Officers’ fiduciary duties and acquisition outcomes

Using a Delaware case law that recognized officers’ distinct fiduciary duties for the first time in 2009, I examine the effect of officers' fiduciary duties (OFDs) on corporate acquisitions. I find that firms with entrenched officers prior to 2009 experienced increased announcement-period abnormal stock returns, mainly because their acquisitions created more synergies and reduced officers’ incentives to preserve control. These firms increased liability insurance premium expenditures, but reduced value-decreasing acquisition frequencies. Furthermore, the effect of OFDs is more pronounced in firms where officers are not directors, have wealth risk, face less product market competition, are insulated from the market for corporate control, or are able to avoid board monitoring. Overall, OFDs are a critical corporate governance mechanism that works in tandem with other disciplinary mechanisms.     

董事高管责任保险与审计费用增加:监督、激励还是纵容?——基于中国A股经验数据的实证研究

董事高管责任保险的引入引起审计费用显著增加,既可能是监督、激励效应所致,也可能是机会主义行为所致,研究清楚到底是哪一种原因导致审计费用增加,对认识董事高管责任保险的治理职能、加强公司治理机制建设等均具有重要意义。基于沪深交易所上市公司2003—2017年的数据,实证检验了董事高管责任保险对审计费用的影响。研究发现,董事高管责任保险的引入将显著增加上市公司的审计费用支出,且审计费用支出的增加是因为保险人积极履行监督行为、追求更高的审计质量所引起的,而非是其引致的机会主义行为所导致的。进一步研究发现,董事高管责任保险与审计费用之间存在显著的正向交互效应,即在较差的外部治理环境中董事高管责任保险的监督激励效应更为显著。这一研究对董事高管责任保险与审计费用的关系有了全新的认识,也为董事高管责任保险的推广提供了经验支持。     

Chief strategy officers: Contingency analysis of their presence in top management teams

Drawing upon contingency theory, we analyze the antecedents and performance consequences of chief strategy officer (CSO) presence in top management teams (TMTs). We argue that strategic and structural complexity affects the decision to have a CSO in the TMT and its effect on firm performance. The results of a sample of S&P 500 firms over a five‐year period reveal that diversification, acquisition activity, and TMT role interdependence are positively associated with CSO presence. However, we also find that the structural choice to have a CSO in the TMT does not significantly affect a firm's financial performance. This first systematic analysis of CSO presence informs research on CSOs and contributes to the emerging literature on TMT structure. Copyright © 2013 John Wiley & Sons, Ltd.     

不确定性环境下企业高管环境扫描行为研究综述

在梳理国内外大量相关文献的基础上,本文从环境扫描概念、环境分类及扫描焦点、感知环境不确定性及其与扫描行为之间的关系、环境扫描的两种主流模式等方面,对国内外学者的环境扫描成果进行了梳理和分析,指出现有研究的局限性以及国内外研究的不足之处,并对未来研究给出建议。     

战后乡镇自治运动中的保甲制度--以嘉兴县为例

本文运用大量档案资料，分析了战后保甲制度在嘉兴地区的运作情况。在文中作者着重分析了保甲机构在战后保甲运作过程中的变动，保民大会在战后的具体运作，以及保干事和保长在保甲运作中的具体作用，从而对战后国民政府推行的保甲自治的实质进行了剖析。     

CEO performance evaluation systems: empirical findings from the Italian health service

This paper examines the way that the performance of chief executive officers of Italian healthcare organizations is evaluated. The aim is to analyse the extent of the use of New Public Management techniques in the highly regionalized and political Italian healthcare sector. A positive association was found between formal CEO performance evaluation systems and the quality of regional governance. There was no significant relationship between formal CEO performance evaluation and the duration of CEO tenure.     

士官任职教育现状及对策分析

军队士官任职教育是近年来军事职业教育发展的必然趋势,在这一改革发展过程中士官任职教育取得了一定的成果,但同时也暴露出许多共性的问题,笔者就这些矛盾提出了自己的看法及对策。     

宋代民间助学述论

宋代教育发达，但其教育投入却相当有限，因此两宋文化的极盛很大程度上实有赖于民间对教育的支持与资助。这种资助既有面向学校的赡学与建学，也有面向举子个人的捐助赴试费用。总体上看，宋代民间助学表现为典型的“官倡民助”模式，且捐助风气南宋浓于北宋，捐助方式以产业捐助为主，且呈现出明显的地域差异性。宋代民间助学对今天的启示是民闻助学的热情需要官方调动和引导，助学的方式应以产业助学为主，以保证助学的长期、持续性，而且营造良好的民间助学氛围是政府的重要责任。     

Women in top management and agency costs

This study investigates gender diversity among the top managers of Fortune 500 firms and its effect on agency costs. The study finds that firms with a greater percentage of female officers present lower agency costs but that the negative relation is not robust when considering the endogeneity of diversity. The study also finds that external governance influences the relationship. Although increasing diversity does not reduce agency costs for all firms, the evidence shows that diversity is significantly negatively related to agency costs in firms in less competitive markets. The results suggest that increasing diversity in management can have beneficial effects for firms where strong external governance is absent.     

商业变革背景下我国企业管理能力增进探讨

我国企业或隐或显地标示出了“冒险”、“投机”非理性的经验主义价值观。这成为制约中国新型企业追求卓越和永续发展的“企业病”。中国企业实施标杆管理，需要瞄准道德标杆，学习一种道德和能力融于一体的“最佳组合”的“全局能力”。