The trade associated with international production networks – supply‐chain trade for short – is associated with some of the most momentous global economic changes in the last 100 years. It has ...transformative implications for the world economy. This paper presents a portrait of the global pattern of supply‐chain trade and how it has evolved since 1995.
The purpose of this paper is to investigate the research development in supply chain risk management (SCRM), which has shown an increasing global attention in recent years. Literature survey and ...citation/co-citation analysis are used to fulfil the research task. Literature survey has undertaken a thorough search of articles on selected journals relevant to supply chain operations management. Meanwhile, citation/co-citation analysis uses Web of Sciences database to disclose SCRM development between 1995 and 2009. Both the approaches show similar trends of rising publications over the past 15 years. This review has piloted us to identify and classify the potential risk associated with different flows, namely material, cash and information flows. Consequently, we identify some research gaps. Even though there is a pressing need and awareness of SCRM from industrial aspect, quantitative models in the field are relatively lacking and information flow risk has received less attention. It is also interesting to observe the evolutions and advancements of SCRM discipline. One finding is that the intellectual structure of the field made statistically significant increase during 2000–2005 and evolved from passively reacting to vague general issues of disruptions towards more proactively managing supply chain risk from system perspectives.
In this paper we develop a measure of competition based on management's disclosures in their 10-K filing and find that firms' rates of diminishing marginal returns on new and existing investment vary ...significantly with our measure. We show that these firm-level disclosures are related to existing industry-level measures of disclosure (e.g., Herfindahl index), but capture something distinctly new. In particular, we show that the measure has both across-industry variation and within-industry variation, and each is related to the firm's future rates of diminishing marginal returns. As such, our measure is a useful complement to existing measures of competition. We present a battery of specification tests designed to explore the boundaries of our measure and how it varies with the definition of industry and the presence of other measures of competition.
We present the first causal estimates of the effect of Social Security Disability Insurance benefit receipt on labor supply using all program applicants. We use administrative data to match ...applications to disability examiners and exploit variation in examiners' allowance rates as an instrument for benefit receipt. We find that among the estimated 23 percent of applicants on the margin of program entry, employment would have been 28 percentage points higher had they not received benefits. The effect is heterogeneous, ranging from no effect for those with more severe impairments to 50 percentage points for entrants with relatively less severe impairments.
In this article, we examine the empirical association between firm value and CSR engagement for firms in sinful industries, such as tobacco, gambling, and alcohol, as well as industries involved with ...emerging environmental, social, or ethical issues, i.e., weapon, oil, cement, and biotech. We develop and test three hypotheses, the window-dressing hypothesis, the value-enhancement hypothesis, and the value-irrelevance hypothesis. Using an extesive US sample from 1995 to 2009, we find that CSR engagement of firms in controversial industries positively affects firm value after controlling for various firm characteristics. To address the potential endogeneity problem, we further estimate a system of equations and change regression and continue to find a positive relation between CSR engagement and firm value. Our findings support the value-enhancement hypothesis and are consistent with the premise that the top management of US firms in controversial industries, in general, considers social responsibility important even though their products are harmful to human being, society, or environment.
Recent frauds have questioned the efficacy of the SEC's enforcement program. We hypothesize that differences in firms' information sets about SEC enforcement and constraints facing the SEC affect ...firms' proclivity to adopt aggressive accounting practices. We find that firms located closer to the SEC and in areas with greater past SEC enforcement activity, both proxies for firms' information about SEC enforcement, are less likely to restate their financial statements. Consistent with the resource-constrained SEC view, the SEC is more likely to investigate firms located closer to its offices. Our results suggest that regulation is most effective when it is local.
► We hypothesize that differences in firms' information sets about SEC enforcement and constraints facing the SEC affect firms' proclivity to adopt aggressive accounting practices. ► We find that firms located closer to the SEC and in areas with greater past SEC enforcement activity, both proxies for firms' information about SEC enforcement, are less likely to restate their financial statements. ► Consistent with the resource-constrained SEC view, the SEC is more likely to investigate firms located closer to its offices. ► Our results suggest that regulation is most effective when it is local.
ABSTRACT
Transport infrastructure investment is a cornerstone of growth‐promoting strategies. However, the link between infrastructure investment and economic performance remains unclear. This may be ...a consequence of overlooking the role of government institutions. This paper assesses the connection between regional quality of government and the returns of different types of road infrastructure in the regions of the European Union. The results unveil the influence of regional quality of government on the economic returns of transport infrastructure. In weak institutional contexts, investment in motorways—the preferred option by governments—yields significantly lower returns than the more humble secondary road. Government institutions also affect the returns of transport maintenance investment.
This paper investigates the driving forces, emission trends and reduction potential of China's carbon dioxide (CO2) emissions based on a provincial panel data set covering the years 1995 to 2009. A ...series of static and dynamic panel data models are estimated, and then an optimal forecasting model selected by out-of-sample criteria is used to forecast the emission trend and reduction potential up to 2020. The estimation results show that economic development, technology progress and industry structure are the most important factors affecting China's CO2 emissions, while the impacts of energy consumption structure, trade openness and urbanization level are negligible. The inverted U-shaped relationship between per capita CO2 emissions and economic development level is not strongly supported by the estimation results. The impact of capital adjustment speed is significant. Scenario simulations further show that per capita and aggregate CO2 emissions of China will increase continuously up to 2020 under any of the three scenarios developed in this study, but the reduction potential is large.
► We construct a provincial panel of China’s CO2 emissions covering the year 1995–2009. ► We investigate driving forces and reduction potential of China’s CO2 emissions. ► The Environmental Kuznets Curve is not strongly supported by the estimation results. ► China’s CO2 emissions will increase up to 2020, but the reduction potential is large.
We document a political cycle in the investment decisions of state-owned enterprises (SOEs) by using the constitutionally mandated election schedule in India as a source of exogenous variation in ...politicians’incentive to cater to voters. Using a project-level investment database, we find that SOEs announce more capital expenditure projects in election years, especially in infrastructure, and in districts with close elections, high-ranking politicians, and left-wing incumbents. SOE projects in election years have negative announcement returns, suggesting a loss in shareholder value. These patterns are not seen in nongovernment firms or in off-election years.
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