Factors Influencing Large Real Estate Companies’ Competitiveness: A Sustainable Development Perspective

Do high house prices promote the development of China's real economy? Empirical evidence based on the decomposition of real estate price

Moderate rising of house prices are beneficial to the economic development. However, over high house prices worsen the economic distortions and thus hinder the development of the real economy. We use the stochastic frontier models to calculate the fundamental value in the housing in Chinese large and medium cities, and then obtain indexes which could measure the house prices' deviations from the fundamental value. With the macroeconomic data in the city-level, this paper empirically investigates the effects of the house prices' deviations on macro-economic variables like consumption, investment and output. The study reveals that the housing bubble exists in most Chinese cities, and first-tier cities fare the worst. House prices over the fundamental value, which could increase the scale of real estate investment, bring adverse impacts on GDP, as it causes declining civilian consumption and discourages real economy's investment and production. The encouragement and the discouragement on macroeconomy caused by house prices' deviation from its basic value take turns to play a key role in the process of China' eco-nomic growth. In the early stage of China's economic growth, the encouragement effect predominates. As urbanization and industrialization gradually upgrade to a higher level, the discouragement effect takes charge.

System dynamics simulation of occupational health and safety management causal model based on NetLogo

The occupational health and safety management factors of construction enterprises are critical influencing factors in their training management, and their causal principles are topics that warrant profound exploration. Drawing upon the conventional five factors, this study initially posited and authenticated a causal model among them, subsequently employing system dynamics on the NetLogo platform to dynamically simulate the model, and ultimately scrutinizing the interrelations and dynamic influence degree among the factors. The results show that the direct causes of management factors include human factors (weight coefficient of 0.583) and method factors (weight coefficient of 0.405), and environmental factors directly affect human factors (weight coefficient of 0.994), whereas material factors directly affect method factors (weight coefficient of 0.918). At the same time, it can be seen from the dynamic simulation results that the influence of human factors and method factors on management factors increases sharply in the nascent phase of the simulation cycle (the highest slope is .90), gradually decreases in the intermediary phase (the slope of the inflection point is .11), and is relatively stable in the final phase (the slope is less than 0.11). Three main conclusions have been drawn from this. Firstly, management factors are directly and positively affected by human factors and method factors respectively. Secondly, the interplay between diverse factors evinces a confluence of periodicity and exponential attributes. Thirdly, in each management cycle (set at 381 steps), the main focus is on controlling the causal factors in the early stages of management, with pivotal control points in steps 25 and 100, and the principal management factors comprising the management organization, operating procedures, and protective measures.

The necessity of others: Entrepreneurial self-efficacy, TMT collective efficacy, CEO-TMT interface, and entrepreneurial orientation

Entrepreneurial orientation is the key factor for enterprises to obtain competitive advantages in dynamic circumstances. Thus, prior studies established the effect of psychological factors, for instance, entrepreneurial self-efficacy on entrepreneurial orientation using social cognitive theory. However, prior studies presented two main opposite views consisting of a positive and negative relationship between entrepreneurial self-efficacy and entrepreneurial orientation as well as providing no alleyway to enrich this relationship. We join the conversation on the positive linkage and argue on the essence of exploring the black box mechanisms to strengthen enterprises’ entrepreneurial orientation. We employed the social cognitive theory and collected 220 valid responses from CEOs and TMTs from 10 enterprises in the high-tech industrial development zones of nine provinces in China to clarify the effect of top management team (TMT) collective efficacy, and CEO–TMT interface on the link between entrepreneurial self-efficacy and entrepreneurial orientation. Our findings show that entrepreneurial self-efficacy positively affects entrepreneurial orientation. In addition, we found that a higher level of TMT collective efficacy strengthens the positive relationship between entrepreneurial self-efficacy and entrepreneurial orientation. Moreover, we discovered differential moderating effects. First, CEO-TMT interface positively affects entrepreneurial orientation when it interacts with TMT collective efficacy and entrepreneurial self-efficacy. Second, CEO-TMT interface has a significant negative indirect effect on entrepreneurial orientation, when it only interacts with TMT collective efficacy. Our study enriches the entrepreneurial orientation literature by positioning TMT collective efficacy and CEO-TMT interface as social cognitive mechanisms underlying the development of entrepreneurial self-efficacy and entrepreneurial orientation nexus. Thus, we open a window of opportunities for CEOs and decision-makers to maintain a sustainable position in the market, grasping more opportunities in uncertain conditions via timely entries into new markets and maintaining pre-existing ones.

Developing Social Entrepreneurship Orientation: The Impact of Internal Work Locus of Control and Bricolage

Using core self-evaluation theory, the current study assesses the effect of internal work locus of control and bricolage on social entrepreneurship orientation. We adopted the cross-sectional survey design using a sampling frame to engage 400 top executives of social enterprises in mainland China. Three hundred and seventy-two of the executives replied, presenting a response rate of 93%. Results of structural equation modeling analysis show significant positive relationships between internal work locus of control, bricolage, and social entrepreneurship orientation. The positive mediating effect of bricolage on the relationship between internal work locus of control and social entrepreneurship orientation was also found to be true. Consequently, to foster social entrepreneurship orientation, top executives of social enterprises need to gather available resources for bricolage tasks. These findings contribute new knowledge to how internal work locus of control affects social entrepreneurship orientation through the bricolage activity of Chinese social enterprises. Through core self-evaluation theory, we demonstrate the effect of internal work locus of control as a preceding factor in the relationship between bricolage and social entrepreneurship orientation.

Imperfect Competition, Real Estate Prices and New Stylized Facts

In this paper, we develop an overlapping generation model with imperfect competition and land to provide a theoretical foundation for some empirical observations made since the end of the 1970s. The problem is that these new “stylized facts” do not coincide with Kaldor’s stylized facts and unfortunately the standard growth models are not able to explain these new facts. By using our model, we are able to theoretically derive these new facts and to provide a theoretical foundation for them. In particular, increasing market concentration leads to a decline in the labor income share, to a decline in the capital income share, to a decline in the natural interest rate, to an increasing wealth to income ratio, and to an over-proportional increase in land prices in developed countries. The model developed for analysis has close similarity with the standard neoclassical overlapping generation model with endogenous growth and land. The main difference between the standard neoclassical and the model in this paper is the market structure. Instead of assuming perfectly competitive markets, we assume an oligopolistic market structure. This leads to the occurrence of pure profits for firms and, accordingly, the input factors are no longer paid their marginal products.