Despite the extraordinarily high ownership concentration widely observed in emerging market firms as a result of institutional voids, there is little research on how this high ownership concentration affects the expor...Despite the extraordinarily high ownership concentration widely observed in emerging market firms as a result of institutional voids, there is little research on how this high ownership concentration affects the exporting behavior of emerging market firms. From principal-agent and institutional perspectives, we hypothesize that high ownership concentration has a negative relationship with export intensity, because, in emerging markets, highly concentrated ownership bridges the interests of owners （principals） and managers （agents） so that principals must be prudent in exploring risky international markets. Moreover, we hypothesize that export country diversification strengthens the relationship between ownership concentration and export intensity, because broad geographic dispersion increases risk exposure and principal-agent problems. Empirical analysis based on a panel dataset for publicly listed firms in Peru from 2005 to 2014 supports the hypotheses. The study highlights the risk aversion attitude activated by ownership concentration, an attitude that protects emerging market firms from overconfidently exploring international business opportunities. The study extends the conventional literature on the interface between ownership concentration and international business in an emerging market context. We also discuss the generalizability of the findings to other emerging markets, e.g. China.展开更多
Arctic sea ice export is important for the redistribution of freshwater and sea ice mass.Here,we use the sea ice thickness,sea ice velocity,and sea ice concentration(SIC)to estimate the exported sea ice volume through...Arctic sea ice export is important for the redistribution of freshwater and sea ice mass.Here,we use the sea ice thickness,sea ice velocity,and sea ice concentration(SIC)to estimate the exported sea ice volume through the Fram Strait from 2011 to 2018.We further analyse the contributions of the sea ice thickness,velocity and concentration to sea ice volume export.Then,the relationships between atmospheric circulation indices(Arctic Oscillation(AO),North Atlantic Oscillation(NAO),and Arctic Dipole(AD))and the sea ice volume export are discussed.Finally,we analyse the impact of wind-driven oceanic circulation indices(Ekman transport(ET))on the sea ice volume export.The sea ice volume export rapidly increases in winter and decreases in spring.The exported sea ice volume in winter is likely to exceed that in spring in the future.Among sea ice thickness,velocity and SIC,the greatest contribution to sea ice export comes from the ice velocity.The exported sea ice volume through the zonal gate of the Fram Strait(which contributes 97%to the total sea ice volume export of the Fram Strait)is much higher than that through the meridional gate(3%)because the sea ice flowing out of the zonal gate has the characteristics of a high thickness(mainly thicker than 1 m),a high velocity(mainly faster than 0.06 m/s)and a high concentration(mainly higher than 80%).The AD and ET explain 53.86%and 38.37%of the variation in sea ice volume export,respectively.展开更多
文摘Despite the extraordinarily high ownership concentration widely observed in emerging market firms as a result of institutional voids, there is little research on how this high ownership concentration affects the exporting behavior of emerging market firms. From principal-agent and institutional perspectives, we hypothesize that high ownership concentration has a negative relationship with export intensity, because, in emerging markets, highly concentrated ownership bridges the interests of owners （principals） and managers （agents） so that principals must be prudent in exploring risky international markets. Moreover, we hypothesize that export country diversification strengthens the relationship between ownership concentration and export intensity, because broad geographic dispersion increases risk exposure and principal-agent problems. Empirical analysis based on a panel dataset for publicly listed firms in Peru from 2005 to 2014 supports the hypotheses. The study highlights the risk aversion attitude activated by ownership concentration, an attitude that protects emerging market firms from overconfidently exploring international business opportunities. The study extends the conventional literature on the interface between ownership concentration and international business in an emerging market context. We also discuss the generalizability of the findings to other emerging markets, e.g. China.
基金The National Key Research and Development Program of China under contract No.2021YFC2803301the National Natural Science Foundation of China under contract Nos 41976212 and 41830105the Natural Science Foundation of Jiangsu Province under contract No.BK20210193.
文摘Arctic sea ice export is important for the redistribution of freshwater and sea ice mass.Here,we use the sea ice thickness,sea ice velocity,and sea ice concentration(SIC)to estimate the exported sea ice volume through the Fram Strait from 2011 to 2018.We further analyse the contributions of the sea ice thickness,velocity and concentration to sea ice volume export.Then,the relationships between atmospheric circulation indices(Arctic Oscillation(AO),North Atlantic Oscillation(NAO),and Arctic Dipole(AD))and the sea ice volume export are discussed.Finally,we analyse the impact of wind-driven oceanic circulation indices(Ekman transport(ET))on the sea ice volume export.The sea ice volume export rapidly increases in winter and decreases in spring.The exported sea ice volume in winter is likely to exceed that in spring in the future.Among sea ice thickness,velocity and SIC,the greatest contribution to sea ice export comes from the ice velocity.The exported sea ice volume through the zonal gate of the Fram Strait(which contributes 97%to the total sea ice volume export of the Fram Strait)is much higher than that through the meridional gate(3%)because the sea ice flowing out of the zonal gate has the characteristics of a high thickness(mainly thicker than 1 m),a high velocity(mainly faster than 0.06 m/s)and a high concentration(mainly higher than 80%).The AD and ET explain 53.86%and 38.37%of the variation in sea ice volume export,respectively.
