Investment manager characteristics, strategy, top management changes and fund performance

The present study examines the performance of Australian investment management organisations with direct reference to their specific characteristics and strategies employed. Using a unique information source, performance is evaluated for actively managed institutional balanced funds, Australian share funds and Australian bond funds. For balanced mandates, performance is evaluated with respect to the investment strategy adopted, the experience and qualifications held by investment professionals, and the tenure of the key investment professionals. The present study examines the performance of top management and the impact on returns when turnover arises. The research documents that a significant number of active Australian equity managers earned superior risk-adjusted returns in the period, however, active managers perform in line with market indices for balanced funds and Australian bond funds. A number of manager characteristics are also found to predict risk-adjusted returns, systematic risk and investment expenses for balanced funds.     

项目经理在工程项目管理中需要注意的几个问题

工程项目管理工作是一项很艰巨的任务，同时也是一个很严肃的工作，关系到国计民生。文章主要探讨了如何在工程项目管理中发挥好项目经理的职能。     

高管人员薪酬、自由现金流量对公司风险承担之影响

本研究目的在于调查2002年至2004年间,中国上市公司之高管人员薪酬与自由现金流量,对于公司风险承担的影响,同时剖析两者之交互效果。此外,在进行公司规模分组后,进一步观测大小公司是否存在显著差异。实证结果显示提高高管人员薪酬确能有效降低公司风险的承担,且过多的自由现金流量及营运状况不佳的公司,会具有较高的违约风险,但藉由高管人员薪酬的增加,方可降低自由现金流量所产生的负面效果。在公司规模分组方面,上述效果仅发现存在于小规模的公司,大公司均无统计上的显著关联。对此结果,本研究亦推论此差异可归因于大规模公司具有较高的政治成本和高经济景气联动两个原因所引致。     

江山靠谁守才不付东流?——控股家族非经济目标与经营权释出倾向实证研究

让子女接班还是将经营权释出给职业经理人,是代际传承时代背景下企业主的重要战略决策。文章基于委托代理理论,展示了家族/非家族高管在实现家族的非经济/经济目标上的各自优势,从控股家族非经济目标解释了企业CEO聘任决策,解构了能力与情感冲突的选择困境。根据全国工商联"中国非公有制经济健康状况评价"抽样调查数据发现,在家族成员与职业经理人都可兹聘任的情况下,那些更看重非经济目标的家族越不倾向于聘请职业经理人担任CEO作为企业下一代领导人。一代企业家的决策权力缺乏有效制衡将会强化非经济目标重要性与经营权释出之间的负效应;企业主与各级官员的频繁互动,加深社会联系巩固家族产权,有助于降低职业经理人的代理成本,显著地弱化非经济目标与经营权释出的负效用。文章的意义在于从控股家族所追求的目标解释为什么有的企业宁愿忍受企业绩效下降的经济后果仍然要雇佣家族成员担任CEO这个看似"非理性"现象。     

总经理继任对创新可持续性的影响

创新活动具有较高调整成本,因而保证创新可持续性对中国企业发展意义重大。以2006-2014年A股制造业上市公司为样本,分析了总经理继任对创新可持续性的影响,并考虑了产品市场竞争和期望绩效反馈的情境效应。实证结果显示：总经理继任对创新可持续性具有负向影响;产品市场竞争越激烈,总经理继任对创新可持续性的负向作用越强;当企业实际绩效低于期望绩效时,产品市场竞争的负向调节作用更为显著;然而,在实际绩效高于期望绩效的情况下,产品市场竞争的负向调节作用被减弱。     

领导委派如何影响中层管理者内创业行为——积极追随力与多任务时间取向的调节作用

中层管理者作为战略性角色和操作性角色的结合体，其连接着内外部与上下级，是公司创业的重要力量。以20家企业201位中层管理者作为研究对象，对领导委派与中层管理者内创业行为关系进行研究。结果发现：领导委派对中层管理者内创业行为具有正向影响；积极追随力在领导委派与中层管理者内创业行为间起部分中介作用；中层管理者的多任务时间取向对领导委派影响中层管理者内创业行为的直接效应具有调节作用，对领导委派通过积极追随力影响中层管理者内创业行为的中介效应也具有调节作用。研究结论不仅有助于丰富内创业理论和追随理论，还可为激活中层管理者内创业行为提供重要实践启示。     

组织战略管理中的反馈控制系统

反馈控制是组织战略管理中战略控制系统的一种形式 ,它的目标就是为决策人提供关键的信息。建立组织目标通常采用“自上而下法”和“由下而上法”两种方法 ;设立目标应遵循一定的原则 ,同时还应建立预算制度、财务比率制度、审计制度、客户信息反馈制度等相关反馈控制制度     

女性高管是否影响公司盈余质量——基于我国上市公司的大样本分析

选用我国上市公司的大样本数据,实证检验公司高层中女性比例的高低对上市公司的盈余质量的影响。结果显示,与国外同类研究的结论不一致,在我国上市公司中,盈余反应系数、稳健性、平滑度以及持续性等各个方面的盈余质量均未因女性高管的作用而存在显著差异。     

Japan's elderly small business managers: Performance and succession

We investigate the effects of succession from an elderly to a nonelderly small business manager using firm-level data for Japan. The number of elderly small business managers has increased in Japan with the aging of the population; therefore, succession to younger managers has become an important policy issue. We make use of data for 2001–2015 for 188,021 small businesses, of which 77,773 at some point have a manager aged 60 or older and 8711 of these transition to a manager of under age 60. First, we investigate the relationship between firm performance and manager age. Performance is found to be lower for firms with elderly managers. Second, we estimate the determinants of succession in small businesses with elderly managers, showing that larger, less leveraged, more cash-rich, and profitable firms are more likely to transition to younger managers. Our results imply that more poorly performing firms are less likely to replace elderly managers, suggesting that such firms are not selected by young managers. Third, we examine post-succession performance using propensity score matching. Succession from elderly to young managers is shown to have positive effects on sales, employment, assets, return on assets, capital investment, and cash holdings. These results imply that succession improves firm growth. Furthermore, young successors tend to accumulate cash holdings implying that they are more risk averse and/or face tighter credit constraints than their predecessors.     

Determinants of sustainable behavior of firms and the consequences for customer satisfaction in hospitality

The literature on determinants of firm sustainable behavior and its effects on firm performance is rich. However, there are still important questions that lack definitive conclusions. One revolves around factors mediating the link between organizational determinants and firm sustainable behavior, which may still be regarded as a black box. Another stresses the impact of sustainable behavior on customer satisfaction. Using a sample of survey data from 974 small and medium-sized German hotels and 62,766 independent reviews, this paper examines the links between innovativeness, managers’ sustainability attitudes and firm sustainable behavior while taking into account perceived advantages of sustainable behavior as a mediator. Furthermore, the relationship between sustainable behavior and customer satisfaction is examined. A model is proposed and tested using structural equation modeling. The results confirm innovativeness and sustainability attitudes as determinants of sustainable behavior and perceived advantage as a mediator. Sustainable behavior shows a positive relation to customer satisfaction.