Product market competition and analyst following

In this study, we investigate the link between product market competition and the extent of a firm’s analyst following. Our research is motivated by prior studies on analyst coverage, as well as the literature pertaining to the informational and monitoring role of product market competition. Using a sample of 520 French listed firms over 2000–2013, we find support to the hypothesis that the number of analysts following a firm decreases with the intensification of competition. This result suggests that the disciplinary power of product market competition makes investors more confident that firms are well monitored, which reduces their incentives to seek additional private information produced by financial analysts. In short, our findings corroborate previous evidence that there is a substitution effect between competition and other external corporate governance mechanisms, especially analyst following. Our results also shed more light on how the quality of firms’ monitoring mechanisms and information environment is affected by the intensity of product market competition.     

市场竞争下企业股权融资的供应链模型分析

股权融资是企业在市场竞争中抢占市场份额、实现跨越式发展的重要融资途径,企业融资决策的制定必须考虑产品市场上企业间的竞争行为.构建了双寡头零售商的股权融资模型,探讨零售商采取股权融资进行市场开拓时,市场竞争对其股权融资决策的作用机理.核心的发现是:零售商的股权融资应考虑不同成长性下市场竞争的直接和间接影响,市场竞争抑制(促进)了低成长性(高成长性)零售商的股权融资.供应商参与博弈后,零售商的融资策略取决于不同初始市场规模和成长性下的市场竞争与市场开拓之间的权衡.     

企业IPO对同行业上市公司的影响:竞争效应还是信息溢出效应?——基于动态产品市场竞争的微分博弈模型与实证研究

从理论和实证两个方面, 研究企业IPO对同行业上市公司的均衡价值及产品市场差异化竞争的影响.在已有研究基础上加入信息溢出效应, 基于动态产品市场竞争构建了一个微分博弈模型, 模型结果表明:IPO后在位上市公司相对行业竞争力低于临界值时, 其均衡价值减少; IPO前其相对行业竞争力高于临界值时, 其均衡价值增加.采用沪深A股、中小板与创业板的市场数据, 运用非线性最小二乘法估计动态结构化模型参数, 实证研究IPO对产品市场异质化竞争倾向的影响.实证结果表明, IPO后行业消费者忠诚度提高, 产品市场竞争倾向趋于异质化竞争, 在位上市公司的市场份额利润转化率提高.这说明我国IPO竞争效应占主导地位, 企业IPO对在位上市公司构成威胁, 在位上市公司采用差异化的产品竞争策略提高竞争力和盈利能力.     

Determinants of strategic options in multinational market competition

This article conceptually explores the determinants of strategic options in multinational market competition. It draws on and integrates three research streams in strategy and international management: action and response in competitive rivalry; multipoint competition, and global competition and strategy. Specifically, it examines the various factors that determine whether and when a multinational corporation (MNC), while under attack from a rival MNC, will adopt the following responses: doing nothing, defending, counterattack, and total war. Those factors are organized into four categories: (1) types of attack, including price cut, introduction of new product, entry into new market, and advertising campaign; (2) awareness of interdependence of multinational markets, determined by market overlap, MNC strategy, and MNC organization; (3) motivation for globally coordinated moves, determined by the centrality of national markets, strategic importance of national markets, perceived importance of national markets, and perceived importance of rivals; and (4) feasibility of response, determined by entry barriers and diversity of national markets as well as resource heterogeneity and differential between rival MNCs. The effects of these four categories of factors on the choice of response are explored respectively. Research implications are offered in concluding remarks.     

An analysis of export market strategies and barriers perceptions by U.S. agricultural HVP exporters

This study identifies barriers perceived by agricultural exporters and examines how these perceptions influence use of export market strategies. Ordered logit models are used to estimate effects of perceived barriers and firm characteristics on export market strategies. The results from these models show that perceptions about import restrictions influence use of diversification of exports across products, competition influences use of competitive export pricing, and overseas product regulations affect product adaptation for export markets.     

存在产量和价格竞争外部市场的企业集团转移定价研究

本文分析了存在产量和价格竞争中间产品外部市场的企业集团转移定价决策问题。得出当存在产量竞争的中间产品外部市场时,均衡转移定价策略是各集团隐藏自己企业的转移价格信息,且转移价格等于边际成本。当存在价格竞争的中间产品外部市场时,若对中间产品的内外部市场实行单一定价,则转移价格决策与中间产品的外部销量大小有关:若对中间产品的内外部市场实行差别定价,则均衡定价策略为转移价格等于边际成本。     

资本结构与产品市场竞争之间的交互作用研究

公司代理成本受到资本结构和产品市场竞争的双重影响,资本结构与产品市场竞争之间还具有关联关系.基于2000年～2006年A股上市公司面板数据的实证研究发现,资本结构和产品市场竞争对代理成本的影响是显著的,影响方式随控股股东性质的不同而不同.资本结构与产品市场竞争之间存在交互作用,股权集中度越高,产品市场竞争的隐性激励效果越弱;产品市场竞争越激烈,股权激励的效果越显著,债务融资的负面效应也越大.产品市场竞争与分散型股权结构、股权激励之间是互补的,与控股型股权结构、债务融资之间相互替代.这一结论对于改善中国上市公司,尤其是国有控股上市公司的公司治理结构具有重要的现实意义.     

投资者法律保护、产品市场竞争与现金股利支付力度——来自中国制造业上市公司的经验证据

在股利代理理论的框架下,实证检验了投资者法律保护、产品市场竞争与企业现金股利支付力度的关系,以及在不同投资者法律保护水平(包括法律制度和法制环境)下,产品市场竞争对企业现金股利支付力度的影响.研究发现,在其他条件一定的情况下,投资者法律保护水平、产品市场竞争程度与公司现金股利支付力度呈显著正相关关系;当法律保护水平较低时,产品市场竞争对公司现金股利支付力度的影响更显著.研究结论进一步说明了在法律保护水平较低时,激烈的产品市场竞争可以弥补法律保护的不足,保护投资者的利益.     

Is Imperfect Competition in the Product Market Relevant for Labour Markets?

Recent research in macroeconomics emphasises the importance of imperfect competition in the product market for labour market outcomes. We investigate one aspect of this issue by specifying a dynamic labour demand model where firms face different degrees of competition in the product market and test its predictions for 299 US manufacturing industries. We find that the long-run equilibrium level of industry employment as well as the speed of labour demand adjustment decreases with market power. Our results imply that imperfect competition in the product market explains part of the observed labour market rigidities and also sheds new light on two “stylized facts” in industrial organisation, the observation of procyclical movements in productivity and price–cost margins in concentrated industries.     

Prophets vs. profits: How market competition influences leaders' disciplining behavior towards ethical transgressions

We investigate how market competition influences the way leaders discipline employees' ethical transgressions. A cross-sectional study among organizational leaders (Study 1) revealed that strong market competition is related to an instrumental decision frame (business practices are more focused on serving the organization's interest). This decision frame explains why strong market competition is related to leaders' perceptions of the evaluation of wrongdoing in terms of instrumental rather than moral concerns. Two experiments (Studies 2 and 3) show that increased market competition makes leaders' disciplining of ethical transgressions more contingent upon the transgression's instrumentality to the organization: the same ethical transgression is punished less when it resulted in profit than when it resulted in loss. This research is among the first to identify conditions that determine disciplinary responses of organization leaders to ethical transgressions, and it feeds the debate on whether market competition promotes the display of unethical behavior within organizations.     

电子商务市场特征对产品创新影响的实证研究

根据电子商务价值理论,电子商务企业进行产品创新能有效提升或创造客户价值,但电子商务市场环境因素可能会影响电子商务企业的产品创新,而已有关于产品创新的研究大多聚焦于传统市场。依据电子商务客户价值、从众行为、多重创新、组织学习和信息过载等理论,以电子商务市场的两个主要特征市场信息和竞争强度为前导变量,构建它们对于电子商务企业产品创新倾向和电子商务企业绩效的影响模型,并提出变量间关系假设。通过收集中国最大B2C平台天猫商城内309家电子商务企业的数据,应用多元回归分析方法实证检验电子商务市场特征对产品创新的影响。研究结果表明,电子商务企业产品创新正向影响企业绩效;市场信息促进电子商务企业产品创新,但其效用受竞争强度的反向调节;竞争强度显著加强电子商务企业的产品创新倾向且不会影响企业创新绩效,因为在当前电子商务发展阶段和电子商务市场特性的作用下,产品创新能获得熊彼得租金,主导产品创新的是竞争脱离效应而非熊彼得效应。本研究结论对电子商务企业实践具有一定的指导意义。     

产品市场竞争影响企业慈善捐赠的实证研究

基于企业慈善捐赠的动机视角,利用我国沪深两市的676家上市公司作为研究样本,检验产品市场竞争是否对企业慈善捐赠产生影响,研究结果表明:与处于正常竞争程度行业企业相比,处于强竞争行业的企业和处于弱竞争行业的企业都趋向捐赠更少,产品市场竞争程度与企业捐赠之间呈"∩"型关系。检验了规模、盈利能力、负债水平、直接接触消费者、所有制等因素对企业捐赠的影响,研究结果进一步支持企业慈善捐赠的经济动机观点。     

产品市场竞争、控股股东倾向和公司现金股利政策

利用我国沪深两市的4093个公司年非平衡面板数据,实证检查了公司产品市场竞争程度、控股股东现金股利分配倾向与公司现金股利政策之间的关系。结果表明,控股股东具有偏好现金股利的显著倾向,并且这种倾向不受股东性质的显著影响。进一步的研究发现,控股股东偏好现金股利的倾向在高产品市场竞争的环境下更加显著,控股股东要求支付更多现金股利的倾向随产品市场竞争程度的增加而增加。通过运用代理成本理论和股利"掏空"理论对结论进行分析,表明产品市场竞争起到了良好的外部治理机制作用,可以较好地抑制经理层的道德风险和控股股东通过其他方式对公司进行"掏空"。     

Relative Performancebewertung und Produktmarktwettbewerb

Relative Performance Evaluation aims at reducing incentive risk imposed on a manager, and at influencing product market choices. Thereby, firm owners can choose stronger effort incentives, and they may reduce the degree of competition with the firm’s competitors. Within a principal/agent-model, we explore the interrelation between characteristics of product market competition, performance evaluation, and incentives. Our results show that a firm’s optimal performance evaluation significantly depends on the characteristics of product market competition. This implies that a firm’s optimal choice of performance evaluation is firm- and industry-specific. Hence, our results support the industry-selection-approach recently applied in empirical compensation studies.     

市场竞争模式下的技术溢出与技术创新分析

技术溢出的存在是技术创新市场失效的主要原因.本文通过构建技术溢出下的企业产品市场竞争模型,比较研究了产品市场产量竞争和价格竞争模式下技术溢出与技术创新.分析表明,在均衡时,技术溢出总会发生,价格竞争模式相对于产量竞争模式的技术创新激励得到加强,在价格竞争下技术创新激励几乎不会被创新溢出所影响.结果还表明,价格竞争是可取的,它将带来社会总福利的增加.     

How car dealers adjust prices to reach the product efficiency frontier in the Spanish automobile market

This paper investigates the relationship between the dynamics of price discounts at the dealership level and product efficiency in the Spanish auto market. Using data envelopment analysis (DEA), product efficiency scores are estimated for 2092 different vehicles commercialized during 2010, using an innovative database that accounts for more than 75 technical attributes of each model. By alternating official and discounted prices on the DEA specification, we are able to propose a measure of competitive improvement in the retailing stage. We also introduce a decomposition of this measure into two indices that account for the “commercial effort” made by the dealer and the “intensification of competition” that results from the discounting efforts of the other dealers. Finally, we explore the importance of a number of drivers of dealer discounts. As expected, the results confirm the existence of an inverse relationship between product efficiency and dealer discount. Also as expected, discounts are significantly larger for generalist brands, aged models and gasoline engines.     

Modeling market information processing in new product development: An empirical analysis

This research explores the antecedents and consequences of market information processing during the development process of new high-tech products. To this end, we develop and test a conceptual model for market information processing in three generic stages of the new product development (NPD) process (predevelopment, development and commercialization). In addition, we explore the relationships between market information processing, its antecedents, and product advantage and success. We test our model with responses from 166 NPD-managers in Dutch high-tech firms. The findings show that the market information processing variables are related differentially to new product outcomes, even when controlling for product advantage and product newness to the market. In addition, we found that companies can enhance market information processing for new high-tech products by influencing project priority and flexibility to new products, and by reducing interdepartmental conflict.     

HOW DOES PRODUCT MARKET COMPETITION SHAPE INCENTIVE CONTRACTS?

This paper studies the effect of product market competition on the explicit compensation packages that firms offer to their CEOs, executives and workers. We use a large sample of both traded and nontraded UK firms and exploit a quasi‐natural experiment associated to an increase in competition. The sudden appreciation of the pound in 1996 implied different changes in competition for sectors with different degrees of openness. Our difference in differences estimates show that a higher level of product market competition increases the performance pay sensitivity of compensation schemes, in particular for executives. (JEL: J33, L20, G34)     

基于产品安全责任的供应链激励与竞争策略

从产品安全责任入手,基于批发价格合同,运用博弈论的基本思想,对四种情景中供应链的均衡进行分析："非竞争与非激励协调"、"非竞争与激励协调"、"竞争与非激励协调"和"竞争与激励协调"。结果显示：适度的批发价格合同激励协调措施能够提升制造商履行产品安全责任水平、市场需求量、供应链及其各成员的期望收益,但过度激励会降低市场需求量与分销商的期望收益,进而阻滞供应链总期望收益的增加;竞争将降低市场需求量、供应链及其各成员的期望收益;低度激励时竞争将降低制造商履行产品安全责任水平,高度激励时竞争将提升制造商履行产品安全责任水平;供应链采用批发价格合同激励协调机制能够增强其对外部的竞争能力,但过度竞争将降低制造商履行产品安全责任水平,进而对供应链及其各成员的利益造成损害。研究成果对供应链的产品安全责任管理实践有重要的指导意义。