Effects of Firm-specific and Country-specific Advantages on Relative Acquisition Size in Service Sector Cross-Border Acquisitions: An Empirical Examination

Using a sample of 348 service sector cross-border acquisitions by U.S. firms in 44 countries during 1990–2006, our study seeks to identify factors that influence relative acquisition size (acquisition transaction value as a percentage of acquiring firm's asset value). Our findings indicate that firm-specific advantages (FSAs) in the form of available financial slack and target industry knowledge were positively associated with relative acquisition size. However, contrary to expectations, we observed a negative relationship between cross-border acquisition experience and relative acquisition size. In addition, our results suggest that country-specific advantages (CSAs) associated with higher market potential, lower political risk, and greater cultural similarity contributed to increased relative acquisition size in service industry cross-border acquisitions. Finally, our analysis reveals that the relationship between available financial slack and relative acquisition size is contingent on cultural similarity with the relationship being more pronounced when cultural similarity is high.     

High value manufacturing (HVM) in the UK: case studies and focus group insights

This paper studies the internal mechanisms that allow organisations to become high value manufacturing (HVM). Using a qualitative methodology, three UK manufacturing companies formed in-depth case studies with semi-structured interviews, observations and historical data. The HVM value matrix of Martinez and co-workers is used to categorise each organisation’s value proposition. Wider benchmarking of the three organisations was carried out against a focus group with an additional seven manufacturing organisations. Thus, data from 10 manufacturing organisations are included in this research. The cases follow the ‘customer intimacy’ HVM discipline. The business processes supporting these value propositions were identified. Interestingly, each organisation’s desired value proposition differs from their current one. ‘Technological integrators’ predominantly rely on new product development (NPD) and Strategy processes, whereas ‘Socialisors’ rely predominantly on Strategy and Customer Relationship processes. Companies can use the findings to better understand their current HVM value proposition and, where necessary, plan their transition to a future desired HVM value proposition.     

股权质押与市值管理:基于中国沪深股市A股上市公司的实证检验

本文以沪深两市上市公司为研究对象,基于2012-2016年的样本数据,运用STATA14探讨了上市公司发生股权质押后,相较不存在股权质押的公司是否会更有可能进行市值管理,以及股权质押、股权激励和市值管理三者之间的传导机制。基于相关数据的实证结果显示,控股股东在发生股权质押行为后,为了避免股价发生异常波动或者持续下跌从而引发公司治理层面的风险,相较不存在控股股东股权质押情形的公司的确更有可能进行市值管理;进一步分析发现,股权质押后,控股股东会通过股权激励这种手段来进行市值管理。     

“Come for the period comics. Stay for the cultural awareness”: reclaiming the troll identity through feminist humor on Reddit’s /r/TrollXChromosomes

/r/TrollXChromosomes is a women-focused humor subreddit on the community site Reddit.com. This essay presents the findings of a thematic content analysis of TrollX’s top-ranked postings. Several themes emerge: that TrollX is a space for networked affective content, that postings often concern women’s embodiment and sexuality, and that they suggest feminist perspectives. These themes are all linked by the image of the troll: a remixed version of the negative, antisocial identity that disrupts and often harasses communities. The TrollX troll invokes a spirit of self-deprecation to revel in the absurdities of life and collectively celebrate women’s everyday experiences. However, this research also argues that the TrollX version of the feminist troll is only partially realized, as it tends to express ambivalence in regards to systemic, intersectional oppression.     

康定锅庄文化遗产价值新阐释

The understanding of the traditional research of Kangding Guozhuo mainly covers four aspects:1 ) It is widely believed in the academic world that the Guozhuang ( meaning singing and dancing in a circle ) of Kangding was a unique product which combined politics, economics and culture together. 2) It was a specific business form based on the family unit, fulfilling multiple func￣tions such as an inn, a shed, a commodity inter￣mediary, an administrative office, a commodity transformation point, and a banking establishment. And it was also a place for cultural exchange be￣tween the Tibetans and the Han . 3 ) The formation of Guozhuang culture establishes a new element in the culture of the Tibetan-Yi corridor. 4 ) Zheng Shaoxiong mentions that the Guozhuangzhu ( the Guozhuang host ) had played an intermediary role in assisting the Tibetan businessmen to sell or pur￣chase goods - this helped to maintain the trade relations between the Han and Tibetans ( or their communication) . This kind of ingenious institu￣tional arrangement was a historical practice in keeping the balance of the relationship between different cultural communities, such as the Qing court, Tusi ( native officials ) and the Guozhuang host of Kangding. It reflects the wisdom in ethnic interactions, and can be borrowed in present ethnic regional autonomous system.
The above mentioned understanding is a result of study from the perspective of history, ethnology or economics. Although Zheng Shaoxiong’s re￣search was born from the old mindset, and pro￣posed the new value of Guozhuang cultural mecha￣nism, there is still a lack of research on this cul￣ture from such comprehensive perspectives as ur￣ban history, cultural anthropology, and economic anthropology. Thus it cannot fully reveal the fea￣ture and value of Kangding Guozhuang, a complex cultural phenomenon.
Based on existing data, past research, and fieldwork on the oral history of Kangding Guozhuang conducted in August 2013 , this article gives some new interpretations to the features of Guozhuang culture from an interdisciplinary per￣spective as follows:
1 ) The forever “48 Guozhuang” are a Kang￣ding urban memory, which displays the common cultural psychology of regarding Kangding as an important trade city of the Han and Tibetans; and Guozhuang carries a folk cultural memory of more than 200 years. After the gaitu guiliu policy ( re￣placement of native officials with centrally appoint￣ed officials) in the late Qing period, the number of newly appeared Guozhuang even reached 60 to 70 .“Although each of them had its own courtyard, and people also called them Guozhuang, they were still quite different from the 48 Guozhuang in the minds of the Kangding people”. This not only in￣dicates that the 48 Guozhuang within the orthodox system were deeply rooted in the hearts of the local people, but also reflects that Guozhuang were re￣garded as the most proper carrier for the communi￣cation between the Han and Tibetan during the late Qing period, otherwise so many Guozhuang court￣yards would not have appeared in history.
2 ) From the name to its architectural form, or function, a Guozhuang was influenced by the Han culture, however, it still had strong Tibetan char￣acteristics. Actually it could be regarded as a min￣iature of local culture of Kangding. Every Guozhuang had its own Tibetan name and Chinese name. The architectural style of the Guozhuang was actually different from traditional multiple -level blockhouse. There was always a courrtyard, and it was larger than that of Han. The vast court￣yard was not only a space for the Tibetan business￣man to cook food and boil tea, but also a space for organizing their entertainment activities, such as singing and dancing in a circle. You Tai, a minis￣ter of the Qing dynasty in Tibetan areas, recorded a grand dancing party organized by the local Tusi to welcome his arrival, which reflected the significant position of the Guozhuang in cultural activities. The upper-class of the Kham area, including Tusi and the Guozhuang host, tried to build a close re￣lationship with both Tibetan and Han in all means, including the title, kinship relation or customs, and successfully built up a central zone on which both sides can be understood. It was just due to the special geographical location and cultural tradi￣tion that made the reconstruction of a cross cultural buffer zone possible.
3 ) The managers of the Guozhuang were mainly the hostesses ( Ajia Kaba in Tibetan lan￣guage) , and this also reflected a kind of feminism in Kham culture. The tradition of the Dong nv guo ( East Kingdom of Women ) enabled the women to run their business in and out of the family. When the tea trade started, the Guozhuang host had to spend much of their energy on providing service to the Tusi, so the Guozhuang hostess took the re￣sponsibility of managing the business of the Guozhuang. Ajia normally controlled the initiative of negotiation in the Han-Tibetan trade, and they played the role of interpreters in the negotiation. There were many live -in son -in -laws in the family of the Guozhuang and this kind of marriage was even more popular in the period from the late Qing dynasty to the Republican era.
If we conduct an analysis of the value of Kangding Guozhuang from multiple dimensions, we would notice that the existence of the non-market interpersonal model in this institution, on some certain degree, had solved the problem of the lack of social cohesion resulting from marketization. From this angle, the value of Guozhuang culture in the improvement of the economic institutions of the market cannot be ignored.
This fieldwork also reflects the significant and comprehensive influence of the Guozhuang cultural heritage of Kangding. When viewed from this an￣gle, its value is incredible. According to the data collected from the fieldwork, all the people, inclu￣ding officials, scholars, businessman and ordinary people, are aware that the Guozhuang is a cultural heritage which has a high and comprehensive val￣ue. If the relevant government bodies could in￣clude it into the scope of heritage protection, and build it into a cultural space of intangible cultural heritage, it will have a much higher heritage val￣ue , and play an important role both in the econom￣ic development and construction of harmonious eth￣nic relationships.
The Kangding Guozhuang also played a role in the deconstruction of the Han - Tibetan social structure - this kind of value can not only be in￣troduced to the present world and influence the fu￣ture world, but also can be seen as a hub which connects the “ancient” and “modern” Han -Ti￣betan relations. Traditionally, there was a structur￣al rule in the communications between the Han and Tibetan, namely that “the Han and Tibetans are somewhat separated from each other ”, however, the Guozhuang model in Kangding deconstructed this Han-Tibetan rule. This was closely related to elements such as social composition, ways of life, marriage, family, kinship, and religious customs. The disappearance of Guozhuang also has its own causes, for instance, the absence of inheritors and failure in operation of this system. However, this article proposes that it is mainly influenced by the social reforms in the historical process. Hence, that is the reason why modern enterprises which re￣tain certain connotations of the Guozhuang could re-appear in the Kang area. In the survey, we no￣tice that some enterprises have already made efforts in this regard. In summary, Kangding Guozhuang had creatively formed a security institution with a more humanized nature, and played an important role in the alleviation of social tensions in ethnic areas. Contemporary society, composed as it is of people with multi-ethnic backgrounds, still needs this kind of “deconstruction”.     

Gendering international student migration: an Indian case-study

ABSTRACT

Despite the mainstreaming of gender perspectives into migration research, very few attempts have been made to gender international student migration. This paper poses three questions about Indian students who study abroad. Are there gender differences in their motivations? How do they negotiate their gendered everyday lives when abroad? Is the return to India shaped by gender relations? An online survey of Indian study-abroad students (n?=?157), and in-depth interviews with Indian students in Toronto (n?=?22), returned students in New Delhi (n?=?21), and with parents of students abroad (n?=?22) help to provide answers. Conceptually, the paper draws on a ‘gendered geographies of power’ framework and on student migration as an embodied process subject to ‘matrices of (un)intelligibility’. We find minimal gender-related differences in motivations to study abroad, except that male students are drawn from a wider social background. However, whilst abroad, both male and female Indian students face challenges in performing their gendered identities. The Indian patrifocal family puts greater pressure on males to return; females face greater challenges upon return.     

The time‐dependent “cure‐death” model investigating two equally important endpoints simultaneously in trials treating high‐risk patients with resistant pathogens

A variety of primary endpoints are used in clinical trials treating patients with severe infectious diseases, and existing guidelines do not provide a consistent recommendation. We propose to study simultaneously two primary endpoints, cure and death, in a comprehensive multistate cure‐death model as starting point for a treatment comparison. This technique enables us to study the temporal dynamic of the patient‐relevant probability to be cured and alive. We describe and compare traditional and innovative methods suitable for a treatment comparison based on this model. Traditional analyses using risk differences focus on one prespecified timepoint only. A restricted logrank‐based test of treatment effect is sensitive to ordered categories of responses and integrates information on duration of response. The pseudo‐value regression provides a direct regression model for examination of treatment effect via difference in transition probabilities. Applied to a topical real data example and simulation scenarios, we demonstrate advantages and limitations and provide an insight into how these methods can handle different kinds of treatment imbalances. The cure‐death model provides a suitable framework to gain a better understanding of how a new treatment influences the time‐dynamic cure and death process. This might help the future planning of randomised clinical trials, sample size calculations, and data analyses.     

动态能力理论视角下企业社会责任行动提升的研究

企业承担相应的社会责任已经取得了学术界和业界的基本认同,在我国当前的社会环境下,通过履行相应的社会责任既有助于企业经济目标的实现,也符合政府提倡建立“和谐社会”的社会总目标的要求。文章从动态能力理论视角出发,对于动态能力,企业社会责任态度,以及企业社会责任提升的关系进行了研究分析,建立了三者之间的关系模型框架。研究表明动态能力通过企业社会认知水平和组织价值观的影响作用,促进了企业社会责任态度的形成,进而能够提升该企业的社会责任行动水平。     

试述高校贫困生救助的伦理价值

高校贫困生一直是高等教育领域值得关注的特殊群体,旨在缓解其经济状况的相应的救助体系也在完善之中。但是关于救助贫困生的隐性伦理问题尚未引起人们足够的重视,而这正关乎个体存在之为根本的人格尊严,同时通过救助使善良的本意和互助的美德得以发扬光大,是救助更深刻的伦理价值所在。     

真理与马克思主义哲学体系问题——蔡仪美学思想的坚实基石

我国美学家蔡仪反对价值真理以主观价值取代真理的客观性,并且他坚持辩证唯物论与历史唯物主义马克思主义哲学体系,批判了以“实践”作为历史唯物主义基本范畴之所谓“新马克思主义”以及一种“人类学本体论的实践哲学”。在他看来这些都是唯心主义的人类中心主义。