业绩指标、公司特征与高管人员报酬--基于两类上市公司的比较分析

本文运用虚拟变量改变评价指标斜率的方法,来考察上市公司高管报酬与业绩指标、公司特征的关系。研究结果表明,在我国高管年度报酬中,包含着隐性长期激励的报酬形式;两类公司在确定高管人员报酬时,对两种业绩指标权重选择和保底收入确定上存在显著差异;对于高成长公司来说,当业绩较好时,会在股价指标上赋予较大的权重,当业绩较差时．会在会计指标上赋予较大的权重;公司所处地区对稳定成长公司的业绩指标权重有显著影响;公司未来成长性不同、国有股或流通股所占比例不同,以及公司股份中是否含有外资股,均不能够对业绩指标权重产生显著影响。     

上市公司管理层报酬--绩效敏感度评估

在现实市场中,公司经理人普遍存在着道德风险和逆向选择问题,为了尽可能地减少由此造成的代理成本,一个相当普遍的策略是对公司管理层实施薪酬激励政策。对中国上市公司管理层报酬—绩效敏感度的实证分析表明:上市公司管理层的报酬——绩效敏感度的离散程度非常高,没有明显的规律性和一致性;相当一部分上市公司的管理层报酬表现出“工资刚性”;公司绩效与管理层报酬——绩效敏感度之间不存在明显关联性。在重构中国企业高管薪酬体系的时候,对这些问题有必要慎重考虑。     

Exploring the choice between in-store versus online grocery shopping through an application of Semi-Compensatory Independent Availability Logit (SCIAL) model with latent variables

This paper examines individuals' choice of in-store and online grocery shopping channels using stated preference (SP) choice experiments. The study uses 1,391 records from a stated preference choice experiment in the Greater Toronto Area (GTA), Canada. It applies a Semi-Compensatory Independent Availability Logit (SCIAL) Model with latent variables. The methodology accounts for semi-compensatory choice behaviour through probabilistic choice set formation considering effects from socioeconomic and psychological variables. This study demonstrates the advantage of considering probabilistic choice set formation and semi-compensatory behaviour in modelling the adoption of innovative products. Empirical results reveal that shoppers demonstrated similar myopic behaviours once they firmly considered in-store grocery and subscribed free delivery services in their choice sets. They are equally likely to choose both channels without careful comparison to alternative channels once they firmly consider both channels in the choice set. However, considering the latter in choice sets is much costlier than in-store shopping. Therefore, in-store grocery shopping will still dominate the grocery shopping channel unless all home delivery services become free. Moreover, grocery shoppers value same-day delivery service. For typical delivery services charged between $4 and $20 in the GTA, Canada, grocery shoppers are willing to pay between $3.91 and $8.44 for same-day delivery. The latent variable describing shoppers’ perceived pandemic fear significantly contributes to the choice set inclusion probability of in-store grocery pick-up services, but the effect is not significant for other home delivery channels. This highlights heterogeneity in grocery shoppers' choice behaviour within the online channel.     

财务特征、公司治理与现金股利分配倾向

以2001～2008年间772家沪深A股上市公司为样本,实证分析财务特征和公司治理对现金股利分配倾向的影响得出,在财务特征方面,规模大和盈利能力强的公司倾向于分配现金股利,而成长性高和资产负债率高的公司则相反;在公司治理方面,国有控股、董事会规模大、高管薪酬高和由四大会计师事务所签证的公司倾向于分配现金股利,流通股比例高和独立董事规模大的公司却相反,而公司领导权结构的影响则不显著。概言之,财务特征显示上市公司有能力发放现金股利,但治理因素却表明上市公司并不希望发放现金股利。     

CEO Pay-For-Performance Heterogeneity Using Quantile Regression

We provide some examples of how quantile regression can be used to investigate heterogeneity in pay‐firm size and pay‐performance relationships for U.S. CEOs. For example, do conditionally (predicted) high‐wage managers have a stronger relationship between pay and performance than conditionally low‐wage managers? Our results using data over a decade show, for some standard specifications, there is considerable heterogeneity in the returns‐to‐firm performance across the conditional distribution of wages. Quantile regression adds substantially to our understanding of the pay‐performance relationship. This heterogeneity is masked when using more standard empirical techniques.     

Protest responses and community attitudes toward accepting compensation to host waste disposal infrastructure

Despite the use of host community compensation to solve NIMBY (Not In My Back Yard) siting difficulties in many industrialised countries, the effectiveness of this policy is still being debated in academic and policy-making arenas. In this paper, we examine attitudes held regarding compensation in communities directly impacted upon by final waste disposal infrastructure projects (landfill and incineration) in Ireland using survey responses to two contingent valuation (CV) scenarios and a question relating to preferences for compensation delivery. We find that communities in the pre-construction planning phase for locally undesirable development are less accepting of compensation offers to host the facility than are communities who have lived with such developments to host an extension to the existing facility in their localities. However, many of our respondents who initially reject compensation offers in the CV question go on to accept at least one compensation package in the later compensation preference question. Using this information allows us to draw a distinction between ‘Hardcore’ and ‘Switcher’ protesters to illustrate a more subtle picture of rejection of locally undesirable facilities and compensation packages than has previously been articulated. Using probit regression analysis, we find that property rights or NIMBY concerns – specifically, the treatment of non-local waste at the facility is a concern for many residents – drive this rejection of compensation. Finally, contrary to previous studies concerning preferences for host compensation, community compensation is not always preferred to individual compensation payments.     

Attitude toward luxury cruise,fantasy, and willingness to pay a price premium

This study applies the functional theory of attitudes in examining the structural relationships among the social-adjustive, value-expressive, hedonic, and utilitarian functions of attitudes, fantasy, and willingness to pay a premium. This study also identifies the moderating roles of sensory innovativeness and maximization in the relationships between the four functions of attitudes and fantasy. An online survey (N?=?543) was conducted to collect data from American respondents. Structural equation modeling analysis was conducted to test proposed hypotheses. Results showed that the four functions of attitudes had significant positive effects on fantasy. In subsequent process, fantasy had a significant positive effect on willingness to pay a premium. Sensory innovativeness moderated the relationship between value-expressive function and fantasy, and maximization moderated the relationship between fantasy and willingness to pay a price premium. Given these findings, valuable theoretical and practical implications are discussed regarding the role of fantasy in luxury cruise decision-making.     

Disappearing and Reappearing Dividends in Emerging Markets: Evidence from Indian Companies

This article examines the empirical determinants of dividend payout policy for 947 sample firms listed on the Bombay Stock Exchange (BSE) in India from 1995 to 2013. The author identifies three distinct trends in the propensity to pay dividends between 1995 and 2013. The regression analysis suggests that most of the decline is due to the dividend payout policies of smaller, less profitable, younger firms and firms with comparatively more investment opportunities, high financial leverage, high business risk, and high dividend distribution tax. The author finds significant positive impact of catering incentives on the propensity to pay dividends, thus supporting catering theory of dividends.     

Consumer Preferences and Willingness to Pay for Bundled Fresh Produce Claims at Farmers’ Markets

This study uses a conditional logit with systematically varying parameters model to analyze consumer survey data collected at farmers’ markets in Utah. The purpose of this study is to examine consumption preferences and willingness to pay for differentiated fresh produce among farmers’ market shoppers in Utah. Three primary differentiating claims, namely conventionally grown of unknown origin, conventionally grown local (in-state), and organically grown of unknown origin, are investigated. Results indicate that consumer preferences and willingness to pay are higher for the conventionally grown local origin claim, emphasizing the importance of local origin labeling for directed marketed fresh produce. This claim was especially preferred among frequent farmers’ market shoppers and those who spend above average. Those who receive WIC and/or food stamp benefits show lower preferences for fresh produce. The shoppers are significantly sensitive to price increases. This study implies that marketing strategies and policy regulations aiming at promoting local, organic, labeling, and reinforcing repeated farmers’ market customers can positively impact purchasing preferences and willingness to pay for production-method-based and origin labeled products.     

Market strategy for promoting green consumption: Consumer preference and policy implications for laundry detergent

Green consumption is a very common phrase in our daily lives, yet product characteristics that mainly contribute to the diffusion of green products are largely unknown. Based on microeconomic theory, we conduct a conjoint survey of consumer preferences for a ubiquitous green product—laundry detergent. We analyze the correlation between consumers' demographic variables and attributes of laundry detergents through a hierarchical Bayesian mixed logit model. We find that consumer preferences for attributes display significant heterogeneity. Age and income significantly influence the marginal preferences for attributes. An examination of consumer willingness to pay and of the relative importance of each attribute reveals that price and base material are the most important attributes. Green attributes, such as skin irritation potential and biodegradability, tend to be less important. This study also examines preference heterogeneity based on previous purchase experience. To promote green consumption, we emphasize the need for policies that reduce the value‐action gap.