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1.
本文研究了企业如何从战略联盟类型的组织间合作中获取知识,最终内部化为自身能力。在战略管理领域的传统研究之外,作者以绩效理论重新审视这一问题。通过采用质性研究方法,本文提出了从组织内到组织间合作一体化的绩效观,并基于绩效的因果关系链条,解析了企业在战略联盟中开展的组织间学习同能力发展的直接因果关系与间接因果关系及其作用机制,从而形成了基于绩效理论的解释框架。随后作者应用绩效理论中诊断控制和互动控制的概念,分析了联盟演进的关键因素如何间接影响了企业的组织间学习与能力发展,以及联盟演进中的绩效评价蕴含的互动机制。  相似文献   

2.
李琛 《时代金融》2014,(8):26-27
近年来,企业与企业、科研机构合作趋势愈发明显,产业技术创新联盟中的各个企业、高校与科研院所之间的知识转移效率需要进一步提高。完善产业技术创新联盟中知识转移机制,建立良好的合作观念迫在眉睫。本文对产业技术创新联盟中知识分类与转移、知识转移机制与绩效几个方面展开综述,希望能够加强联盟成员对知识转移的理解,并对今后需要深入研究的方向进行展望。  相似文献   

3.
构建联盟能力影响国际化绩效的理论模型,考量联盟能力对企业国际化绩效影响,结果表明,联盟能力对企业国际化绩效有积极的正向影响,其中联盟运营能力对企业国际化绩效的影响最大。鉴此,实施国际化成长战略的企业应从运营能力、学习能力和协控能力三个方面不断培育自己的联盟能力,并重点培育运营能力。  相似文献   

4.
近年来,"去杠杆"以有效降低企业债务存量,成为化解债务风险的主要手段之一。以2012~2017年我国沪深两市A股主板上市公司为研究样本,从商业信用融资和银行信用融资两个角度研究了不同所有权性质企业的债务来源对经营绩效的影响。结果表明,在全样本中银行信用融资与企业经营绩效呈现负相关关系,商业信用融资与企业经营绩效呈现正相关关系;区分所有权性质后,不同的债务来源对企业经营绩效的影响存在显著差异。据此,政府可以考虑针对不同所有权性质的企业采取不同的债务引导策略。  相似文献   

5.
本文采用深交所对上市公司信息披露质量的评级作为信息披露质量代理变量,以Jensen指数、净资产收益率、总资产收益率及总资产周转率作为公司绩效代理指标,检验了2002—2005年深市上市公司信息披露质量对公司绩效的影响。研究发现,信息披露质量与公司绩效之间存在显著内在关联性,信息披露质量较高的公司,其市场表现和财务绩效也都较佳。因此,合理引导公司信息披露,对于提升上市公司绩效具有重要导向效应。  相似文献   

6.
信息披露,作为会计和金融领域讨论的热点问题,越来越多的受到国外学者的关注。如果信息披露能够改善企业的经营绩效,那么企业就有动力主提高信息披露水平,市场的信息不对称程度就能逐渐得到改善。本文主要通过信息披露质量和企业绩效关系的文献回顾来评述二者的关系。  相似文献   

7.
本文以沪市重污染行业上市公司为例,分析目前我国重污染行业环境信息披露水平与学习能力、企业特征之间的关系。研究结果表明,学习能力、公司规模、公司风险、所有权性质是影响重污染公司环境信息披露的重要因素,而企业价值、盈利能力等对环境信息披露没有显著影响。最后,我们对这一研究结果的政策含义进行了阐述,以期改进我国上市公司环境信息披露监管制度。  相似文献   

8.
随着旅游行业的不断发展,股权融资成为旅游企业发展的重要渠道。本文旨在探索中国旅游企业所有权性质,信息质量披露,公司治理机制与中国旅游企业股权融资成本的关系。  相似文献   

9.
随着旅游行业的不断发展,股权融资成为旅游企业发展的重要渠道.本文旨在探索中国旅游企业所有权性质,信息质量披露,公司治理机制与中国旅游企业股权融资成本的关系.  相似文献   

10.
专用性资产与企业联盟   总被引:2,自引:0,他引:2  
专用性资产在企业联盟中发挥着重要作用,是企业联盟产生的重要原因,它不一定导致纵向一体化,却可能导致战略联盟这一企业组织间合作形式的出现.培育企业联盟中专用性资产主要是加强专用性人才资本和物质资本的投资和管理,加强企业商誉和牌子的投资等.  相似文献   

11.
Prior research on listed companies in Malaysia, Hong Kong and Singapore during and before the 1997 financial crisis has reported a significant association between ownership structure and the extent of voluntary disclosure in annual reports. We examine data for Malaysia after the 1997 financial crisis to assess whether the regulatory reaction to the crisis increased the awareness of disclosure as a tool of corporate governance and reduced the influence of insider domination on voluntary disclosure. We contrast director ownership and government ownership as determinants of voluntary disclosure in Malaysian company annual reports. Additionally, we include consideration of proprietary costs by testing whether industry competitiveness has an impact on voluntary disclosure.We find that director ownership is significantly associated with the extent of voluntary disclosure while government ownership, new governance initiatives and industry competitiveness are not significant in pointing companies towards greater transparency. We conclude that, despite the upheaval of the economic crisis, traditional influences of director ownership and family domination of the board outweigh the effect of government-backed accountability initiatives in determining the extent of voluntary disclosure.  相似文献   

12.
本文以2006-2009年深圳A股上市公司为研究样本,实证检验了机构投资者总体以及各类型机构投资者持股对会计信息质量的影响。结果发现,机构投资者总体持股降低了财务报告可靠性,但能提高信息披露透明度。分类来看,证券投资基金、保险公司、社保基金和QFII等持股不影响财务报告可靠性,但能提高信息披露透明度;一般法人持股降低了财务报告可靠性,特别是加大了公司向下盈余管理程度,但不影响信息披露透明度;信托公司持股既不会影响财务报告可靠性,也不会影响信息披露透明度。结果表明,不仅机构投资者总体对上市公司会计信息质量影响的渠道不同,而且不同类型机构投资者对上市公司会计信息质量影响的渠道也存在差异。  相似文献   

13.
Drawing on prior empirical research based on disclosure behavior in developed western markets, this study examines the association of ownership structure with the voluntary disclosures of listed companies in the Asian settings of Hong Kong and Singapore. An analysis of annual reporting practices shows that the extent of outside ownership is positively associated with voluntary disclosures. In particular, the results also indicate that the level of information disclosure is likely to be less in “insider” or family-controlled companies, a significant feature of the Hong Kong and Singapore stock markets.  相似文献   

14.
Disclosure tone is an important qualitative characteristic of managerial disclosures. There is mixed evidence on the role of tone in disclosure strategy. While some studies highlight the informativeness of disclosure tone, other studies provide evidence consistent with an information obfuscation role. We conjecture that the mixed evidence may be because prior studies have not explicitly modeled the role of oversight over managerial disclosure. Using an exogenous shock to institutional ownership, an important source of managerial oversight, we find that abnormal disclosure tone is informative of a firm's future earnings and cash flows when institutional ownership is high. This positive association between institutional ownership and informativeness of abnormal tone is stronger when there is an increase in quasi-indexer institutional ownership and the contemporaneous performance is negative. Collectively, the results highlight a more complex role for disclosure tone. Abnormal disclosure tone could be reflective of managerial sentiment and convey forward-looking information to investors in the presence of greater oversight over managerial actions.  相似文献   

15.
This paper examines whether common ownership – i.e., instances where investors simultaneously own significant stakes in competing firms – affects voluntary disclosure. We argue that common ownership (i) reduces proprietary cost concerns of disclosure, and (ii) incentivizes firms to “internalize” the externality benefits of their disclosure for co-owned peer firms. Accordingly, we find a positive relation between common ownership and disclosure. Evidence from cross-sectional tests and a quasi-natural experiment based on financial institution mergers help mitigate concerns that our results are explained by an omitted variable bias or reverse causality. Finally, we find that common ownership is associated with increased market liquidity.  相似文献   

16.
In this paper we examine empirically the determinants of voluntary disclosure in the annual reports of Chinese listed firms that issue both domestic and foreign shares and determine if the cost of debt capital is related to the extent of voluntary disclosure. We find the level of voluntary disclosure is positively related to the proportion of state ownership, foreign ownership, firm performance measured by return on equity, and reputation of the engaged auditor. There is no evidence, however, that companies benefit from extensive voluntary disclosure by having a lower cost of debt capital.  相似文献   

17.
This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size, leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity.  相似文献   

18.
We examine the quality of accounting disclosures by family firms using mandatory and voluntary disclosures as proxies for the quality of disclosure. We find that family firms comply more fully with mandatory disclosure requirements than do non-family firms but they disclose significantly less voluntary information. We also document that the enhanced accounting regulation improves the strength of the association between family ownership and mandatory disclosure compliance. Another important finding is the greater disclosure, both mandatory and voluntary, for firms with high family ownership compared to firms with low family ownership.  相似文献   

19.
This paper assesses the extent of corporate governance voluntary disclosure and the impact of a comprehensive set of corporate governance (CG) attributes (board composition, board size, CEO duality, director ownership, blockholder ownership and the existence of audit committee) on the extent of corporate governance voluntary disclosure in Egypt. The measurement of disclosure is based on published data created from a checklist developed by the United Nations, which was gathered from a manual review of financial statements and websites of a sample of Egyptian companies listed on Egyptian Stock Exchange (EGX). Although the levels of CG disclosure are found to be minimal, disclosure is high for items that are mandatory under the Egyptian Accounting Standards (EASs). The failure of companies to disclose such information clearly shows some ineffectiveness and inadequacy in the regulatory framework in Egypt. Moreover, the phenomenon of non-compliance may also be attributed to socio-economic factors in Egypt. Therefore, it is expected that Egyptian firms will take a long time to appraise the payback of increased CG disclosure. The findings indicate that that—ceteris paribus—the extent of CG disclosure is (1) lower for companies with duality in position and higher ownership concentration as measured by blockholder ownership; and (2) increases with the proportion of independent directors on the board and firm size. The results of the study support theoretical arguments that companies disclose corporate governance information in order to reduce information asymmetry and agency costs and to improve investor confidence in the reported accounting information. The empirical evidence from this study enhances the understanding of the corporate governance disclosure environment in Egypt as one of the emerging markets in the Middle East.  相似文献   

20.
《Pacific》2006,14(5):501-521
This study examines the effect of voluntary disclosure on the relation between current annual return, contemporaneous annual earnings and future earnings, and the influence of both ownership structure and proprietary cost on this relation. Regression analyses reveal that firms with higher voluntary disclosure levels contain more information about future performance in their current stock return. This positive association is weaker if (1) management holds a higher proportion of share ownership in the company, (2) proprietary cost is present and (3) government ownership exists. However, the existence of outside block ownership significantly decreases managers' ability to limit voluntary disclosure. Our findings remain significant after controlling for the usual factors (size, growth, etc.) in the return–earnings regression, and a series of sensitivity and robustness checks.  相似文献   

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