production deviance.Correlation analysis,factor analysis,structural equation modeling were used to test the hypotheses.The results showed that production deviance comprises three factors: work sabotage,slack,and withdrawal;Confucian values have significant negative impacts to the three factors of production deviance.It was also found that job satisfaction mediates partially the relationships of Confucian values with slack,and with withdrawal,but not with work sabotage.

The Influence of Corporate Environmental Ethics on Sustainable Development Performance:The Mediation Role of Proactive Environmental Management

Abstract: With the higher standards of environmental protection and the awareness of public health of Chinese government and Chinese people,domestic enterprises have begun to pay great attention to the implementation of proactive environmental management.However,the empirical studies of the internal organizational factors of firms determining domestic enterprises' proactive environmental management and sustainable development performance are not sufficient.This thesis studies the issue of proactive environmental management in China.Based on relevant literature,we propose a model about proactive environmental management with consideration of its antecedent,consequence and major mediator.It is argued that corporate environmental ethics should be a key antecedent predicting proactive environmental management.On the other hand,a firm's sustainable development performance should be a major consequence of its proactive environmental management.Moreover,the relationship between corporate environmental ethics and sustainable development performance can be mediated positively by proactive environmental.Testing the relevant hypotheses in China,we find evidence supporting our model proposed in this paper.We conclude with a discussion on the implications of our findings for academic researchers and practitioners.

Analysis of Spatial Effects And Regional Convergence of China's Urbanization:1978～2009

Abstract: From a spatial perspective,this paper studies the spatial effects and regional convergence of urbanization in 31 provinces in China's mainland by Exploratory Spatial Data Analysis.Empirical results show that urbanization in each province has the spatial agglomeration and radiation.There is an absolute β convergence in China's urbanization.The speed of convergence is increased after spatial effects being taken into account.Furthermore,it indicates that OLS model underestimates the speed of convergence due to the lack of spatial factor.The paper suggests that there are guiding,demonstrating,learning and imitating activities in China's provincial urbanization.Spatial effects exert positive role on regional convergence of urbanization.It would promote the overall development of China's economy and society by taking advantage of the spatial effects of urbanization.

An Empirical Study on the Relationship among Consumer Lifestyle,Consumer Innovativeness and New Product Buying Behavior

Abstract: This paper initially defines four dimensions: fashion concern,leadership concern,price concern,attitude toward past concern for measuring consumer lifestyle via a literature review.Using the data gathered through a survey of 1006 Chongqing consumers,the relationships of lifestyle,consumer innovativeness and new product buying behavior.The results show that lifestyle has a significant effect on consumer innovativeness,and consumer innovativeness has a significant positive effect on new product buying behavior also.The full mediating effects of consumer innovativeness on the relationship of lifestyle and new product buying behavior are proved.

Corporate Scandals,Reputation Mechanism and Management Turnover

Abstract: Using data from 2003 to 2008,this paper empirically studies the effect of the reputation mechanism as an informal institution on the management turnover.We could not find evidence that the firm performance,board size and ownership concentration influence the managers' departure in companies which break out scandals.But we find that reputational penalty significantly increases the turnover of chairman and CEO.Besides that,the reputational penalty respectively increases the probability of chairman and CEO turnover at least 8.02 percent and 2.46 percent.Further results suggest that reputational penalty remarkable decrease the opportunity that chairman gets other position after they were turn over in the companies.The conclusion means that reputation mechanism can significantly improve corporate governance in transition countries like China.

A Study on the Relationship between Financial Structure and Firm Independent Innovation in China

Abstract: Money is necessary input in the process of firm independent innovation and the extent to obtain the money and the interest cost is influenced by the financial structure.On the whole,indirect financing and bank system play main role in the financial structure.At the same time,direct financing and capital market plays secondary role.In this paper,on the basis of the data during 1991 to 2009,it reveals that market demand strikes place most influence on firm independent innovation and human resource has the fast effect.Furthermore,the financial structure has significant influence on firm independent innovation,but the influence has time lag.It is good for firm independent innovation to strengthen the financial market as well as expand the channel and scale of direct financing.

The Research on the Impact of Consumer Susceptibility to Role-Normative Influence on Chinese's Decision Intension to Unique Brands: Taking Public Roles for Example

Abstract: The article analyzed in detail the drawback of the present Fishbein's theory of behavioral intention based on Chinese social context and put forward a revised theoretical construction in order to make it more perfect.On the basis of the analysis,the authors summarized the related literatures such as self-confidence and susceptibility to normative influence and advanced a theoretical model and a series of hypothesis between these constructs above.The authors adopted methods of survey and selected the norm of face to validate these assumptions.The result disclosed that susceptibility to role-normative influence would have negative impact on Chinese consumers' decision intention to unique brands.On the other hand,Chinese consumers' personal outcome self-confidence could help to resist the negative effect of susceptibility to role-normative influence to some extent.However,this force of resistance is relatively weak.Comparatively,consumers' social outcome self-confidence,when mediated by susceptibility to role-normative influence,would have a negative impact on their decision intentions on the contrary.

Research on Complex Products and System R & D Knowledge Transfer Pricing

Abstract: This paper studies the knowledge pricing problem in the special transfer from complex products and system suppliers to integrators.From the perspective of integrators,it introduces learning costs,transaction costs,and constructs the integrators transfer price constraint.From the perspective of suppliers,it introduces transaction costs,knowledge spillover,and constructs the suppliers transfer price constraint.Combining of integrators and suppliers of price constraints,it establishes the knowledge transfer price model,and analyzes the knowledge transfer price mechanism.From the perspective of reducing knowledge spillover and changing price constraint,it discusses the idea of improving knowledge transfer pricing.Finally,it proposes measures to improve pricing efficiency,including establishing knowledge alliance and Optimizing knowledge-sharing platform.

Why Does a Consumer Feel He Has Face? ——Study on the Mechanism of Consumer's Perception of Face

Abstract: The key premise underlying this work is that the mechanism of consumer's perception of face consists of two parts: attributes of product computing system and consulting objective evaluation system.Three factors,the status signaling of a product,consumer's face need and the interpersonal tie between the consumer and the others,work in the mechanism.Using en experiment,the analysis shows there is a direct influence of the status signaling of a product the amount of face contained in the product.The face need moderates their relation.In addition the status signaling of a product has a mediated influence on face perceived by consumer from consumption through the amount of face contained in the product.Finally,the analysis shows that the interpersonal ties have a moderated influence on the relations between the amount of face contained in the product and face perceived by the consumer from the consumption.

Chinese Provincial Industrial Energy Efficiency and Energy Saving Potential:Empirical and Simulation-based DEA

Abstract: The article base on the inter-provincial industry,the use of DEA efficiency evaluation method,empirical measurement and analysis of the 30 provinces of the country's industrial total factor energy efficiency,energy savings and energy-saving potential of the factors affecting industrial energy efficiency.Concluded that,China's industrial energy efficiency in the provinces are quite different provinces with higher energy efficiency industries mainly in the coastal economically developed areas in eastern,central and western regions of the province of lower industrial energy efficiency,industrial energy-saving potential and energy a larger scale,its industrial energy efficiency improvements in energy efficiency and energy conservation for the national efforts to have strong pulling power.Industrial R D investment increased,capital deepening help to improve industrial energy efficiency and a significant statistical test;industry concentration on improving industrial energy efficiency has a positive impact;enterprises on industrial energy efficiency,the average size of a significant negative effect;Foreign capital did not improve industrial energy efficiency play a positive role,but the statistical test is not significant.The results for the development of differentiated according to regional differences in economic policy,energy with good inspiration and reference.

Does the Carbon Emissions Trajectory of Our Country Present Kuznets Inverted U Curve?——Based on the Relationship of Regional Economic Development and Carbon Emission

Abstract: Based on the Copeland and Taylor(2009)model,this paper builds the EKC theory model which analyzes the path of CO2 emission in China,According the method provided by "IPCC Guidelines for National Greenhouse Gas Inventories",this paper estimates quantity of CO2 emission of 31 provinces,municipalities and autonomous regions,uses the panel data from 1997 to 2008 and EGLS method to analyze if the CO2 emission EKC exists in our nation,eastern,central and western areas,and calculate the real per capita income and time to reach inflection point.The research result shows: the CO2 emission EKC exists in our nation,eastern and central areas,the income of theory inflection point are 3313.05、4105.17 and 2751.78RMB.But in the western area,the relationship between carbon emission intensity and the real per capita income level presents positive U,and the income of theory inflection point is 1423.52 RMB.The Conclusions of this paper will play an important role in the development of low-carbon emission economy in our nation.

Family Involvement and Corporate Social Responsibility:Manufacturing Evidence from China

Abstract: This article examines the basic relationship between family involvement and corporate social responsibility using the data of questionnaire survey from private enterprise in Zhejing and Chongqing.First,we find that social responsibility of private enterprise can be divided into insiders' responsibility,outside partners' responsibility and public responsibility;Second,we find that family business demonstrates more responsibility to insiders,outside partners and the public than nonfamily business.We also find that family ownership has significantly positive effect on insiders' responsibility(investors,employees) and outside partners' responsibility(consumers) of family business,family management has significantly positive effect on outside partners' responsibility(creditors),although family ownership and management have no significant effect on public responsibility,they have significantly positive effect on environmental responsibility,law and ethical responsibility;family business owned or managed by 1st generation entrepreneurs demonstrates more responsibility to outside partners(commercial partners);family culture has significantly positive effect on social responsibility of family business.The conclusions will be helpful to direct the growth of Chinese family business.

The Driving Effects of Convention and Exhibition Industry

Abstract: The Convention and Exhibition industry has stimulated the growth of the related industries with its relatively strong leading effect,and in the meantime has promoted the regional economic development.This paper will implement the Industrial Relations Theory and the Input-Output Theory and Method to empirically analysis the driving force of the economic expansion of the Convention and Exhibition industry,which in turn hopes to make a relatively objective judgment on the driving effect of the C/E industry.

Management Compensation and the Overinvestment——The Empirical Evidence from China's A-Share

Abstract: This paper uses all china a-share non-financial listed companies in 2001～2009 as initial samples,to analyze empirically the relationship between corporate over-investment and managers' compensation by measuring managers' compensation from different angles.This paper finds the following conclusions: in China the companies' managers monetary compensation was significantly positively correlated with over-investment,indicating the manager's salary in China have exacerbated the company's over-investment because over-investment in such companies can increase management compensation,which showed a strong opportunistic behavior;overinvestment of company has no significant relationship with the company's executive compensation sensitivity and managers' equity incentive due to equity incentive system of listed companies introduced initially,and limitation of implementation of equity incentives,which remains to be established sound.

Discussion about the Way of Chinese Enterprise Management that Provides Intellectual Support to the Transformation of the Economic Development Pattern——A Summary of "Transformation of the Economic Development Pattern and Chinese Enterprise Management" Sy

Abstract: This paper summarizes the 2010 Annual Conference of Chinese Enterprise Management Research Association.This academic symposium was themed by "transformation of the economic development pattern and Chinese Enterprise Management".Participating scholars shared their researches about many topics including the goal of economic development and the role of enterprise,transformation of economic development pattern and innovation,governing mechanism of enterprise,business administrative activities and so on.This conference achieved the purpose of giving counsel suggest to promote transformation of Chinese economic development pattern on the level of enterprise.

The Regressivity of Indirect Tax Incidence and Income Inequality

Abstract: This paper constructs the theoretical model of the association between the regressivity of indirect tax incidence and income inequality,which shows that the higher the regressivity degree of indirect tax,the more income inequality.Using Chinese data to estimate the regressivity indicators,we find that indirect tax is regressive in China,and the regressivity degree of value-added tax and consumption tax is higher,while the regressivity degree of business tax is weaker,which exacerbated income inequality to varying degrees.The article concludes with policy recommendations.

Brand Relationship Quality and Consumer' Reaction for Product Harm——A Perspective of Prior Conviction

Abstract: Consumer' prior conviction to the brand affects the judgment upon the brand crisis event.This paper fixes brand relationship quality as a prior conviction,and tries to find its effect on consumer' reaction for product harm by experiment study.The results show the consumer would pay more attention to punishment than management when they suffered product-harm,and higher brand relationship quality can protect the brand temporarily during an accidental event while lower brand relationship quality can magnify the pernicious effect on the brand market image.The analysis is useful for enterprise to understand the consumer reaction during the brand crisis and choose crisis strategies effectively.

Chairman Personal Characteristics,Overconfidence and Capital Structure

Abstract: Based on chairman personal characteristics,this paper selects age,tenure,education and education background of chairman as proxy measures of chairman overconfidence,and examines the effect of chairman overconfidence on capital structure in Chinese listed companies.The empirical results show that,when chairmen are younger and have shorter tenure,have lower education and have economics and management education background,chairmen have stronger overconfidence,then they choose higher debt ratio;What's more,compared to chairmen in state-owned listed companies,chairmen in private listed companies have stronger overconfidence,which results in more effect on capital structure.This research not only enriches and extends the related studies on managerial overconfidence and capital structure,but also helps understand capital structure decisions in Chinese listed companies on aspect of chairman personal characteristics.

A Research on the Relation between Demographic Characteristics and the Formation of Entrepreneur Social Capital

Abstract: In available research literature,researchers focused on the functions of influences of firm social capital,while ignored the question of how it formed.On the base of related researches in sociology,this paper explored the question of the formation of entrepreneur social capital(ESC),a special and important individual social capital related with firm social capital closely,on the review of human capital.In this paper,ESC was defined and measured by two dimensions,the social network embedded and the capability of access the social resource.After analyzed the influences of age,education background,function background and gender on these two dimensions and their differences,we tested the hypothesis with the panel data of Chinese listed companies.

Unique Consumption or Status Consumption?——How Face Values and Identity-Fit Values Influence the Symbolic Consumer-Brand Relationship

Abstract: The existing research mainly focus on the effect of Chinese face on their status or conspicuous consumption and shopping behavior,but basically neglect the potential effect of it on unique consumption.This paper mainly discuss the roles of face and identity-fit in personality brand and status brand influencing consumers' self-brand connections.The result shows that in general,both face and identity-fit in Chinese traditional culture can positively affect consumer-brand relationship based on brand's personality and status meanings;however,the concrete effects are complex,and even contrary.

Cooperative Innovation or Independent Innovation?——an Expanded AJ Model and It's used in the Internet Industry of China

Abstract: The paper based on the analysis framework of classical AJ model introduces the imitation innovation model to extend AJ model and analyses the cooperative innovation,independent innovation and imitation innovation.This analysis is the theory basis of the paper that studies the present situation and development of Internet industry with actual cases of the industry.Finally,the paper puts forward suggestions of regulation policy to promote the development of industry.The study suggests that imitation innovation against the healthy development of industry,and that at present the industry did not form the atmosphere of independent innovation,cooperative innovation is suitable for the industry,but that in the long term,independent innovation is the key for the healthy development and the core competition to compete with international enterprise,and that the competitive atmosphere that against to cooperative innovation and independent innovation must be guided and regulated effectively by government.

The Abnormal Return Of QFII and Protection Of Small Investors——Perspective On Investment Strategy of Small Investors

Abstract: Once QFII was introduced into China since 2003,it has been the focus of the market and much favored by investors,especially those small investors,they take investment behavior of QFII as a model.However,because of the lag and scarcity of the disclosure of information of QFII,QFII and small investors have serious information asymmetry,which intentionally or unintentionally misled the investment behavior of small investors.Based on this,the article use the data of 10 quarters in 2007~2009 to test the abnormal return of QFII in China's A share market.In this paper,static analysis part set the whole sample group and QFII-holding group.Static analysis results show that QFII-holding listed companies can not generate positive abnormal returns.Dynamic analysis part set the whole sample group,QFII-increasing group and QFII-reducing group.Dynamic analysis results show that QFII-increasing listed companies can have a significant positive abnormal return,while QFII-reducing listed companies have a significant negative abnormal return.Results of this study can help securities regulatory authorities regulate disclosure of information of QFII and guide rational investment of small investors in order to protect the interests of small investors,etc.

Social Capital and Enterprise Performance:Unpacking the Different Role of Exploration and Exploitation Learning

Abstract: This paper explores the exploratory learning and exploitation learning,and its relationship with corporate social capitalThe empirical results show that:Organizational learning plays intermediary role between the social capital and firm performance;the external social capital is conducive to exploratory learning,and internal social capital is conducive to the exploitation learning;while exploratory learning can improve new product performance,exploitation learning can promote comprehensive performanceThis conclusion provides both theoretical references and practical implications

Top Managerial Social Capital,Resource Acquisition and Technological Innovation Performance in Resource-based Enterprises

Abstract: Taking resources-based enterprises as the research sample,this paper explores mutual relationship among top managerial social capital,resource acquisition and technological innovation performance.The results show that political social capital has significant positive affect on resource acquisition of information and capital,but insignificant affect on knowledge resource acquisition.Commercial social capital has significant positive affect on resource acquisition of information and knowledge,but insignificant affect on capital resource acquisition.Public social capital has significant positive affect on resource acquisition of information,knowledge and capital.Resource acquisition of information,knowledge and capital has significant positive affect on technological innovation economic performance and ecological performance.

Trade Openness,FDI and Regional Income Inequality in China——An Empirical Study based on Provincial Panel Data

Abstract: We investigate the effect of economic globalization on regional income inequality in China empirically.By estimating income determinant equation and decomposing the contributions of inequality,we control domestic capital stock,education,urbanization and location.Then we specified the effeteness of globalization exactly.The econometric result shows that the contribution of trade openness on inequality is 48.7%,while the contribution of FDI is small and negative.China should review its open strategy and coordinate trade policy,industrial policy and regional development policy to restrain the expanding of inequality.

The EKC Test on the Relationship of Economic Growth and Environmental Quality in Shandong Province:1995~2008

Abstract: The relationship of economic growth and environmental quality varies from different pollutants and in different regions,resulting in spatio-temporal diversity of Environmental Kuznets Curve(EKC).Following an overall review on the related literature,this paper sets up econometric models on the relationship of 11 kind environmental quality indexes(covering both pollutant emission index and environmental monitoring index) and GDP per capita based upon the panel data of 17 cities in 1995~2008 to test the EKC of Shandong Province.Further EKC hypothesis is estimated with the main control variables which effect pollutant emissions,such as population,technology advancement,international trade and environmental policy.The outome of EKC test indicates the environmental quality of Shandong Province is possiblely deteriorating along with the increase of GDP even following the downturn of some of the environmental indexes.Therefore,it calls for more environment treatment investments and improvement of the treatment efficiency.