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Commercial guanxi in the context of Chinese native culture: An exploratory research
WANG Tao, CHEN Lurong
Front Bus Res Chin. 2009, 3 (1): 79-102.
https://doi.org/10.1007/s11782-009-0005-3
Recently, guanxi has become one of the hottest topics in domestic academia. Although relationship and guanxi are the same in Chinese characters, significant differences exist between the “relationship” in the western academic context and what Chinese people are familiar with, the Chinese “guanxi”. The indiscriminate imitation of the western relationship marketing in China neglecting the Chinese native culture context is detrimental to a true and thorough understanding of the Chinese relationship marketing practice. Therefore, it is of great significance to conduct research on guanxi in the Chinese native commercial context. Based on domestic and foreign literature review, this paper uses a qualitative research method including content analysis and focus group to get a thorough understanding of guanxi both from the academia and from the practitioners, followed by quantitative analysis methods including questionnaire investigation and factor analysis to develop a native commercial guanxi concept scale. After comparison of the qualitative and quantitative research results, an integrated guanxi concept system is built, which lays foundation for the future guanxi research.
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Determining the optimal capital structure based on revised definitions of tax shield and bankruptcy cost
ZHANG Zhiqiang
Front Bus Res Chin. 2009, 3 (1): 120-144.
https://doi.org/10.1007/s11782-009-0007-1
For half a century, no consensus has been reached on optimal capital structure after numerous intensive studies. This paper develops three alternative simple models to derive optimal capital structure. Because the optimal leverage ratio determined by the models is close to most survey data, some relevant puzzles, such as “financial conservatism”, are easily explained. In addition, the new models can be extended to accommodate various decision situations, for instance, abnormal growth, bankrupt expectancy, debt guarantee, transaction cost, and personal income tax.
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8 articles
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