An Empirical Study of the Drivers of Consumer Acceptance of Mobile Advertising Table of Con

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股权激励外文文献【中英对照】

外文文献原文The Diffusion of Equity Incentive Plans in Italian Listed Companies 1.INTRODUCTIONPast studies have brought to light the dissimilarities in the pay packages of managers in Anglo-Saxon countries as compared with other nations (e.g., Bebchuk, Fried a nd Walker, 2002; Chefﬁns and Thomas, 2004; Zattoni, 2007). In the UK and, above all in the US, remuneration encompasses a variety of components, and short and long term variable pay carries more weight than elsewhere (Conyon and Murphy, 2000). In other countries, however, fixed wages have always been the main ingredient in top managers’ pay schemes. Over time, variable short-term pay has become more substantial and the impact of fringe benefits has gradually grown. Notwithstanding, incentives linked to reaching medium to long-term company goals have never been widely used (Towers Perrin, 2000).In recent years, however, pay packages of managers have undergone an appreciable change as variable pay has increased considerably, even outside the US and the UK. In particular, managers in most countries have experienced an increase in the variable pay related to long-term goals. Within the context of this general trend toward medium and long-term incentives, there is a pronounced tendency to adopt plans involving stocks or stock options (Towers Perrin, 2000; 2005). The drivers of the diffusion of long term incentive plans seem to be some recent changes in the institutional and market environment at the local and global levels. Particularly important triggers of the convergence toward the US pay paradigm are both market oriented drivers, such as the evolving share ownership patterns or the internationalization of the labor market, and law-oriented drivers, such as corporate or tax regulation (Chefﬁns and Thomas, 2004).Driven by these changes in the institutional and market environment, we observe a global trend toward the “Americanization of international pay practices,” characterized by high incentives and very lucrative compensation mechanisms (e.g., Chefﬁns, 2003; Chefﬁns and Thomas,2004).Ironically, the spread of the US pay paradigm around the world happens when it is hotly debated at home. In particular, the critics are concerned with both the level of executive compensation packages and the use of equity incenti ve plans (Chefﬁns and Thomas, 2004). Critics stressed that US top managers, and particularly the CEOs, receive very lucrative compensation packages. The ’80s and ’90s saw an increasing disparity between CEO’s pay and that of rank-and-ﬁle workers. Thanks to this effect, their direct compensation has become a hundred times that of an average employee (Hall and Liebman, 1998). The main determinants of the increasing level of CEOs’ and executives’ compensation are annual bonuses and, above all, stock option gra nts (Conyon and Murphy, 2000). Stock option plans have recently been criticized by scholars and public opinion because they characteristically are too generous and symptomatic of a managerial extraction of the firm’s value (Bebchuk et al., 2002; Bebchuk and Fried, 2006).In light of these recent events and of the increased tendency to adopt equity incentive plans, this paper aims at understanding the reasons behind the dissemination of stock option and stock granting plans outside the US and the UK.The choice to investigate this phenomenon in Italy relies on the following arguments. First, the large majority of previous studies analyze the evolution of executive compensation and equity incentive plans in the US and, to a smaller extent, in the UK. Second, ownership structure and governance practices in continental European countries are substantially different from the ones in Anglo-Saxon countries. Third, continental European countries, and Italy in particular, almost ignored the use of these instruments un til the end of the ’90s.Our goal is to compare the explanatory power of three competing views on the diffusion of equity incentive plans: 1) the optimal contracting view, which states that compensation packages are designed to minimize agency costs between managers and shareholders (Jensen and Murphy, 1990); 2) the rent extraction view, which states that powerful insiders may influence the pay process for their own benefit (Bebchuk et al., 2002); and 3) the perceived-cost view (Hall and Murphy, 2003), which states thatcompanies may favor some compensation schemes for their (supposed or real)cost advantages.To this purpose, we conducted an empirical study on the reasons why Italian listed companies adopted equity incentive plans since the end of the ’90s. To gain a deep understanding of the phenomenon, we collected data and information both on the evolution of the national institutional environment in the last decade and on the diffusion and the characteristics (i.e., technical aspects and objectives) of equity incentive plans adopted by Italian listed companies in 1999 and 2005. We used both logit models and difference-of-means statistical techniques to analyze data. Our results show that: 1) firm size, and not its ownership structure, is a determinant of the adoption of these instruments; 2) these plans are not extensively used to extract company value, although a few cases suggest this possibility; and 3) plans’ characteristics are consistent with the ones defined by tax law to receive special fiscal treatment.Our findings contribute to the development of the literature on both the rationales behind the spreading of equity incentive schemes and the diffusion of new governance practices. They show, in fact, that equity incentive plans have been primarily adopted to take advantage of large tax benefits, and that in some occasions they may have been used by controlling shareholders to extract company value at the expense of minority shareholders. In other words, our findings suggest that Italian listed companies adopted equity incentive plans to perform a subtle form of decoupling. On the one hand, they declared that plans were aimed to align shareholders’ and managers’ interests and incentive value creation. On the other hand, thanks to the lack of transparency and previous knowledge about these instruments, companies used these mechanisms to take advantage of tax benefits and sometimes also to distribute a large amount of value to some powerful individuals. These results support a symbolic perspective on corporate governance, according to which the introduction of equity incentive plans please stakeholders –for their implicit alignment of interests and incentive to value creation –without implying a substantive improvement of governance practices.2.Corporate Governance in Italian Listed CompaniesItalian companies are traditionally controlled by a large blockholder (Zattoni, 1999). Banks and other financial institutions do not own large shareholdings and do not exert a significant influence on governance of large companies, at least as far as they are able to repay their financial debt (Bianchi, Bianco and Enriques, 2001). Institutional investors usually play a marginal role because of their limited shareholding, their strict connections with Italian banks, and a regulatory environment that does not offer incentives for their activism. Finally, the stock market is relatively small and undeveloped, and the market for corporate control is almost absent (Bianco, 2001). In short, the Italian governance system can b e described as a system of “weak managers, strong blockholders, and unprotected minority shareholders” (Melis, 2000: 354).The board of directors is traditionally one tier, but a shareholders’ general meeting must appoint also a board of statutory auditors as well whose main task is to monitor the directors’ performance (Melis, 2000). Further, some studies published in the ’90s showed that the board of directors was under the relevant influence of large blockholders. Both inside and outside directors were in fact related to controlling shareholders by family or business ties (Melis, 1999;2000; Molteni, 1997).Consistent with this picture, fixed wages have been the main ingredient of top managers’ remuneration, and incentive schemes linked to reaching medium to long term company goals have never been widely used (Melis, 1999). Equity incentive schemes adopted by Italian companies issue stocks to all employees unconditionally for the purpose of improving the company atmosphere and stabilizing the share value on the Stock Exchange. Only very few can be compared with stock option plans in the true sense of the term. Even in this case, however, directors and top managers were rarely evaluated through stock returns, because of the supposed limited ability of the Italian stock market to measure firm’s performance (Melis, 1999).3.The Evolution of Italian Institutional ContextThe institutional context in Italy has evolved radically in the last decade, creatingthe possibility for the dissemination of equity incentive plans. The main changes regarded the development of commercial law, the introduction and updating of the code of good governance, the issue of some reports encouraging the use of equity incentive plans, and the evolution of the tax law (Zattoni, 2006).Concerning the national law and regulations, some reforms in the commercial law (1998, 2003, and 2005) and the introduction (1999) and update (2002) of the national code of good governance contributed to the improvement of the corporate governance of listed companies (Zattoni, 2006). Financial markets and corporate law reforms improved the efficiency of the Stock Exchange and created an institutional environment more favorable to institutional investors’ activism (Bianchi and Enriques, 2005). At the same time the introduction and update of the code of good governance contributed to the improvement of governance practices at the board level. These reforms did not produce an immediate effect on governance practices of Italian listed companies, although they contributed to improve, slowly and with some delay, their governance standards (Zattoni, 2006).Beyond the evolution of governance practices, some changes in the institutional environment directly affected the diffusion and the characteristics of equity incentive plans. Both the white paper of the Ministry of the Industry and Foreign Commerce and the code of good governance issued by the national Stock Exchange invited companies to implement equity incentive plans in order to develop a value creation culture in Italian companies. Furthermore, in 1997 fiscal regulations were enacted allowing a tax exemption on the shares received through an equity incentive plan. According to the new regulation, which took effect on January 1, 1998, issuance of new stocks to employees by an employer or another company belonging to the same group did not represent compensation in kind for income tax purposes (Autuori 2001). In the following years, the evolution of tax rules reduced the generous benefits associated with the use of equity incentive plans, but also the new rules continued to favor the dissemination of these plans.Driven by these changes in the institutional context, equity incentive plans became widely diffused among Italian listed companies at the end of the ’90s (Z attoni,2006). Ironically, the diffusion of these instruments – in Italy and in other countries, such as Germany (Bernhardt, 1999), Spain (Alvarez Perez and Neira Fontela, 2005), and Japan (Nagaoka, 2005) – took place when they were strongly debated in the US for their unpredicted consequences and the malpractices associated with their use (Bebchuk et al., 2002).4.The Rationales Explaining the Adoption of Equity Incentive PlansEquity incentive plans are a main component of executive compensation in the US. Their use is mostly founded on the argument that they give managers an incentive to act in the shareholders’interests by providing a direct link between their compensation and firm stock-price performance (Jensen and Murphy, 1990). Beyond that, equity incentive plans also have other positive features, as they may contribute to the attraction and retention of highly motivated employees, encourage beneficiaries to take risks, and reduce direct cash expenses for executive compensation (Hall and Murphy, 2003).Despite all their positive features, the use of equity incentive plans is increasingly debated in the US. In particular, critics question their presumed effectiveness in guaranteeing the alignment of executives’ and shareholders’ interests. They point out that these instruments may be adopted to fulfill other objectives, such as to extract value at shareholders expenses (e.g., Bebchuk and Fried, 2006), or even to achieve a (real or perceived) reduction in compensation costs (e.g., Murphy, 2002). In summary, the actual debate indicates that three different rationales may explain the dissemination and the specific features of equity incentive plans:1) the optimal contracting view (Jensen and Murphy,1990 );2) the rent extraction view (Bebchuk et al., 2002); and 3)the perceived-cost view (Hall and Murphy, 2003).According to the optimal contracting view, executive compensation packages are designed to minimize agency costs between top managers (agents) and shareholders (principals) (Jensen and Meckling, 1976). The boards of directors are effective governance mechanisms aimed at maximizing shareholder value and the topmanagement’s compensation scheme is designed to serve this objective (Fama and Jensen, 1983). Providing managers with equity incentive plans may mitigate managerial self-interest by aligning the interests of managers and shareholders (Jensen and Meckling, 1976). Following the alignment rationale, equity incentives may improve firm performance, as managers are supposed to work for their own and sh areholders’ benefit (Jensen and Murphy, 1990). In short, these instruments are designed to align the interests of managers with those of shareholders, and to motivate the former to pursue the creation of share value (Jensen and Murphy, 1990).4.1 the principle of equity incentiveManagers and shareholders is a delegate agency relationship managers operating in assets under management, shareholders entrusted. But in fact, in the agency relationship, the contract between the asymmetric information, shareholders and managers are not completely dependent on the manager's moral self-discipline. The pursuit of the goals of shareholders and managers is inconsistent. Shareholders want to maximize the equity value of its holdings of managers who want to maximize their own utility, so the "moral hazard" exists between the shareholders and managers, through incentive and restraint mechanisms to guide and limit the behavior of managers.In a different way of incentives, wages based on the manager's qualification conditions and company, the target performance of a predetermined relatively stable in a certain period of time, a very close relationship with the company's target performance. Bonuses generally super-goal performance assessment to determine the part of the revenue manager performance is closely related with the company's short-term performance, but with the company's long-term value of the relationship is not obvious, the manager for short-term financial indicators at the expense of the company long-term interests. But from the point of view of shareholders' investment, he was more concerned with long-term increase in the value of the company. Especially for growth-oriented companies, the value of the manager's more to reflect the increase in the company's long-term value, rather than just short-term financialindicators.In order to make the managers are concerned about the interests of shareholders need to make the pursuit of the interests of managers and shareholders as consistent as possible. In this regard, the equity incentive is a better solution. By making the manager holds an equity interest in a certain period of time, to enjoy the value-added benefits of equity risk in a certain way, and to a certain extent, you can make managers more concerned about the long-term value of the company in the business process. Equity incentive incentive and restraint to prevent short-term behavior of the manager, to guide its long-term behavior.4.2 Equity Incentive mode(1) The performance of stockRefers to a more reasonable performance targets at the beginning of the year, if the incentive object to the end to achieve the desired goal, the company granted a certain number of shares or to extract a reward fund to buy company stock. The flow of performance shares realized that usually have the time and number restrictions. Another performance of the stock in the operation and role relative to similar long-term incentive performance units and performance stock difference is that the performance shares granted stock, performance units granted cash.(2) stock optionsRefers to a company the right to grant incentive target incentive object can purchase a certain amount of the outstanding shares of the Company at a predetermined price within a specified period may be waived this right. The exercise of stock options have the time and limit the number of cash and the need to motivate the objects on their own expenditure for the exercise. Some of our listed companies in the application of virtual stock options are a combination of phantom stock and stock options, the Company granted incentive object is a virtual stock options, incentive objects rights, phantom stock.(3) virtual stockThat the company awarded the incentive target a virtual stock incentive objectswhich enjoy a certain amount of the right to dividends and stock appreciation gains, but not ownership, without voting rights, can not be transferred and sold, expire automatically when you leave the enterprise.(4) stock appreciation rightsMeans the incentive target of a right granted to the company's share price rose, the incentive object can be obtained through the exercise with the corresponding number of stock appreciation gains, the incentive objects do not have to pay cash for the exercise, exercise, get cash or the equivalent in shares of companies .(5) restricted stockRefers to the prior grant incentive target a certain number of company shares, but the source of the stock, selling, etc. There are some special restrictions, generally only when the incentive object to accomplish a specific goal (eg, profitability), the incentive target in order to sell restricted stock and benefit from it.(6) The deferred paymentRefers to a package of salary income plan designed to motivate object, which part of the equity incentive income, equity incentive income was issued, but according to the fair market value of the company's shares to be converted into the number of shares after a certain period of time, the form of company stock or when the stock market value in cash paid to the incentive target.(7) the operator / employee-ownedMeans the incentive target to hold a certain number of the company's stock, the stock is a free gift incentive target, or object of company subsidy incentives to buy, or incentive target is self-financed the purchase. Incentive objects can benefit from appreciation in the stock losses in the devaluation of the stock.(8)Management / employee acquisitionMeans to leverage financing to the company's management or all employees to purchase shares of the Company, to become shareholders of the Company and other shareholders of risk and profit sharing, to change the company's ownership structure, control over the structure and asset structure, to achieve ownership business.(9) The book value appreciation rightsDivided into specific buy and virtual two. Purchase type refers to the incentive target in the beginning of the period per share net asset value of the actual purchase of a certain number of shares, end of period value of the net assets per share at the end of the period and then sold back to the company. Virtual type incentive target in the beginning of the period without expenditure of funds granted by the Company on behalf of the incentive target a certain number of shares calculated at the end of the period, according to the increment of the net assets per share and the number of shares in the name of the proceeds to stimulate the object, and accordingly to incentive target payment in cash.外文文献译文股权激励计划在意大利上市公司扩散1.引言过去的研究揭示了管理者薪酬在盎格鲁撒克逊国家和其他国家相比的差异（例如，贝舒克，弗莱德和瓦尔克，2002；柴芬斯和托马斯，2004；萨特尼，2007）。

股权激励外文文献【中英对照】

外文文献原文The Diffusion of Equity Incentive Plans in Italian Listed Companies 1.INTRODUCTIONPast studies have brought to light the dissimilarities in the pay packages of managers in Anglo-Saxon countries as compared with other nations (e.g., Bebchuk, Fried and Walker, 2002; Chefﬁns and Thomas, 2004; Zattoni, 2007). In the UK and, above all in the US, remuneration encompasses a variety of components, and short and long term variable pay carries more weight than elsewhere (Conyon and Murphy, 2000). In other countries, however, fixed wages have always been the main ingredient in top managers’ pay schemes. Over time, variable short-term pay has become more substantial and the impact of fringe benefits has gradually grown. Notwithstanding, incentives linked to reaching medium to long-term company goals have never been widely used (Towers Perrin, 2000).In recent years, however, pay packages of managers have undergone an appreciable change as variable pay has increased considerably, even outside the US and the UK. In particular, managers in most countries have experienced an increase in the variable pay related to long-term goals. Within the context of this general trend toward medium and long-term incentives, there is a pronounced tendency to adopt plans involving stocks or stock options (Towers Perrin, 2000; 2005). The drivers of the diffusion of long term incentive plans seem to be some recent changes in the institutional and market environment at the local and global levels. Particularly important triggers of the convergence toward the US pay paradigm are both market oriented drivers, such as the evolving share ownership patterns or the internationalization of the labor market, and law-oriented drivers, such as corporate or tax regulation (Chefﬁns and Thomas, 2004). Driven by these changes in the institutional and market environment, we observe a global trend toward the “Americanization of international pay practices,〞characterized by high incentives and very lucrative compensation mechanisms (e.g., Chefﬁns, 2003; Chefﬁns andThomas, 2004).Ironically, the spread of the US pay paradigm around the world happens when it is hotly debated at home. In particular, the critics are concerned with both the level of executive compensation packages and the use of equity incentive plans (Chefﬁns and Thomas, 2004). Critics stressed that US top managers, and particularly the CEOs, receive very lucrative compensation packages. The ’80s and ’90s saw an increa sing disparity between CEO’s pay and that of rank-and-ﬁle workers. Thanks to this effect, their direct compensation has become a hundred times that of an average employee (Hall and Liebman, 1998). The main determinants of the increasing level of CEOs’ and executives’ compensation are annual bonuses and, above all, stock option grants (Conyon and Murphy, 2000). Stock option plans have recently been criticized by scholars and public opinion because they characteristically are too generous and symptomatic of a managerial extraction of the firm’s value (Bebchuk et al., 2002; Bebchuk and Fried, 2006).In light of these recent events and of the increased tendency to adopt equity incentive plans, this paper aims at understanding the reasons behind the dissemination of stock option and stock granting plans outside the US and the UK.The choice to investigate this phenomenon in Italy relies on the following arguments. First, the large majority of previous studies analyze the evolution of executive compensation and equity incentive plans in the US and, to a smaller extent, in the UK. Second, ownership structure and governance practices in continental European countries are substantially different from the ones in Anglo-Saxon countries. Third, continental European countries, and Italy in particular, almost ignored the use of these instruments until the end of the ’90s.Our goal is to compare the explanatory power of three competing views on the diffusion of equity incentive plans: 1) the optimal contracting view, which states that compensation packages are designed to minimize agency costs between managers and shareholders (Jensen and Murphy, 1990); 2) the rent extraction view, which states that powerful insiders may influence the pay process for their own benefit (Bebchuk et al., 2002); and 3) the perceived-cost view (Hall and Murphy, 2003), which states thatcompanies may favor some compensation schemes for their (supposed or real)cost advantages.To this purpose, we conducted an empirical study on the reasons why Italian listed companies adopted equity incentive plans since the end of the ’90s. To gain a deep understanding of the phenomenon, we collected data and information both on the evolution of the national institutional environment in the last decade and on the diffusion and the characteristics (i.e., technical aspects and objectives) of equity incentive plans adopted by Italian listed companies in 1999 and 2005. We used both logit models and difference-of-means statistical techniques to analyze data. Our results show that: 1) firm size, and not its ownership structure, is a determinant of the adoption of these instruments; 2) these plans are not extensively used to extract company value, although a few cases suggest this possibility; and 3) plans’ characteristics are consistent with the ones defined by tax law to receive special fiscal treatment.Our findings contribute to the development of the literature on both the rationales behind the spreading of equity incentive schemes and the diffusion of new governance practices. They show, in fact, that equity incentive plans have been primarily adopted to take advantage of large tax benefits, and that in some occasions they may have been used by controlling shareholders to extract company value at the expense of minority shareholders. In other words, our findings suggest that Italian listed companies adopted equity incentive plans to perform a subtle form of decoupling. On the one hand, they declared that plans were aimed to align shareholders’ and managers’ interests and in centive value creation. On the other hand, thanks to the lack of transparency and previous knowledge about these instruments, companies used these mechanisms to take advantage of tax benefits and sometimes also to distribute a large amount of value to some powerful individuals. These results support a symbolic perspective on corporate governance, according to which the introduction of equity incentive plans please stakeholders –for their implicit alignment of interests and incentive to value creation –without implying a substantive improvement of governance practices.2.Corporate Governance in Italian Listed CompaniesItalian companies are traditionally controlled by a large blockholder (Zattoni, 1999). Banks and other financial institutions do not own large shareholdings and do not exert a significant influence on governance of large companies, at least as far as they are able to repay their financial debt (Bianchi, Bianco and Enriques, 2001). Institutional investors usually play a marginal role because of their limited shareholding, their strict connections with Italian banks, and a regulatory environment that does not offer incentives for their activism. Finally, the stock market is relatively small and undeveloped, and the market for corporate control is almost absent (Bianco, 2001). In short, the Italian governance system can be described as a system of “weak managers, strong blockholders, and unprotected minority shareholders〞(Melis, 2000: 354).The board of directors is tra ditionally one tier, but a shareholders’ general meeting must appoint also a board of statutory auditors as well whose main task is to monitor the directors’ performance (Melis, 2000). Further, some studies published in the ’90s showed that the board of di rectors was under the relevant influence of large blockholders. Both inside and outside directors were in fact related to controlling shareholders by family or business ties (Melis, 1999;2000; Molteni, 1997).Consistent with this picture, fixed wages have been the main ingredient of top managers’ remuneration, and incentive schemes linked to reaching medium to long term company goals have never been widely used (Melis, 1999). Equity incentive schemes adopted by Italian companies issue stocks to all employees unconditionally for the purpose of improving the company atmosphere and stabilizing the share value on the Stock Exchange. Only very few can be compared with stock option plans in the true sense of the term. Even in this case, however, directors and top managers were rarely evaluated through stock returns, because of the supposed limited ability of the Italian stock market to measure firm’s performance (Melis, 1999).3.The Evolution of Italian Institutional ContextThe institutional context in Italy has evolved radically in the last decade, creatingthe possibility for the dissemination of equity incentive plans. The main changes regarded the development of commercial law, the introduction and updating of the code of good governance, the issue of some reports encouraging the use of equity incentive plans, and the evolution of the tax law (Zattoni, 2006).Concerning the national law and regulations, some reforms in the commercial law (1998, 2003, and 2005) and the introduction (1999) and update (2002) of the national code of good governance contributed to the improvement of the corporate governance of listed companies (Zattoni, 2006). Financial markets and corporate law reforms improved the efficiency of the Stock Exchange and created an institutional environment more favorable to institutional investors’ activism (Bianchi and Enriques, 2005). At the same time the introduction and update of the code of good governance contributed to the improvement of governance practices at the board level. These reforms did not produce an immediate effect on governance practices of Italian listed companies, although they contributed to improve, slowly and with some delay, their governance standards (Zattoni, 2006).Beyond the evolution of governance practices, some changes in the institutional environment directly affected the diffusion and the characteristics of equity incentive plans. Both the white paper of the Ministry of the Industry and Foreign Commerce and the code of good governance issued by the national Stock Exchange invited companies to implement equity incentive plans in order to develop a value creation culture in Italian companies. Furthermore, in 1997 fiscal regulations were enacted allowing a tax exemption on the shares received through an equity incentive plan. According to the new regulation, which took effect on January 1, 1998, issuance of new stocks to employees by an employer or another company belonging to the same group did not represent compensation in kind for income tax purposes (Autuori 2001). In the following years, the evolution of tax rules reduced the generous benefits associated with the use of equity incentive plans, but also the new rules continued to favor the dissemination of these plans.Driven by these changes in the institutional context, equity incentive plans became widely diffused among Italian listed companies at the end of the ’90s (Zattoni,2006). Ironically, the diffusion of these instruments – in Italy and in other countries, such as Germany (Bernhardt, 1999), Spain (Alvarez Perez and Neira Fontela, 2005), and Japan (Nagaoka, 2005) – took place when they were strongly debated in the US for their unpredicted consequences and the malpractices associated with their use (Bebchuk et al., 2002).4.The Rationales Explaining the Adoption of Equity Incentive PlansEquity incentive plans are a main component of executive compensation in the US. Their use is mostly founded on the argument that they give managers an incentive to act in the shareholders’interests by providing a direct link between their compensation and firm stock-price performance (Jensen and Murphy, 1990). Beyond that, equity incentive plans also have other positive features, as they may contribute to the attraction and retention of highly motivated employees, encourage beneficiaries to take risks, and reduce direct cash expenses for executive compensation (Hall and Murphy, 2003).Despite all their positive features, the use of equity incentive plans is increasingly debated in the US. In particular, critics question their presumed effectiveness in guaranteeing the alignment of executives’ and shareholders’ interests. They point out that these instruments may be adopted to fulfill other objectives, such as to extract value at shareholders expenses (e.g., Bebchuk and Fried, 2006), or even to achieve a (real or perceived) reduction in compensation costs (e.g., Murphy, 2002). In summary, the actual debate indicates that three different rationales may explain the dissemination and the specific features of equity incentive plans:1) the optimal contracting view (Jensen and Murphy,1990 );2) the rent extraction view (Bebchuk et al., 2002); and 3)the perceived-cost view (Hall and Murphy, 2003).According to the optimal contracting view, executive compensation packages are designed to minimize agency costs between top managers (agents) and shareholders (principals) (Jensen and Meckling, 1976). The boards of directors are effective governance mechanisms aimed at maximizing shareholder value and the topmanagement’s compensati on scheme is designed to serve this objective (Fama and Jensen, 1983). Providing managers with equity incentive plans may mitigate managerial self-interest by aligning the interests of managers and shareholders (Jensen and Meckling, 1976). Following the alignment rationale, equity incentives may improve firm performance, as managers are supposed to work for their own and shareholders’ benefit (Jensen and Murphy, 1990). In short, these instruments are designed to align the interests of managers with those of shareholders, and to motivate the former to pursue the creation of share value (Jensen and Murphy, 1990).4.1 the principle of equity incentiveManagers and shareholders is a delegate agency relationship managers operating in assets under management, shareholders entrusted. But in fact, in the agency relationship, the contract between the asymmetric information, shareholders and managers are not completely dependent on the manager's moral self-discipline. The pursuit of the goals of shareholders and managers is inconsistent. Shareholders want to maximize the equity value of its holdings of managers who want to maximize their own utility, so the "moral hazard" exists between the shareholders and managers, through incentive and restraint mechanisms to guide and limit the behavior of managers.In a different way of incentives, wages based on the manager's qualification conditions and company, the target performance of a predetermined relatively stable in a certain period of time, a very close relationship with the company's target performance. Bonuses generally super-goal performance assessment to determine the part of the revenue manager performance is closely related with the company's short-term performance, but with the company's long-term value of the relationship is not obvious, the manager for short-term financial indicators at the expense of the company long-term interests. But from the point of view of shareholders' investment, he was more concerned with long-term increase in the value of the company. Especially for growth-oriented companies, the value of the manager's more to reflect the increase in the company's long-term value, rather than just short-term financialindicators.In order to make the managers are concerned about the interests of shareholders need to make the pursuit of the interests of managers and shareholders as consistent as possible. In this regard, the equity incentive is a better solution. By making the manager holds an equity interest in a certain period of time, to enjoy the value-added benefits of equity risk in a certain way, and to a certain extent, you can make managers more concerned about the long-term value of the company in the business process. Equity incentive incentive and restraint to prevent short-term behavior of the manager, to guide its long-term behavior.4.2 Equity Incentive mode(1) The performance of stockRefers to a more reasonable performance targets at the beginning of the year, if the incentive object to the end to achieve the desired goal, the company granted a certain number of shares or to extract a reward fund to buy company stock. The flow of performance shares realized that usually have the time and number restrictions. Another performance of the stock in the operation and role relative to similar long-term incentive performance units and performance stock difference is that the performance shares granted stock, performance units granted cash.(2) stock optionsRefers to a company the right to grant incentive target incentive object can purchase a certain amount of the outstanding shares of the Company at a predetermined price within a specified period may be waived this right. The exercise of stock options have the time and limit the number of cash and the need to motivate the objects on their own expenditure for the exercise. Some of our listed companies in the application of virtual stock options are a combination of phantom stock and stock options, the Company granted incentive object is a virtual stock options, incentive objects rights, phantom stock.(3) virtual stockThat the company awarded the incentive target a virtual stock incentive objectswhich enjoy a certain amount of the right to dividends and stock appreciation gains, but not ownership, without voting rights, can not be transferred and sold, expire automatically when you leave the enterprise.(4) stock appreciation rightsMeans the incentive target of a right granted to the company's share price rose, the incentive object can be obtained through the exercise with the corresponding number of stock appreciation gains, the incentive objects do not have to pay cash for the exercise, exercise, get cash or the equivalent in shares of companies .(5) restricted stockRefers to the prior grant incentive target a certain number of company shares, but the source of the stock, selling, etc. There are some special restrictions, generally only when the incentive object to accomplish a specific goal (eg, profitability), the incentive target in order to sell restricted stock and benefit from it.(6) The deferred paymentRefers to a package of salary income plan designed to motivate object, which part of the equity incentive income, equity incentive income was issued, but according to the fair market value of the company's shares to be converted into the number of shares after a certain period of time, the form of company stock or when the stock market value in cash paid to the incentive target.(7) the operator / employee-ownedMeans the incentive target to hold a certain number of the company's stock, the stock is a free gift incentive target, or object of company subsidy incentives to buy, or incentive target is self-financed the purchase. Incentive objects can benefit from appreciation in the stock losses in the devaluation of the stock.(8)Management / employee acquisitionMeans to leverage financing to the company's management or all employees to purchase shares of the Company, to become shareholders of the Company and other shareholders of risk and profit sharing, to change the company's ownership structure, control over the structure and asset structure, to achieve ownership business.(9) The book value appreciation rightsDivided into specific buy and virtual two. Purchase type refers to the incentive target in the beginning of the period per share net asset value of the actual purchase of a certain number of shares, end of period value of the net assets per share at the end of the period and then sold back to the company. Virtual type incentive target in the beginning of the period without expenditure of funds granted by the Company on behalf of the incentive target a certain number of shares calculated at the end of the period, according to the increment of the net assets per share and the number of shares in the name of the proceeds to stimulate the object, and accordingly to incentive target payment in cash.外文文献译文股权鼓励方案在意大利上市公司扩散过去的研究提醒了管理者薪酬在盎格鲁撒克逊国家和其他国家相比的差异〔例如，贝舒克，弗莱德和瓦尔克，2002；柴芬斯和托马斯，2004；萨特尼，2007〕。

Design_for_Warranty_Cost_Reduction_-_Paper

Case study instances are presented that illustrate how product development teams have applied the model, strategies and frameworks that reduced the total warranty costs by 35% are discussed.
warranty event are explicit. • Estimating warranty costs is relatively quick and easy to
do, especially when evaluating design alternatives.
This paper develops a service process based warranty cost model for warranty events that is grounded in both the customer’s problem and the support process used to resolve it. It will identify the primary ‘meta-processes’ used by most computer and high-tech businesses to service warranty events. Typical standard costs for each of these will be discussed. We will demonstrate that these process based cost models are particularly useful for the computer and other high technology businesses for both the commercial or consumer market spaces. They are less useful for the Automotive,

剑桥雅思阅读10真题解析（test2）

剑桥雅思阅读10真题解析(test2)雅思阅读部分的真题资料，同学们需要进行一些细致的总结，比如说解析其实就是很重要的内容，接下来就是店铺给同学们带来的关于剑桥雅思阅读10真题解析(test2)的内容，一起来详细的分析一下吧，希望对你们的备考有所帮助。

剑桥雅思阅读10原文(test2)READING PASSAGE 1You should spend about 20 minutes on Questions 1-13, which are based on Reading Passage 1 on the following pages.Questions 1-7Reading Passage 1 has seven paragraphs, A-G.Choose the correct heading for each paragraph from the list of headings below.Write the correct number，i-ix，in boxes 1-7 on your answer sheetList of Headingsi The search for the reasons for an increase in populationii Industrialisation and the fear of unemploymentiii The development of cities in Japaniv The time and place of the Industrial Revolutionv The cases of Holland, France and Chinavi Changes in drinking habits in Britainvii Two keys to Britain’s industrial revolutionviii Conditions required for industrialisationix Comparisons with Japan lead to the answer1 Paragraph A2 Paragraph B3 Paragraph C4 Paragraph D5 Paragraph E6 Paragraph F7 Paragraph GTea and the Industrial RevolutionA Cambridge professor says that a change in drinking babits was the reason for the Industrial Revolution in Britain. Anjana Abuja reportsA Alan Macfarlane, professor of anthropological science at King’s College, Cambridge, has, like other historians, spent decades wrestling with the enigma of the Industrial Revolution. Why did this particular Big Bang — the world-changing birth of industry — happen in Britain? And why did it strike at the end of the 18th century?B Macfarlane compares the puzzle to a combination lock. ‘There are about 20 different factors and all of them need to be present before the revolution can happen,’ he says. For industry to take off, there needs to be the technology and power to drive factories, large urban populations to provide cheap labour, easy transport to move goods around, an affluent middle-class willing to buy mass-produced objects, a market-driven economy and a political system that allows this to happen. While this was the case for England, other nations, such as Japan, the Netherlands and France also met some of these criteria but were not industrialising. ‘All these factors must have been necessary but not sufficient to c ause the revolution,’ says Macfarlane. ‘After all, Holland had everything except coal while China also had many of these factors. Most historians are convinced there are one or two missing factors that you need to open the lock.’C The missing factors, he proposes, are to be found in almost even kitchen curpboard. Tea and beer, two of the nation’sfavourite drinks, fuelled the revolution. The antiseptic properties of tannin, the active ingredient in tea, and of hops in beer — plus the fact that both are made with boiled water — allowed urban communities to flourish at close quarters without succumbing to water-borne diseases such as dysentery. The theory sounds eccentric but once he starts to explain the detective work that went into his deduction, the scepticism gives way to wary admiration. Macfarlane’s case has been strengthened by support from notable quarters — Roy Porter, the distinguished medical historian, recently wrote a favourable appraisal of his research.D Macfarlane had wondered for a long time how the Industrial Revolution came about. Historians had alighted on one interesting factor around the mid-18th century that required explanation. Between about 1650 and 1740，the population in Britain was static. But then there was a burst in population growth. Macfarlane says: ‘The infant mortality rate halved in the space of 20 years, and this happened in both rural areas and cities, and across all classes. People suggested four possible causes. Was there a sudden change in the viruses and bacteria around? Unlikely. Was there a revolution in medical science? But this was a century before Lister’s revolution_ Was there a change in environmental conditions? There were improvements in agriculture that wiped out malaria, but these were small gains. Sanitation did not become widespread until the 19th century. The only option left is food. But the height and weight statistics show a decline. So the food must have got worse. Efforts to explain this sudden reduction in child deaths appeared to draw a blank.’E This population burst seemed to happen at just the right time to provide labour for the Industrial Revolution. ‘When youstart moving towards an industrial revolution, it is economically efficient to have people living close together,’ says Macfarlane. ‘But then you get disease, particularly from human waste.’ Some digging around in historical records revealed that there was a change in the incidence of water-borne disease at that time, especially dysentery. Macfarlane deduced that whatever the British were drinking must have been important in regulating disease. He says, ‘We drank beer. For a long time, the English were protected by the strong antibacterial agent in hops, which were added to help preserve the beer. But in the late 17th century a tax was introduced on malt, the basic ingredient of beer. The poor turned to water and gin and in the 1720s the mortality rate began to rise again. Then it suddenly dropped again. What caused this?’F Macfarlane looked to Japan, which was also developing large cities about the same time, and also had no sanitation. Water-borne diseases had a much looser grip on the Japanese population than those in Britain. Could it be the prevalence of tea in their culture? Macfarlane then noted that the history of tea in Britain provided an extraordinary coincidence of dates. Tea was relatively expensive until Britain started a direct clipper trade with China in the early 18th century. By the 1740s, about the time that infant mortality was dipping, the drink was common. Macfarlane guessed that the fact that water had to be boiled, together with the stomach-purifying properties of tea meant that the breast milk provided by mothers was healthier than it had ever been. No other European nation sipped tea like the British, which, by Macfarla ne’s logic, pushed these other countries out of contention for the revolution.G But, if tea is a factor in the combination lock, why didn’tJapan forge ahead in a tea-soaked industrial revolution of its own? Macfarlane notes that even though 17th-century Japan had large cities, high literacy rates, even a futures market, it had turned its back on the essence of any work-based revolution by giving up labour-saving devices such as animals, afraid that they would put people out of work. So, the nation that we now think of as one of the most technologically advanced entered the 19th century having ‘abandoned the wheel’._oseph Lister was the first doctor to use antiseptic techniques during surgical operations to prevent infections.Questions 8-13Do the following statements agree with the information given in Reading Passage 1?In boxes 8-13 on your answer sheet, writeTRUE if the statement agrees with the informationFALSE if the statement contradicts the informationNOT GIVEN if there is no information on this8 China’s transport system was not suitable for industry in the 18th century.9 Tea and beer both helped to prevent dysentery in Britain.10 Roy Porter disagrees with Professor Macfarlane’s findings.11 After 1740，there was a reduction in population in Britain.12 People in Britain used to make beer at home.13 The tax on malt indirectly caused a rise in the death rate.READING PASSAGE 2You should spend about 20 minutes on Questions 14-26, which are based on Reading Passage 2 below.Gifted children and learningA Internationally, ‘giftedness’ is most frequentlydetermined by a score on a general intelligence test, known as an IQ test, which is above a chosen cutoff point, usually at around the top 2-5%. Children’s educational environment contributes to the IQ score and the way intelligence is used. For example, a very close positive relationship was found when children’s IQ scores were compared with their home educational provision (Freeman, 2010). The higher the children’s IQ scores, especially over IQ 130, the better the quality of their educational backup, measured in terms of reported verbal interactions with parents, number of books and activities in their home etc. Because IQ tests are decidedly influenced by what the child has learned, they are to some extent measures of current achievement based on age-norms; that is, how well the children have learned to manipulate their knowledge and know-how within the terms of the test. The vocabulary aspect, for example, is dependent on having heard those words. But IQ tests can neither identify the processes of learning and thinking nor predict creativity.B Excellence does not emerge without appropriate help. To reach an exceptionally high standard in any area very able children need the means to learn, which includes material to work with and focused challenging tuition — and the encouragement to follow their dream. There appears to be a qualitative difference in the way the intellectually highly able think, compared with more average-ability or older pupils, for whom external regulation by the teacher often compensates for lack of internal regulation. To be at their most effective in their self-regulation, all children can be helped to identify their own ways of learning —metacognition —which will include strategies of planning, monitoring, evaluation, and choice of what to learn. Emotional awareness is also part of metacognition, so children should behelped to be aware of their feelings around the area to be learned, feelings of curiosity or confidence, for example.C High achievers have been found to use self-regulatory learning strategies more often and more effectively than lower achievers, and are better able to transfer these strategies to deal with unfamiliar tasks. This happens to such a high degree in some children that they appear to be demonstrating talent in particular areas. Overviewing research on the thinking process of highly able children, (Shore and Kanevsky, 1993) put the instructor’s problem succinctly: ‘If they [the gifted] merely think mo re quickly, then we need only teach more quickly. If they merely make fewer errors, then we can shorten the practice’. But of course, this is not entirely the case; adjustments have to be made in methods of learning and teaching, to take account of the many ways individuals think.D Yet in order to learn by themselves, the gifted do need some support from their teachers. Conversely, teachers who have a tendency to ‘overdirect’ can diminish their gifted pupils’ learning autonomy. Although ‘spoon-feeding’ can produce extremely high examination results, these are not always followed by equally impressive life successes. Too much dependence on the teachers risks loss of autonomy and motivation to discover. However, when teachers help pupils to reflect on their own learning and thinking activities, they increase their pupils’ self-regulation. For a young child, it may be just the simple question ‘What have you learned today?’ which helps them to recognise what they are doing. Given that a fundamental goal of education is to transfer the control of learning from teachers to pupils, improving pupils’ learning to learn techniques should be a major outcome of the school experience,especially for the highly competent. There are quite a number of new methods which can help, such as child-initiated learning, ability-peer tutoring, etc. Such practices have been found to be particularly useful for bright children from deprived areas.E But scientific progress is not all theoretical, knowledge is a so vital to outstanding performance: individuals who know a great deal about a specific domain will achieve at a higher level than those who do not (Elshout, 1995). Research with creative scientists by Simonton (1988) brought him to the conclusion that above a certain high level, characteristics such as independence seemed to contribute more to reaching the highest levels of expertise than intellectual skills, due to the great demands of effort and time needed for learning and practice. Creativity in all forms can be seen as expertise mixed with a high level of motivation (Weisberg, 1993).F To sum up, learning is affected by emotions of both the individual and significant others. Positive emotions facilitate the creative aspects of learning and negative emotions inhibit it. Fear, for example, can limit the development of curiosity, which is a strong force in scientific advance, because it motivates problem-solving behaviour. In Boekaerts’ (1991) review of emotion the learning of very high IQ and highly achieving children, she found emotional forces in harness. They were not only curious, but often had a strong desire to control their environment, improve their learning efficiency and increase their own learning resources.Questions 14-17Reading Passage 2 has six paragraphs, A-F.Which paragraph contains the following information?Write the correct letter, A-F, in boxes 14-17 on your answersheet.NB You may use any letter more than once.14 a reference to the influence of the domestic background on the gifted child15 reference to what can be lost if learners are given too much guidance16 a reference to the damaging effects of anxiety17 examples of classroom techniques which favour socially-disadvantaged childrenQuestions 18-22Look at the following statements (Questions 18-22) and the list of people below.Match each statement with the correct person or people, A-E.Write the correct letter, A-E, in boxes 18-22 on your answer sheet.18 Less time can be spent on exercises with gifted pupils who produce accurate work.19 Self-reliance is a valuable tool that helps gifted students reach their goals.20 Gifted children know how to channel their feelings to assist their learning.21 The very gifted child benefits from appropriate support from close relatives.22 Really successful students have learnt a considerable amount about their subject.List of PeopleA FreemanB Shore and KanevskyC ElshoutD SimontonE BoekaertsQuestions 23-26Complete the sentences below.Choose NO MORE THAN TWO WORDS from the passage for each answer.Write your answers in boxes 23-26 on your answer sheet23 One study found a strong connection between children’s IQ and the availability of andat home.24 Children of average ability seem to need more direction from teachers because they do not have25 Metacognition involves children understanding their own learning strategies, as well as developing26 Teachers who rely on what is known as often produce sets of impressive grades in class tests.READING PASSAGE 3You should spend about 20 minutes on Questions 27-40, which are based on Reading Passage 3 below.Museums of fine art and their publicThe fact that people go to the Louvre museum in Paris to see the original painting Mona Lisa when they can see a reproduction anywhere leads us to question some assumptions about the role of museums of fine art in today’s worldOne of the most famous works of art in the world is Leonardo da Vinci’s Mona Lisa. Nearly everyone who goes to see the original will already be familiar with it from reproductions, but they accept that fine art is more rewardingly viewed in its original form.However, if Mona Lisa was a famous novel, few people wouldbother to go to a museum to read the writer’s actual manuscript rather than a printed reproduction. This might be explained by the fact that the novel has evolved precisely because of technological developments that made it possible to print out huge numbers of texts, whereas oil paintings have always been produced as unique objects. In addition, it could be argued that the practice of interpre ting or ‘reading’ each medium follows different conventions. With novels, the reader attends mainly to the meaning of words rather than the way they are printed on the page, whereas the ‘reader’ of a painting must attend just as closely to the material form of marks and shapes in the picture as to any ideas they may signify.Yet it has always been possible to make very accurate facsimiles of pretty well any fine art work. The seven surviving versions of Mona Lisa bear witness to the fact that in the 16th century, artists seemed perfectly content to assign the reproduction of their creations to their workshop apprentices as regular ‘bread and butter’ work. And today the task of reproducing pictures is incomparably more simple and reliable, with reprographic techniques that allow the production of high-quality prints made exactly to the original scale, with faithful colour values, and even with duplication of the surface relief of the painting.But despite an implicit recognition that the spread of good reproductions can be culturally valuable, museums continue to promote the special status of original work.Unfortunately, this seems to place severe limitations on the kind of experience offered to visitors.One limitation is related to the way the museum presents its exhibits. As repositories of unique historical objects, art museumsare often called ‘treasure houses’. We are reminded of this even before we view a collection by the presence of security guards, attendants, ropes and display cases to keep us away from the exhibits. In many cases, the architectural style of the building further reinforces that notion. In addition, a major collection like that of London’s National Gallery is housed in numerous rooms, each with dozens of works, any one of which is likely to be worth more than all the average visitor possesses. In a society that judges the personal status of the individual so much by their material worth, it is therefore difficult not to be impressed by one’s own relative ‘worthlessness’ in such a n environment.Furthermore, consideration of the ‘value’ of the original work in its treasure house setting impresses upon the viewer that, since these works were originally produced, they have been assigned a huge monetary value by some person or institution more powerful than themselves. Evidently, nothing the viewer thinks about the work is going to alter that value, and so today’s viewer is deterred from trying to extend that spontaneous, immediate, self-reliant kind of reading which would originally have met the work.The visitor may then be struck by the strangeness of seeing such diverse paintings, drawings and sculptures brought together in an environment for which they were not originally created. This ‘displacement effect’ is further heightened by the sheer volume of exhibits. In the case of a major collection, there are probably more works on display than we could realistically view in weeks or even months.This is particularly distressing because time seems to be a vital factor in the appreciation of all art forms. A fundamental difference between paintings and other art forms is that there isno prescribed time over which a painting is viewed. By contrast, the audience encounters an opera or a play over a specific time, which is the duration of the performance. Similarly, novels and poems are read in a prescribed temporal sequence, whereas a picture has no clear place at which to start viewing, or at which to finish. Thus art works themselves encourage us to view them superficially, without appreciating the richness of detail and labour that is involved.Consequently, the dominant critical approach becomes that of the art historian, a specialised academic approach devoted to ‘discovering the meaning’ of art within the cultural context of its time. T his is in perfect harmony with the museum’s function, since the approach is dedicated to seeking out and conserving ‘authentic’, ‘original’ readings of the exhibits. Again, this seems to put paid to that spontaneous, participatory criticism which can be found in abundance in criticism of classic works of literature, but is absent from most art history.The displays of art museums serve as a warning of what critical practices can emerge when spontaneous criticism is suppressed. The museum public, like any other audience, experience art more rewardingly when given the confidence to express their views. If appropriate works of fine art could be rendered permanently accessible to the public by means of high-fidelity reproductions, as literature and music already are, the public may feel somewhat less in awe of them. Unfortunately, that may be too much to ask from those who seek to maintain and control the art establishment.Questions 27-31Complete the summary using the list of words, A-L, below.Write the correct letter, A-L, in boxes 27-31 on your answersheet.The value attached to original works of artPeople go to art museums because they accept the value of seeing an original work of art. But they do not go to museums to read original manuscripts of novels, perhaps because the availability of novels has depended on 27 for so long, and also because with novels, the 28 are the most important thing.However, in historical times artists such as Leonardo were happy to instruct 29 to produce copies of their work and these days new methods of reproduction allow excellent replication of surface relief features as well as colour and 30It is regrettable that museums still promote the superiority of original works of art, since this may not be in the interests of the 31A institutionB mass productionC mechanical processesD publicE paintsF artistG size H underlying ideas I basic technologyJ readers K picture frames L assistantsQuestions 32-35Choose the correct letter, A, B, C or D.Write the correct letter in boxes 32-35 on your answer sheet32 The writer mentions London’s National Gallery to illustrateA the undesirable cost to a nation of maintaining a huge collection of art.B the conflict that may arise in society between financial and artistic values.C the n egative effect a museum can have on visitors’ opinions of themselves.D the need to put individual well-being above large-scaleartistic schemes.33 The writer says that today, viewers may be unwilling to criticise a work becauseA they lack the knowledge needed to support an opinion.B they fear it may have financial implications.C they have no real concept of the work’s value.D they feel their personal reaction is of no significance.34 According to the writer, the ‘displacement effect’ on the visitor is caused byA the variety of works on display and the way they are arranged.B the impossibility of viewing particular works of art over a long period.C the similar nature of the paintings and the lack of great works.D the inappropriate nature of the individual works selected for exhibition.35 The writer says that unlike other forms of art, a painting does notA involve direct contact with an audience.B require a specific location for a performance.C need the involvement of other professionals.D have a specific beginning or end.Questions 36-42Do the following statements agree with the views of the writer in Reading Passage 3?In boxes 36-40 on your answer sheet, writeYES if the statement agrees with the views of the writerNO if the statement contradicts the views of the writerNOT GIVEN if it is impossible to say what the writer thinksabout this36 Art history should focus on discovering the meaning of art using a range of media.37 The approach of art historians conflicts with that of art museums.38 People should be encouraged to give their opinions openly on works of art.39 Reproductions of fine art should only be sold to the public if they are of high quality.40 In the future, those with power are likely to encourage more people to enjoy art.剑桥雅思阅读10原文参考译文(test2)Passage 1参考译文：茶与工业革命一个剑桥教授称英国工业革命的导火索是饮水习性的改变。

四大安全会议论文题目

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Security of Digital Signature Schemes.Santiago Zanella-Beguelin,Gilles Barthe,Benjamin Gregoire,Federico Olmedo17.An Epistemic Approach to Coercion-Resistance for Electronic Voting Protocols.Ralf Kuesters,Tomasz Truderung18.Sphinx:A Compact and Provably Secure Mix Format.George Danezis,Ian Goldberg19.DSybil:Optimal Sybil-Resistance for Recommendation Systems.Haifeng Yu,Chenwei Shi,Michael Kaminsky,Phillip B.Gibbons,Feng Xiao20.Fingerprinting Blank Paper Using Commodity Scanners.William Clarkson,Tim Weyrich,Adam Finkelstein,Nadia Heninger,Alex Halderman,Ed Felten 21.Tempest in a Teapot:Compromising Reﬂections Revisited.Michael Backes,Tongbo Chen,Markus Duermuth,Hendrik P.A.Lensch,Martin Welk22.Blueprint:Robust Prevention of Cross-site Scripting Attacks for Existing Browsers.Mike Ter Louw,V.N.Venkatakrishnan23.Pretty-Bad-Proxy:An Overlooked Adversary in Browsers’HTTPS Deployments.Shuo Chen,Ziqing Mao,Yi-Min Wang,Ming Zhang24.Secure Content Sniﬃng for Web Browsers,or How to Stop Papers from Reviewing Themselves.Adam Barth,Juan Caballero,Dawn Song25.It’s No Secret:Measuring the Security and Reliability of Authentication via’Secret’Questions.Stuart Schechter,A.J.Bernheim Brush,Serge Egelman26.Password Cracking Using Probabilistic Context-Free Grammars.Matt Weir,Sudhir Aggarwal,Bill Glodek,Breno de MedeirosUSENIX Security2009promising Electromagnetic Emanations of Wired and Wireless Keyboards.(Outstanding Student Paper)Martin Vuagnoux,Sylvain Pasini2.Peeping Tom in the Neighborhood:Keystroke Eavesdropping on Multi-User Systems.Kehuan Zhang,XiaoFeng Wang3.A Practical Congestion Attack on Tor Using Long Paths,Nathan S.Evans,Roger Dingledine,Christian Grothoﬀ4.Baggy Bounds Checking:An Eﬃcient and Backwards-Compatible Defense against Out-of-Bounds Errors.Periklis Akritidis,Manuel Costa,Miguel Castro,Steven Hand5.Dynamic Test Generation to Find Integer Bugs in x86Binary Linux Programs.David Molnar,Xue Cong Li,David A.Wagner6.NOZZLE:A Defense Against Heap-spraying Code Injection Attacks.Paruj Ratanaworabhan,Benjamin Livshits,Benjamin Zorn7.Detecting Spammers with SNARE:Spatio-temporal Network-level Automatic Reputation Engine.Shuang Hao,Nadeem Ahmed Syed,Nick Feamster,Alexander G.Gray,Sven Krasser8.Improving Tor using a TCP-over-DTLS Tunnel.Joel Reardon,Ian Goldberg9.Locating Preﬁx Hijackers using LOCK.Tongqing Qiu,Lusheng Ji,Dan Pei,Jia Wang,Jun(Jim)Xu,Hitesh Ballani10.GATEKEEPER:Mostly Static Enforcement of Security and Reliability Policies for JavaScript Code.Salvatore Guarnieri,Benjamin Livshits11.Cross-Origin JavaScript Capability Leaks:Detection,Exploitation,and Defense.Adam Barth,Joel Weinberger,Dawn Song12.Memory Safety for Low-Level Software/Hardware Interactions.John Criswell,Nicolas Geoﬀray,Vikram Adve13.Physical-layer Identiﬁcation of RFID Devices.Boris Danev,Thomas S.Heydt-Benjamin,Srdjan CapkunCP:Secure Remote Storage for Computational RFIDs.Mastooreh Salajegheh,Shane Clark,Benjamin Ransford,Kevin Fu,Ari Juels15.Jamming-resistant Broadcast Communication without Shared Keys.Christina Popper,Mario Strasser,Srdjan Capkun16.xBook:Redesigning Privacy Control in Social Networking Platforms.Kapil Singh,Sumeer Bhola,Wenke Lee17.Nemesis:Preventing Authentication and Access Control Vulnerabilities in Web Applications.Michael Dalton,Christos Kozyrakis,Nickolai Zeldovich18.Static Enforcement of Web Application Integrity Through Strong Typing.William Robertson,Giovanni Vigna19.Vanish:Increasing Data Privacy with Self-Destructing Data.(Outstanding Student Paper)Roxana Geambasu,Tadayoshi Kohno,Amit A.Levy,Henry M.Levy20.Eﬃcient Data Structures for Tamper-Evident Logging.Scott A.Crosby,Dan S.Wallach21.VPriv:Protecting Privacy in Location-Based Vehicular Services.Raluca Ada Popa,Hari Balakrishnan,Andrew J.Blumberg22.Eﬀective and Eﬃcient Malware Detection at the End Host.Clemens Kolbitsch,Paolo Milani Comparetti,Christopher Kruegel,Engin Kirda,Xiaoyong Zhou,XiaoFeng Wang 23.Protecting Conﬁdential Data on Personal Computers with Storage Capsules.Kevin Borders,Eric Vander Weele,Billy Lau,Atul Prakash24.Return-Oriented Rootkits:Bypassing Kernel Code Integrity Protection Mechanisms.Ralf Hund,Thorsten Holz,Felix C.Freiling25.Crying Wolf:An Empirical Study of SSL Warning Eﬀectiveness.Joshua Sunshine,Serge Egelman,Hazim Almuhimedi,Neha Atri,Lorrie Faith Cranor26.The Multi-Principal OS Construction of the Gazelle Web Browser.Helen J.Wang,Chris Grier,Alex Moshchuk,Samuel T.King,Piali Choudhury,Herman VenterACM CCS20091.Attacking cryptographic schemes based on”perturbation polynomials”.Martin Albrecht,Craig Gentry,Shai Halevi,Jonathan Katz2.Filter-resistant code injection on ARM.Yves Younan,Pieter Philippaerts,Frank Piessens,Wouter Joosen,Sven Lachmund,Thomas Walter3.False data injection attacks against state estimation in electric power grids.Yao Liu,Michael K.Reiter,Peng Ning4.EPC RFID tag security weaknesses and defenses:passport cards,enhanced drivers licenses,and beyond.Karl Koscher,Ari Juels,Vjekoslav Brajkovic,Tadayoshi Kohno5.An eﬃcient forward private RFID protocol.Come Berbain,Olivier Billet,Jonathan Etrog,Henri Gilbert6.RFID privacy:relation between two notions,minimal condition,and eﬃcient construction.Changshe Ma,Yingjiu Li,Robert H.Deng,Tieyan Li7.CoSP:a general framework for computational soundness proofs.Michael Backes,Dennis Hofheinz,Dominique Unruh8.Reactive noninterference.Aaron Bohannon,Benjamin C.Pierce,Vilhelm Sjoberg,Stephanie Weirich,Steve Zdancewicputational soundness for key exchange protocols with symmetric encryption.Ralf Kusters,Max Tuengerthal10.A probabilistic approach to hybrid role mining.Mario Frank,Andreas P.Streich,David A.Basin,Joachim M.Buhmann11.Eﬃcient pseudorandom functions from the decisional linear assumption and weaker variants.Allison B.Lewko,Brent Waters12.Improving privacy and security in multi-authority attribute-based encryption.Melissa Chase,Sherman S.M.Chow13.Oblivious transfer with access control.Jan Camenisch,Maria Dubovitskaya,Gregory Neven14.NISAN:network information service for anonymization networks.Andriy Panchenko,Stefan Richter,Arne Rache15.Certiﬁcateless onion routing.Dario Catalano,Dario Fiore,Rosario Gennaro16.ShadowWalker:peer-to-peer anonymous communication using redundant structured topologies.Prateek Mittal,Nikita Borisov17.Ripley:automatically securing web2.0applications through replicated execution.K.Vikram,Abhishek Prateek,V.Benjamin Livshits18.HAIL:a high-availability and integrity layer for cloud storage.Kevin D.Bowers,Ari Juels,Alina Oprea19.Hey,you,get oﬀof my cloud:exploring information leakage in third-party compute clouds.Thomas Ristenpart,Eran Tromer,Hovav Shacham,Stefan Savage20.Dynamic provable data possession.C.Christopher Erway,Alptekin Kupcu,Charalampos Papamanthou,Roberto Tamassia21.On cellular botnets:measuring the impact of malicious devices on a cellular network core.Patrick Traynor,Michael Lin,Machigar Ongtang,Vikhyath Rao,Trent Jaeger,Patrick Drew McDaniel,Thomas Porta 22.On lightweight mobile phone application certiﬁcation.William Enck,Machigar Ongtang,Patrick Drew McDaniel23.SMILE:encounter-based trust for mobile social services.Justin Manweiler,Ryan Scudellari,Landon P.Cox24.Battle of Botcraft:ﬁghting bots in online games with human observational proofs.Steven Gianvecchio,Zhenyu Wu,Mengjun Xie,Haining Wang25.Fides:remote anomaly-based cheat detection using client emulation.Edward C.Kaiser,Wu-chang Feng,Travis Schluessler26.Behavior based software theft detection.Xinran Wang,Yoon-chan Jhi,Sencun Zhu,Peng Liu27.The fable of the bees:incentivizing robust revocation decision making in ad hoc networks.Steﬀen Reidt,Mudhakar Srivatsa,Shane Balfe28.Eﬀective implementation of the cell broadband engineTM isolation loader.Masana Murase,Kanna Shimizu,Wilfred Plouﬀe,Masaharu Sakamoto29.On achieving good operating points on an ROC plane using stochastic anomaly score prediction.Muhammad Qasim Ali,Hassan Khan,Ali Sajjad,Syed Ali Khayam30.On non-cooperative location privacy:a game-theoretic analysis.Julien Freudiger,Mohammad Hossein Manshaei,Jean-Pierre Hubaux,David C.Parkes31.Privacy-preserving genomic computation through program specialization.Rui Wang,XiaoFeng Wang,Zhou Li,Haixu Tang,Michael K.Reiter,Zheng Dong32.Feeling-based location privacy protection for location-based services.Toby Xu,Ying Cai33.Multi-party oﬀ-the-record messaging.Ian Goldberg,Berkant Ustaoglu,Matthew Van Gundy,Hao Chen34.The bayesian traﬃc analysis of mix networks.Carmela Troncoso,George Danezis35.As-awareness in Tor path selection.Matthew Edman,Paul F.Syverson36.Membership-concealing overlay networks.Eugene Y.Vasserman,Rob Jansen,James Tyra,Nicholas Hopper,Yongdae Kim37.On the diﬃculty of software-based attestation of embedded devices.Claude Castelluccia,Aurelien Francillon,Daniele Perito,Claudio Soriente38.Proximity-based access control for implantable medical devices.Kasper Bonne Rasmussen,Claude Castelluccia,Thomas S.Heydt-Benjamin,Srdjan Capkun39.XCS:cross channel scripting and its impact on web applications.Hristo Bojinov,Elie Bursztein,Dan Boneh40.A security-preserving compiler for distributed programs:from information-ﬂow policies to cryptographic mechanisms.Cedric Fournet,Gurvan Le Guernic,Tamara Rezk41.Finding bugs in exceptional situations of JNI programs.Siliang Li,Gang Tan42.Secure open source collaboration:an empirical study of Linus’law.Andrew Meneely,Laurie A.Williams43.On voting machine design for veriﬁcation and testability.Cynthia Sturton,Susmit Jha,Sanjit A.Seshia,David Wagner44.Secure in-VM monitoring using hardware virtualization.Monirul I.Sharif,Wenke Lee,Weidong Cui,Andrea Lanzi45.A metadata calculus for secure information sharing.Mudhakar Srivatsa,Dakshi Agrawal,Steﬀen Reidt46.Multiple password interference in text passwords and click-based graphical passwords.Sonia Chiasson,Alain Forget,Elizabeth Stobert,Paul C.van Oorschot,Robert Biddle47.Can they hear me now?:a security analysis of law enforcement wiretaps.Micah Sherr,Gaurav Shah,Eric Cronin,Sandy Clark,Matt Blaze48.English shellcode.Joshua Mason,Sam Small,Fabian Monrose,Greg MacManus49.Learning your identity and disease from research papers:information leaks in genome wide association study.Rui Wang,Yong Fuga Li,XiaoFeng Wang,Haixu Tang,Xiao-yong Zhou50.Countering kernel rootkits with lightweight hook protection.Zhi Wang,Xuxian Jiang,Weidong Cui,Peng Ning51.Mapping kernel objects to enable systematic integrity checking.Martim Carbone,Weidong Cui,Long Lu,Wenke Lee,Marcus Peinado,Xuxian Jiang52.Robust signatures for kernel data structures.Brendan Dolan-Gavitt,Abhinav Srivastava,Patrick Traynor,Jonathon T.Giﬃn53.A new cell counter based attack against tor.Zhen Ling,Junzhou Luo,Wei Yu,Xinwen Fu,Dong Xuan,Weijia Jia54.Scalable onion routing with torsk.Jon McLachlan,Andrew Tran,Nicholas Hopper,Yongdae Kim55.Anonymous credentials on a standard java card.Patrik Bichsel,Jan Camenisch,Thomas Gros,Victor Shouprge-scale malware indexing using function-call graphs.Xin Hu,Tzi-cker Chiueh,Kang G.Shin57.Dispatcher:enabling active botnet inﬁltration using automatic protocol reverse-engineering.Juan Caballero,Pongsin Poosankam,Christian Kreibich,Dawn Xiaodong Song58.Your botnet is my botnet:analysis of a botnet takeover.Brett Stone-Gross,Marco Cova,Lorenzo Cavallaro,Bob Gilbert,MartinSzydlowski,Richard A.Kemmerer,Christopher Kruegel,Giovanni VignaNDSS20101.Server-side Veriﬁcation of Client Behavior in Online Games.Darrell Bethea,Robert Cochran and Michael Reiter2.Defeating Vanish with Low-Cost Sybil Attacks Against Large DHTs.S.Wolchok,O.S.Hofmann,N.Heninger,E.W.Felten,J.A.Halderman,C.J.Rossbach,B.Waters,E.Witchel3.Stealth DoS Attacks on Secure Channels.Amir Herzberg and Haya Shulman4.Protecting Browsers from Extension Vulnerabilities.Adam Barth,Adrienne Porter Felt,Prateek Saxena,and Aaron Boodman5.Adnostic:Privacy Preserving Targeted Advertising.Vincent Toubiana,Arvind Narayanan,Dan Boneh,Helen Nissenbaum and Solon Barocas6.FLAX:Systematic Discovery of Client-side Validation Vulnerabilities in Rich Web Applications.Prateek Saxena,Steve Hanna,Pongsin Poosankam and Dawn Song7.Eﬀective Anomaly Detection with Scarce Training Data.William Robertson,Federico Maggi,Christopher Kruegel and Giovanni Vignarge-Scale Automatic Classiﬁcation of Phishing Pages.Colin Whittaker,Brian Ryner and Marria Nazif9.A Systematic Characterization of IM Threats using Honeypots.Iasonas Polakis,Thanasis Petsas,Evangelos P.Markatos and Spiros Antonatos10.On Network-level Clusters for Spam Detection.Zhiyun Qian,Zhuoqing Mao,Yinglian Xie and Fang Yu11.Improving Spam Blacklisting Through Dynamic Thresholding and Speculative Aggregation.Sushant Sinha,Michael Bailey and Farnam Jahanian12.Botnet Judo:Fighting Spam with Itself.A.Pitsillidis,K.Levchenko,C.Kreibich,C.Kanich,G.M.Voelker,V.Paxson,N.Weaver,S.Savage13.Contractual Anonymity.Edward J.Schwartz,David Brumley and Jonathan M.McCune14.A3:An Extensible Platform for Application-Aware Anonymity.Micah Sherr,Andrew Mao,William R.Marczak,Wenchao Zhou,Boon Thau Loo,and Matt Blaze15.When Good Randomness Goes Bad:Virtual Machine Reset Vulnerabilities and Hedging Deployed Cryptography.Thomas Ristenpart and Scott Yilek16.InvisiType:Object-Oriented Security Policies.Jiwon Seo and Monica m17.A Security Evaluation of DNSSEC with NSEC3.Jason Bau and John Mitchell18.On the Safety of Enterprise Policy Deployment.Yudong Gao,Ni Pan,Xu Chen and Z.Morley Mao19.Where Do You Want to Go Today?Escalating Privileges by Pathname Manipulation.Suresh Chari,Shai Halevi and Wietse Venema20.Joe-E:A Security-Oriented Subset of Java.Adrian Mettler,David Wagner and Tyler Close21.Preventing Capability Leaks in Secure JavaScript Subsets.Matthew Finifter,Joel Weinberger and Adam Barth22.Binary Code Extraction and Interface Identiﬁcation for Security Applications.Juan Caballero,Noah M.Johnson,Stephen McCamant,and Dawn Song23.Automatic Reverse Engineering of Data Structures from Binary Execution.Zhiqiang Lin,Xiangyu Zhang and Dongyan Xu24.Eﬃcient Detection of Split Personalities in Malware.Davide Balzarotti,Marco Cova,Christoph Karlberger,Engin Kirda,Christopher Kruegel and Giovanni VignaOakland20101.Inspector Gadget:Automated Extraction of Proprietary Gadgets from Malware Binaries.Clemens Kolbitsch Thorsten Holz,Christopher Kruegel,Engin Kirda2.Synthesizing Near-Optimal Malware Speciﬁcations from Suspicious Behaviors.Matt Fredrikson,Mihai Christodorescu,Somesh Jha,Reiner Sailer,Xifeng Yan3.Identifying Dormant Functionality in Malware Programs.Paolo Milani Comparetti,Guido Salvaneschi,Clemens Kolbitsch,Engin Kirda,Christopher Kruegel,Stefano Zanero4.Reconciling Belief and Vulnerability in Information Flow.Sardaouna Hamadou,Vladimiro Sassone,Palamidessi5.Towards Static Flow-Based Declassiﬁcation for Legacy and Untrusted Programs.Bruno P.S.Rocha,Sruthi Bandhakavi,Jerry I.den Hartog,William H.Winsborough,Sandro Etalle6.Non-Interference Through Secure Multi-Execution.Dominique Devriese,Frank Piessens7.Object Capabilities and Isolation of Untrusted Web Applications.Sergio Maﬀeis,John C.Mitchell,Ankur Taly8.TrustVisor:Eﬃcient TCB Reduction and Attestation.Jonathan McCune,Yanlin Li,Ning Qu,Zongwei Zhou,Anupam Datta,Virgil Gligor,Adrian Perrig9.Overcoming an Untrusted Computing Base:Detecting and Removing Malicious Hardware Automatically.Matthew Hicks,Murph Finnicum,Samuel T.King,Milo M.K.Martin,Jonathan M.Smith10.Tamper Evident Microprocessors.Adam Waksman,Simha Sethumadhavan11.Side-Channel Leaks in Web Applications:a Reality Today,a Challenge Tomorrow.Shuo Chen,Rui Wang,XiaoFeng Wang Kehuan Zhang12.Investigation of Triangular Spamming:a Stealthy and Eﬃcient Spamming Technique.Zhiyun Qian,Z.Morley Mao,Yinglian Xie,Fang Yu13.A Practical Attack to De-Anonymize Social Network Users.Gilbert Wondracek,Thorsten Holz,Engin Kirda,Christopher Kruegel14.SCiFI-A System for Secure Face Identiﬁcation.(Best Paper)Margarita Osadchy,Benny Pinkas,Ayman Jarrous,Boaz Moskovich15.Round-Eﬃcient Broadcast Authentication Protocols for Fixed Topology Classes.Haowen Chan,Adrian Perrig16.Revocation Systems with Very Small Private Keys.Allison Lewko,Amit Sahai,Brent Waters17.Authenticating Primary Users’Signals in Cognitive Radio Networks via Integrated Cryptographic and Wireless Link Signatures.Yao Liu,Peng Ning,Huaiyu Dai18.Outside the Closed World:On Using Machine Learning For Network Intrusion Detection.Robin Sommer,Vern Paxson19.All You Ever Wanted to Know about Dynamic Taint Analysis and Forward Symbolic Execution(but might have been afraid to ask).Thanassis Avgerinos,Edward Schwartz,David Brumley20.State of the Art:Automated Black-Box Web Application Vulnerability Testing.Jason Bau,Elie Bursztein,Divij Gupta,John Mitchell21.A Proof-Carrying File System.Deepak Garg,Frank Pfenning22.Scalable Parametric Veriﬁcation of Secure Systems:How to Verify Ref.Monitors without Worrying about Data Structure Size.Jason Franklin,Sagar Chaki,Anupam Datta,Arvind Seshadri23.HyperSafe:A Lightweight Approach to Provide Lifetime Hypervisor Control-Flow Integrity.Zhi Wang,Xuxian Jiang24.How Good are Humans at Solving CAPTCHAs?A Large Scale Evaluation.Elie Bursztein,Steven Bethard,John C.Mitchell,Dan Jurafsky,Celine Fabry25.Bootstrapping Trust in Commodity Computers.Bryan Parno,Jonathan M.McCune,Adrian Perrig26.Chip and PIN is Broken.(Best Practical Paper)Steven J.Murdoch,Saar Drimer,Ross Anderson,Mike Bond27.Experimental Security Analysis of a Modern Automobile.K.Koscher,A.Czeskis,F.Roesner,S.Patel,T.Kohno,S.Checkoway,D.McCoy,B.Kantor,D.Anderson,H.Shacham,S.Savage 28.On the Incoherencies in Web Browser Access Control Policies.Kapil Singh,Alexander Moshchuk,Helen J.Wang,Wenke Lee29.ConScript:Specifying and Enforcing Fine-Grained Security Policies for JavaScript in the Browser.Leo Meyerovich,Benjamin Livshits30.TaintScope:A Checksum-Aware Directed Fuzzing Tool for Automatic Software Vulnerability Detection.(Best Student Paper)Tielei Wang,Tao Wei,Guofei Gu,Wei Zou31.A Symbolic Execution Framework for JavaScript.Prateek Saxena,Devdatta Akhawe,Steve Hanna,Stephen McCamant,Dawn Song,Feng MaoUSENIX Security20101.Adapting Software Fault Isolation to Contemporary CPU Architectures.David Sehr,Robert Muth,CliﬀBiﬄe,Victor Khimenko,Egor Pasko,Karl Schimpf,Bennet Yee,Brad Chen2.Making Linux Protection Mechanisms Egalitarian with UserFS.Taesoo Kim and Nickolai Zeldovich3.Capsicum:Practical Capabilities for UNIX.(Best Student Paper)Robert N.M.Watson,Jonathan Anderson,Ben Laurie,Kris Kennaway4.Structuring Protocol Implementations to Protect Sensitive Data.Petr Marchenko,Brad Karp5.PrETP:Privacy-Preserving Electronic Toll Pricing.Josep Balasch,Alfredo Rial,Carmela Troncoso,Bart Preneel,Ingrid Verbauwhede,Christophe Geuens6.An Analysis of Private Browsing Modes in Modern Browsers.Gaurav Aggarwal,Elie Bursztein,Collin Jackson,Dan Boneh7.BotGrep:Finding P2P Bots with Structured Graph Analysis.Shishir Nagaraja,Prateek Mittal,Chi-Yao Hong,Matthew Caesar,Nikita Borisov8.Fast Regular Expression Matching Using Small TCAMs for Network Intrusion Detection and Prevention Systems.Chad R.Meiners,Jignesh Patel,Eric Norige,Eric Torng,Alex X.Liu9.Searching the Searchers with SearchAudit.John P.John,Fang Yu,Yinglian Xie,Martin Abadi,Arvind Krishnamurthy10.Toward Automated Detection of Logic Vulnerabilities in Web Applications.Viktoria Felmetsger,Ludovico Cavedon,Christopher Kruegel,Giovanni Vigna11.Baaz:A System for Detecting Access Control Misconﬁgurations.Tathagata Das,Ranjita Bhagwan,Prasad Naldurg12.Cling:A Memory Allocator to Mitigate Dangling Pointers.Periklis Akritidis13.ZKPDL:A Language-Based System for Eﬃcient Zero-Knowledge Proofs and Electronic Cash.Sarah Meiklejohn,C.Chris Erway,Alptekin Kupcu,Theodora Hinkle,Anna Lysyanskaya14.P4P:Practical Large-Scale Privacy-Preserving Distributed Computation Robust against Malicious Users.Yitao Duan,John Canny,Justin Zhan,15.SEPIA:Privacy-Preserving Aggregation of Multi-Domain Network Events and Statistics.Martin Burkhart,Mario Strasser,Dilip Many,Xenofontas Dimitropoulos16.Dude,Where’s That IP?Circumventing Measurement-based IP Geolocation.Phillipa Gill,Yashar Ganjali,Bernard Wong,David Lie17.Idle Port Scanning and Non-interference Analysis of Network Protocol Stacks Using Model Checking.Roya Ensaﬁ,Jong Chun Park,Deepak Kapur,Jedidiah R.Crandall18.Building a Dynamic Reputation System for DNS.Manos Antonakakis,Roberto Perdisci,David Dagon,Wenke Lee,Nick Feamster19.Scantegrity II Municipal Election at Takoma Park:The First E2E Binding Governmental Election with Ballot Privacy.R.Carback,D.Chaum,J.Clark,J.Conway,A.Essex,P.S.Herrnson,T.Mayberry,S.Popoveniuc,R.L.Rivest,E.Shen,A.T.Sherman,P.L.Vora20.Acoustic Side-Channel Attacks on Printers.Michael Backes,Markus Durmuth,Sebastian Gerling,Manfred Pinkal,Caroline Sporleder21.Security and Privacy Vulnerabilities of In-Car Wireless Networks:A Tire Pressure Monitoring System Case Study.Ishtiaq Rouf,Rob Miller,Hossen Mustafa,Travis Taylor,Sangho Oh,Wenyuan Xu,Marco Gruteser,Wade Trappe,Ivan Seskar 22.VEX:Vetting Browser Extensions for Security Vulnerabilities.(Best Paper)Sruthi Bandhakavi,Samuel T.King,P.Madhusudan,Marianne Winslett23.Securing Script-Based Extensibility in Web Browsers.Vladan Djeric,Ashvin Goel24.AdJail:Practical Enforcement of Conﬁdentiality and Integrity Policies on Web Advertisements.Mike Ter Louw,Karthik Thotta Ganesh,V.N.Venkatakrishnan25.Realization of RF Distance Bounding.Kasper Bonne Rasmussen,Srdjan Capkun26.The Case for Ubiquitous Transport-Level Encryption.Andrea Bittau,Michael Hamburg,Mark Handley,David Mazieres,Dan Boneh27.Automatic Generation of Remediation Procedures for Malware Infections.Roberto Paleari,Lorenzo Martignoni,Emanuele Passerini,Drew Davidson,Matt Fredrikson,Jon Giﬃn,Somesh Jha28.Re:CAPTCHAs-Understanding CAPTCHA-Solving Services in an Economic Context.Marti Motoyama,Kirill Levchenko,Chris Kanich,Damon McCoy,Geoﬀrey M.Voelker,Stefan Savage29.Chipping Away at Censorship Firewalls with User-Generated Content.Sam Burnett,Nick Feamster,Santosh Vempala30.Fighting Coercion Attacks in Key Generation using Skin Conductance.Payas Gupta,Debin GaoACM CCS20101.Security Analysis of India’s Electronic Voting Machines.Scott Wolchok,Erik Wustrow,J.Alex Halderman,Hari Prasad,Rop Gonggrijp2.Dissecting One Click Frauds.Nicolas Christin,Sally S.Yanagihara,Keisuke Kamataki3.@spam:The Underground on140Characters or Less.Chris Grier,Kurt Thomas,Vern Paxson,Michael Zhang4.HyperSentry:Enabling Stealthy In-context Measurement of Hypervisor Integrity.Ahmed M.Azab,Peng Ning,Zhi Wang,Xuxian Jiang,Xiaolan Zhang,Nathan C.Skalsky5.Trail of Bytes:Eﬃcient Support for Forensic Analysis.Srinivas Krishnan,Kevin Z.Snow,Fabian Monrose6.Survivable Key Compromise in Software Update Systems.Justin Samuel,Nick Mathewson,Justin Cappos,Roger Dingledine7.A Methodology for Empirical Analysis of the Permission-Based Security Models and its Application to Android.David Barrera,H.Gunes Kayacik,Paul C.van Oorschot,Anil Somayaji8.Mobile Location Tracking in Metropolitan Areas:malnets and others.Nathanial Husted,Steve Myers9.On Pairing Constrained Wireless Devices Based on Secrecy of Auxiliary Channels:The Case of Acoustic Eavesdropping.Tzipora Halevi,Nitesh Saxena10.PinDr0p:Using Single-Ended Audio Features to Determine Call Provenance.Vijay A.Balasubramaniyan,Aamir Poonawalla,Mustaque Ahamad,Michael T.Hunter,Patrick Traynor11.Building Eﬃcient Fully Collusion-Resilient Traitor Tracing and Revocation Schemes.Sanjam Garg,Abishek Kumarasubramanian,Amit Sahai,Brent Waters12.Algebraic Pseudorandom Functions with Improved Eﬃciency from the Augmented Cascade.Dan Boneh,Hart Montgomery,Ananth Raghunathan13.Practical Leakage-Resilient Pseudorandom Generators.Yu Yu,Francois-Xavier Standaert,Olivier Pereira,Moti Yung14.Practical Leakage-Resilient Identity-Based Encryption from Simple Assumptions.Sherman S.M.Chow,Yevgeniy Dodis,Yannis Rouselakis,Brent Waters15.Testing Metrics for Password Creation Policies by Attacking Large Sets of Revealed Passwords.Matt Weir,Sudhir Aggarwal,Michael Collins,Henry Stern16.The Security of Modern Password Expiration:An Algorithmic Framework and Empirical Analysis.Yinqian Zhang,Fabian Monrose,Michael K.Reiter17.Attacks and Design of Image Recognition CAPTCHAs.Bin Zhu,JeﬀYan,Chao Yang,Qiujie Li,Jiu Liu,Ning Xu,Meng Yi18.Robusta:Taming the Native Beast of the JVM.Joseph Siefers,Gang Tan,Greg Morrisett19.Retaining Sandbox Containment Despite Bugs in Privileged Memory-Safe Code.Justin Cappos,Armon Dadgar,JeﬀRasley,Justin Samuel,Ivan Beschastnikh,Cosmin Barsan,Arvind Krishnamurthy,Thomas Anderson20.A Control Point for Reducing Root Abuse of File-System Privileges.Glenn Wurster,Paul C.van Oorschot21.Modeling Attacks on Physical Unclonable Functions.Ulrich Ruehrmair,Frank Sehnke,Jan Soelter,Gideon Dror,Srinivas Devadas,Juergen Schmidhuber22.Dismantling SecureMemory,CryptoMemory and CryptoRF.Flavio D.Garcia,Peter van Rossum,Roel Verdult,Ronny Wichers Schreur23.Attacking and Fixing PKCS#11Security Tokens.Matteo Bortolozzo,Matteo Centenaro,Riccardo Focardi,Graham Steel24.An Empirical Study of Privacy-Violating Information Flows in JavaScript Web Applications.Dongseok Jang,Ranjit Jhala,Sorin Lerner,Hovav Shacham25.DIFC Programs by Automatic Instrumentation.William Harris,Somesh Jha,Thomas Reps26.Predictive Black-box Mitigation of Timing Channels.Aslan Askarov,Danfeng Zhang,Andrew Myers27.In Search of an Anonymous and Secure Lookup:Attacks on Structured Peer-to-peer Anonymous Communication Systems.Qiyan Wang,Prateek Mittal,Nikita Borisov28.Recruiting New Tor Relays with BRAIDS.Rob Jansen,Nicholas Hopper,Yongdae Kim29.An Improved Algorithm for Tor Circuit Scheduling.Can Tang,Ian Goldberg30.Dissent:Accountable Anonymous Group Messaging.Henry Corrigan-Gibbs,Bryan Ford31.Abstraction by Set-Membership—Verifying Security Protocols and Web Services with Databases.Sebastian Moedersheim。

非理性行为是有各种因素引起的英语作文

非理性行为是有各种因素引起的英语作文Irrational Behavior: A Complex Interplay of FactorsIrrational behavior, a phenomenon that has captivated the attention of psychologists, sociologists, and philosophers alike, is a multifaceted concept that defies simple explanations. At its core, irrational behavior refers to actions or decisions that deviate from the principles of logic, reason, and sound judgment. These behaviors can manifest in various forms, from impulsive decision-making and risk-taking to persistent adherence to beliefs or actions that contradict empirical evidence.The roots of irrational behavior can be traced to a complex interplay of factors, including cognitive biases, emotional influences, social and cultural norms, and the inherent limitations of the human mind. Understanding the underlying mechanisms that drive these behaviors is crucial in developing effective strategies to mitigate their impact on individuals and society.One of the primary drivers of irrational behavior is the presence of cognitive biases. These are systematic errors in thinking that can lead individuals to make decisions or judgments that deviate fromrational, objective analysis. For instance, the availability heuristic, which causes people to overestimate the likelihood of events that are more easily recalled, can lead to irrational decision-making in the face of low-probability, high-impact events. Similarly, the confirmation bias, the tendency to seek and interpret information in a way that confirms one's existing beliefs, can perpetuate irrational beliefs and behaviors.Emotional influences also play a significant role in shaping irrational behavior. Emotions, such as fear, anger, or excitement, can override the rational decision-making process, leading individuals to act in ways that may not align with their long-term interests or the best available evidence. For example, the fear of losing money can lead investors to make impulsive decisions that result in financial losses, despite the rational advice to stay the course.Social and cultural factors also contribute to the prevalence of irrational behavior. Societal norms, peer pressure, and the influence of authority figures can all shape individual decision-making and behavior, even if those decisions contradict rational analysis. This can be seen in the prevalence of herd mentality, where individuals conform to the actions of a group, often disregarding their own judgment.Additionally, the inherent limitations of the human mind, such as ourtendency to rely on mental shortcuts (heuristics) and the cognitive load imposed by the vast amount of information we process daily, can lead to irrational decisions. These limitations can be exacerbated by factors such as stress, fatigue, or cognitive overload, further undermining our ability to make rational choices.Recognizing the multifaceted nature of irrational behavior is crucial in developing effective strategies to address it. Interventions targeting cognitive biases, emotional regulation, and social and cultural influences can all play a role in mitigating the prevalence of irrational behavior.For instance, educating individuals about cognitive biases and encouraging them to engage in critical thinking can help them recognize and overcome the influence of these biases on their decision-making. Similarly, developing emotional intelligence and self-awareness can empower individuals to manage their emotional responses and make more rational choices.At the societal level, fostering a culture that values rational decision-making, evidence-based policymaking, and critical thinking can help to create an environment that discourages irrational behavior. This can involve implementing educational programs, promoting media literacy, and encouraging public discourse that challenges irrational beliefs and promotes scientific reasoning.In conclusion, irrational behavior is a complex phenomenon that arises from the interplay of cognitive, emotional, social, and cultural factors. By understanding the underlying mechanisms that drive these behaviors, we can develop more effective strategies to mitigate their impact and promote more rational and informed decision-making. Ultimately, the pursuit of a more rational and evidence-based approach to individual and societal challenges is a crucial step in creating a more informed and resilient world.。

风险管理的论文参考文献

风险管理的论⽂参考⽂献风险管理的论⽂参考⽂献风险管理专业的论⽂参考⽂献零散难找，以下是⼩编为⼤家推荐的风险管理论⽂参考⽂献，希望能帮到⼤家，更多精彩内容可浏览. 参考⽂献⼀： [1]国资厅.2010年度中央企业全⾯风险管理报告(模本)。

国资委⽹站。

2009.12.16 [2]陈丽⾦.管理学原理与实践案例.化学⼯业出版社.2008.7 [3]陈智.企业财务风险管理—监管系统与策略选择研究[J].中国管理信息化，2007(1) [4]赵原:企业风险管理问题与对策[J].合作经济与科技,2008,4 [5]胡春元。

审计风险研究[M]。

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绿色供应链管理外文文献翻译中英文2020最新

绿色供应链管理的驱动力，实践和绩效外文文献翻译中英文本文档由凝脂烟霞独家提供（节选重点翻译）英文Green supply chain management drivers, practices and performance: Acomprehensive study on the moderatorsGuido Micheli，Enrico Cagno，Gianluca Mustillo，Andrea TrianniAbstractThe growing level of attention toward global warming, reduction of non-renewable resources and pollution calls manufacturing firms to implement sustainable, and specifically green initiatives into their supply chains (Green Supply Chain Management, GSCM). So far, too little studies have provided clear empirical evidence on the actual impact of these initiatives on firms’ performance, especially within the European manufacturing context, and on the actual impact of possible drivers on the implementation of the above-mentioned initiative. Thus, the aim of this study is to analyse possible moderation factors that affect the relationships between drivers-practices and practices-performance through a survey carried out in 169 Italian manufacturing firms belonging to a range of different sectors. The moderation analysis shows that some drivers strongly influence the relationships between drivers-practices andpractices-performance, and a few contributions from the existing literature are challenged and discussed. Our findings may be particularly interesting for managers and supply chain specialists, as well as for policymakers, who could be inspired by the role of particular drivers on the implementation of GSCM practices, and by the level of performance achievable thanks to the adoption of a set of green practices. As for the academic impact, the issue has been tackled for the first time in an attempt of a comprehensive view, which paves the way to a number of research lines to further investigate both the confirmed and unconfirmed moderations, so as to understand the related rationales in the comprehensive view proposed by the authors.Keywords：Green supply chain management，Driver，Practice，Performance，Moderator IntroductionSustainability in the operations, as a balance between the economic, environmental and social dimensions, has become more accepted knowledge as a crucial element for production and consumption (UN, 2019). Expanding sustainability understanding across the supply chain (SC) has been recognised not only as promising but also as an effective approach bringing innovation and practice into industrial operations (Silvestre and Tîrca, 2019; Jadhav et al., 2019; Taghikhah et al., 2019). This can be noted from recent research with customers and finalconsumers developing a growing environmental awareness pushing toward green products (Dubey et al., 2015a, Dubey et al., 2015b), while community and NGOs mobilize public opinion and the media in favour of or against a firm's environmental policies (Chien and Shih, 2007; Mathiyazhagan et al., 2015).With respect to the very crucial – and potentially even more crucial for the competitiveness and survival of companies and SCs – issue of the intersection between environmental and economic pillars for production and SCs (Sarkis and Zhu, 2018), green supply chain management (GSCM) has been acknowledged as an important business strategy to improve eco- sustainability, to respond to the already mentioned firm stakeholders' driver and to achieve corporate profit and market share objectives by reducing environmental risks and impacts (Zhu et al., 2008b). GSCM integrates environmental thinking (Srivastava, 2007) into SC management, ranging from product design (Kannan et al., 2014), material sourcing and selection (Govindan et al., 2013; Hashemi et al., 2015), manufacturing processes (Zhu and Geng, 2013), delivery of the final product (Sarkis, 2017) as well as end-of-life management of the product after its useful life (Cucchiella et al., 2015; Rehman and Shrivastava, 2011). A significant number of GSCM studies have focused their attention on the identification of key stakeholders’ drivers and their influence on GSCM initiatives adoption (Ahi and Searcy, 2013; Hassiniet al., 2012). Furthermore, in the literature, there is a number of contributions discussing whether the implementation of environmental SC practices leads to enhanced firm performance (for a recent review see, e.g., Tseng et al., 2019). Literature has also offered a variety of mathematical models and tools to address the sustainability issues in SC management, given the higher complexity involved (Bai and Sarkis, 2018; Sarkis et al., 2019).Nevertheless, so far there is too little consensus – mainly due to lack of empirical evidence – over the factors moderating relationships between drivers and practices, as well as between practices and performance, leading to vague and ambiguous conclusions. Indeed, the role of important moderators, such as, e.g., firm size, sector, in the relationships between pressures and GSCM practices and performance has received less attention from scholars, especially in regard to empirical investigations.Additionally, as recently observed by Koberg and Longoni (2019), who have analysed a rigorous systematic literature review of articles focused on sustainable supply chain management in global supply chains, there has been a growing interest on the topic starting from the seminal articles on sustainability in global supply chains (Gereffi et al., 2001; Humphrey and Schmitz, 2001). Nevertheless, the interest of those scholars seems to be more focused on the modes of sustainabilitygovernance, which attracted the interest of recent research as well (e.g., Bush et al., 2015). Then some authors, by taking inspiration from those pioneers, have highlighted that a silo perspective, when looking at green, lean and global value chains, impedes the scope needed to gain a holistic perspective over the topic, missing a strategic perspective (Mollenkopf et al., 2010).Yet, in order to improve the sustainability of the industrial sector, the interest of academia should equally be devoted to non-global value chains, in most cases characterised by local Small- and Medium-sized Enterprises (SMEs), since they may yield to additional insights (Morali and Searcy, 2013), and have been scarcely investigated (Aboelmaged and Hashem, 2019), with a few recent exceptions such as, e.g., UK manufacturing SMEs (Kumar et al., 2019). In fact, so far, no empirical studies have been conducted in this area in Italy, which represents the second-largest manufacturing European economy. Therefore, enhanced knowledge in this area could be beneficial also for industrial decision- makers and policy-makers aiming at fostering the transformation towards increased sustainability in the SC.Production strategyLooking at the moderation results of “Production strategy”, in firms adopting the ETO production approach, the effect of GSCM practices (GP, ECO, CC) on Environmental Performance and of IEM, GP, ECOand CC on Positive economic performance is higher. Thus, this research stimulates managers of ETO companies to implement GSCM practices at a higher level. Besides this improvement of both economic and environmental performance, this study shows that under an ETO strategy, the effects of ECO and GP on negative economic outcomes are the highest within all the strategies. If green purchasing does not show any correlation with negative economic performance in literature, the impact of eco-design on the financial budget is well known. Eco-Design requires significant initial capital investments (Zhu and Sarkis, 2007) and methodologies demanding further development and improvement (Green et al., 2012), but, at the same time, can result in cost reductions such as decreases in expenses for energy consumption (Zhu et al., 2013). Nevertheless, as this paper is one of the first exploratory studies specifically investigating the moderation role offered by the production strategy, further research is highly recommended.Manufacturing sector“Manufacturing sector” moderates both the relationships between drivers-practices and practices-performance. A specific manufacturing sector possesses its own characteristics and, for this reason, it is influenced in different ways by several drivers to implement, in its supply chain, certain green initiatives. Under high community pressure, textile enterprises show the greatest effect of the drivers on the practices'implementation. As depicted in Wu et al. (2012), who consider Taiwan's textile and apparel industry, communities strongly push this manufacturing sector to have a more corporate social responsibility (CSR) and to protect the environment from pollution. Under high regulatory pressure, the Petroleum sector undergoes higher GSCM implementation. Petrochemical firms are enterprises under the radar of regulatory entities due to their high level of pollution (Zhu et al., 2007a). This sector responds to the high pressure of regulations with the implementation of GP and ECO. Further, our findings look overall aligned with research conducted in French supply chains (Stekelorum et al., 2018), where the activity sector seems to affect the perception of internal barriers.ConclusionsRecently, the importance of GSCM has received considerable attention due to climate change issues, pollution and degradation of natural resources. Our research attempted to contribute to the discussion by investigating the role of several moderators in the relationships between GSCM drivers-practices and practices-performance within Italian manufacturing enterprises. Based on the elements emerged from this research, from a theoretical perspective, previous frameworks present in literature have been modified to account for the effect of several moderators affecting the aforementioned relationships. The main contribution of this work is the empirical exploration of the relationshipsbetween drivers-practices and practices-performance, which have shown mixed results in the literature or have just been formulated theoretically, by considering the effect of moderators in these relationships in a European manufacturing context, which so far has been almost neglected, yet being very significant at a worldwide level.In terms of results, the present research reveals that “Firm size”, “ISO 14001 certification”, “Past performance”, “Institutional requirement”, “Position of the firms within the supply chain”, “Production strategy”, “Organizational strategy”, “Trust, Colla boration and Information sharing between partners” and “Manufacturing sector” strongly influence the relationships between practices-performance and drivers-practices. As for the comparison against the extant literature, whilst in previous papers, internal environmental management was associated with a decrease in economic performance, our study has shown that smaller firms could achieve better economic performance from adopting internal environmental management. Moreover, an element of novelty of the present study is the improvement of the operational performance under higher competitive pressure, which resulted in statistically significant and quite original findings compared to previous research. Further, our findings interestingly note that practices such as information sharing and improved level of trust with partners may have a relevant role in improving environmental outcomes. Additionally, wenote a strong and significant relationship between intra-organizational environmental management and operational performance.In terms of impact, our findings may be particularly interesting for managers and supply chain specialists, as well as for policy makers, who could be inspired by the role of particular drivers on the implementation of GSCM practices, and by the level of performance achievable thanks to the adoption of a set of green practices. As for the academic impact, the issue has been tackled for the first time in an attempt of a comprehensive view, which paves the way to a number of research lines to further investigate both the confirmed and unconfirmed moderations, so as to understand the related rationales in the comprehensive view we proposed.In terms of limitations to this study, since data were collected from a single country (Italy), results might differ in other contexts, particularly when it comes to the institutional (regulatory) setting. Further, this study is based on the perception of respondents. Despite self-reported survey data are commonly used in literature to measure performance (thusmaking this study consistent with previous literature) we have not collected real economic data nor indexes. Therefore, this perception could exceed or underestimate the real performance achieved by the firm.In addition to the study limitations that naturally offer opportunities for further research, we want to conclude by sketching additional research directions. Firstly, we believe additional insights may come from theapplication of a similar approach in other industrial contexts, simultaneously testing all the possible hypotheses of moderation between drivers, GSCM practices and performance (instead of decoupling drivers- practices and practices-performance, as in this paper and the extant literature), together with the analysis of the adoption of GSCM practices (with drivers and performance) in production contexts with different environmental impact of single companies and supply chains. Secondly, as indicated by very recent research, the effect of additional moderators could prove interesting such as, e.g., the role of social control and environmental dynamism (Zhang et al., 2019), or that of supplier involvement (Chen et al., 2019). More generally, future study could more deeply delve into exploring the collaboration with supply chain partners (Tseng et al., 2019), given that a link between the implementation of GSCM practices and performance would be misleading without considering the specific position of a company in the SC, as revealed by our study and previous research (Cook et al., 2011). Similarly, by involving and leveraging on additional stakeholders such as, e.g., local communities, the diffusion of more sustainable SCM practices could be fostered (Golini et al., 2017). Further insights could also come by further exploring the moderating role of SC traceability in the relationships between GSCM and environmental performance that, so far, have brought results contrary to the expectations (Cousins et al., 2019). Thirdly,concerning the set of performance, further research could expand the set of indicators of sustainability by including the impact of GSCM practices also on social performance ones, as well as further exploring the connection between quality, lean and green practices for sustainable performance (Henao et al., 2019; Yu et al., 2019; Farias et al., 2019). Fourthly, further research could explore the relationship between GSCM and SSCM practices with SC dynamic capabilities. In this area, preliminary studies indicated a significant positive effect of SSCM practices on SC dynamic and innovative capabilities, and in turn a positive contribution to the three sustainability dimensions (Hong et al., 2018; Adebanjo et al., 2018), but more empirical research would be needed.中文绿色供应链管理的驱动力，实践和绩效摘要人们对全球变暖，减少不可再生资源和污染的关注日益增强，这要求制造企业在其供应链中实施可持续的，特别是绿色的举措（绿色供应链管理，GSCM）。

学术研究英语作文

学术研究英语作文Academic research is a crucial aspect of the pursuit of knowledge and the advancement of human understanding. It encompasses the systematic investigation and exploration of various fields of study, from the natural sciences to the humanities and social sciences. The primary aim of academic research is to expand the boundaries of existing knowledge, challenge established theories, and uncover new insights that can contribute to the betterment of society.One of the fundamental purposes of academic research is to foster a deeper understanding of the world around us. Researchers delve into complex phenomena, analyze data, and formulate hypotheses in an effort to uncover the underlying mechanisms and patterns that govern the natural and social realms. This process of discovery not only enhances our knowledge but also enables us to make informed decisions and develop effective solutions to pressing global challenges.In the realm of the natural sciences, academic research plays a pivotal role in advancing our understanding of the physical world.Researchers in fields such as physics, chemistry, and biology conduct experiments, gather empirical data, and develop theoretical frameworks to explain the fundamental principles that govern the universe. These advancements have led to groundbreaking discoveries, from the structure of the atom to the mechanisms of genetic inheritance, and have paved the way for technological innovations that have transformed our daily lives.Similarly, in the social sciences, academic research delves into the complexities of human behavior, social structures, and cultural dynamics. Scholars in disciplines like sociology, anthropology, and psychology employ various methodologies, such as surveys, interviews, and observational studies, to explore the underlying drivers of human interactions, the formation of societal norms, and the impact of cultural differences on individual and collective experiences. These insights have informed policy decisions, influenced educational practices, and contributed to a deeper understanding of the human condition.In the realm of the humanities, academic research focuses on the exploration of the human experience, the interpretation of cultural artifacts, and the critical analysis of literary and artistic works. Scholars in fields such as history, philosophy, and literature engage in rigorous textual analysis, archival research, and theoretical frameworks to uncover the nuances of human expression, theevolution of ideas, and the significance of cultural heritage. These endeavors not only deepen our appreciation for the richness of human creativity but also inform our understanding of the complexities of the human experience.Regardless of the specific field of study, academic research is underpinned by a set of core principles and methodologies. Researchers are expected to adhere to the highest standards of ethical conduct, ensuring the integrity and objectivity of their work. This includes the careful collection and analysis of data, the transparent reporting of findings, and the acknowledgment of the limitations and uncertainties inherent in the research process.Moreover, academic research is a collaborative endeavor, with researchers from around the world sharing their findings, engaging in critical discourse, and building upon each other's work. Through conferences, publications, and online platforms, researchers communicate their insights, invite peer review, and foster interdisciplinary dialogues that help to advance the collective understanding of complex issues.The impact of academic research extends far beyond the confines of the ivory tower. The knowledge and insights generated through rigorous investigation have the potential to transform the way we approach and solve real-world problems. Policymakers, industryleaders, and community organizations often rely on the findings of academic research to inform their decision-making processes, develop effective strategies, and implement evidence-based solutions.For example, research in the field of public health has informed the development of life-saving vaccines, the implementation of effective disease prevention measures, and the design of healthcare policies that improve the well-being of populations. Similarly, research in the field of environmental science has contributed to the understanding of climate change, the development of sustainable energy solutions, and the implementation of conservation strategies that protect our natural ecosystems.In the realm of education, academic research has been instrumental in shaping teaching methodologies, curriculum design, and the implementation of innovative learning technologies. By studying the cognitive processes, learning styles, and developmental needs of students, researchers have provided valuable insights that have transformed the way we approach the education of future generations.However, the value of academic research extends beyond its practical applications. The pursuit of knowledge for its own sake, the curiosity-driven exploration of the unknown, and the criticalexamination of established beliefs all contribute to the enrichment of the human experience. Academic research fosters intellectual growth, cultivates critical thinking, and encourages the questioning of assumptions – all of which are essential for the continued progress and evolution of our societies.In conclusion, academic research is a vital component of the ongoing quest for understanding and the advancement of human knowledge. Whether it is in the natural sciences, social sciences, or humanities, the systematic investigation and exploration of complex phenomena have the power to transform our worldviews, inform our decision-making, and ultimately contribute to the betterment of the human condition. As we continue to navigate the challenges and opportunities of the 21st century, the importance of academic research will only grow, serving as a beacon of enlightenment and a catalyst for positive change.。

新视野第六册答案完整加全文翻译

第一单元Ⅲ1. pursuit2. conceive3. dedicated4. addict5. cater6. perplexing7. contemplating8. diversions9. foreseen 10. arbitrary 11. petty 12. perpetual 13. Promises 14. based 15. essentialⅣ1、made it2、run out of3 in terms of4 dedicate ourselves to5 For that matter6 be based on7 their duty to 8 thinking of9 free of 11 short of12 depend on 13 cater to14 for their children's sake 15 began as16 ended asⅤ1. interests2. cars3. goals4. career5. peace6. happiness7. experiment 8. study 9. life 10. trainingⅥ1.The whole of life, so to speak, is involved in the pursuit of the good life.2.It is hard to conceive of living without electricity and other modern conveniences.3.He dedicated his life to trying to find an appropriate architecture for his country which was realistic and integral tothat society.4.He also highlighted the well-known dangers of people becoming addicted to computers.5.But after the race riots it was seen as something which the state would have both to cater for and take control of.6.But after the race riots it was seen as something which the state would have both to cater for and take control of.7.For a moment or two Peter contemplated his newly elevated status.8.One of the advantages of big cities over the countryside is that big cities have lots of cinemas and many otherdiversions.9.In my wildest imagination, I could not have foreseen such a wonderful life lay before me.10.In terms of academic achievement, I was never a failure, and will definitely make it in the future.英译汉：1.The right to 美国宪法赋予美国人民追求幸福的权利，但是似乎谁也说不清幸福跑到哪里去了。

On the drivers of eco-innovations_ Empirical evidence from the UK

Research Policy 41 (2012) 862–870Contents lists available at SciVerse ScienceDirectResearchPolicyj o u r n a l h o m e p a g e :w w w.e l s e v i e r.c o m /l o c a t e /r e s p olOn the drivers of eco-innovations:Empirical evidence from the UKEfﬁe Kesidou ∗,Pelin DemirelUniversity of Nottingham,Nottingham University Business School,Jubilee Campus,NG81BB Nottingham,United Kingdoma r t i c l ei n f oArticle history:Received 27April 2010Received in revised form 30August 2011Accepted 15January 2012Available online 11 February 2012Keywords:Eco-innovationsEnvironmental regulations Organisational capabilitiesa b s t r a c tThe environmental economics literature emphasises the key role that environmental regulations play in stimulating eco-innovations.Innovation literature,on the other hand,underlines other important determinants of eco-innovations,mainly the supply-side factors such as ﬁrms’organisational capabilities and demand-side mechanisms,such as customer requirements and societal requirements on corporate social responsibility (CSR).This paper brings together the views of these different disciplines and provides empirical insights on the drivers of eco-innovations based on a novel dataset of 1566UK ﬁrms that responded to the Government Survey of Environmental Protection Expenditure by Industry in 2006.By applying the Heckman selection model,our ﬁndings indicate that demand factors affect the decision of the ﬁrm to undertake eco-innovations whilst these factors exhibit no impact upon the level of investments in eco-innovations.Hence,we suggest that ﬁrms initiate eco-innovations in order to satisfy the minimum customer and societal requirements,yet,increased investments in eco-innovations are stimulated by other factors such as cost savings,ﬁrms’organisational capabilities,and stricter regulations.Based on a quantile regression analysis,the paper offers interesting insights for policy makers,by showing that the stringency of environmental regulations affects eco-innovations of the less innovative ﬁrms differently from those of the more innovative ﬁrms.Crown Copyright © 2012 Published by Elsevier B.V. All rights reserved.1.IntroductionWhilst most researchers and policy makers are well acquainted with the concept of innovation,1eco-innovation is a new concept for which a standardised deﬁnition does not exist yet.OECD illustrates that eco-innovation differs from generic innovation on two signif-icant characteristics:“It is innovation that reﬂects the concept’s explicit emphasis on a reduction of environmental impact,whether such an effect is intended or not.And,it is not limited to innova-tion in products,processes,marketing methods and organisational methods,but also includes innovation in social and institutional structures”(OECD,2009,p.13).Additionally,the merit of eco-innovation has been highlighted by academics and policy-makers in the European Commission (see Kemp,2009about the MEI project)not only because of its beneﬁcial environmental impact but also due to the expected increased competitiveness of the ﬁrms and countries that eco-innovate (Arundel and Kemp,2009).∗Corresponding author.Tel.:+4401159515265;fax:+4401158466667.E-mail address:efﬁe.kesidou@ (E.Kesidou).1Innovation refers to “the implementation of a new or signiﬁcantly improved product (good or service),or process,a new marketing method,or a new organisa-tional method in business practices,workplace organisation or external relations”(OECD and Eurostat,2005,p.46).The UK environmental policy clearly sets out the urgent chal-lenges in meeting the increasing demands of the economy whilst moving towards a low emission and sustainable environment (DTI Energy White Paper,2007).Furthermore,“the transition to a low-carbon economy will bring challenges for competitiveness but also opportunities for growth’arising out of eco-innovations,which will offset some of the high costs of mitigation”(Stern Review,2006,p.16).On the way to an environmentally sustainable eco-nomic growth,integrating environmental and innovation insights and understanding where the UK stands in terms of its existing capabilities and potential for creating eco-friendly technologies is crucial.A number of contributions from the ﬁeld of innovation and envi-ronmental economics are seeking to determine the factors that drive eco-innovation.Studies leaning towards the ﬁeld of innova-tion indicate that demand factors in general (Horbach,2008),and collaboration with environmentally concerned stakeholders in par-ticular (Wagner,2007)play an important role for the generation of eco-innovations.On the other hand,insights from the manage-ment literature on corporate social responsibility (CSR)suggest that the societal pressure and demand for environmentally friendly products and processes may not necessarily lead to increasing investments in eco-innovation,but rather be limited to initiate a minimum investment in eco-innovation that will signal the com-mitment of the ﬁrm to ‘green issues’(Suchman,1995;Bansal and Hunter,2003;Potoski and Prakash,2003;Darnall,2006).0048-7333/$–see front matter.Crown Copyright © 2012 Published by Elsevier B.V. All rights reserved.doi:10.1016/j.respol.2012.01.005E.Kesidou,P.Demirel/Research Policy41 (2012) 862–870863Other scholars have highlighted the importance of technologi-cal and organisational capabilities in stimulating eco-innovations in manufacturingﬁrms(Horbach,2008).The implementation of environmental management systems(EMS)which facilitate eco-innovation is seen as the reﬂection of the strong organisational capabilities ofﬁrms in environmental management(Wagner,2007; Horbach,2008).Studies closer to theﬁeld of environmental economics underline the signiﬁcance of environmental regulation and standards that aim to combatﬁrms’pollution activities(Magat,1979;Malueg, 1989;Milliman and Prince,1989).Recently,increasing attention has been given to the role of regulation in enhancing investments in eco-innovations(Brunnermeier and Cohen,2003).Regulation is not seen as an undesirable cost-increasing factor but as a stimulator ofﬁrms’innovativeness that,in turn,would lead to aﬁrst-mover advantage in markets for eco-innovations(Porter,1991;Porter and Van Der Linde,1995a,b).Yet,an issue that is overlooked in these studies is related to the heterogeneity inﬁrms’innovation capabilities and their respective strategies for eco-innovation.Less innovativeﬁrms may adopt eco-innovation as a means to reduce production costs and comply with the minimum environmental standards,whilst more innovativeﬁrms may adopt eco-innovation in order to enter new markets(Grubb and Ulph,2002).As a result, the effectiveness of regulations forﬁrms could potentially differ depending on whether or not they are already ahead of their peers in eco-innovation investments and activities.This paper contributes to the literature by pooling together insights from the innovation literature on eco-innovation,the management literature on CSR strategy,and the environmental economics literature.The paper considers three key factors that potentially drive eco-innovation:(1)demand factors,(2)organisa-tional capabilities,and(3)stringency of environmental regulations.With respect to the demand factors and organisational capa-bilities,by applying the Heckman Selection model,we are able to distinguish between the factors that affect the decision of theﬁrm to conduct eco-innovation,and those factors that affect the level of investments in eco-innovation.The application of this method-ology enables us to examine the extent that demand factors–namely societal requirements of CSR and demand for environmen-tally friendly products–affect the decision of theﬁrm to conduct eco-innovation and/or the level of investment in eco-innovation. Additionally,we use quantile regression techniques to analyse whether environmental stringency affects eco-innovation differ-ently in less innovativeﬁrms and more innovativeﬁrms.The paper is structured as follows:in Section2,we review the theoretical and empirical literature on eco-innovation and for-mulate the research hypotheses.Section3presents the data and explains the methodologies that were applied.Section4presents the empirical results,whilst Section5discusses theﬁndings and the policy implications of the study.2.Theoretical framework and research hypotheses2.1.Demand factors:CSR and customer requirementsTheoretical insights from the innovation literature underline the critical role of demand pull factors for innovations.In the late 1980s,the linear model of innovation was replaced by new insights that emphasised the feedback mechanisms that take place at every stage of the innovation process(Kline and Rosenberg,1986).Con-sequently,numerous other studies from innovation management literature highlighted that not only producers participate and shape the innovation process but also consumers and users,universi-ties,as well as public and private institutes(Edquist,2004;Nelson, 1993;Von Hippel,1987).Innovation is now seen as a cumulative and interactive process integrating technology push and market pull(Dosi,1988;Lundvall,1992).However,the demand factors in eco-innovation concept have generally been overlooked.Only recently a small number of empir-ical studies indicate that demand factors play an important role for the creation of eco-innovations(Horbach,2008;Wagner,2007). In particular,Horbach(2008)shows that demand,namely expec-tations of increases in the turnover of theﬁrm,is an important determinant of eco-innovations in the case of German manufactur-ingﬁrms.Additionally,Wagner(2007)underlines the importance of active consumer associations for eco-innovation.His empirical study on German manufacturingﬁrms indicates that collaboration with predominantly environmentally concerned stakeholders–partly reﬂecting the activities of consumer protection associations –plays an important role for the generation of eco-innovative prod-ucts(Wagner,2007).Moreover,recent years have witnessed an increase in government efforts to endorse eco-innovations through the use of centralised‘green purchasing’plans(e.g.BIS,2009). Overall,this evidence pinpoints that demand factors and in par-ticular,calls for corporate responsibility and consumer demand for environmentally friendly products and processes,will affect the decision of theﬁrm to invest in eco-innovation.Additionally,the above studies examine the impact of demand factors upon a binary dependent variable that reﬂects the decision of theﬁrm to eco-innovate(eco-innovations=1vs.no eco-innovation=0).We still know very little about the impact of the demand factors upon the intensity of eco-innovations.Insights from the management literature on CSR suggest that demand factors may not affect the level of investment in eco-innovation.The CSR literature illustrates thatﬁrms align their practices with societal expectations in order to ensure the legiti-macy of their business(Iatridis,2009;Palazzo and Scherer,2006; Sethi,1975).Consequently,the adoption of CSR policies may reﬂect a reinforcing or reorienting of theﬁrm strategy through signalling commitment to‘green issues’and building the‘green’image of the company(Bansal and Hunter,2003;Darnall,2006;Potoski and Prakash,2003).As a result,ﬁrms may undertake only the mini-mum investment in eco-innovation to legitimise their practices and improve their‘green’image(Suchman,1995).Thus,CSR and cus-tomer demand for green products and processes may not bring the expected increasing investments in eco-innovations.Therefore,we test whether demand factors and in particular customer demand for environmentally friendly innovations and CSR will affect the decision of aﬁrm to invest in eco-innovation, as well as the level of investment in eco-innovation.Hypothesis1.Demand factors inﬂuence(1)the decision of the ﬁrm to invest in eco-innovation;and(2)the level of investment in eco-innovation.anisational capabilities:environmental management systems(EMS)The innovation literature focusing on eco-innovations has shown that increasing investments in eco-innovation are inﬂu-enced by the capabilities of theﬁrms(Kemp et al.,1992).In particular,thoseﬁrms that build organisational capabilities and practices such as source reduction,recycling,pollution preven-tion,and green product design are more likely to invest in eco-innovation(Georg et al.,1992;Winn and Roome,1993). Additionally,Florida et al.(2001)demonstrate that two types of organisational factors–organisational resources and performance monitoring systems–play an important role for the adoption of eco-innovations.Organisational environmental capabilities are often developed with the implementation of environmental management systems864 E.Kesidou,P.Demirel/Research Policy41 (2012) 862–870(EMS).2EMS are voluntary organisational frameworks that detail the procedures used to manage the impacts of the organisation on the natural environment(Darnall,2006).Their purpose is to continuously improve corporate environmental performance to get ahead of the existing government regulations to reduce emissions and waste disposal(Kollman and Prakash,2002).EMS are viewed as an indicator of the strong but latent organisational capabilities of theﬁrm in environmental management(Fryxell and Szeto,2002; Russo and Harrison,2005).A number of empirical studies from the innovation literature have found that implementation of EMS has a positive impact upon eco-innovation(Horbach,2008;Wagner,2007).Even though the implementation of EMS signals the building of organisational capabilities,management research on EMS has shown that solely external certiﬁcation does not boost eco-innovation due to the rather ostentatious organisational implementation of EMS by some ﬁrms(Boiral,2007;Fryxell and Szeto,2002;Rondinelli and Vastag, 2000;Russo and Harrison,2005).Hence,we investigate how the organisational environmental capabilities of theﬁrm affect its eco-innovativeness.anisational factors inﬂuence(1)the decision of theﬁrm to invest in eco-innovation and(2)the level of investments in eco-innovation.2.3.Stringency of environmental regulationsMost research on environmental economics is focussed on the effectiveness of various policy measures,namely regu-lations(ambient standards,technology-based standards,and performance-based standards)and market-based instruments (Pigouvian tax,subsidies,deposit/refund systems,and tradable per-mits),for limitingﬁrms’pollution activities(Callan and Thomas, 2009;Magat,1979;Milliman and Prince,1989;Malueg,1989). Presently the attention has shifted to the role that environmental regulations play in stimulating eco-innovations(Brunnermeier and Cohen,2003;Lanjouw and Mody,1996).Empiricalﬁrm-level stud-ies suggest that more stringent environmental regulations boost eco-innovations(Cleff and Rennings,1999;Frondel et al.,2008; Green et al.,1994).This hypothesis,initially formalised by Porter(1991)and Porter and Van Der Linde(1995a,b)has been empirically tested sev-eral times in different contexts and with different datasets as the interest to control emissions and environmental pollution heav-ily mounts on the industry and governments(Brunnermeier and Cohen,2003;Horbach,2008;Mazzanti and Zoboli,2006;Popp, 2006).The‘win-win’situation underlying the Porter hypothesis suggests that regulations can forceﬁrms to invest in environmen-tal research and development in order to cut down the costs of complying with environmental regulation standards.In turn,ﬁrms that undertake eco-innovations will be able to reduce their produc-tion costs and/or enter into expanding markets for eco-products. Indeed,regulations may be the only means to break out of exist-ing technological lock-ins and move towards eco-technologies that usually have higher costs at least in the short term(Arthur,1989; Klaassen et al.,2005).The majority of evidence on the relationship between envi-ronmental regulations and eco-innovations comes from a small number of developed countries,namely the USA and Germany,and to a lesser extent from other European countries such as Italy,UK2European Union’s Environmental Management and Audit Scheme(EMAS)and ISO14001constitute the most diffused forms of formalised EMS and both schemes require third party certiﬁcation and investigation.Bansal and Hunter(2003)argue that these two schemes reinforce legitimacy which cannot be claimed through in-house EMS.and Denmark.The differences in stringency of environmental reg-ulations across countries are accompanied by different levels of development in their eco-innovation capabilities(Klaassen et al., 2005;Popp,2006).Eco-innovations respond heavily to national and local regulations and therefore,we anticipate stringency of environmental regulations to stimulate eco-innovations.Yet,we know very little about the response of different types ofﬁrms to environmental regulations.Firm heterogeneity with respect to innovative capabilities implies that someﬁrms may be ahead of others in their investments into environmental R&D. Thus,higher levels of environmental stringency may increase eco-innovation in less innovativeﬁrms,which assume a reactive strategy by adopting eco-innovations in order to reduce production costs of complying with environmental regulations.In contrast, more innovativeﬁrms,which are ahead of their peers in eco-innovations,may not respond to environmental stringency since they are already complying with the new regulations.Finally, highly innovativeﬁrms,which are more proactive,may increase their investments in eco-innovation for strategic reasons;in order to gain an advantage in product markets(Grubb and Ulph,2002). As a result,stricter regulations may not affect the investments of allﬁrms in eco-innovation uniformly.Hypothesis3.Stringency of environmental regulations affects the level of investments in eco-innovation differently for less innova-tiveﬁrms and more innovativeﬁrms.3.Data and methodology3.1.DataThe data we use in the empirical analysis was collected by the Department for Environment Food and Rural Affairs(DEFRA) in2006for the‘Government Survey of Environmental Protection Expenditure by Industry’.The objective of the survey was to gather ﬁrm-level data on environmental protection expenditure across industrial sectors in the UK.The survey is designed to collect information on operating and capital environmental expenditure, environmental management systems,environmental research and development expenditures,motivation for environmental expen-diture,and general information onﬁrm characteristics such as employment and turnover.From a random sample of7850manu-facturingﬁrms1599responded to the survey,which represents an approximately20.4%response rate.Because of missing responses to some of the variables,the sample that is used in the analysis is reduced to1566.We use environmental research and development expenditures (ECORD)as a proxy of eco-innovation.This variable measures the level ofﬁrms’R&D investments into eco-innovations and is more speciﬁc and precise compared to the majority of R&D based eco-innovation indicators found in the literature.Survey questions that investigate environmental R&D activities often askﬁrms‘whether or not’they conduct environmental research and development activities and not speciﬁcally‘how much’they invest into envi-ronmental research and development activities(Horbach,2008). Hence,theﬁrst advantage of the ECORD variable used in this study is its ability to indicate not only whetherﬁrms conduct environ-mental research and development but also to provide information on the level of such investments.The second advantage of the ECORD variable is that it is speciﬁcally aimed at R&D expenditures allocated for eco-innovations and not all types of innovations.Some previous studies have utilised theﬁrm’s total R&D as a proxy of eco-innovations even though these measures do not immediately indicate the rate of eco-innovations but assume a strong correla-tion between eco-innovations and generic innovations(Jaffe and Palmer,1997;Brunnermeier and Cohen,2003).E.Kesidou,P.Demirel/Research Policy41 (2012) 862–870865 Table1Variables and summary statistics.Variable Deﬁnition Mean Std ECORD Environmental research and development(£).7687134,186 CSR=1if theﬁrm invested in environmental protection because of parent company or owner policy/CSR.0.06aCust Req=1if theﬁrm invested in environmental protection because of customer environmental requirements.0.02aEMS=1if theﬁrm has implemented environmental management systems.0.26aEOC Environmental operating costs(£).512,29812,239,109 ECC Environmental capital costs(£).196,4784,135,495 AC Total abatement costs=EOC+ECC(£).708,92113,565,860 Equ Upgrade=1if theﬁrm invested in environmental protection because of equipment upgrade.0.13aCS Total cost savings resulting from environmental improvements(£).24,800265,313BP Total income obtained from the sale of by-products arising from environmental improvements(£).0.030.304 TOPCOM=1if theﬁrm is a Top Company b.0.03TURNOVER Company turnover in2006. 5.44E+07 4.55E+08 EMP Number of employees in2006.180606SIZE=ln(EMP). 3.94 1.39a The mean of a dummy variable represents the proportion or percentage of cases that have a value of1for that variable.b DEFRA selected Top Companies by ranking the top50companies by turnover and by number of employees.In addition the companies with over250employees in SICs 10–14(Mining and quarrying),23(Coke/petroleum/nuclear fuel),40and41(Energy&water supply)were included and theﬁve largest(by number of employees)companies for each SIC,were also selected as Top Companies.We measure the demand for eco-innovations with two indica-tors:(a)customer requirements(CUST REQ),which is a dummy variable that takes the value of1if aﬁrm has invested in environmental protection because of customers’environmental requirements;and,(b)corporate social responsibility(CSR),which is a binary variable that speciﬁes whether aﬁrm has invested in environmental protection because of parent company or owner policy on corporate social responsibility.Organisational capabilities related to eco-innovations are mea-sured with a dummy variable that indicates whether aﬁrm has implemented environmental management systems(EMS).In the literature,the stringency of environmental regulations is often proxied with abatement costs(i.e.the capital and operat-ing costs of complying with environmental regulations as in the US PACE survey),the number of pollution related inspections to companies(Brunnermeier and Cohen,2003),qualitative survey questions on whether existence(or anticipation)of regulations ‘prompt’product and process eco-innovations(Cleff and Rennings, 1999;Green et al.,1994)and also by considering the pre and post periods of a speciﬁc environmental legislation(Popp,2006).In this study we measure regulatory stringency with abatement costs by taking into account the environmental operating and capital expen-diture of theﬁrm(AC).Table1presents the main variables,their deﬁnition and some summary statistics.3.2.MethodologyHypotheses1and2are tested by applying a Heckman model (1979)whilst a quantile regression model is used for testing Hypothesis3.3.2.1.Heckman modelLet us use i=1,2,...,N to indexﬁrms.This equation speciﬁes the determinants of eco-innovation(ECORD i):ECORD∗i=˛x0i+ε0iHere x0i is a vector of the determinants of eco-innovation,˛is a vector of parameters of interest,andεi is an error term.Envi-ronmental research and development(ECORD)can be used as a proxy for eco-innovation but,this is possible only in cases where ECORD>0(i.e.ﬁrms spend on ECORD).However,manyﬁrms do not perform ECORD;in particular,1314out of1566ﬁrms do not undertake any environmental R&D.As a result,the dependent vari-able ECORD is left censored,with a lower threshold of zero.Hence,the above equation cannot be estimated with an OLS regression; this would produce inconsistent estimations of the˛coefﬁcients because of selection bias and truncation(Amemiya,1985).This is resolved by employing a two-step Maximum Likelihood Heck-man model byﬁrst estimating a selection equation,and then the outcome equation adjusting for selection bias(Greene,2003).In particular,the selection equation indicates whether or not aﬁrm performs ECORD:ECORD i=1if ECORD∗i>00if ECORD∗i≤0where ECORD∗i=ˇ0+ˇ1x1i+ε1iwhere ECORD∗i is the corresponding latent variable indicating that ﬁrms decide to perform ECORD if it is above the threshold level of zero.Hence,conditional onﬁrm i performing ECORD,3it is possible to observe the determinants of eco-innovation as follows:ln(ECORD i)=ln(ECORD)if ECORD∗i>0–if ECORD∗i≤03.2.2.Quantile regression modelThe quantile regression produces important insights about the different factors that determine investments in environmental research and development(ECORD)at different points on the conditional ECORD distribution(Koenker and Basset,1978).The Heckman model and other statistical techniques focus on the mean effect of the covariates.Hence,the quantile regression comple-ments the Heckman estimation by providing a detailed description of the conditional ECORD distribution across all quantiles.Note that,in this part of the study,we focus only on thoseﬁrms with positive ECORD investments.Ideally,one would combine a selection equation with the quantile regression model to correct for the sample selection problems as discussed in Section3.2.1.Whilst there are examples of quantile regression models that include a3Following previous studies,we use the logarithmic form of the environmen-tal research and development variable,since it is a highly skewed variable(Jaffe and Palmer,1997).The Histograms of ECORD and ln(ECORD)demonstrate that the logarithmic transformation corrects for the non-normality of the ECORD variable. Additionally,the Shapiro–Wilk test shows that the null-hypothesis of normality is rejected for ECORD(Prob>z:0.000)and accepted for ln(ECORD)(Prob>z:0.220). Note that the normality tests are conducted on the non-censored portion of the ECORD data(i.e.ECORD>0)which effectively enters into estimations in the second stage of the regression model.The missing values of ln(ECORD)generated in cases when ECORD=0are taken into account at theﬁrst stage of the model where we identify the factors forﬁrms to undertake ECORD or not.866 E.Kesidou,P.Demirel/Research Policy41 (2012) 862–870Table2Environmental R&D by size and sector.Allﬁrms ECORD>0ECORD mean Number ofﬁrms ECORD mean Number ofﬁrmsSizeMicro(1–9employees)2208426457 Small(10–49employees)118710619922127 Medium(50–249employees)10,68130742,04278 Large(≥250employees)67,751114193,09340SectorMining and quarrying63957331,12315 Food,beverages and tobacco products327223223,72532 Textiles,clothing and leather products21319316,51512 Wood and wood products32633616,7857 Pulp and paper products,printing680159636217 Coke,petroleum and nuclear fuel19,1451444,6726 Chemicals and man-madeﬁbres11,59822246,96054 Rubber and plastic products182814121,48612 Other non-metallic mineral products192854946511 Basic metals and metal products166515712,45021 Machinery and equipment42299330,25913 Electrical,medical and optical equipment466413130,55320 Transport equipment19488410,23116 Other manufacturing67075243,6008 Energy production and water228,54425710,9388Total1566252selection equation(Buchinsky,2001),this theoretically poses a con-ﬂict between the main equation and the selection equation sincethe Heckman model evaluates the results at the mean and not at dif-ferent quantiles.Hence,we omit the selection equation and simplyfocus on thoseﬁrms that invest in ECORD.3.2.3.Other methodological issuesFirstly,in order to address potential multicollinearity problems,we have checked the Pearson correlation matrix for dependent andindependent variables used in the analysis.The only two variablesthat are found to display high levels of signiﬁcant correlation istheﬁrm size(ln(EMP))and the abatement expenditure(ln(AC))variables(r=0.75,signiﬁcant at5%).In order to remove this correla-tion,we transformed the AC variable by dividing it with TURNOVER(AC/TURNOVER).The resulting correlation betweenﬁrm size andthe transformed AC variable is much lower(r=−0.0255)andinsigniﬁcant.Furthermore,the VIF inﬂation factor(VIF),1/(1−R2 k )test(Greene,2003)reveal an improvement in eliminatingmulticollinearity.4Secondly,since the data is cross sectional,problems of endo-geneity may arise especially with regard to issues of reverse causality between environmental research and development (ECORD)and abatement costs(AC).We were able to check empir-ically the potential problems of reverse causality by examining whether ECORD in2003is signiﬁcantly correlated with abate-ment costs in2006for a subset of64ﬁrms that appear in both years.The Spearman correlation analysis shows that ECORD in 2003is not signiﬁcantly correlated with AC/TURNOVER in2006 (r=0.187).5In contrast,ECORD in2006is signiﬁcantly correlated with AC/TURNOVER in2006(coefﬁcient=0.330,signiﬁcant at5%). This empirical test shows that the data does not suffer from serious endogeneity problems.We also tested the data for possible bias arising out of com-mon method variance(CMV).CMV is a type of spurious correlation which occurs amongst indicators or constructs when these derive4The VIF for the independent variables including the transformed AC variable (AC/TURNOVER)has dropped to1.13from the VIF value of1.46for the independent variables including abatement expenditure(ln(AC)).5We apply the Spearman non-parametric test because the AC/TURNOVER vari-able is not normally distributed and the data is not homoscedastic.from a common source.Podsakoff et al.(2003)have categorised the sources of CMV:(a)common rater effect,(b)item characteristics effect,(c)item context effect,and(d)measurement context effect. Note that CMV varies with the discipline of study.In particular,it has been shown that the levels of CMV are approximately15.8% in marketing,3.8%in other business areas,28.9%in psychology, and30.5%in education(Malhotra et al.,2006).The current study is based on the measurement of simple,objective,and unambiguous constructs–such as environmental expenditure,environmental management systems,environmental research and development, motivations for environmental expenditure,ﬁrm size and turnover –that we would expect to be associated with lower levels of CMV as it is in the case of‘other business areas’.Yet,we tested the survey for potential presence of CMV(Appendix A).Our results indicate that CMV is not a problem in this study.4.Empirical resultsEnvironmental research and development(ECORD)forﬁrms of different size and sector is presented in Table2.An ANOVA test on differences in mean values was conducted,comparing the mean of various size subgroups ofﬁrms.6A Kruskal–Wallis non-parametric ANOVA test of equality of population rank was carried out,comparing the medians of various sector subgroups ofﬁrms.7 Table2indicates that investment in environmental research and development is signiﬁcantly related to the size of theﬁrm,namely largeﬁrms spend on average£67,751per annum on ECORD,whilst micro,small,and mediumﬁrms invest considerably less.8Thisﬁrst ﬁnding conﬁrms that largeﬁrms are more likely to undertake envi-ronmental innovations compared to their smaller counterparts. Largeﬁrms’higher tendency to eco-innovate may be driven by their higher public visibility and the corresponding pressures they face from green/environmental public groups and the governments 6The assumptions of ANOVA,namely,independence,normality and homoscedas-ticity,were satisﬁed.7The non-parametric test was applied because ANOVA’s assumption of homoscedasticity was not satisﬁed.8The Bonferroni Post hoc ANOVA test was performed to determine the multiple comparisons between the mean differences of the various SIZE rgeﬁrms differ signiﬁcantly at the0.05level from other sub-groups.。

《客户关系管理》教学资源客户关系管理教案2018

课程名称客户关系管理学时授课班级授课教师授课时间advantage through win-win relationship strategies. New York: McGraw-Hill Companies, 2001.5.BERGER P D, NASR N I. Customer lifetime value: marketing models and applications. Journal of Interactive Marketing, 1998,12(1):17-30.6.WAYLAND R E, COLE P M. Customer connections: new strategies for growth. Boston: Harvard Business School Press, 1997.7.WANG YONGGUI. Customer asset orientation: measurements, antecedents and consequences //The 3rd IEEE International Conference of Service Management and Service Systems, France, 2006: 60-66.8.TREACYMI, CHAEL, FRED WIERSEMA. The Discipline of Market Leaders. Addison-Wesley NY, 1995.9.王永贵. 产品开发与管理. 北京:清华大学出版社,2007.10.德鲁克. 管理：使命、责任、实务.王永贵,译. 北京:机械工业出版社,2006.课后作业：1.认真完成课后思考题，对本章内容进行复习，掌握客户关系管理战略的相关内容以及具体的客户赢返和获取策略；2.完成即测即评题目，测试本章学习效果。

补充阅读：1.STORBACKA K,LEHTINE J R. Customer relationship management:creating competitive advantage through win-win relationship strategies. New York:McGraw-Hill,2001:115.2.WANG YONGGUI. Customer asset orientation and its impact on the relationship between market orientation and new product development performance//The IEEE International Conference on Management of Innovation and Technology(ICMIT.2006), Singapore, June 21-23, 2006: 52-563.杨永恒.客户关系管理.大连:东北财经大学出版社,2002.4．王永贵，《服务营销》，清华大学出版社，2018.5．（美）菲利普•科特勒，王永贵著，王永贵等译,《市场营销学》，中国人民大学出版社，2017年。

毕业答辩英文

毕业答辩英文Good afternoon, honorable professors, fellow students, and distinguished guests. I am honored to stand before you today to present my research project and defend my thesis for graduation.First and foremost, I would like to express my gratitude to my esteemed advisors who have guided me throughout this journey. Their expertise, patience, and encouragement have been invaluable in shaping my academic development. I am also deeply grateful to my family and friends for their unwavering support, which has given me the strength and motivation to overcome challenges along the way.The focus of my research project was to investigate the impact of technological advancements on the modern business landscape. With the rapid development of technology, businesses are constantly adapting to stay relevant in today's digital era. Through an extensive literature review and empirical analysis, I aimed to shed light on the key drivers and challenges faced by businesses in adopting technology and the implications on their performance. The first part of my study examined the drivers of technology adoption. It became evident that businesses are motivated to adopt technology for various reasons, such as improving operational efficiency, enhancing customer experience, and gaining a competitive advantage. The findings revealed that businesses with a proactive approach to technology adoption tend to outperform their competitors in terms of productivity and profitability.In the second part of my study, I delved into the challenges facedby businesses in adopting technology. It was found that concerns related to cost, lack of technical expertise, and resistance to change were the major obstacles hindering technology adoption. However, businesses that overcame these challenges through proper planning, strategic partnerships, and employee training reported significant benefits in terms of increased innovation and improved business performance.Furthermore, my research highlighted the crucial role of government support in fostering technology adoption among businesses. Effective policies, incentives, and infrastructure development are crucial in creating an environment conducive to technological advancement. This not only benefits individual businesses but also promotes economic growth and development on a national or even global scale.In conclusion, my research project has provided valuable insights into the impact of technological advancements on the modern business landscape. By understanding the drivers and challenges faced by businesses in adopting technology, policymakers, business leaders, and academics can work together to create an environment that fosters innovation and promotes sustainable growth. I believe that this research serves as a foundation for future studies in this field and contributes to the body of knowledge on the subject.Once again, I would like to express my gratitude to everyone who has supported me throughout this journey. I am confident that the lessons learned from this research will serve me well in my future endeavors as a professional in the field of business. Thank you.。

乳饮料制品研究与市场的参考文献

乳饮料制品研究与市场的参考文献一、研究文献1. Guo, M., Sun, Y., Fu, W. (2016). Research on urban consumers' purchase intention of functional milk tea—An empirical study based on theory of planned behavior. Polish Journal of Management Studies, 14(1), 63-72.2. Hwang, S. K., Lee, D. (2017). Effects of packaging characteristics on consumers’ purchase intention for d本人ry products. Journal of Food Products Marketing, 23(4), 482-499.3. Jiang, Y., Tang, J., Tong, X., Tang, L. (2016). Consumers’ purchase intention of fresh milk: Factors impacting on Chinese urban inhabitants. Appetite, 99, 151-161.4. Pan, Y., Zhang, W., Song, X., C本人, D., Liu, X. (2018). The impact of brand credibility on consumers' purchase intention of d本人ry products in China: The moderator role of brand familiarity. Journal of Ret本人ling and Consumer Services, 42, 98-105.5. Wang, Y., Wang, C., Tao, H., Wang, Q. (2016). Consumer attitudes and purchase intention toward antibiotic-free d本人ry products: An application of the health belief model. Food Control, 68, 181-189.6. Xie, X., Wu, L., Li, G. (2018). The impact of sensory marketing on consumers' perception and purchase intention of milk tea. Journal of Sensory Studies, 33(4), exxx.7. Yu, H., Xue, H., Li, W. (2017). A study of the relationships among service quality, perceived value, satisfaction and purchase intention: A case of d本人ry product emerce in China. Journal of Ret本人ling and Consumer Services, 39, 21-28.二、市场分析文献1. ADB. (2016). D本人ry supply ch本人n in the People's Republic of China: A value ch本人n approach. Manila: Asian Development Bank.2. D本人ry Australia. (2018). Global and Australian d本人ry market trends. Melbourne: D本人ry Australia.3. Euromonitor International. (2019). D本人ry products in China. London: Euromonitor International.4. FAO. (2017). The future of d本人ry production. Rome: Food and Agriculture Organization of the United Nations.5. Mintel. (2018). D本人ry market in China - Statistics facts. London: Mintel Group Ltd.6. USDA. (2018). China: D本人ry and products annual. Washington, D.C.: United States Department of Agriculture.7. World Bank. (2016). China's evolving d本人ry market: Drivers, distribution, and promotion channels for imported US d本人ry products. Washington, D.C.: World Bank Group.以上是关于乳饮料制品研究和市场分析的参考文献，这些文献涵盖了用户购物意向和产品市场的研究成果，也包括了我国乳制品市场的全球和本土情况分析。

免费增值模式文献综述

THE BUSINESS CIRCULATE| 商业流通MODERN BUSINESS现代商业26免费增值模式文献综述曾润滋暨南大学大学管理学院　广东广州　510632一、引言Freemium模式即免费增值模式，是指通过免费产品吸引消费者，再提供具有增值服务的付费产品促进消费者付费转化进而盈利的模式。

现阶段大多开发商对于Freemium模式的运用还处于探索阶段，随着消费者对互联网依赖程度越来越高，App和各客户端平台如雨后春笋般出现，涉及了各行各业，如何快速获客并获得持续增长是开发商亟待解决的问题，于是Freemium的“免费+付费”模式成了游戏、音乐、云服务、社交、电商等软件的运营模式，研究Freemium模式对开发商而言意义重大。

在采取了Freemium模式的开发商中，部分通过快速获客和留存获得了持续的发展，但是也有部分因提供了免费产品而导致成本消耗过快，资金链断裂而推出市场，故厘清Freemium模式的作用机理是非常有价值的。

现阶段，对于Freemium的研究主要有以下几个方面。

1.Freemium模式机理研究；2.影响Freemium模式消费者付费转化的因子；3.Freemium模式最优策略的存在性及Freemium模式最优策略下最优的定价、最优的质量划分或功能划分；4.Freemium模式同其他策略的组合研究。

近几年针对Freemium模式的研究越来越多，Freemium模式结合其他策略的研究还较少，接下来将对Freemium模式的研究现状进行回顾，并给出存在的问题和未来研究的展望。

二、Freemium模式机理较早对Freemium的研究集中于Freemium模式介绍、分类、应用及机理进行分析。

学者对于Freemium的早期探究基本是基于理论研究，而后也有通过实证研究来阐释Freemium的应用和机理，大多学者没有对行业进行区分进行研究，近期在对Freemium模式应用研究时，则聚焦于游戏或音乐行业。

企业费用粘性研究

Qiye Keji Yu Fazhan0引言费用粘性这一概念来自管理会计中的成本性态分析，是指增加业务量时费用增加的数额大于等额减少业务量时费用减少的数额。

传统观点认为，费用变化的幅度与业务量变化的方向无关。

增加一单位的业务量会导致费用增加a 个单位，减少一单位的业务量会导致费用减少a 个单位。

1993年，Banker 等人[1]研究发现：虽然费用会随收入同方向变动，但是费用变化数额与收入变化数额并不构成比例。

2003年，Anderson ，Banker 和Janakiraman [2]第一次提出了费用粘性的概念。

他们对美国上市挂牌公司的数据进行研究分析，量化了费用变动与业务量变动之间的非对称性。

研究结果表明：营业收入增加1%，费用增加0.55%；营业收入减少1%，费用只减少0.35%。

如果企业存在费用粘性，那么就会形成资源浪费，降低经营管理水平，从而减少企业的价值。

费用与企业各项生产经营活动如影随形，必须采取有效手段加以控制。

企业作为盈利性组织，持续经营的条件是增加利润，而降低成本和增加利润是等同的概念。

因此，为了加强成本管理，提高资源配置效率，那么费用粘性的关注度将大幅增加。

1企业费用粘性的影响因素企业费用粘性影响因素的研究是大多数学者研究的主流，如今已经硕果累累，根据前人的研究成果，这些影响因素涉及企业内外方方面面。

尽管影响企业费用粘性的因素众多，但是某些因素的影响甚微。

因此，基于显著性优先的角度，本文主要论述宏观经济环境、公司治理因素和外部治理机制3个方面。

1.1宏观经济环境企业费用粘性不可避免地会受到宏观经济环境的影响，其中市场化进程和国企混改是重要的影响因素。

两者与费用粘性均存在负向变动关系，即推进市场化进程和加快国企混改能够降低企业费用粘性。

刘嫦等人（2017）[3]认为企业在经济下滑时期会承担较多冗员，费用粘性水平较高。

随着我国市场化程度逐渐深入，政府对企业的指挥程度越来越低，拥有更多自由裁量权的企业能够很好地吸纳冗员，从而优化人力资源配置，降低费用粘性水平。

财政学名词解释word英文版

财政学名词解释word英⽂版Chapter ONE1.public finance(public sector econmics/public economics): The field of econmics that analyzes government taxation and spending.2.unified budget:The document that includes all the federal government’s revenues and expenditures.3.regulatory budget:An annual statement of the costs imposed on the economy by government regulations.(xianzaimeiyoule)4.entitlement programs:Programs whose expenditures are determined by the number of people who qualify, rather than preset budget allocations.Chapter TWO5.substitution effect:The tendency of an individual to consume more of one goodand less of another because of a decrease in the price of theformer relative to the latter.6.normal good:A good for which demand increases as income increases anddemand decreases as income decreases, other things beingthe same.7.income effect:The effect of a price change on the quantity demanded dueexclusively to the fact that the consumer’s income haschanged.8.correlation:A measure of the extent to which two events move together.9.treatment group:The group of individuals who are subject to the intervention being studied.10.control group:The comparison group of individuals who are not subject to the intervention being studied.11.biased estimate:An estimate that conflates the true causal impact with the impact of outside factors.12.coumterfactual:The outcome for people in the treatment group had they not been treated.13.experimental study:An empirical study in which individuals are randomly assigned to the treatment and control groups.14.observational study:An empirical study that relies on observed data that are not obtained from an experimental setting.15.econometrics:The statistical tools for analyzing economic data.16.regression line:The line that provides the best fit through a scatter of data points.17.standard error:A statistical measure of how much an estimated regression coefficient might vary from itstrue value.18.cross-sectional data:Data that contain information on entities at a given point in time.19.time-series data:Data that contain information on an entity at different points in time.20.panel data:Data that contain information on individual entities at different point of time.21.quasi-experimental study:An observational study that relies on circumstances outside of the researcher’s control to mimic random assignment. 22.differerce-in-difference analysis:An analysis that compares changes over time in an outcome of the treatment group to changes over the same time period in the outcome of the control group.23.instrumental variables analysis:An analysis that relies on finding some variable that affects entry into thetreatment group, but in itself is not correlated with the outcome variable.24.regression-discontinuity analysis: An analysis that relies on a strict cut-off criterion for eligibility of the intervention under study in order to approximate an experimental design.Chapter THREE25.welfare economics:The branch of economic theory concerned with thesocial desirability of alternative economic states.26.edgeworth box:A device used to depict the distribution of goods in atwo good-two person world.27.pareto efficient:An allocation of resources such that no person can bemade better off without making another person worseoff.28.pareto improvement:A reallocation of resources that makes at least oneperson better off without making anyone else worse off.29.contract curve:The locus of all pareto efficient points.30.production possibilities curve:A graph that shows the maximum quantity of one output that can be produced, given the amount of the other output.31.marginal rate of transformation:The rate at which the economy can transform one good into another good; it is the absolute value of the slope of the production possibilities frontier.32.marginal cost:The incremental cost of producing one more unit of output.33.utility possibilities curve:A graph showing the maximum amount of one person’s utility given each level of utilityattained by the other person.34.social welfare function:A function reflecting society’s views on how the utilities of its members affect the well-beingof society as a whole.35.monopoly:A market with only one seller of a good.36.asymmetric information:A situation in which one party engaged in an economic transaction has better informationabout the good or service traded than the other party.37.externality:A cost or benefit that occurs when the activity of one entity directly affects the welfare ofanother in a way that is outside the market mechanism.38.public good:A good that is nonrival and nonexcludable in consumption.39.merit good:A commodity that ought to be provided even if people do not demand it.Chapter FOUR40.Pure public good:A commodity that is nonrival and nonexcludable inconsumption.41.Private good:A commodity that is rival and excludable inconsumption.42.Impure public good:A good that is rival and/or excludable to some extent.43.Publicly provided private goods:rival and excludable commodities that are provided bygovernments.44.Horizontal summation:The process of creating a market demand curve bysumming the quantities.45.Vertical summation:the process of aggregate demand curve for a public good by adding the prices each individual is willing to pay for a given quantity of the good.46.Free rider:the incentive to let other people pay for a public good while you enjoy the benefits.47.Perfect price discrimination:when a producer charges each person the maximum he or she is willing to pay the good.48.Privatization:The process of turning services that are supplied by the government over to the private sector for provision and/or production. /doc/f221ced2a7c30c22590102020740be1e640ecc41.html modity egalitarianism:the idea that some commodities ought to be made available to everybody.Chapter FIVE50.Externality:A cost or benefit that occurs when the activity of one entity directly affects the welfare ofanother in a way that is outside the market mechanism.51.Coase theorem:Provided that transaction costs are negligible, an efficient solution to an externality problem is achieved as long as someone is assigned property rights independent of who is assigned those rights52.Pigouvian tax:A tax levied on each unit of an externality generator’s output in an amount equal to themarginal damage at the efficient level of output.53.Emissions fee:A tax levied on each unit of pollution54.Cost effective:A policy that achieves a given outcome at the lowest cost possible.55.Congestion pricing:A tax levied on driving equal to the marginal congestion costs imposed on other drivers.56.Cap and trade:A policy of granting permits to pollute, with the number of permits set at the desiredpollution level, and allowing pollutes to trade the permits.57.Safety value price:Within a cap and trade system, a price set by government at which polluters can purchases additional permits beyond the cap.58.Incentive based regulations:Policies that provided polluters with financial incentives to reduce pollution./doc/f221ced2a7c30c22590102020740be1e640ecc41.html mand-and-control regulations: Policies that require a given amount of pollution reduction with limited or no flexibility to how it may be achieved,60.Technology standard:A type of command-and-control regulation that requires firms to use a particular technologyto reduce their pollution.61.Performance standard:A command-and-control regulation that sets an emissions goal for each individual polluterand allows some flexibility in meeting the goal62.Hot spots:Localized concentration of emission.Chapter SIX63.Political economy:The field that applies economics principles to the analysisof political decision making.64.Lindahl prices:The tax share an individual must pay par unit of publicgood65.Majority voting rule:One more than half voters muse favor a measure for it tobe approved66.V oting paradox:With majority voting community preferences can beinconsistent even though each individual’s preferencesare consistent67.Agenda manipulation:The process of organizing the order in which votes are taken to ensure a favorable outcome。

rpo成本分析报告

rpo成本分析报告题目：RPO成本分析报告一、引言近年来，随着企业对人才招聘的重视度不断提高，企业对外包招聘服务的需求也在不断增加。

Recruitment Process Outsourcing（RPO）成为了越来越多企业选择的一种人才招聘模式。

本报告旨在对RPO的成本进行分析，帮助企业了解并评估RPO的经济效益，为决策提供参考。

二、RPO成本组成RPO的成本主要由以下几个方面组成：1. 外包费用：企业将招聘过程外包给RPO服务商，需要支付相应的外包费用。

这些费用通常以服务合同的形式确定，包括人力资源专业团队的薪酬、技术平台的开发和维护费用、招聘广告和宣传费用等。

2. 招聘成本：RPO服务商将替代企业执行招聘相关的活动，包括发布招聘广告、筛选简历、面试候选人等。

企业需要支付这些活动所产生的成本，如广告费用、面试官的费用等。

3. 人员培训成本：由于外包招聘活动，企业内部的招聘人员通常需要进行培训，以适应新的招聘流程和使用新的招聘工具。

企业需要支付培训的费用，例如培训师傅的工资和培训材料的费用。

4. 外包管理成本：企业需要为RPO服务商提供必要的管理支持，包括与RPO服务商的沟通和协调、对外包招聘活动的监督和评估等。

对于这些管理活动所产生的成本，企业也需要进行合理的估计。

三、RPO成本优势尽管RPO需要一定的费用投入，但与企业自行开展招聘活动相比，RPO具有以下几个明显的成本优势：1. 降低固定成本：企业不再需要招聘部门的固定薪酬和相关福利，转而支付相对灵活的外包费用。

这可以大大降低企业的人力成本，尤其是在岗位需求波动较大的情况下。

2. 提高效率：RPO服务商通常利用技术平台和专业的招聘团队，能更快地定位和筛选匹配的人才。

与此同时，RPO服务商在招聘资源和经验方面具有优势，能够帮助企业更好地满足人才需求，从而减少人力资源部门的工作负担和招聘周期，提高效率。

3. 资源整合：RPO服务商能够为企业整合各类招聘资源，包括招聘网站、猎头公司、人才储备库等，使企业能够更好地利用这些资源。

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An Empirical Study of the Drivers of Consumer Acceptance of Mobile AdvertisingMarko MerisavoHelsinki School of Economics (HSE), FinlandSami KajaloHelsinki School of Economics (HSE), FinlandHeikki KarjaluotoUniversity of Oulu, FinlandVille VirtanenHelsinki School of Economics (HSE), FinlandSami SalmenkiviHelsinki School of Economics (HSE), FinlandMika RaulasHelsinki School of Economics (HSE)Matti LeppäniemiUniversity of Oulu, FinlandTable of Contents●Abstract●Introduction●Consumer Acceptance of Mobile Advertising●Conceptual Model and Hypotheses●Research Method●Results●Discussion●Limitations and Future Research●Conclusions●References●Acknowledgements●Appendix 1: Survey Items Used to Measure Constructs and Scaling●Appendix 2: Means, Standard Deviations, and CorrelationsAbstractThe ubiquity of text messaging (SMS) based mobile communication creates new opportunities for marketers. However, the factors that induce consumers to accept mobile devices as an advertising medium are not yet fully understood. This paperexamines the drivers of consumer acceptance of SMS-based mobile advertising. A conceptual model and hypotheses are tested with a sample of 4,062 Finnish mobile phone users. Structural equation modeling is used to test five drivers of mobile advertising acceptance: (1) utility, (2) context, (3) control, (4) sacrifice, and (5) trust. The results show that utility and context are the strongest positive drivers, while sacrifice is negatively related to the acceptance of mobile advertising. Despite the concerns about privacy, our results indicate that control and trust are not that important to consumers in mobile advertising.IntroductionConsumer adoption of digital mobile telecommunications has in most countries been even faster than that of the Internet (Perlado and Barwise 2005). The number of mobile subscriptions worldwide was 2.4 billion by the end of the second quarter of 2006 (GSM Association 2006). According to OECD, there is nearly one mobile phone per person in much of the developed world (Economist 2005). In Western Europe, mobile phone penetration reached 90% by the end of 2004, and was forecasted to reach 100% by the end of 2007. At the end of 2004, penetration already exceeded 100% in several countries including Italy, Sweden, and the United Kingdom, as consumers own multiple phones and/or SIM (Subscriber Identity Module) cards (Analysys 2005). Despite the high penetration of personal computers and broadband Internet access, the United States has been slower to adopt mobile phones than Europe (Economist 2005). According to CTIA (2005), mobile phone penetration in the United States was over 65% of the population in 2005. In Finland, the target country of this study, the penetration rate was 103% at the end of 2005 (Ministry of Transport and Communications of Finland 2006).The majority of mobile phones are capable of sending and receiving text via mobile short message service (SMS) transmission. Text messaging is very popular; 49% of European Internet users frequently send SMS to their friends and family (Smith, Husson, and Mulligan 2005a). In the United Kingdom, for instance, 2.13 billion person-to-person text messages were sent in September 2004 (Mobile Data Association 2004). In Finland, the average number of SMS messages sent per month per one mobile phone subscription in 2004 was 37 (Ministry of Transport and Communications of Finland 2005). The ubiquity of SMS-based mobile communications creates new opportunities for marketers to advertise, build, and develop customer relationships, and receive direct response from customers (Sultan 2005). Up to this point, mobile advertising has mostly been carried out by mobile operators and, to a lesser degree, by consumer brands (Virtanen, Bragge, and Tuunanen 2005).Even though we focus on SMS-based mobile advertising in this paper, mobile advertising as a concept is much broader. New applications and services linked to mobile phones, such as multimedia messaging (MMS), games, music, and digital photography, have emerged and are already being used by some marketers. However, according to JupiterResearch, SMS messages were the dominant format of mobile marketing communication in Western Europe in 2005 (Smith, Husson, and Mulligan2005b). The main disadvantage of SMS is its 160-character text-only format, while MMS messages can include pictures or video clips. Nevertheless, both SMS and MMS channels can have positive effects on consumers’ brand relationships (Nysveen et al. 2005).Despite the potential of SMS as an advertising medium, its users, volume of usage, acceptance, and effectiveness have received little attention from academics and international market research institutes. Still, some initial research exists. According to Forrester Research, in Europe’s most advanced mobile markets, such as the United Kingdom and Finland, more than half of direct marketers and their agencies have adopted SMS for their advertising campaigns (de Lussanet 2004). According to A.T. Kearney and Cambridge University (2003), as many as 54% of European consumers received SMS advertisements in 2003; compared to 40% in 2002. In 2005, 45% of Finnish consumers received SMS advertisements; while in 2004 the number was 33% and in 2001 only 9% (Kauhanen 2005). Despite the widespread usage, the initial results of mobile advertising seem quite disappointing. For example, in 2003 only 2% of European consumers said they had bought anything as a result of SMS-based mobile advertising (A.T. Kearney & Cambridge University 2003). However, a recent study shows that depending on the customer segment, SMS-based mobile advertising can increase sales of mobile services (e.g., news and sports information, ringtones, and graphics) up to 420% (Merisavo et al. 2006). In other words, mobile advertising seems to work differently for different customers and different products or services.To better understand how mobile advertising works and to make it more effective, it is very important to explore human factors (Choi et al. 2005). The purpose of this study is to examine the drivers of consumer acceptance of SMS-based mobile advertising. Our conceptual model and hypotheses are tested with a survey of 4,062 mobile phone users in Finland. First we discuss consumer acceptance of mobile advertising and present our conceptual model and hypotheses. The research method and results obtained follow in the next two sections. Finally, the paper concludes with a discussion of the results, the academic and managerial implications, and suggestions for future research. Consumer Acceptance of Mobile AdvertisingAs consumers are increasingly exposed to mobile advertising, their acceptance is also increasingly regarded as a critical success factor (Amberg, Hirschmeier, and Wehrmann 2004; Heinonen and Strandvik 2003). Although academic research on mobile commerce and consumer acceptance of mobile advertising is relatively new and thus still scarce, a number of studies have been conducted in this field. Many of them have been conceptual work (e.g., Balasubramanian, Peterson, and Jarvenpaa 2002; Barnes 2002; Kavassalis et al. 2003; Leppäniemi and Karjaluoto 2005). One of the first empirical studies was Barwise and Strong’s (2002) study of incentive-based mobile text message (SMS) advertising in the United Kingdom The respondents received over 100 messages during the six-week trial period and were paid a £5 fee on recruitment, and £0.05p per message. The results showed that almost all respondents were satisfied or very satisfied. Barwise and Strong (2002) suggested that mobile advertising works bestfor marketing simple and inexpensive products and services. Since mobile phones are very personal devices, mobile advertising can often be regarded as intrusive, although relevance and added value (e.g., discounts or special offers) can increase consumer acceptance (Patel 2001). When analyzing 26 different mobile advertising campaigns (5,401 respondents), Rettie, Grandcolas, and Deakins (2005) found that overall acceptance of SMS advertising was 44%, with response rates ranging from 3% to 68% (with an average of 31%). Acceptance was significantly correlated with campaign interest, campaign relevance, and monetary incentives.Research on consumer acceptance of mobile advertising and related issues has often been conducted using structural equation modeling. The results from empirical studies of four mobile services (text messaging, contact, payment, and gaming) with 2,038 respondents by Nysveen, Pedersen, and Thorbjørnsen (2005) showed that perceived enjoyment, perceived usefulness, and perceived expressiveness had a strong overall impact on consumers’ intentions to use mobile services. While perceived usefulness was found to be a general antecedent for consumers’ intentions to use all kinds of mobile services, enjoyment, for instance, appeared to be particularly important as a driver for using experiential services like contact and gaming services. A recent survey (1,028 respondents) by Bauer et al. (2005) identified entertainment value and information value as the strongest drivers of mobile advertising acceptance. They argued that consumers develop a positive attitude towards mobile advertising - which in turn leads to the behavioral intention to use mobile services - only if mobile advertising messages are creatively designed and entertaining, or if they provide a high information value. Furthermore, Pura’s (2005) survey on location-based SMS services found that conditional value (i.e., context), commitment, and monetary value had the strongest influence on behavioral intentions to use mobile services.Conceptual Model and HypothesesIn this section we develop our hypotheses and a conceptual model based on the previous discussion on consumer acceptance of mobile advertising and additional relevant issues related to the specific nature of the mobile phone as a medium.Many of the studies discussed above identified perceived usefulness, relevance, and monetary incentives, as well as entertainment and information value, as important factors affecting consumer acceptance of mobile advertising. Together these form the total utility that consumers perceive in mobile marketing. Thus, we expect that: H1: Consumers’ perceived utility of mobile advertising is positively relatedto their willingness to accept mobile advertising.Consumers carry their mobile phones almost everywhere, which creates new opportunities for marketers. This can be useful to both marketers and consumers. It has been suggested that when using mobile services or receiving mobile advertising messages, consumers perceive value in relation to the utilization of time and place (i.e., contextual information) (Heinonen and Strandvik 2003; Pura 2005). For example, withlocation-based mobile services, the location of a single consumer at a given time can be identified and mobile advertising made contextually valid (e.g., a dinner offer when passing by a favorite restaurant in the evening), which in turn can provide more value for the consumer. In the literature this is often referred to as “conditional value” that depends on the context and occurs and exists only within a specific situation (Holbrook 1994). Thus:H2: Consumers’ utilization of contextual information in mobile advertisingis positively related to their willingness to accept mobile advertising.In many countries mobile advertising is permission-based by law in order to keep mobile phones clear of spam. Accordingly, mobile advertising basically follows the ideas of permission marketing (see Godin 1999). As mobile phones are very personal devices, consumer perceptions of controlling that permission as related to the mobile advertising (e.g., how many messages they receive in a given period) are considered important factors that might affect consumer acceptance of mobile advertising (Leppäniemi and Karjaluoto 2005; Nysveen, Pedersen, and Thorbjørnsen 2005). Thus, we expect that: H3: Consumers’ perceived control of mobile advertising is positivelyrelated to their willingness to accept mobile advertising.It has been suggested that consumers’ risk perceptions can strongly determine their behavior (Mitchell 1999). This may also be the case with mobile advertising. Although consumers have given their consent to receive mobile advertising, what they actually get may not necessarily match their expectations. Therefore, they might perceive various risks (e.g., privacy, unsuitable content) or even feel irritated when receiving the communication (Bauer et al. 2005; Tsang, Ho, and Liang 2004). These risks and annoyances represent disadvantages (or sacrifices) that the consumers associate with mobile advertising. Thus:H4: Consumers’ perceived sacrifice in receiving mobile advertising isnegatively related to their willingness to accept mobile advertising.Finally, extending the privacy issue, consumers’ trust in the use of their personal data and the laws protecting them might affect their acceptance of mobile advertising. Thus: H5: Consumers’ trust in privacy and the laws of mobile advertising ispositively related to their willingness to accept mobile advertising.In Figure 1 we present a graphic representation and summary of the conceptual foundation.FIGURE 1.A Conceptual Model for Consumer Acceptance of Mobile AdvertisingResearch MethodSurvey respondents for this study were recruited from Finland in late 2005 by email andbanner advertising. This resulted in a final sample of 4,062 respondents. The surveyinstrument was pre-tested with a small sample (n=90) of business students at theUniversity of Oulu, Finland. After the pre-test, the wording of some questions wasmodified. Non-response bias was tested by following Armstrong and Overton (1977). Nostatistically significant differences were found for the study variables between early andlate respondents.Of the respondents, 48% were male and 52% were female. The sample was comprisedof relatively young consumers, as 70% of the respondents were below 36 years of age.Thirty-five percent of the respondents were students and 47% were employed. Sixty-nine percent reported an annual personal income of less than $25,500, and only 14%earned more than $35,500. The respondents sent an average of 23 text messages perweek and received an average of 24 text messages per week. The previous month theyhad received an average of three SMS advertising messages of a product or service totheir mobile phone, and were therefore familiar with mobile advertising.The questionnaire was developed based on the conceptual model (see Figure 1). Weused seven-point Likert scales ranging from “strongly disagree” (1) to “strongly agree”(7) for measuring the different independent variables (Bauer et al. 2005; Nysveen et al.2005; Tsang, Ho, and Liang 2004). In most questions the respondents were alsoprovided with a “do not know” option.ResultsScale construction and validation was conducted using exploratory and confirmatoryfactor analysis. We followed the two-step procedure recommended by Anderson andGerbing (1988) and conducted two types of assessment: the measurement modelassessment and the structural model assessment. In order to achieve appropriate levelsof unidimensionality, several items were ultimately excluded from the scales. Moreover,to assess the reliability of the latent variables, composite reliability values (ρc ) werecalculated for each endogenous latent variable. Table 1 shows that all compositereliability values were clearly above the recommended level of .60 (Diamantopoulos andSiguaw 2000). A complementary measure to composite reliability is the averagevariance extracted (ρv ), which shows directly the amount of variance that is captured bythe construct in relation to the variance due to measurement error. Again, Table 1shows that all constructs exceeded the recommended level of .50 (Diamantopoulos andSiguaw 2000). A complete list of items in each of these scales (after the exclusion ofthe items needed to achieve unidimensionality as discussed above) and the scalemeasuring the acceptance of mobile marketing are presented in Appendix 1. Themeans, standard deviations, and correlations are presented in Appendix 2.TABLE 1.Composite Reliability and Average Variance ExtractedConstruct Compositereliability (ρc )Average variance extracted (ρv ) Perceived utility of mobile advertising .86 .61 Utilization of contextual information in mobile advertising .86 .56Perceived control of mobile advertising .83 .56Perceived sacrifice of receiving mobile advertising .89 .72Trust in privacy and laws of mobile advertising .78 .55Problems of missing data are often magnified in structural equation modeling, and soadequate missing-data computation is of particular importance (Ullman and Bentler2004). Thus the multiple imputation option with Expected Maximization (EM) algorithmincluded in LISREL 8.72 was used for imputation of missing values. The technicaldetails of this method are presented in Schafer (1997).Table 2 shows the fit indices for the measurement model, which included the five factors measuring attitudes towards different aspects of mobile advertising. Overall, the fitindices for the measurement model indicate that the scale structures fit the data acceptably.TABLE 2.Fit Indices for Measurement Model and Structural ModelModel χ2(df) RMSEA GFI NNFI CFIMeasurementmodel3192.40 (142)Significance = .00.08 .92 .94 .95Structural model4036.01 (194)Significance = .00.07 .91 .95 .96RMSEA: root mean square error of approximation, GFI: goodness of fit index, NNFI: non-normed fit index, CFI: comparative fit index.The hypotheses presented in Figure 1 were tested simultaneously using structural equation modeling (SEM) via LISREL 8.72 (Jöreskog and Sörbom 2001). The modeling was undertaken by deploying covariance matrix and the maximum likelihood estimation procedure.Table 2 presents the model fit measured using the chi-square statistic (χ2), the root mean square error of approximation (RMSEA), the goodness of fit index (GFI), the non-normed fit index (NNFI) and the comparative fit index (CFI). Significant results of thechi-square statistic imply that the model was not acceptable. However, as the chi-square statistic is highly dependent on sample size, the fit of models estimated with large samples is often difficult to assess. Thus, caution needs to be exercised in its application and fit indices have been developed to address this problem (Diamantopoulos and Siguaw 2000; Ullman and Bentler 2004).The root mean square error of approximation (RMSEA) is usually regarded as the most informative of the fit indices. Values less than .05 are indicative of good fit, and between .05 and under .08 of reasonable fit (Browne and Cudeck 1993; MacCallum, Browne, and Sugawara 1996). Thus, as seen in Table 2, the model fit is reasonable, as RMSEA does not exceed .08.The goodness of fit index (GFI) is an absolute fit index, which means that it assesses how well the covariances predicted from the parameter estimates reproduce the sample covariances. Here values greater than .90 reflect acceptable fit (Diamantopoulos and Siguaw 2000), as reflected in the GFI values shown in Table 2.The last two of the fit measures are relative fit indices, which show how much better the model fits compared to a baseline model, usually the independence model. Values of the non-normed fit index (NNFI), and the comparative fit index (CFI) range from 0 to 1 (with the exception that NNFI can have values greater than 1), and values close to 1 indicate a good fit (Steenkamp and van Trijp 1991). The fit indices shown in Table 2 suggest that the model fits well with our data, and thus all fit indices concerned indicate that the model fit is good.FIGURE 2.Structural Equation Model: Standardized Path EstimatesSignificance of the path estimates are shown in parentheses (t-value). *p = .00Model fit: χ2=4036.01; df=194; p = .00; RMSEA= .07; GFI= .91; NNFI= .95; CFI= .96.Figure 2 shows the final structural model with standardized path estimates and t-values. Four of our five hypotheses were supported. As expected, our first hypothesis was supported, as a very strong path (β= .41) between the consumers’ perceived utility of mobile advertising and the willingness to accept mobile advertising was found. Also, Hypothesis 2 was supported, as a strong positive path (β= .27) from the utilization of contextual information to the willingness to accept mobile advertising was found. However, the consumers’ perceived control of mobile advertising did not significantlyaffect their willingness to accept mobile advertising (β= .03), and therefore our Hypothesis 3 was not supported. This finding might indicate that consumers take it for granted that marketers do not send them mobile advertising messages without their permission, and thus the whole question of control is less important to them. However, this finding warrants further research, especially in countries where the legislation concerning permission is different.In Hypothesis 4 we predicted that the consumers’ perceived sacrifice is negatively related to their willingness to accept mobile advertising. Our study supported this hypothesis, as there was a strong negative path (β= -.32) between perceived sacrifice and the willingness to accept mobile advertising. Also, Hypothesis 5 was supported, as the consumers’ trust in privacy and the laws regulating mobile advertising were positively related to their willingness to accept mobile advertising (β= .11). However, this relationship was relatively weak, which implies that consumers do not consider these issues very important.The explanatory power of the model for the acceptance of mobile advertising was examined by using R2 (squared multiple correlations). Together, all five constructs explain 63% of the variance observed in the acceptance of mobile advertising. This result provides confidence that the model is appropriate.To summarize, we found relatively strong empirical evidence for the hypotheses stated, except our Hypothesis 3,which was rejected and thus warrants further research. Our results show that perceived utility and perceived sacrifice are of great importance in mobile advertising, being consistent with the general notion that customer-perceived value can be regarded as a ratio between perceived benefits and perceived sacrifice (Monroe 1991; Zeithaml 1988). The importance of the utilization of contextual information was emphasized as well, which implies that mobile advertising would benefit from being location-, time- and consumer profile-specific. However, the results also suggest that perceived control and perceived trust are not very important drivers of consumer acceptance of mobile advertising.DiscussionOur research makes a number of academic and managerial contributions. The results indicate that perceived utility and the utilization of contextual information are the strongest positive drivers of consumer acceptance of mobile advertising, which supports previous studies (e.g., Nysveen, Pedersen, and Thorbjørnsen 2005; Pura 2005). The role of perceived utility in accepting new technologies is widely validated in the literature on the adoption of technology (see e.g., Davis 1989; Gefen and Straub 2000). On the other hand, the study indicates that consumers’ perceived control of mobile advertising is not a strong contributor to their willingness to accept mobile advertising. This implication clearly differs from what has been suggested in previous studies (Bauer et al. 2005; Tsang, Ho, and Liang 2004).Several managerial implications can also be drawn from the study. Firms making use of the mobile channel as part of their promotional strategies should always think of the perceived usefulness that the addition of the channel brings. Usefulness should not only be understood as providing discount messages or alerts, but it also refers to providing up-to-date information via this direct instant response channel, which in turn keeps the mobile audience constantly aware of the various promotions a firm has. In other words, using the mobile channel as an information channel might tie the customers even more closely to the firm, and by doing so, make them less receptive to other advertising, such as mass media advertising from competing firms and brands. With respect to the use of context in mobile marketing campaigns, successful campaigns have been incorporated within the context of a specific event like a concert or a game. Often these kinds of campaigns have been text-based, providing mobile users, for example, with the opportunity to participate in sweepstakes, to get more information via SMS about the players of a game, or lately even the option to control upcoming events in TV programs. Perceived sacrifice was negatively related to the acceptance of mobile advertising, and so marketers should avoid any mobile advertising that consumers might find irrelevantor irritating. Despite increasing concerns about privacy and the protection of personal data in the public debate, this study finds trust for the appropriate use of personal information by marketers and mobile operators to be a relatively weak driver of the acceptance of mobile advertising. Furthermore, while previous literature on permission marketing emphasized the consumers’ control over the marketing, our study indicates that consumers might take it for granted that marketers do not send them mobile advertising messages without their permission, and thus the whole question of control is less important to them. These perceptions, however, may vary in different countries with different legislation and dissimilar ways of conducting mobile advertising. In Finland consumers are well protected by law from unsolicited mobile advertising.Limitations and Future ResearchWe recognize that our study has three main limitations. First, this study was conducted with Finnish consumers and may not reflect the views of consumers in other countries. Thus, in order to reveal cultural and market differences, it would be interesting to repeat this study in different countries, such as the United Kingdom, the United States, or Japan. It would also be appealing to see if the research findings vary in other countries with far lower mobile phone penetration rates. Secondly, as is the case with most online studies, this study used a convenience sample of consumers. Thus, the respondents might see mobile advertising as more acceptable than other samples would. We would suggest future studies to test the external validity of our findings. The third limitation of the paper concerns the use of confirmatory factor analysis, which is based on a domain sampling paradigm with LISREL. The concern is that the study constructs can in some circumstances be criticized as more formative than reflective by nature; as a result the indicator variables can have the weakness of measuring different aspects of the latent variables (see Gefen, Straub, and Boudreau 2000) instead of the same aspect. When using a domain sampling paradigm the indicator variables should be highly correlated and thus exchangeable. In the present study both of these criteria were met, which canbe seen from the high correlation between the indicator variables and scale development. The scale development was based mainly on modifying existing scales used in similar studies that were also conducted with LISREL. Even though the scale purifying can be considered valid, future studies should validate the findings by testing the model with other structural equation programs such as PLS (e.g., Chin 1998). Moreover, further work is required to develop the scaling procedure and to examine the impact of scale modifications on how well a modified scale performs in this new context under investigation (see e.g., Rossiter 2002).ConclusionsOverall, our study indicates that marketers should pay particular attention to the utility and relevancy of mobile advertising messages. For example, mobile advertising should provide consumers with either useful information or a way to save time or money based on the consumer’s situation, location, or personal profile. Prior research has also found that the perceived relevance of mobile advertising is related to changes in purchase intention (Rettie, Grandcolas, and Deakins 2005). Thus, future research should focus on the content of mobile advertising messages and their effect on both the acceptance of mobile advertising and the purchase behavior of targeted consumers.Finally, given the additional importance of trust on acceptance, it is no surprise that the most successful mobile marketers worldwide are well-trusted brands like Coca-Cola, McDonalds, and mobile operators, which have successfully incorporated the mobile channel into the promotion of their goods and services. Based on these facts it seems that it is much easier for a customer to get into a dialogue with a well-known and established brand than with an unknown one. Thus, companies should strengthen their brand among consumers in order to develop trust. By doing so, the addition of new marketing channels, such as mobile devices into the promotion mix becomes easier.ReferencesAmberg, Michael, Markus Hirschmeier, and Jens Wehrmann (2004), “The Compass Acceptance Model for the Analysis and Evaluation of Mobile Services,” International Journal of Mobile Communications, 2 (3), 248-259.Analysys (2005), “Mobile Penetration in Western Europe is Forecast to Reach 100% by 2007, says Analysys,” / (accessed on 12/23/2005).Anderson, James C. and David W. Gerbing (1988), “Structural Equation Modeling in Practice: A Review and Recommended Two-Step Approach,” Psychological Bulletin, 103 (3), 411-423.Armstrong, J. Scott and Terry S. Overton (1977), “Estimating Nonresponse Bias in Mail Surveys,” Journal of Marketing Research, 14 (August), 396-402.A.T. Kearney & Cambridge University’s Judge Institute of Management (2003), “The。

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