Environmental Policy,Sustainable Development,Governance Mechanisms and Environmental Performance

We investigate the effects of environmental policy (Climate Change Act – CCA), sustainable development frameworks (Global Reporting Initiative – GRI; UN Global Compact – UNGC) and corporate governance (CG) mechanisms on environmental performance (carbon reduction initiatives – CRIs; actual carbon performance – GHG emissions) of UK listed firms. We use the generalized method of moments (GMM) estimation technique to analyse data consisting of 2245 UK firm‐year observations over the 2002–2014 period. First, we find that the CCA has a positive effect on CRIs, and this effect is stronger in better‐governed firms. Second, we find that the GRI‐based framework is positively associated with CRIs. Third, we find that firms with poor CG structures have lower actual carbon performance compared with their better‐governed counterparts. Overall, our evidence suggests that firms can symbolically conform to environmental policy (CCA) and sustainable development frameworks (GRI, UNGC) by engaging in CRIs without necessarily improving actual environmental performance (GHG emissions) substantively. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

电商直播背景下产品定价问题研究

随着互联网技术的发展，直播模式成为电商经济新的增长点。在高速发展的同时，电商直播中的“翻车”事件也频频爆出。以电商直播背景下产品定价问题为研究对象，总结概括现有电商直播背景下产品定价的主要策略，深入剖析现有产品定价存在的问题以及产生的原因。最后从明确平台责任、加强行业自律、加大监管和处罚力度、提升消费者自我保护意识等方面提出对策建议。     

Media coverage and investment efficiency

We examine the effect of media coverage on firm-level investment efficiency. We find that media coverage reduces under-investment but increases over-investment. The negative effect of media coverage on under-investment is more pronounced in firms affected by greater information asymmetry and poorer corporate governance. The positive effect of media coverage on over-investment is driven by media-induced CEO overconfidence. Additional results show that both investment- and non-investment-related news coverage decrease under-investment, while non-investment-related news coverage is more influential in increasing over-investment. In general, higher news optimism is associated with less under-investment but more over-investment. Moreover, media coverage affects investment efficiency through its information dissemination rather than information creation function. Collectively, our results suggest that firms’ media visibility promotes more over-investment than under-investment.     

机构交叉持股对企业价值的影响

基于2007-2018年中国A股上市公司数据,本文考察了机构交叉持股对企业价值的影响及其作用机制。研究发现,机构交叉持股显著提高了企业价值,在考虑内生性问题和替换主要变量后结论依然较为稳健。交叉持股机构投资者能够成为更加积极的监督者,主动参与公司治理,缓解代理问题,同时促进同行业企业间产品市场协作,改善企业的产品市场表现,进而提升企业价值。此外,相比其他类型的投资者,长期、独立以及稳定型的交叉持股机构投资者对企业价值的促进作用更显著,进一步印证了监督治理渠道的作用。机构交叉持股推动产品市场协作,主要是通过提高企业创新能力和营业利润率。本文结论证实了机构交叉持股的正向协同效应,对完善中国资本市场制度体系和促进企业可持续发展具有重要意义。     

Political interventions in state-owned enterprises: The corporate governance failures of a European airline

This paper is based on the theory of hybrid organizations and we investigate the context, factors, mediators, and outcome of a public scandal involving a Romanian state-owned company in the civil aviation sector. This retrospective case study is part of a research design that alternates between inductive and deductive procedures devised to test relevant hypotheses, integrate several theories, and construct the causal mechanism of the corporate scandal. Four theories have been selected to address multiple aspects of the case: the hybrid organization theory, the agency theory, the fraud triangle theory, and the legitimacy theory. Several hypotheses have been proposed at the confluence of these frameworks, and the data collection process was conducted to ensure the credibility, dependability, and transferability of results. In addition to the themes and categories that have emerged from the thematic analysis, the paper also uses the process-tracing method to propose a causal graph and an event-history map in support of the hypotheses. The paper puts forward a series of recommendations on how to improve the corporate governance of state-owned enterprises, and to prevent potential scandals. The authors suggest that the separation of ownership and control is beneficial for strategy implementation in state-owned enterprises and can alleviate an entity’s financial difficulties.     

Social media and sustainable purchasing attitude: Role of trust in social media and environmental effectiveness

The role of social media in promoting sustainable attitudes is currently understudied. Underpinned by social learning theory, this study unveils the effect of social media usage and browsing on sustainable purchasing attitude, the underlying mechanism, and the boundary condition. Drawing on a sample of 693 experienced respondents analyzed using structural equation modeling, this study reveals that social media usage and browsing have a significant positive association. Both constructs significantly impact sustainable purchasing attitudes with complementary partial mediation of the drive for environmental responsibility. Further, trust in social media and perceived environmental effectiveness significantly moderate the relationships belongs to the browsing and drive for environmental responsibility. Contrary to the theorization, moderating constructs cannot substantially impact the proposed associations of social media usage. In this manner, the present research is innovative and provides valued knowledge to comprehend social media's role in encouraging sustainable attitudes.     

Product line transformation,foreign sales,and firm value: Evidence from COVID-19 pandemic governance in urban China

Using a sample of Chinese firms, we examine stock market reaction to firms that announce a change in their product lines to those related to COVID-19 management (medical masks and ventilators, among others). We find the market reacts positively to the announcements. In addition, when a firm ordinarily has a large share of export sales, the stock market reaction is more salient, indicating that export sales provide a certification effect that positively signals investors. Additional analysis on moderating effects suggest that, conditional on foreign sales, prior experience with medical product lines or less uncertainty about supply availability enhances the cumulative announcement returns (CARs), while the adverse impact of firm size on CAR magnifies.     

飞地府际合作治理模式的确立与逻辑展开

研究目的：反思飞地治理困境，为飞地府际合作治理模式的确立与逻辑展开提供理论支撑。研究方法：规范分 析法、实证调研、原理证成和演绎法。研究结果：从分布状态上看，中国飞地具有“小、散、多”的基本特点。现有飞地 治理模式与治理需求存在张力，且既有成果对飞地治理解释出路存在偏差。飞地监管不力的本质原因包括飞出地政 府对飞地的控制力薄弱之内因以及飞地行政管理松弛之外因两个方面。研究结论：以权力让渡为基础、兼具激励机制 和约束机制的飞地府际合作治理模式是解决飞地问题的新思路、新思维。该模式以飞地治理为共同目标和发起点，通 过协商将双方应尽之义务以及应享有之权益以协议形式固定下来，并通过约束机制保障全面代管和部分代管的落实， 达到飞地良好治理的目标追求。     

现代治理视域下行政审批机构改革研究

推进行政审批机构改革是新时代完善现代国家治理体系和提升现代国家治理能力的必然要求。行政审批局改革模式的现代治理意涵在于优化配置制度建设主体要素以及重构革新治理主体组织结构,并在制度依据、机制运行和治理效能三个层面建构起改革运行机理。尽管通过集中审批权限、实现"一枚印章管审批"大力提升了审批效率,但行政审批局模式依然面临有悖"职权法定"、纵横协调不足、制度建设不充分和资源配置不合理的四重困境。现代治理视域下,应从树立科学合理的审批改革理念、完善行政审批机构改革的顶层设计以及创新行政审批局具体工作模式等方面不断完善和深化行政审批机构改革。     

网络媒体关注、审计质量与风险抑制——基于深圳主板A股上市公司的经验数据

以我国深圳证券交易所主板2011—2016年A股上市公司为样本，通过计算可操纵性应计利润衡量审计质量，使用上市公司违规数据衡量经营和交易违规风险与虚假披露风险，考察网络媒体关注的风险抑制作用。研究发现：网络媒体关注度与审计质量具有风险抑制效应，且网络媒体关注对风险的抑制作用更显著；进一步地，网络媒体关注可通过提高审计质量来抑制企业违规风险，审计质量在网络媒体关注与风险抑制之间发挥部分中介作用。