Organizational governance and TMT pay level adjustment

This paper analyzes how the characteristics of boards and structure of ownership moderate a firm's capacity to adjust top management team (TMT) pay levels in the face of changes in its economic and complexity conditions. Using panel data from Spanish listed companies between 2003 and 2007, the results indicate that, over time, characteristics of corporate governance system contribute to give a fundamental importance to boards and ownership structure in the determination and adjustment of TMT pay. These associations appear to be even stronger than those that in other Western European and North American countries. Both the Spanish cross-holding and concentrated firms' ownership structure, and socially intervened boards play a major role in the high levels of pay received by the TMT, which, in turn, reflect a moderate adjustment of compensation practices to variations of surrounded environment factors.     

农村公共产品供给的多元化体制构建

现行的农村公共产品供给制度安排的基本框架是“供给主导型”体制,在这种体制下,农村公共产品供给存在供给总量不足、供给结构失衡、供给绩效低下等问题。针对农村公共产品供给所存在种种问题,提出要构建“需求主导型”的多元化供给体制,而多元化供给体制的建立应是在相应机制的协调下多主体合作推动的结果。另外,又从机制设计的角度提出构建多元化供给体制的创新措施,并提出了相应的对策建议。     

制度环境、政治联系与民营企业债务期限结构

以2007-2009年在沪深上市的民营上市公司为研究样本,对制度环境、政治联系如何影响企业债务期限结构进行分析。研究发现:在法律环境较差、地区金融发展水平落后、政府干预较强的地区,民营企业长期债务的比重越大。在考虑企业家政治背景后发现,政治联系有助于民营企业获得更多的长期债务,特别是在制度环境较差地区,政治联系的这种效应更显著。这表明,政治联系是制度环境不完善条件下的一种替代机制。     

企业社会资本对跨区域市场进入模式的影响研究：理论框架的建立与研究命题的提出

近年来,社会资本理论已成为研究转型期企业战略管理行为的重要研究视角。企业社会资本的各种因素对企业多元化战略行为方式的选择至关重要。下文基于社会资本理论,通过文献梳理,探讨了转型经济情境下的企业社会资本的四个维度对跨区域市场进入模式的资源承诺和控制程度的影响,建立了社会资本与市场进入模式影响关系的理论框架和研究命题,最后指出了未来进一步研究方向。     

市场经济下的政府行为困境:新制度经济学视角

在我国,政府调节行为的合理性与有效性对社会经济的发展有着重要的意义。因此,本文运用新制度经济学的基本原理,结合三个典型的案例,探讨我国政府在社会经济管理过程中所面临的困境,并根据其矛盾所在提出相应的措施,包括增加横向约束机制、强化三道内外监管防线、建立灵活的职能转换机制等,以提高政府"治国而平天下"的能力。     

Which institutional investors matter for firm survival and performance?

Using data that spans three decades, we assess the diverse roles of institutional investors in impacting survival and performance of chronically underperforming firms and contrast the results for consistently overperforming firms. We find material differences in investor roles and investment returns between these samples. Differentiating among institutional types, controlling for prior performance and attrition bias provides insights unattainable by examining aggregated holdings. For underperformers, results are negative for activist pension funds and long-term institutions, positive for activist hedge funds and short-term institutions, and mixed for institutional blockholders.     

DETERMINANTS OF PUBLIC PENSION PLAN INVESTMENT RETURN. The role of fund value maximization and public choice theory

Public pension plans are a major type of institutional owner during the new era of investor capitalism, yet little is known about them. Based upon fund value maximization (FVM) and public choice theory (PCT), we develop hypotheses on the determinants of plan performance as measured by plan annual investment return. FVM espouses that the plan's fund or investment portfolio will be invested to maximize return for a given level of risk, while PCT holds that agency costs are significant in the public sector, and will have a negative effect on plan return. Using biennial pension plan data for 1992–96 for several hundred plans, we found that fund value maximization has a much greater influence on plan performance, but that plan performance is also subject to agency costs associated with public choice theory.     

Critical resource: An institutional economics of the Internet addressing-routing space

This paper links the analysis of IP address policy to the established vocabulary and concepts of institutional economics. Internet addressing and routing are usually discussed in technical terms, yet embedded in this highly technical discourse are a number of critical economic concepts, such as scarcity, externalities, common pool resources, tragedy of the commons, and conflict over the distribution of costs. To solve these problems, governance institutions native to the Internet have evolved. Yet despite the centrality of addressing and routing to Internet governance, there is very little research literature that bridges economic, institutional and technical discussions of IP addressing and routing. This paper connects the techno-economic discussion to analysis of institutions and governance arrangements.     

论中国民间金融的诱致性制度变迁

中国中小企业融资难是一个现实的问题。应对这个问题,民间金融在中国一些地区出现,并繁荣和发展了起来。本文从诱致性制度变迁的角度,分析了我国民间金融产生和发展的原因,在此基础上进一步分析了政府应该如何作为,在制度供给方面为诱致性制度变迁的顺利实现提供条件。     

China’s telecommunications evolution,institutions, and policy issues on the eve of 5G: A two-decade retrospect and prospect

Over the past two decades, China’s telecommunications industry has witnessed drastic market reform, steadfast institutionalization, and volatile technological changes, which have driven exponential industry expansion. This paper offers an updated longitudinal and comprehensive review on this reform process on the eve of 5G (the fifth generation mobile communications networks). First, the paper segments the two-decade reform crusade into discernible phases, each of which is embedded with different policy drives. These reform phases are then pattern-matched against the subtleties of the overall institutional, technological, and market backdrop. A series of policy issues are identified through a systematic examination of industry phenomena over the reform course. Finally, the status of research is assessed regarding China’s telecom industry and reform, based on which, knowledge gaps are identified and future research agenda suggested. Conclusions are made regarding future reform and research imperatives. The paper advances the understanding of China’s telecom reform, development, and the underlying policy issues. It updates and expands previous works on similar topics. Overall, this study provides important theoretical, managerial, and policy implications.