股权结构、高管薪酬与企业社会责任履行——基于重污染行业上市公司数据

从公司治理机制角度,分析了股权结构、高管薪酬对于企业社会责任履行的重要性。然后以2014-2017年沪市部分A股重污染行业上市公司数据为样本,实证检验了股权结构、高管薪酬与企业社会责任绩效的关系。研究发现:①重污染企业股权集中度和社会责任绩效呈现显著的倒U型关系;②股权属性、高管长短期薪酬分别与社会责任绩效显著正相关。据此提出:合理调整上市公司股权集中度和管理层薪酬结构;提高非国有企业的社会责任意识等建议。     

公司治理结构对内部控制缺陷披露的影响研究

基于2013-2017年度沪市A股上市企业,以内控缺陷披露为因变量,以股权集中度、股权制衡度、董事会规模、董事会独立性水平、监事会规模、两职合一为自变量,以公司规模、盈利能力、外部审计为控制变量,提出六个假设并建立多元线性回归模型,对样本数据进行描述性统计、多重共线性分析、LOGIT回归分析,其中回归分析利用了面板数据固定效应模型,得出结论。结果表明:股权集中度、股权制衡度、两职合一与内控缺陷披露负相关,监事会规模与内控缺陷披露正相关。提出了建立并完善惩罚机制、优化公司治理结构的建议。     

Will future land based food and fibre production be in family or corporate hands? An analysis of farm land ownership and governance considering farmer characteristics as choice drivers. The New Zealand case

Family farming in various guises has been the dominant ownership and governance system in primary production over recorded history. This outcome has been controlled by farmers and their families, possibly due to tradition, opportunities, personal characteristics, skill sets and the nature of primary production. Of these, it is hypothesised that the farmers’ personal characteristics play a major part in the choice, and continuance, of current ownership and governance systems. Equally as important, they, and therefore the land ownership system, play a part in the efficiency of production systems and improvement of the biological and production environment.The benefits and difficulties of commonly used ownership systems in Western society are reviewed. Using a sample of New Zealand (NZ) farms, a comparison of the managers’ features for owner/operator, partnership and corporate based systems is presented. There were significant differences in many variables including the farmers’ age, education, number of children, asset levels, years on the current farm, and similar, but more importantly, the farmers in the ownership system groups had differing personal characteristics. Significantly, despite the corporate based farms employing more professional assistance, the profit levels were similar across ownership systems leaving the farmers’ characteristics the main factors correlating with system choice. However, governance systems per se are only marginally correlated with production systems and efficiency.As successive generations of farmers are unlikely to have different characteristics, and corporate based systems continue to exhibit similar profit levels, relatively simple family based systems will continue to dominate farm land ownership and control. The trends suggest family farms will increase in size and involve family conglomerates facilitating the management of larger, and in many cases multiple, farms. While currently there are few differences in biological efficiency between ownership systems, given the efficiency benefits of size and scale, this could well change with the increase of family conglomerates. Relative to increasing corporatisation, the continuance of family based ownership and governance will also be of benefit to the environment. When developing land policies, these highlighted relationships should be taken into account. This study is a first to consider personal characteristics relative to ownership.     

Property rights,land use and the rural environment: A case for reform

English Law confers extensive land use rights as an integral attribute of property entitlements and land ownership. Property rights have, however, been subject to incremental reform by a number of different legal and policy instruments since 1945. Many have been introduced since the UK's accession to the European Community in 1972 and are derived from European Union environmental law, and from the law of the Common Agricultural Policy. Others derive from planning law and policy. There has, as a consequence, been an extensive modification to the allocation of land-based utility recognised in property rights, although the common law theory of property entitlements has remained unaffected. This paper considers the impact of these developments on property rights theory, and anticipates the further modifications to property concepts that will be required by a land use policy increasingly focussed on the promotion of environmental stewardship in the countryside. It makes the case for the introduction of a general duty of environmental stewardship as an attribute of property ownership in the law of England and Wales. It considers the contribution that this would make to the delivery of a stable and effective environmental policy for rural land use, and towards a recognition of the wider community interest in, and reliance upon, the sustainable management of land.     

Measuring and causes of inequality in farm sizes in the United States

This article examines the notion of farm size inequality expressed as sales inequality in the United States. The farm size index (FSI) is developed as a measure of farm size inequality. FSIs are calculated for the farming sector in all 50 states and large variation in farm size across the states and over time is determined. The largest FSIs are calculated for a number of Southern, Southwestern, and Pacific states. Increasing FSIs over time are observed in all states as well. The spatial and temporal (between 1987 and 1997) differences in FSIs are explained by running a pooled, cross‐sectional time‐series model. The most influential variables accounting for the differences have to do with the ownership structure, where a larger presence of individual and family farms relative to corporate farms and cooperatives leads to a lower degree of farm size inequality. Also, states and regions having relatively larger number of farms owned by minorities have higher FSIs. Shrinking opportunities in the agricultural sector relative to the rest of the economy, primarily services, are reflected in a declining share of agricultural sector state income in total gross state product (GSP). This in turn leads to an increase in the farming sector's FSI suggesting that only larger, more profitable operations are the likely candidates to pursue farming activities. Finally, grains farming regions have all lower degree of farm size inequality than livestock or fruits and vegetables regions. Profitable grains farming requires relatively large farm size and equipment investments, which leads to a relatively homogeneous structure of grains farms. A larger variation in the size of profitable farm operations is possible in fruits and vegetables and livestock. This leads to the existence of a large number of very small but still sustainable farms, and a relatively small number of large farms that capture most of market sales share.     

Managerial form,ownership and efficiency: a case-study of Argentine agriculture

In agriculture, studies dealing with the separation of ownership from control have focused on sharecropping, paying little attention to the impact of management and ownership on efficiency. Using Argentine data, this study tests the hypothesis that efficiency is a function of type of management, concentration of ownership, and mechanisms for monitoring managers. Results show that management, ownership and monitoring have a greater impact on marketing efficiency than either on technical or cost efficiency.     

Ownership Structure in Agrifood Chains: The Marketing Cooperative

Globalization, technological developments, and consumer concerns press farmers and food producers to enhance product innovation and to seek more efficient production and distribution structures. These changes in agrifood markets shift the relative importance of the investments by different chain partners. It may therefore be necessary to change the allocation of ownership of essential assets to induce agents to make those investments that generate the chain optimum. This article analyzes the impact of ownership structure on investments in a three-tier supply chain from an incomplete contracting perspective. Circumstances are determined in which a marketing cooperative is the unique first-best ownership structure.     

The Source of Productivity Growth in Dutch Agriculture: A Perspective from Finance

In corporate finance, the impact of capital structure on firm performance has been widely studied. This article extends the capital structure study to the situation in agriculture, explicitly addressing the difference between family farms and corporate firms. We use the Malmquist productivity growth index as a proxy for performance to study the impact of capital structure (debt) on farm performance. We compare the results with those from the traditional performance model that uses profitability (e.g., return on equity (ROE)) as performance measure. Using data from Dutch arable farms, results show that debt has no effect on ROE, whereas it has a positive effect on productivity growth.     

Property taxation and rural land values: Their effect on private forestland ownership structure in Texas

The objective of this study was to estimate the effect of property tax and rural land market value on the ownership structure of private forestland in Texas. Using county-level panel data in an Instrumental Variable regression framework, we estimated the effect of property tax rate and rural land value on two measures of ownership fragmentation: the total number of private forest landowners and the average size of private forest holdings. The results indicate that after controlling for the total amount of private forest area in a county, both property tax rates and rural land values increased ownership fragmentation. However, the rate of ownership fragmentation was relatively inelastic in both property tax rate and rural land value. While further restructuring local property tax rates might minimize the negative effect on private ownership dynamics, policy instruments that decrease the disparity between productivity value and market value of rural forestland might be needed to check the ongoing ownership fragmentation in Texas and elsewhere in the United States.     

The transformation of the Indian agricultural input industry: has it increased agricultural R&D?

Indian agricultural input industries have gone through a major transformation in the last 40 years. State owned firms grew during the Green Revolution and then stagnated or declined. Indian corporations that were protected from foreign competition are now exporters of agricultural tractors and pesticides. Foreign multinational corporations are rapidly increasing their role in the seed, pesticide, and tractor industries. Entry by large Indian firms and multinationals has increased competition in the input industries. Private agribusiness R&D in India grew from $23 million in 1985 to $250 million in 2009 in 2005 US dollars. This is the same time period as a transformation in the agricultural input industry, rapid growth in demand for agricultural inputs, breakthroughs in information technology and biotechnology, and changes in intellectual property rights. An econometric model was used to test whether the transformation of agricultural input industry was a major factor in the growth of R&D expenditure or not. This article analyzes a unique, firm level sales and R&D data set from the seed, pesticide, tractor, and fertilizer industries in 2000–2009. The estimated model indicates that agribusiness firms' R&D expenditures from 2000 to 2009 were positively related to variables associated with industry transformation such as firm size, ownership by multinationals, and declining industry concentration. The model also indicates that strengthening patent policy as well as growth in the size of research‐intensive industries like the seed industry contributed to the growth of agribusiness R&D in India.     

ASDA: Organic Growth of a Retailer in the United Kingdom?

This article analyzes the role of glocalization in Wal-Mart's venture in the United Kingdom. In 1999, Wal-Mart acquired ASDA, a British food retailer. Glocalization refers to strategies adopted by multinational corporations to cater to local tastes and differences after entering a foreign market. The authors' main argument is the following: after Wal-Mart acquired ASDA, it did not manage to successfully impose its Wal-Martization strategies because they consisted mainly of “organic growth” strategies. Organic growth is a practice whereby a corporation overpoweringly imposes its home-based blueprint of product consumption and corporate culture on foreign cultures. As demonstrated in this analysis, Wal-Mart had to drop its Bentonville-based shopping and corporate formula and, instead, adopt the principles of glocalization.     

Impact of land fragmentation and resource ownership on productivity and efficiency: The case of rice producers in Bangladesh

The paper analyzes the impact of land fragmentation and ownership of resources on productivity and technical efficiency in rice production in Bangladesh using farm level survey data. Results reveal that land fragmentation has a significant detrimental effect on productivity and efficiency as expected. The elasticity estimates of land fragmentation reveal that a 1% increase in land fragmentation reduces rice output by 0.05% and efficiency by 0.03%. On the other hand, ownership of key resources (land, family labour, and draft animals) significantly increases efficiency. The mean elasticity estimates reveal that a 1% increase in family labour and owned draft animal improve technical efficiency by 0.04% and 0.03%, respectively. Also, a 1% increase in the adoption of modern technology improves efficiency by 0.04%. The mean technical efficiency in rice production is estimated at 0.91 indicating little scope to improve rice production per se using existing varieties. Policy implications include addressing structural causes of land fragmentation (e.g., law of inheritance and political economy of agrarian structure), building of physical capital (e.g., land and livestock resources), improvements in extension services and adoption of modern rice technology.     

董事会多元化与企业社会责任信息披露

基于2015-2018年中国涉林和涉农上市公司的信息披露问题,从GRI指南参照、社会责任信息披露两方面研究董事会多元化对其的影响。结果显示:①董事长性别对企业GRI指南参照具有显著的正向影响,且董事长年龄对GRI指南参照具有显著负向影响。②董事会高学历率对企业GRI指南参照具有显著的正向影响,对社会责任制度披露具有显著的负向影响。③独立董事比例对企业社会责任制度披露具有显著的正向影响。     

农村集体土地所有权调查确权相关问题探讨

本文在分析农村集体土地所有权确权登记发证相关资料的基础上,结合工作实际,从国家政策、土地管理法规、城镇化进程、地籍调查确权、遥感、勘界、测绘等多角度探讨了在现有技术条件下如何开展农村集体土地所有权的调查确权工作,同时,对调查确权工作中的相关技术问题进行了详细的分析,并提出了切实可行的解决方法。     

城市边缘区土地权属变化分析——以北京市大兴区为例

城市边缘区土地利用变化剧烈,权属变化明显。大兴区作为北京市城市边缘区的重要组成部分,其土地权属变化具有一定的代表性。该文以其为例,分析城市边缘区土地权属变化情况:在强度变化上,国有未利用地变化最为强烈,集体农用地变化最为微弱;在空间变化上,国有建设用地对北京市相同地类空间变化的影响最大,而集体农用地影响最小。最后运用主成分分析法得出经济发展、城市化、人民生活水平提高三大影响因素。     

林业上市公司股权结构对经营绩效影响的实证分析

运用因子分析法求得12家林业上市公司的综合经营绩效得分,对11个原始财务绩效指标进行了处理,在此基础上,进一步运用多元线性回归模型的分析方法研究了林业上市公司股权结构对经营绩效的影响方向和影响力度。得出如下结论:股权集中程度对经营绩效存在显著的正向影响,国有股比例与经营绩效之间呈现显著的负相关关系。基于研究提出建立大股东股权制衡的股权集中度结构;适度地降低国有股比重等对策建议。     

Characteristics of developers and their relations to open space conservation

Developers are entrepreneurs that initiate and carry out land development projects. They play an active dominant and leading role in land use planning decisions, and are, therefore, expected to have a significant impact on patterns of development and open space conservation. The present study identified correlations between characteristics of developers and indicators of open space conservation, based on a random sample of 88 statutory land use plans in the Tel Aviv metropolitan region over the period 1990–1999. The variables used to describe characteristics of developers were of two kinds: direct variables including developer type and land ownership, and indirect proxy variables that represented typical entrepreneurial behaviors (profit seeking, risk taking and innovativeness) including: net residential density, open space per residential unit, spatial location of the plan area and the time lapse until plan approval. Indicators of conservation were: size of plan area, existing agricultural land within the plan, proposed open space and effective open space. We found that developer type and land ownership were connected mainly to plan size and existing agricultural land rate, both indicators of regional conservation potential, while variables representing profit seeking, risk taking and innovativeness were significantly connected to proposed and effective open space rates, which express the conservation level within plans.     

不同经济区农村劳动力转移对耕地利用的影响

以2009年北碚区集真村、綦江县石坪村、忠县普乐村社会经济统计资料和农户抽样调查数据为基础,采用定性与定量相结合的方法,对不同经济区的农村劳动力转移及其对耕地利用的影响进行了研究,结果表明:劳动力转移在转移规模、转移时间、转移距离、文化结构、性别结构、年龄结构等方面存在一定的差异性;经济发达地区相对次发达地区和落后地区其劳动力转移对耕地利用程度、产出效益、种植结构、利用方式的影响更为强烈,复种指数和粮食作物比例的变化程度同地区经济发展程度正相关,劳动力转移对各地区粮食单产的影响不明显,劳动力转移比例高的地区农户土地流转的意愿更为强烈。     

关于船舶所有权登记与国籍登记的探讨——兼谈船舶国籍登记持证人的确定

《船舶登记条例》和《渔业船舶登记办法》把船舶所有权登记作为船舶国籍登记的前提,船舶所有权登记也就成为了强制登记。作者从船舶物权是动产物权,其转移所有权的公示方式是交付,船舶物权登记不是强制登记,在法律上产生的是对抗善意第三人的效力人手,论述了所有权登记应实行国家引导船东自主决定的原则;从行政许可角度,本文论述了国籍登记(初始)是行政许可,确认的权利主体即持证人应当是船长,国家基于行政管理的需要对国籍登记应实行强制登记;作者从理论上和实务上对船舶所有权与国籍分别登记进行了阐述。     

中国的野生植物所有权制度与野生植物权属管理

中国长期以来没有建立起完善的野生植物所有权法律制度,只是在专门性行政法律法规中规定单位和个人开发利用和经营管理野生植物资源的活动受到保护,并规定对受保护的野生植物的权属进行管理。《物权法》实施后,立法机关应根据《物权法》对《森林法》及其实施条例、《野生植物保护条例》的有关条款修改,对野生植物所有权及权属管理制度做出明确而系统的规定,协调好野生植物开发利用与生态保护之间的关系。