知识型员工工作自主性对建言行为的影响

基于工作特征模型理论和自我决定理论,考察了中国组织情境下工作自主性对员工建言行为的影响,检验了员工归属感的中介作用与领导正直度的调节作用。对收集到的224份有效样本进行了层次回归分析,研究结果表明：①工作自主性与员工建言行为显著正相关;②员工归属感在工作自主性与员工建言之间的关系中起完全中介作用;③领导正直度对工作自主性与员工归属感和员工建言之间的关系有显著的弱化效应,并且员工归属感完全中介工作自主性与领导正直度间交互作用对员工建言行为的影响。     

多层嵌套结构视角下区域环境对企业研发效率的影响研究

将外部环境融入到企业研发系统的研究相对较少,涉及企业研发系统与不同环境之间关系的研究更为鲜见。构建了企业研发系统及其“企业-区域”多层嵌套环境架构,以2008-2014年中国工业上市公司为样本,采用多层嵌套模型（HLM）实证检验了以地级市为单位的区域环境与企业层次环境对企业研发效率的影响,得出以下结论：①区域环境因素与企业层次环境因素存在层次上的差别;②企业层次环境嵌套于区域环境内;③企业层次环境因素即企业研发强度和企业规模都受到了区域环境因素的调节作用;④市场消费需求、人力资源等区域环境因素通过调节企业层次环境因素影响企业研发效率。     

浙江省南部山区生态系统服务价值评估

选择浙江省南部山区泰顺县作为研究区域,对全县各类生态系统服务价值进行了定量评估,并在此基础上进行了生态系统服务重要性及其区域分异规律的综合评价。结果表明:2012年全县生态系统服务总价值为334.1×108元,是当年该县GDP的6.40倍,其中以水源涵养、气候调节、土壤保持服务价值为主,三者分别占总价值的62.35%、21.8%、7.16%,生态系统有着巨大的间接服务价值。生态系统服务重要性分析结果显示,极重要、很重要、重要区、一般重要区域分别占全县总面积的31.43%、34.57%、20.35%、13.64%,评估结果可为生态系统的科学管理、生态保护关键区的确定以及生态保护和建设政策的制订提供理论依据。     

基于经典扎根理论的虚拟企业实体化动因研究

虚拟企业具有快速整合资源响应市场需求的优势,已在企业界得到广泛应用。近年来,随着企业经营方式的改变,一些虚拟企业开始进行实体经营,呈现虚拟企业实体化现象。运用经典扎根理论研究方法,以1家中国本土的典型企业为案例展开研究,发现盟主企业试图提高其对供应链的控制能力是该现象产生的根本动因,据此提出了"供应链控制力"的概念。进一步研究发现,供应链控制力受到质量控制力、技术控制力、信息控制力、成本控制力、时间控制力、渠道控制力6个方面因素的影响,最后,构建了"供应链控制力的轴承模型",并初步提出了供应链控制力的量化测评公式。     

Fresh Cadres bring Fresh Air? Personnel Turnover,Institutions, and China's Water Pollutions

Weak law enforcement is usually blamed for the dramatic deterioration of the environment in China. Using a panel data covering 287 Chinese prefecture‐cities during 2004–2011, we investigate the role of personnel turnover and institutions in water pollution. We show that water pollution deteriorates with the tenure of incumbent mayors. Mayor turnover and institutional quality are associated with lower pollution. Furthermore, personnel turnover and institutions complement each other in mitigating pollution: the influence of mayor turnover on pollution reduction is larger in the cities endowed with stronger executive constraints. We also suggest some channels through which personnel turnover affects water pollution. In general, we illustrate that the turnover of cadres has only limited and temporary effects in mitigating pollution.     

Short‐selling constraints and corporate payout policy

This study shows that managers adjust corporate payout policies to counteract intensified short‐selling pressures following the removal of a short‐selling constraint. We use a controlled experiment, the Regulation SHO pilot program, to find that changing the short‐selling rule brings small companies to increase cash dividends, but not to repurchase more shares. Because paying dividends is costly, it is acknowledged as a more reliable signal of stock undervaluation than share repurchase. While our evidence suggests that companies select this payout strategy to deter predatory short sellers, it also shows that a short‐selling activity has a causal effect on corporate payout decisions.     

Managers’ Escalation Behavior in Equity Investment Decisions and the Role of Corporate Governance

The aim of this study is to investigate the relationship between free cash flows and escalation behavior in the long-term stock buying decisions for the firms listed in Taiwan. The main findings include: (1) Managers tend to exhibit the escalation behavior in the long-term equity investment. (2) There is a positive association between the level of free cash flows and the magnitude of managers’ behavioral escalation. (3) The corporate governance mechanisms play a contributory role in mitigating the escalation behavior. The evidence is robust across subsamples for electronic versus non-electronic industries, growth versus value firms, and loss versus gain firms.     

The Reluctant Analyst

We estimate the dynamics of recommendations by financial analysts, uncovering the determinants of inertia in their recommendations. We provide overwhelming evidence that analysts revise recommendations reluctantly, introducing frictions to avoid frequent revisions. More generally, we characterize the sources underlying the infrequent revisions that analysts make. Publicly available data matter far less for explaining recommendation dynamics than do the recommendation frictions and the long‐lived information that analysts acquire but the econometrician does not observe. Estimates suggest that analysts structure recommendations strategically to generate a profitable order flow from retail traders. We provide extensive evidence that our model describes how investors believe analysts make recommendations, and that investors value private information revealed by analysts' recommendations.