Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited

This article presents the growing research area of Behavioural Corporate Finance in the context of one specific example: distortions in corporate investment due to CEO overconfidence. We first review the relevant psychology and experimental evidence on overconfidence. We then summarise the results of Malmendier and Tate (2005a) on the impact of overconfidence on corporate investment. We present supplementary evidence on the relationship between CEOs’ press portrayals and overconfident investment decisions. This alternative approach to measuring overconfidence, developed in Malmendier and Tate (2005b), relies on the perception of outsiders rather than the CEO's own actions. The robustness of the results across such diverse proxies jointly corroborates previous findings and suggests new avenues to measuring executive overconfidence.     

Does transition make you happy?1

This paper analyses life satisfaction in transition countries using evidence from the World Values Survey. The paper demonstrates that individuals in transition economies on average record lower values of self‐reported satisfaction with life compared with those in non‐transition countries. A comparison across time for a smaller sample of countries shows that life satisfaction levels have returned close to pre‐transition levels in most cases, after a dip in the mid‐1990s. The socio‐economic groups that exhibit relatively higher levels of happiness include students, people with higher levels of education and those on higher incomes. Happiness declines with age until the early‐50s and is slow to recover afterwards. Self‐employed people in transition countries show a level of satisfaction as high as, or higher than, full‐time employees, in contrast to evidence from non‐transition countries. In addition, satisfaction levels are highest in those countries where standards of economic governance are most advanced and where inequality is lower.     

Power and Size of Firms as Reflected in Cleaning Subcontractors’ Practices of Social Responsibility

Recent discussions in the area of corporate social responsibility suggest that organizational size has complex meanings and thus requires more scholarly attention. This article explores organizational size in the context of relative power in inter-organizational networks. To shed light on the ways relative power interacts with size we studied social responsibility practices among cleaning subcontractors in three firms of different sizes. Our focus on the network differentiates these firms on the basis of their size and sector. Semi-structured interviews were used to trace cleaning subcontractors’ CSR-related practices. We analyzed subjective reports and discursive practices involved in subcontractors’ self-presentations. While the economic and philanthropic dimensions of social responsibility were presented by the cleaning subcontractors as independent of network constraints, the findings show that the legal and ethical dimensions were subject to large client–firm pressures. What we learn from our data is that the four dimensions of Carroll’s model, the economic, legal, ethical, and philanthropic, should all develop from and be evaluated against a fifth root dimension of inter-personal commitment.     

社会认同理论视角下的企业创新绩效前因组态研究

创新是企业竞争优势的重要来源,也是企业可持续发展的关键动力。探究企业创新的影响因素及其作用机制对于企业创新发展具有理论价值和现实意义。基于社会认同理论,本研究建立包含团队断裂带、团队异质性、环境不确定性以及企业声誉等要素在内的企业创新影响机制模型。通过对66家电子信息企业样本进行模糊集定性比较分析,本研究探究企业内部结构与外部环境的各个要素对于企业创新的协同效应与联动关系。研究发现: 高企业创新绩效的驱动路径有三条,路径1强调在高环境不确定性、高企业声誉情境下,低高管团队学术背景异质性及低断裂带距离有利于实现高企业创新绩效;路径2强调在高环境不确定性、高企业声誉情境下,高团队学历异质性与低断裂带强度有利于实现高企业创新绩效;路径3强调在高环境不确定性、低企业声誉情境下,高团队断裂带强度与低团队断裂带距离有利于实现高企业创新绩效。研究结果拓展了社会身份理论在企业创新领域的应用,也为企业创新绩效的提升提供了新的思路。     

自然资源治理助力共同富裕：政策演进、 关键挑战与应对策略

研究目的：厘清自然资源治理的概念、内涵及其与共同富裕的关联逻辑,揭示自然资源治理在扎实推进共同富裕进程中存在的关键挑战,探索改革路径。研究方法：文献资料法和归纳演绎法。研究结果：（1）自然资源治理的内涵包括可持续发展、效率公平兼顾、协同善治;（2）从目标、对象、价值、实践等维度提出了面向共同富裕的自然资源治理框架;（3）共同富裕视角下我国自然资源治理政策经历了“同步富裕”“差异富裕”“多维富裕”三个阶段;（4）自然资源治理在缩小区域、城乡、收入三大差距中,存在一系列体制机制问题,据此提出了优化发展权配置体系、健全城乡融合体制机制、深化有为政府与有效市场的有机结合、提高集约利用水平等改革策略。研究结论：自然资源治理与共同富裕存在紧密联系,亟需以三大差距为锚点,构建系统性与针对性的自然资源治理改革策略,以此强化国土空间治理体系与治理能力,助力共同富裕目标的实现。     

科技支撑水环境治理作用机制研究

从科技支撑水环境治理的需求、条件与路径三方面,对科技支撑作用机制展开系统分析。结果表明:水环境治理需要科技从基础理论与认知、关键技术方法、系统解决方案三方面予以支撑;该支撑作用的发挥,所应具备的前提条件是发展生态科技,同时还应满足企业规模、知识、制度、文化等方面的内在条件,以及市场、社会文化、科研、金融、政策与法律等方面外在条件;科技通过硬实力层面的改进水安全保障技术和监测技术,以及软实力层面的夯实制度基础、推进治理工作、加强宣传教育等路径,发挥其对水环境治理的支撑作用。     

试论我国国有林业企业公司法人治理结构的建立

建立现代企业制度是我国国有林业企业改革进程中的重要措施,而建立现代企业制度的重要内容之一就是要建立起有效的法人治理结构。在公司法人治理结构的理论基础上,结合我国国有林业企业公司法人治理结构改革中出现的问题,提出完善公司法人治理结构的一些具体措施。     

京津风沙源治理工程进展情况及存在问题

京津风沙源治理工程已开展7年,并初显成效。工程区内生态环境明显改善,依托工程建设新兴生态旅游业、种植业、养殖业得到发展;农牧民收入不断增加,生活方式得到改善。工程建设成果主要是坚持综合治理、多管齐下,坚持机制创新多方参与;坚决治理与保护并举,生态与产业并重;坚持落实责任制、分工协作。目前,工程中存在:生态治理难、成果巩固难、后续产业难、资金保障难、综合评价难等问题。对加快工程建设提出了要保证工程建设连续性和稳定性,建立工程建设长效机制等政策建议。     

将诚信作为中国企业核心文化的策略研究

针对我国某些企业诚信缺失的现象，深入剖析国内企业诚信缺失现象的原因及其对社会经济发展造成的危害，结合我国企业的具体情况，提出了将诚信作为中国企业的核心文化的具体策略。