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ID:
114126
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2012.
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| Summary/Abstract |
Compared with other developed countries, the United States has very low taxes, little income redistribution, and an extraordinarily complex tax code. If it wanted to, the government could raise taxes without crippling growth or productivity. Tax reform is ultimately a political choice, not an economic one -- a statement about what sort of society Americans want.
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| 2 |
ID:
163321
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| Summary/Abstract |
This paper addresses the long debate over the superiority of the performance of family- vs non-family-controlled companies from the contesting perspectives of entrepreneurial familism and managerial capitalism. Publicly listed family- and non-family-controlled companies in Hong Kong have been selected for a comparison of their overall performance. The focus is on Hang Seng Index constituent companies in general, and on two cases in particular: one non-family-controlled bank (HSBC), and one family-controlled bank (BEA). We found that family-controlled companies were not necessarily less competitive than non-family-controlled companies. Specifically, when HSBC and BEA were compared, the latter showed no clear inferiority in operating profit margin and return on assets, even though the former enjoys unparalleled advantages, such as an overwhelming superiority in size, the privilege of issuing notes, and status as Hong Kong’s quasi-central bank. Therefore, we argue that entrepreneurial familism seems to be a resilient source of business dynamism, particularly when family-controlled companies have been repeatedly tested by adverse socioeconomic crises. Based on the finding, it is suggested that governments across the world should provide a favorable institutional set-up to facilitate the development of family businesses.
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| 3 |
ID:
121561
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2013.
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| Summary/Abstract |
FRENCH PHILOSOPHER Auguste Comte probably tried to cram too much into his pithy but seductive maxim when he said that "demography is destiny." Even so, demographic forces can be relentless in shaping future prospects of nations and therefore can offer powerful clues about national possibilities for future prosperity and geopolitical power.
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