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The main purpose of this paper is the identification of the conceptualization of trust as well as its factors and outcomes in interorganizational relations in mobile supply chains (MSCs) in which multiple stakeholders collaborate.

The authors first used a comprehensive literature review to extract related factors and outcomes of trust. Second, the authors conducted semi-structured interviews in chemical and pharmaceutical companies in Germany. These organizations stand out as leaders in the concept of MSCs and have developed collaborations with various stakeholders.

Based on the results, a conceptual model has been developed that elaborates on the nature of trust and its factors and outcomes for cultivating trustful stakeholder collaboration. The study identifies six factors or approaches for building trust and two outcomes resulting from mutual trust.

The conceptual model presented in this study can serve as a basis for developing trust in MSCs. Interorganizational collaborations in MSCs are more successful when saturated with trust. The collaboration systems must allow the innovative organizations to create value through the adaptation of advanced technologies without failure.

The study adds to the body of knowledge in building trust in multiple stakeholder collaboration, particularly in innovative organizations which are involved with disruptive technologies.

由眾多股東共同協作的移動供應鏈内存在著一定的互信。本文主要的目的在闡明這種互信的概念，並確定就組織間之關係而言，帶來互信的因素及因互信而產生的效果。

作者們首先透過全面的文獻探討，從中提取帶來互信的相關因素，和因互信而產生的效果。作者們接著在位於德國的化工及製藥公司內進行半結構式訪談。這些組織及公司就移動供應鏈的概念而言，在同業中脫穎而出，成為領導者，並與各股東建立了合作夥伴的關係。

作者們根據研究結果、建立了一個概念模型。這模型闡述了互信的性質，互信的因素，以及在股東間培育互信合作關係的效果。研究亦確定了建立互信六個相關因素/方法，和兩個因互信而產生的效果。

本研究在現時相關的領域上、加深了我們對多個股東共同協作上建立互信的瞭解，特別是涉及破壞式技術的創新型組織。

本研究所展示的概念模型可作為在移動供應鏈內建立互信的基礎和依據。若移動供應鏈內的各個組織間充滿著互信，則相互的協作定必更成功。共同協作的機製必須能為創新型組織透過無誤地改編先進技術去創造價值。

The paper investigates the effect of corruption on corporate investment efficiency around the world.

The sample includes 218,350 observations from 30,074 firms across 42 countries. The authors measure corruption based on the Corruption Perception Index (CPI) from Transparency International, Corruption Control Index (CCI) from the World Bank and Corruption Index from the International Country Risk Guide.

The authors find that corruption is negatively related to investment efficiency. The robustness checks with different measures of corporate investment and alternative regression approaches show consistent findings. Moreover, the authors also find that the effect of corruption is stronger (weaker) in strong (weak) shareholder protection countries.

The paper has two important contributions to the literature. First, it shows that corruption environment is also a determinant of corporate investment efficiency. Second, legal protection of shareholders can mitigate the negative effect of corruption on corporate investment efficiency.

本研究擬探討世界各地貪污腐敗對企業投資效率的影響。

研究樣本涵蓋42個國家，30,074間公司，218,350個觀察。測量貪污腐敗的方法乃基於國際透明組織的腐敗感知指數、世界銀行的腐敗控制指數和國際國家風險指南的貪污指數。

研究結果顯示、貪污與投資效率成負相關。以企業投資的各種測量方法、以及用其他的回歸分析方法來進行的強度檢驗，均顯示一致的結果。而且，我們亦發現，在對股東的保障較大的國家，貪污所帶來的影響也會較大；同樣地、對股東的保障較小的國家，貪污的影響也相應會較輕微。

本研究對文獻有兩個重要的貢獻。首先，研究證明了貪污腐敗的環境亦是企業投資效率的決定因素；其次，研究亦證明給股東的法律保護會減低貪污對企業投資效率所帶來的負面影響。

Seed accelerators (SAs) appear as a more advanced version of business incubators. These for-profit organizations in exchange of equity, help setting new start-ups by providing mentoring and funding during its first months. Due to their emergent nature, the impact and expectations of SAs remains largely unknown. Therefore, the purpose of this study is to throw new light on this field by empirically assessing for the first time the performance and prospects of these organizations through a survey of 116 SAs.

A model based on the Business Incubators literature is built with four categories covering size, location, age and profitability variables, leading to two hypotheses to be tested empirically over a survey of 116 SAs.

Some remarkable findings arise after implementation of both bivariate and multivariate analysis. The results confirm a higher size and performance in the US and in the oldest SAs at statistically significant levels.

The study is not free from limitations but the findings make a contribution to the still scarce existing literature on SAs, and provide some managerial implications to their stockholders, to investors and to entrepreneurs.

The findings concerning performance indicators are especially helpful for investors, primarily concerned with the percentage return on investment factor, the period and the investment rounds needed to achieve exit. Another key issue is the SA's role as an employment seedbed. At first glance, the amount of employment, both overall and per company, might seem small given the young age of these firms. The impact of SAs on the generation of new employment is difficult to measure as it usually takes place in further stages of development of the tenant companies, the so-called scale-up process. Nonetheless, at present, the number of new companies being born is remarkable and, in terms of employment, the results are indeed promising. Our findings also offer important implications for entrepreneurs, venture investors and policy-makers. To entrepreneurs, our findings offer insight on the expectations to hold in the accelerator programs.

For policy-makers and would-be accelerator founders, our results support the idea shared in the literature that accelerators can be an effective entrepreneurial intervention, even in small entrepreneurial ecosystems, compared to the strongest entrepreneurial hubs (Hallen et al., 2017).

SAs are a very recent phenomenon which is blooming all over the world, especially in developed countries. SAs are therefore considered a key agent in the prospects of any entrepreneurial ecosystem. However, no studies have so far analysed the impact and performance of this emerging instrument. This is precisely the main purpose of this paper, to offer for the first time an approximate and exploratory assessment on the impact and prospects of SAs, based on a database.

種子促進中心，以企業孵化中心的更高級版本的形態出現。這些營利組織、在企業剛開始營運的首數個月內提供指導及資金，以換來股權。由於種子促進中心是從未有過的，故其影響及人們寄予的期望大致仍為未知之數。因此，本研究旨在這範疇內提供新的知識，以實證方法，透過調查116間種子促進中心，首次對這類組織的表現及前景進行了評估。

研究人員根據關於企業孵化中心的文獻建立了一個模型，內容包括四個範疇，﹔涵蓋的變量為：規模大小、地域位置、經營年期及盈利狀況。這模型提供了兩個以實證方法、透過調查116間種子促進中心來進行驗證的假設。

透過進行二元及多元分析取得卓越的研究結果。研究結果確認了在美國的種子促進中心及歷史最悠久的種子促進中心在統計意義上顯著地呈較具規模及表現更佳。

本研究不是沒有局限的。唯研究結果為現時在種子促進中心方面的探討仍稀少的文獻提供了貢獻，亦為種子促進中心的股東、投資者及企業家提供了管理方面的提示。

與表現指數相關的研究結果對投資者尤為有用。他們主要的關注是投資因素的回報率，進行轉讓所需的時間及籌集投資總額。另一主要問題是種子促進中心作為就業苗床所扮演的角色。乍看之下，如考慮到這些公司短暫的歷史，無論整體的就業數量、或是以每間公司計算的就業數量都看似微小。種子促進中心在製造新工作方面的影響是難以量度的。這是因為新工作的產生通常出現在租戶公司發展的進一步階段內, 這就是所謂放大過程。但目前誕生的新公司的數目另人注目。而且, 以就業方面來說，效果實在是相當不錯的。我們的研究結果也為企業家、風險投資者及政策制定者提供重要的暗示。對企業家而言，我們的研究結果為他們就促進中心方案應持甚麼期望提供了啟示。

對政策制定者及未來的促進中心始創人而言，我們的研究結果支持文獻所說：促進中心、與最強大的企業樞紐比較之下，即使是在細小的企業生態系統裏，可以是有效的企業介入 (哈倫等人,2017)(Hallen et al., 2017) 。

種子促進中心是一個頗為近期才出現的現象。這現象在全球興盛起來，特別是在發達國家。因此，種子促進中心被認為是可為任何一個企業生態系統帶來前景的主要媒介。唯至今仍未有分析這新興工具的影響及表現的研究。這正正就是本研究的主要目的，就是首度根據一個數據庫，為種子促進中心的影響及前景提供一個適當和探索性的研究。

This study examines whether CEO power influences the book-based and market-based performance of Russian companies when it is restricted by the presence of essential shareholders, namely, state and influential businessmen.

Managerial power is divided into structural, ownership, expert and prestige. The proposed power metrics include not only CEOs but also the board of directors' characteristics that may restrict or enhance CEO power. The empirical analysis is based on the sample of 90 large traded Russian firms, which shares are included in the Moscow Stock Exchange Broad Market Index (MICEX BMI), observed from 2012 to 2019.

Panel data analysis suggests that higher board ownership and tenure may restrict CEO power, which in turn would be beneficial for corporate performance. the authors also see that in companies owned by influential businessmen, CEO power influence on M/B value is more negative, while state ownership does not moderate it. CEO power metrics, based on political experience and tenure, affect corporate performance differently in companies affiliated with extractive industries.

First, the authors consider two channels through which a company in emerging markets may get additional resources: CEOs and influential owners. Second, the authors develop power metrics based on Finkelstein's managerial power classification (1992) and the idea of relative power proposed by Bebchuk et al. (2011). It allows identifying whether the board of directors' may constrain or enhance CEO power to raise corporate performance. Third, the authors analyze developing Russian markets that represent a good ground for testing the question, whereas empirical research on Russia is relatively scarce (Grosman and Leiponen, 2018). Fourth, the authors pay particular attention to the CEO power in the extractive industry, strategically important for the Russian economy.

本研究擬探討行政總裁的權力，若因有不可或缺的股東 - 即國家和具影響力的實業家 - 的存在而受到約束時，其權力會否影響俄羅斯公司以賬簿為基礎和以市場為基礎的表現

管理權分為結構性的、所有權的、專家的和聲望的。提出的權力指標不但包括行政總裁，也涵蓋或會限制或增加行政總裁權力的董事會特徵。本研究的實證分析法是基於90間股份被納入莫斯科股票交易廣泛市場指數的大型俄羅斯上市公司樣本，觀察期由2012年至2019年

面板數據分析顯示、較高的董事會所有權和較長的任期或會限制行政總裁的權力，這因此有利於提升企業績效。我們亦看到，在具影響力的企業家擁有的公司裡，行政總裁權力對市價淨值的影響是較負面的，而國有制沒有把它減低。就隸屬採掘業的公司而言，基於政治經驗和任期的行政總裁權力指標，會對企業績效帶來不同的影響

(一) 我們考慮在新興市場公司可取得額外資源的兩個途徑：行政總裁和具影響力的所有者。(二) 我們基於芬克爾斯坦 (Finkelstein, 1992) 的管理權分類，以及 Bebchuk et al. (2011) 所提出相對功率的學說，建立了權力指標。憑著這權力指標，我們可鑑定董事會會限制、抑或增強行政總裁提升企業績效的權力。(三) 我們分析發展中的俄羅斯市場，其為測試我們問題的良好地方，而探討俄羅斯的實證研究較為稀有 (Grosman and Leiponen, 2018) 。(四) 我們特別關注在採掘業的行政總裁權力，而採掘業對俄羅斯經濟來說、是具有重要戰略意義的

The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies.

A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco.

The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis.

It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here.

The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises.

This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.

本研究擬分析當企業集團的信譽被評估時的解釋性因素-行業,以填補現時的研究缺口。具體來說,研究人員鑒於學術文獻至今仍未於評估私營企業的信譽時、把行業當作是一個解釋變量來看待,故擬進行研究、以顯示行業光環在評估企業信譽時所產生的影響。

研究使用的樣本為43間西班牙公司。研究人員分析以Merco Empresas 指數來測量的公司信譽與公司所屬行業之間的關係。有關的分析調控了公司的業績、規模、營業額、企業責任、以及企業領導能力的公眾認可程度所帶來的影響。研究人員對有關變量間的關係進行橫向分析 分析於2005年至2016年期間年度性地進行。現有數據取自有關公司的年度財務報表和其網站,也有取自Merco的。

研究結果表明了可解釋西班牙企業信譽的行業光環是存在的。研究結果亦顯示、行業光環不是永恆的,而且,行業光環往往會在營運極其困難的年度內出現。

本文讓我們更深入瞭解公司信譽與公司所屬行業之間的關係,以及其在時間上的永恆性。就這相關的關係而言,探討西班牙市場的研究至今為數不多。

The unprecedented economic development and increase in the number of global corporations in the Greater China region, comprising the Chinese mainland, Taiwan and Hong Kong, have led to more emphasis on corporate leader-stakeholder communication. Bilingual web-based messages posted on corporate websites, which aim to strategically cultivate positive relationships between leaders and stakeholders, have emerged as a primary mode of communication for Chinese corporations. However, a research study investigating the prominent themes and underlying cultural values depicted in leaders’ messages intended for different groups of stakeholders is lacking. Therefore, the purpose of this paper is to investigate the themes and cultural values expressed through corporate leaders’ web-based messages in a non-western context.

Using an inductive approach, open coding and a categorization system, this study analyzed the web-based messages of leading corporations with WordSmith 6.0.

Six prominent themes in leaders’ communication were identified. These themes included, in order of importance: company development, operating philosophy, company profile, business environment, performance, and products and services. It was found that leaders strategically selected certain themes such as focusing on progress and the business environment but omitted others depending on how they wanted to strategically influence their stakeholders’ attitudes. Differences between the cultural values depicted in Chinese and the corresponding English messages could be attributed to leaders’ cultural adaptation of the messages intended for non-domestic stakeholders.

Since this study provides insights into the major themes preferred by leaders of corporations operating in Greater China, it will enable existing stakeholders to understand the main business focus of leaders and offer leaders more information about commonly accepted themes. These possibilities for enhanced knowledge on the part of stakeholders and business leaders, in turn, may potentially increase academic appreciation of the complexities involved in corporate communication. It also informs stakeholders about the variations in the values reflected in the English and Chinese messages of leaders, and, therefore, has a potential to offer value to academics and practitioners.