Financial Reporting Quality in Private Equity Backed Companies: The Impact of Ownership Concentration

We empirically show on a sample of 270 unquoted, private equity backed companies that the shareholder structure of private companies impacts the quality of their publicly available accounting information. More precisely, companies in which private equity (PE) investors have a high equity stake produce lower quality accounting information than companies in which PE investors have a low equity stake, after controlling for factors like company size and age. We explain our findings by arguing that PE investors with low equity stakes have a higher need for high quality accounting information whereas PE investors with high equity stakes have other means to closely monitor their portfolio companies. This paper has benefited form discussions with workshop participants at the Max Planck Institute. We specifically want to thank Lorraine Uhlaner and Mike Wright (guest editors), two anonymous referees as well as ignace De Beelde, Wouter De Maeseneire, Marc Deloof, Miguel Meuleman and Lloyd Steier for helpful suggestions. Part of this research was completed when Christof Beuselinck was an FWO Scholar at Ghent University. Financial support from the Fonds of Wetenschappelijk Onderzoek (Grant G.0012.02) is kindly appreciated. The usual disclaimer applies.     

乡村旅游地发展过程中的"公地悲剧"研究——以杭州梅家坞、龙坞茶村、山沟沟景区为例

乡村旅游地发展过程中的环境退化、村民无序争夺有限资源等"公地悲剧"现象十分普遍.乡村旅游资源的产权属性决定了"公地悲剧"产生的必然性,它表现为公共资源利用无度、公共秩序混沌失序和公共福利供给短缺,导致了乡村旅游核心资源迅速耗损和旅游品牌资产快速衰减,并严重影响了乡村旅游目的地的可持续发展.本文采用田野作业方法,主要分析了杭州梅家坞荼文化村、龙坞荼村和山沟沟景区"公地悲剧"的产生原因及其演变情况.文章还探讨了地方政府主导型、外来投资者主导型和农村集体组织主导型3种制度模式来解决乡村旅游中"公地悲剧"的基本思路.     

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.     

Sustainable Tourism: Ethical Alternative or Marketing Ploy?

While tourism is often seen as a welcome source of economic development, conventional mass tourism is associated with numerous negative effects, such as the destruction of ecological systems and loss of cultural heritage. In response to these concerns, a term that has surfaced recently is, sustainable tourism. This article attempts to define sustainable tourism and asks the question of whether this new term is an acceptable criteria or is merely a marketing ploy to attract the morally conscious tourist. Paul Lansing is a professor of Business Administration at the University of Illinois at Urbana-Champaign. He received a J.D. Degree and a Graduate Degree in International Business. Paul De Vries received an M.Sc BA, in Strategic Management from the Rotterdam School of Management, RSM Erasmus University.     

Does Good Governance Matter to Institutional Investors? Evidence from the Enactment of Corporate Governance Guidelines

Corporate governance guidelines are a mechanism that a firm can enact which should reduce agency costs and better align the interests of boards and the suppliers of capital. This study examines stock price reactions primarily attributable to institutional investors occurring when corporations announce the enactment of corporate governance guidelines. A final sample of 77 firms was derived from the first announcement of corporate governance guidelines exclusive to the SEC-EDGAR database. The results indicate that good governance does matter. Firms that announced the enactment of corporate governance guidelines experienced increased stock prices following the announcements. There was an immediate (days 1–4) reaction for firms that provided all or part of the guidelines’ substance; a delayed (days 8–10) reaction occurred for those firms that only referenced the guidelines’ enactment. Additionally, firms with either a potentially greater following or that had a previous history of acrimonious relations with stakeholders were rewarded by the announcement of the enactment of guidelines.     

不同市场经济类型国家的公司治理结构模式比较及启示

着重分析和比较美、日、德等发达市场经济国家,东南亚和韩国等新兴市场经济国家、东欧和俄罗斯等转轨经济国家的股权结构和公司治理结构模式,并指出其各自特点及形成原因。在此基础上提出了我国选择有效的公司治理结构模式应该遵循的一些原则及其目标模式。     

基于社区治理的人口治理

社区治理的视角对人口治理具有非常重要的理论意义。在讨论人口社区治理的内涵和特征的基础上,分析了人口社区治理主体和治理结构,提出了构建我国人口社区治理机制的对策。     

免除农业税后村干部职能转变及其激励机制研究——基于对陕西省勉县和户县百名村干部和百名村民的调查

通过对免除农业税前后(2004年、2005年)陕西省勉县50名村干部、100名农户的跟踪调查及2005年10月对陕西省户县50名村干部的问卷调查发现,发展经济、提供公益服务将成为免除农业税后村干部最重要的工作,村干部的服务性职能明显增强。针对免除农业税后村干部面临的现实困境,本文认为解决问题的关键是要建立和完善村干部职能转变的激励机制。为此,本文重点构建了免除农业税后村干部的业绩测评体系,提出了要建立村干部的绩效工资机制等。     

民营上市公司的治理机制及治理效应分析

通过对民营上市公司常用的治理机制及治理效应的分析,我们发现:民营上市公司的各种治理机制无论对净资产收益率还是财务综合绩效,都没有太大的解释力,但对托宾Q值却具有极强的解释能力。即使是就托宾Q值而言,股东会议、独立董事规模、两职设置、高管人员薪酬等内部治理机制也没有发挥显著的作用,内部治理机制中的第一大股东具有特别重要的作用。     

我国企业债券融资问题研究

我国资本市场的一个重要特点是企业债券融资发展速度缓慢,其主要原因在于政府政策和制度的管制以及企业自身产权制度不合理、治理机制不健全。尽快形成以市场机制为主导的企业债券管理制度,加强企业产权制度改革,塑造真正的企业债券市场主体,提高全社会资源配置效率,改善资本市场融资结构,是保证国民经济健康发展的当务之急。