Guild Research Articles

Determinant of Shopee Xpress consumer satisfaction in Jakarta Greater Area

Logistics plays an important role in facilitating corporate trade by providing the necessary services to deliver goods from producers to consumers. Therefore, it is important to consider consumer attitudes and behaviours related to consumer satisfaction with the services provided by logistics companies. The research aims to analyse the effect of service quality, price perception, and promotion on consumer satisfaction of Shopee Xpress consumers and to determine which variables are the most dominant. The analysis method used in this research was partial least square. The test stages conducted were convergent validity test discriminant validity, composite reliability, Cronbach’s alpha, R-square, F-square, predictive relevance, goodness of fit, and path coefficient. The data used in this research were obtained from questionnaire instruments and valid data of 120 respondents were collected. The sampling method in this research is nonprobability sampling with the technique of purposive sampling. The results showed that the variables of service quality and promotion influenced consumer satisfaction, but the variable of price perception did not influence consumer satisfaction and the most dominant variable on consumer satisfaction is the promotion variable. The variables of service quality, price perception, and promotion affected Shopee Xpress consumers around the Jakarta Greater Area simultaneously. The research results prove that the three variables studied determine consumer satisfaction with users of the Shopee Xpress delivery service in the Greater Jakarta area. This research is focused on companies where more people will choose to use the services provided, supported by promotions and the perception of adequate prices, and the results provide practical recommendations for improving the quality of service of these same companies in the future

The impact of more able managers on corporate trade credit

We investigate how high-ability managers affect trade credit policies of U.S. publicly traded companies from 2003 to 2016. Consistent with the prediction of an “Imbalance of power” in the supply chain, we find that firms with more able managers implement more favorable trade credit policies with both upstream and downstream business partners (i.e., fewer trade credit days in receivables, more trade credit days in payables, and lower net trade credit days), indicating that managerial ability is an important determinant of corporate trade credit. Our cross-sectional analyses provide further support for the bargaining power view of trade credit. The results are robust to various tests mitigating the endogeneity concerns. This study sheds light on the importance of more able managers in working capital and supply chain management.

Redeploying a Saint: The Black Maurice and the Shifting Iconography of Blackness in Post-Reformation Germany and the Baltics

Abstract Due to the religious restrictions on imagery introduced by the Reformation, depictions of the Black African incarnation of Saint Maurice were sharply reduced and transformed in the German-speaking lands after 1530. This essay looks in detail at developments in several Saxon cities and also in the Baltic cities of Tallinn (Reval) and Riga. In Magdeburg and Halle, the focus is on secularized images of Maurice, while in Halle a little-known but vast painting replaced the Black Maurice with other Black characters more closely tied to the Bible. In the Baltic cities, the Black Maurice was in a complicated relationship with the heraldry of the Black Heads merchant guilds; only in the last few centuries has a secular version of the Black Maurice fully reappeared.

The Strategy Adopted by China in the Presence of United States Technical Barriers to Trade

With the growing openness of China towards the rest of the globe as well as the strengthening of its strong economy, commerce among both the United States and China is growing ever closer and import and export tension is increasing. In designed to safeguard the proportion of its own household products in the global market, the U.S. has incorporated different precautionary equipment and frequently set up a wide variety of technical barriers to trade for our goods, that either hinder the movement of our goods and cause substantial economic losses to our external trade corporate. How to circumvent and eliminate the U.S. technical barriers to trade in the process of foreign trade is a problem that China must face at this stage. This paper examines the effects of U.S. technical barriers on Chinas trade and summarizes Chinas strategy to cope with the U.S. technological barriers to international trade. Therefore, China should intensify the study of technological obstacles to commerce in the U. S., find effective ways to cross its technical barriers learn from its experience and advanced methods of building technical barriers to trade, establish a technical barrier to trade system with Chinese characteristics, constantly break through other countries' technical barriers to trade, and create a good environment for China's foreign trade.

The effect of the COVID-19 pandemic on corporate trade credit financing

Using a difference-in-differences (DiD) model, this study investigates the causal relationship between the COVID-19 pandemic and trade credit financing. We find that the pandemic significantly increases trade credit financing for companies that are strongly affected by COVID-19. This may because of the increasing cost of bank lending; companies turn to more flexible and less costly alternatives as a result. A parallel trend test supports this finding. This research provides implications for corporate managers, supply chain partners, and capital market investors.

Employment protection and the provision of trade credit

Improved employment protection may affect corporate trade credit decisions due to increased labor costs. Using the staggered adoption of U.S. state-level Wrongful Discharge Laws as a quasi-natural experiment, we find that suppliers’ provision of trade credit decreases significantly with better labor protection. The trade credit reduction is more pronounced for firms with higher distress risk, financial constraints, and operating leverage. Firms operating in states with lower unionization and in industries with higher labor turnover, and greater product market competition cut their trade credit more. The decrease in trade credit supply also varies with the type of products sold and customer concentration.

Local rule-making in Ancient Rus’

The subject of this study is the ways and methods of regulating legal relations at the local level in medieval Ukraine. The main attention is paid to the state formations of the East Slavic legal-cultural and political space of the 11th–14th centuries. The legal reality of Ancient Rus’ was characterized by limited centralized legal regulation. In contrast to the Middle Ages of Western Europe, rulers in Ancient Rus’ did very little to create laws. As a result of this policy, a significant part of legal relations had to be settled at the local level. The unique social structure of Ancient Rus’, which did not know self-governing urban communities, did not know self-governing craft guilds, etc., also contributed to this. The complex structure of the society of Ancient Rus’, its characteristic features and basic elements is revealed. Family and pseudo-family corporate structures served as the basis of society. These structures included certain families, clans, large and small families, as well as numerous «people of the house», that is, people who were in various types of legal dependence. Attention is drawn to how these corporations, as rule-making subjects, regulated relations within themselves and among themselves. The contractual nature of pseudo-family corporate structures, whose counterpart in Western Europe is «conjuratio», is revealed. Ancient Rus’ was characterized by the lack of legal formalization of the division of society into estates. At the same time, a significant number of types of forms of early feudal and ministerial dependence, as well as slavery, are known. There is no record of the existence of proper laws, or of the regulation of such relations of dependence through tradition. Thus, dependency relations in all their forms were mostly to be regulated by local law acts, in particular by law-making treaties. And the more complex the form of dependence was, the more complex was the legal act regulating it. A separate subject of research is church institutions and monasteries, which formed separate corporate structures with their own regulatory system, which combined both downward normative legal regulation and local rulemaking, which could come into conflict with such centralized legal regulation. Attention is also paid to terminological problems and their solution at the modern stage. It is necessary both to update the existing scientific terminology and to be cautious about the terminology of the past. The peculiarities of the use of the word «custom» (zwychay) in the medieval society of Ancient Rus’. Examples from church literature illustrate how this word was used precisely in a legal sense, which is quite different from the modern legal understanding of legal custom. Key words: Medieval Ukraine, East Slavic state formations, Ancient Rus’, Medieval Law, Ancient Rus’ Law, law-making treaty, Source of Law, Legal history.

Preface

RECTOR OF DIPONEGORO UNIVERSITY PROF. DR. YOS JOHAN UTAMA, S.H., M.HUM.Assalamualaikum Wr. Wb.Keynote speakers, Distinguished participants, Ladies and Gentlemen,It gives me a great pleasure to extend to you all my warmest welcome on behalf of Diponegoro University and to say how honored we are to have your presence here at INTERNATIONAL CONFERENCE ON AGRICULTURAL SUSTAINBILITY. This conference has been organized by Faculty of Animal and Agricultural Sciences.Concept of Food Sovereignty becomes more and more urgent and apparent on different levels, from sector level to global level. According to Via Campesina, food sovereignty is the right of peoples to healthy and culturally appropriate food produced through ecologically sound and sustainable methods, and their right to define their own food and agriculture systems. It puts those who produce, distribute and consume food at the heart of food systems and policies rather than the demands of markets and corporations. It defends the interests and inclusion of the next generation. It offers a strategy to resist and dismantle the current corporate trade and food regime, and directions for food, farming, pastoral and fisheries systems determined by local producers. Food sovereignty prioritizes local and national economies and markets and empowers peasant and family farmer-driven agriculture, artisanal fishing, pastoralist-led grazing, and food production, distribution and consumption based on environmental, social and economic sustainability.Therefore, I on behalf Diponegoro University, am deeply honored for the privilege to host this International Conference. I believe that this conference will be a good place to share your recent discoveries in your respective fields, to build partnership, so that we can move closer to answer the world feeding challenge, together.I would like to congratulate the committee for a job well done preparing this seminar. My special gratitude goes to keynote speakers, all participants, sponsors and all other parties supported this event.Finally, this is an opportune time for me to declare the official opening of the INTERNATIONAL CONFERENCE ON AGRICULTURAL SUSTAINBILITY.Wassalamualaikum Wr. Wb.List of Organizing Committees is available in this pdf.

Megkeresztelt gazdaság: a középkori angol céhek vallási aspektusai

This paper focuses on medieval English guilds, especially craft guilds. Christianity was the unquestionable spiritual force behind the results of the Middle Ages – and talking about these scientific, cultural, religious achievements one cannot omit the role of guilds. Besides their significant economic activities, their main goal was the salvation of souls and to avoid purgatory.

The Craft of the Late Medieval and Modern Times in the Academic Writings of Maria Bogucka

Maria Bogucka (1929–2020) is one of Poland’s most outstanding representatives of historiography in the period after the Second World War. She dealt with a myriad of areas, such as the history of trade, everyday life, the problem of the position of the bourgeoisie in the social structure of pre-partitioned Poland and various aspects of the history of early modern culture. In the earliest period of her academic career (the 1950s and 1960s), under the guidance of Marian Małowist, she took up the subject of the development of crafts in the late Middle Ages and early modern times, with her research focusing primarily on Gdańsk, the largest city in pre-partition Poland. In her research, she sought to isolate the features of early capitalism in the relations of production of the city’s craftsmen, and she also focused her interest on artisans operating outside the guild system. Bogucka explained the changes in the economic situation in crafts, examining the relationship between this form of production and agricultural production and trade development.

Vintage capital and trade credit

AbstractThis paper examines whether and how capital age influences trade credit extended by suppliers. We find that firms with older capital are associated with a reduction in trade credit offered by suppliers, which is consistent with the view that vintage capital, with outdated technology, is detrimental to firms. Employee outside opportunity, labour mobility and organisational capital are important factors that moderate the association between capital age on trade credit. Our findings are not driven by specific industry sectors or periods and remain robust to alternative measures of trade credit and to endogeneity concerns. In addition, we show evidence that shareholders view vintage capital as value‐destructive. In sum, this study reveals that risk exposure associated with capital age matters for corporate trade credit decisions.

How does credit information sharing affect trade credit? Evidence from China

AbstractThis paper investigates how credit information sharing affects corporate trade credit financing. Utilising the difference‐in‐differences method, we find a significant reduction in trade credit for infra‐marginal bank borrowers following the introduction of the Chinese National Enterprise Credit Information Publicity System (NECIPS). To reveal the mechanisms underlying the reduction in trade credit, we show that the NECIPS alleviates information asymmetry and increases formal finance access. This financing substitution effect is magnified by weak bargaining power in product markets. Our findings complement the literature on the determinants of trade credit and underscore the indispensable role of the public credit registry.

Роль социально-экономических факторов в становлении российской государственности в IX–XVI веках

The article is devoted to the analysis of the influence of various economic aspects of the development of Russian statehood in the IX – XVI centuries. The authors consider the most important sectors of the Russian economy in the pre-Roman period, such as agriculture, crafts and trade. They also show the role of trade in the formation of regional markets and their integration into a single national market. The article discloses the significance of trade routes and partners, the structure of exports and imports, the functions of the state in regulating foreign economic relations. A separate part of the article is a chronological analysis of the dynamics of trade development. The following stages are distinguished: 1) IX - XI: the emergence and flourishing of Old Russian trade, 2) the middle of the XII - XIII centuries: a recession in trade against the backdrop of feudal fragmentation, the beginning of the flourishing of foreign trade in Novgorod, 3) XIII - XIV centuries: the destruction of trade relations in the southern and northeastern principalities, the flourishing of Novgorod trade, merchants, 4) the end of the XIV and the first half of the XVI century: the rise of Moscow merchants, positive dynamics in the development of trade, the development of new trade routes, access to new ports, the development of foreign trade with European countries, 5) the second half of the XVI - early XVII centuries: the crisis of trade and economic relations, the decline of agriculture, the decline in imports and exports. The article provides a rationale for the fact that trade played an important role in the spatial development of the state, as it contributed to the formation of cities, the resettlement of people and the integration of various segments of the population. Trade routes (‘from Varangians to Greeks’, Volga, Danube) penetrated the territory of the East European Plain, inhabited by tribal unions of the Slavs. Trade and defensive posts were formed along the banks of the rivers, which developed into large centers of trade, crafts, agriculture, military power, which formed the basis of the power of local princes and leaders. As a result, cities acquired not only trade and economic, but also administrative and strategic importance. The economic dependence of the tribes on cities, which were markets for agricultural products, handicrafts, precious metals, as well as the need to ensure security, became prerequisites for the formation and development of Russian statehood. The article shows the origin of the system of law in Rus’, the regulation of trade and economic relations, as well as the importance of various forms of management and cooperation (merchant guilds), which contributed to the unification of the Russian state. One guild could unite merchants from different cities, which facilitated and accelerated the process of annexing territories. Thus, unity was ensured not only by military force, but also by economic integration. Since the peasantry was the main element in the system of division of labor, the production of goods for foreign trade and material goods for domestic consumption, it can be considered a key factor influencing the development of trade and the main resource for the development of the economy. The historical transformation of the peasantry is closely correlated with the dynamics of the development of trade, so we can talk about the relationship of these elements.

Does strategic deviation influence firms’ use of supplier finance?

We investigate how strategic deviation, capturing the extent to which firms’ resource allocations or commitments deviate from those of industry peers, affects trade credit policy. We find that it increases firms’ use of supplier-provided trade credit. This finding is noticeably more pronounced among firms exhibiting higher information asymmetry but perceptibly weaker among firms with fewer financing constraints and stronger corporate governance attributes. Our analysis also reveals that strategically deviant firms borrow less from banks and that the use of more trade credit by strategically deviant firms is associated with higher market valuation. Our results are robust and highlight that strategic deviation has important implications for corporate trade credit policy.

The Construction of International Trade Dispute Settlement Mechanism in the Context of RCEP and China's Positioning

With the regional economic integration and economic globalization, RCEP was enacted and entered into force, and its dispute settlement mechanism provides a more efficient and convenient way and platform for FTA members to resolve trade frictions against the background of WTO dispute settlement mechanism's difficulties. The paper adopts the research methods of textual analysis and comparative analysis and concludes that the RCEP dispute settlement mechanism adopts a hybrid model with more comprehensive provisions in terms of basic settings and procedural construction; compared with the WTO dispute settlement mechanism, RCEP has obvious advantages in terms of autonomy, timeliness and fairness. Meanwhile, the paper proposes that China, as an important member of RCEP, should further strengthen Asia-Pacific region's economic and trade corporation in the process of building an open, free and rule-based multilateral trading system to help the construction of "One Belt, One Road" and enhance China's influence and discourse power as a practitioner.

Active imitation or passive reaction: research on the peer effect on trade credit

PurposeUsing a sample of manufacturing firms listed in China between 2007 and 2019, first, this paper aims to examine whether peer firms influence corporate trade credit supply. Next, the authors examine the channels through which peer firms influence corporate trade credit supply by testing the predictions of rivalry and information theories. Furthermore, the authors examine the heterogeneity of the industry peer effect on corporate trade credit supply. Finally, the authors examine the economic consequences of the industry peer effect on corporate trade credit supply.Design/methodology/approachThe sample includes all manufacturing firms listed on both the Shanghai and Shenzhen securities exchanges for the sample period from 2007 to 2019, and the data come from the China Stock Market & Accounting Research database. The authors use the fixed effects method to examine the industry peer effect on trade credit supply. The results are robust to a series of robustness tests. To address the potential endogeneity problem, the authors adopt appropriate instruments by estimating instrumental variable models (two-stage least square). The authors use Heckman’s two-stage model to mitigate the sample selection bias.FindingsThe authors provide strong empirical evidence showing that the industry peer effect on trade credit supply exists in the manufacturing sector. It is also found that both competitive rivalry-based and information-based theories can provide explanations of the industry peer effect on trade credit supply. This process is both active imitation and passive reaction. Additional analysis suggests that the industry peer effect on trade credit supply is more pronounced for state-owned firms, firms with low customer concentration and firms with high geographical proximity. The amplification effect and spillover effect are the economic consequences of the industry peer effect on trade credit supply. In other words, the trade credit supply based on peer effect will not only increase the liquidity risk of the firm per se but also induce and increase the liquidity risk of the industry.Originality/valueThe study makes some important contributions. First, the authors find robust evidence that peer firms’ trade credit supply is an important factor in explaining corporate trade credit supply, which extends the literature by connecting the firm’s trade credit supply with the peer effect. Second, the study provides a new micro-perspective for understanding that firms use trade credit supply as a tool of competition, which proves the importance of rivals’ decision-making as a determinant of corporate decisions. Third, the authors examine the industry peer effect on trade credit supply, which not only helps to guide firms to pay more attention to the potential risk and spillover effects of the trade credit supply decision-making relevance but also helps to clarify the industry interaction phenomenon of corporate decision-making behavior. It is an important practical significance to play a role as a bridge between the microlevel of the firm and the meso-level of the industry. Finally, the study provides inspiration for the formulation of industry norms and policies.

The Profession’s Vanguards: Arab Architects and Regional Architectural Exchange, 1900–50

Writings on architecture in the Middle East during the first half of the twentieth century have often focused on the legacies of colonial architects and planners in shaping Middle Eastern cities and built environments. Contrarily, this article focuses on the overlooked history of the first milieu of trained Arab architects in Middle East, focusing on Palestine, Syria, Lebanon and Egypt. Examining unstudied historical materials and archives, it maps out the trajectories of individual architects as well as the architectural profession more generally in this period of rapid change. It is divided into three main sections that highlight this: first, architecture’s transition from the Ottoman guild system to its professionalisation by the turn of the century; second, the mobility of architectural knowledge and expertise in the Arab region following the First World War; finally, the development of a new institutionalised architectural culture that sought to cultivate bonds between Arab architects not only in their individual countries, but also regionally throughout the Arab world towards the mid-twentieth century.

Stakeholder orientation and trade credit: Evidence from a natural experiment

Using the enactment of constituency statutes, which encourage corporate directors and officers to consider stakeholders’ interests when making business decisions, as a quasi-natural experiment, we examine the impact of stakeholder orientation on corporate trade credit. We employ a difference-in-differences research design and find that an increase in stakeholder orientation following the introduction of constituency statutes leads to a higher level of trade credit usage. The findings remain robust across a series of sensitivity tests. We also find that the treatment effect is more pronounced for firms with greater conflicts of interest between shareholders and stakeholders, firms with higher level of information asymmetry and lower trustiness, firms are more financially constrained and have greater liquidity needs, and firms with more market power. Overall, our findings support the view that stakeholder orientation can have a causal effect on trade credit.

Does Merchant Guild Culture Reduce the Cost of Debt? Evidence from China

ABSTRACT Using hand-collected data on merchant guild culture and a sample over 2003–2019, this study examines the effect of merchant guild culture on the cost of debt. Our findings reveal that merchant guild culture is negatively associated with the cost of debt, suggesting that merchant guild culture rooted in ancient China continuously affects corporate behaviour, builds the borrower-lender trust relationship by strengthening ethical standards of borrowers, and eventually reduces the cost of debt. The above findings are robust to a variety of sensitivity tests and using the PSM approach, two-stage IV regression procedures and regression discontinuity design to address the endogeneity. Moreover, channel tests show that merchant guild culture reduces the cost of debt by depressing the default risks. Furthermore, our main findings are more pronounced for firms in regions with lower extent of Marketisation and higher risk taking, firms with lower managerial ownership and lower ratio of independent directors.

Design and Implementation of Game Guild System based on Spring Boot and WeChat Applet

Nowadays, more and more children are exposed to all kinds of online games, which can bring different effects to children, both good and bad. Guild systems in some games are able to allow children to meet new people, realize the importance of teamwork and sociability, and improve their confidence and teamwork skills. Game guilds have become one of the most popular social choices for the younger generation. According to the current research, the game guild management system also has some functions that can be optimized, mainly reflected in the user's inconvenience. Therefore, we propose a reasonable and practical solution to this problem, which is to design a WeChat program to handle transactions anytime and anywhere. Based on the existing excellent cases and the analysis of various platforms and tools, this paper designs and implements a game guild management system based on Spring Boot framework, Spring Security framework and WeChat Applet. The system can serve three objects of guild: guild administrator, guild member and guild president. The main functions include member information management, association active management, reward information management, forum management and comment management. The system is easy to operation, to a certain extent to simplify the work of the guild administrator, and convenient for users and visitors.