Paralleling with the contribution of Western systems thinking to the development of modern Chinese system theory, the authors notice that the concept of yin-yang is scattered in many social science researches in the West. However, those researches were still not rich enough to yield insights into the core value of yin-yang and, in turn, there is seemly no one unified guiding law or principle which governs both its theoretical and empirical applications. In this study, axiom system of the Yin-Yang-based system has been proposed and elaborated through the comparisons of systematic thinking between East and West. After incorporating the concept of causal chains, it can also be used to work as quantitative tool for business decision analysis in management practices. The aim of this study is to bridge the contemporary systematic thinking gap between East and West and to provide a complement to aid in further development of system theory.
This research investigates the relationship between fat cat firms and crash risk. Our empirical results find that under industry fixed effects, fat cat firms are positively associated with stock price crash, demonstrating that a self-interested board of directors leads to a serious agency problem. We find consistent results after we control for other types of fat cat firms, sample selection bias, endogeneity problem and use different measurements of crash risk. Finally, we also report that under the within-firm scenario, the more frequently firms are listed as fat-cat firm announcements, the worse agency problem it encountered, which causes fat cat firms to have higher crash risk.
One of the important sources for investors to evaluate is the information provided in the Asian Journal of Finance & Accounting ISSN 1946-052X 2013 www.macrothink.org/ajfa 420 financial statements disclosed by firms. Past researches consider that worse financial statement quality has higher information risks from the aspect of information risks but they ignore the investors' degree of tolerance and aversion towards risks. Furthermore, the accounting signals hidden behind financial statements can be considered as important information for investors to evaluate the futurity of enterprises. Thus, it is our main research topic as how to apply accounting signals on investment risks. This study uses data of the U.S. during 1991-2008 to review the influence of accounting signals on investment risks. Result finds that in the investment management essentials in firm-wise, the accounting signals for capital expenditure ratio per person can lower the investment risks no matter in cost leadership firms or differentiation strategy firms. For the investment management essentials in industry-wise, we have the below findings: In cost leadership strategy samples, there is competitive convergence if enterprises over-pursue the fixed asset turnover ratio. In the samples that adopt differentiation strategy, increasing the ixed asset turnover ratio can enhance organization's competitiveness and reduce investment risks. This is the first study that applies capability index of accrual quality (investors' degree of tolerance and aversion towards risks) on researches of accounting signals and discovers that competitive convergence exists in organizations that adopt cost leadership strategy.
The purpose of this paper is to examine the implementation of a Material Flow Cost Accounting system (MFCA) and to provide meaningful results for managers to make decision. A case study and the depth interview were employed for small-and medium-size enterprises in the metal processing industry to collect the information for further analysis. The result shows that the implementation of the Material Flow Cost Accounting system can mitigate the probability of dysfunctional decision making, particularly for investment decisions, assist managers in directly filtering out energy or material waste, and enhance the accuracy of product cost evaluations. This paper concludes that the Material Flow Cost Accounting system is not only a management tool, which helps managers achieve cost reductions, but also a mechanism, which realize corporate social responsibility. The results of this investigation support the proposition that implementation of environmental collaboration and monitoring practices by supply chain partners are both environmentally necessary and good business. The paper provides manufacturing managers with a structured approach to improving both environmental and organizational performance through environmental collaboration and monitoring with customers and suppliers
Development of biofuels to replace fossil fuels by bioenergy systems has been attracting attention as an environmental-friendly process. Dealing with biowaste by anaerobic digestion not only disposes of wastes but also producing biogas during the treatment processes for providing the renewable energy source at low-cost while conserving fossil fuel. This study aims to use life cycle assessment and costbene t analysis tools in evaluating and comparing the potential environmental impacts and cost bene ts for the swine farm operation with and without a rapid-build anaerobic fermentor module installed into the original three-stage wastewater treatment system, which module helps biogas production as energy recovery in swine farms. The results indicate that the module could help reduce carbon footprint by 22.6%, methane by 51.8%, sulfur oxides by 92.6%, nitrogen oxides by 74.2%, carbon monoxide by 54.7%, nitrous oxide by 28.6%, suspended particulate by 95.4%, and non-methane volatile organic compounds by 80%. Using this module made the reductions of damage impacts were human health 82%, ecosystem quality 59%, and resource scarcity 87%. The daily average biogas production was 46.38 m 3 and its annual electricity generation income was 6,091 USD. This study allows identifying the lowest environmental impact to support the adoption of sustainable waste treatment and the opportunity for converting waste to be energy and utilization with economic bene ts for small-scale swine farms.
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