The consequences of managerial indiscretions: Sex,lies, and firm value

Personal managerial indiscretions are separate from a firm's business activities but provide information about the manager's integrity. Consequently, they could affect counterparties’ trust in the firm and the firm's value and operations. We find that companies of accused executives experience significant wealth deterioration, reduced operating margins, and lost business partners. Indiscretions are also associated with an increased probability of unrelated shareholder-initiated lawsuits, Department of Justice and Securities and Exchange Commission investigations, and managed earnings. Further, chief executive officers and boards face labor market consequences, including forced turnover, pay cuts, and lower shareholder votes at re-election. Indiscretions occur more often at poorly governed firms where disciplinary turnover is less likely.     

浙江省中小企业EAP实施路径探索——以诸暨市为例

当前我国中小企业正处于经济转轨、社会转型期,在急剧变化和激烈竞争中将面临着严峻的考验与巨大的压力。这既阻碍了企业的发展,更严重危害着员工的身心健康。而EAP的实施能够有效地化解压力,提高工作效率。本文结合诸暨市当地实际情况,试从EAP在诸暨市中小企业的适用性及其产生的作用入手,进而探索视浙江省中小企业EAP的实施路径,希望为中小企业对员工建立有效的精神激励机制提供一些对策。     

Upper‐echelon executive human capital and compensation: Generalist vs specialist skills

This study extends current knowledge of upper echelon executive compensation beyond the CEO, specifically CFO compensation, based on whether they possess generalist or specialist skills. We find that “strategic” CFOs with an elite MBA (generalist) consistently command a compensation premium, while “accounting” CFOs (specialist) and CFOs with a non‐MBA master's degree, even from an elite institution, do not. Further, scarce “strategic” CFOs are awarded both higher salaries and higher equity‐based compensation. Our findings support the view that unique complementarities between scarce CFOs and firms increase these executives' bargaining power leading to pay premium. Our results are robust to post‐hiring years, firm sizes, board characteristics, and CFO's insider/outsider status. We contribute at the confluence of upper‐echelon compensation, executive human capital, resource‐based view, and assortative matching literatures. Copyright © 2014 John Wiley & Sons, Ltd.     

农户劳动力迁移程度对林地流转的影响分析

基于江西省集体林权制度改革项目2011—2016年的连续监测数据,考虑非农就业的内生性,采用IV-Probit模型及其估计方法,分析集体林区农户劳动力长期外出务工对林地流转的影响。结果显示:集体林区农户劳动力迁移程度对林地转入有抑制作用,但对林地转出具有促进作用,且都通过了显著性检验。因此,政府部门应该在如何推动农村劳动力实现长期、有效、稳定的非农就业转移这一问题上做出相关努力,以促进农户间的林地流转,最终实现林业规模经营的目的。     

论墨子的劳动观及其当代价值

墨子是我国古代劳动人民利益的伟大代表,被尊称为"平民圣人"。墨子的劳动观内在地蕴涵着三个价值判断:尊重劳动;保护劳动人权;珍惜劳动价值。当前,我国正处于全面建成小康社会和实现中华民族伟大复兴的关键阶段,墨子劳动观的合理思想无疑对我们具有十分重要的借鉴意义:尊重劳动,大力彰显劳动价值;尊重劳动者,努力使其实现体面劳动;珍惜劳动成果,厉行节约,反对浪费,共圆中国梦。     

Is Part-Time Employment after Childbirth a Stepping-Stone into Full-Time Work? A Cohort Study for East and West Germany

Does part-time work support first-time mothers’ employment by providing a stepping-stone into full-time work in Germany? Using data from the German Socio-Economic Panel from 1984–2012, this study compares three different age cohorts of first-time East and West German mothers to investigate whether there has been any convergence between East and West Germany in the way women use part-time employment. Results show that mothers in West Germany in all cohorts tended to remain in part-time employment for longer periods than those in East Germany. Part-time employment more often provided a stepping-stone into full-time employment in East Germany than in West Germany. East German women who gave birth after reunification were less likely than older cohorts to experience a transition from part-time to full-time work. Thus, part-time employment not followed by subsequent full-time work has become more common in the East.     

Creating Opportunities for Women in the Renewable Energy Sector: Findings from India

This paper identifies opportunities and constraints that low-income women face in accessing livelihoods in the renewable-energy sector in India through qualitative and quantitative research conducted in collaboration with The Energy Resources Institute (TERI) and the Self Employed Women's Association (SEWA) in 2012–13. Whereas previous research has focused on women mostly as end users of solar and biomass technologies, this research attempts also to understand women's potential as entrepreneurs, facilitators, designers, and innovators. Findings reveal that although access to technology and employment in the energy sector is limited by inadequate purchasing power and low social status, there is tremendous potential to create livelihoods for women at all levels of the energy supply chain. Broader findings indicate that women can gain optimal traction from employment in the energy sector only if there are wider socially progressive policies in place, including state intervention to create a robust social welfare infrastructure and accessible, high-quality, public services.     

Impact of mortality reductions on years of schooling and expected lifetime labor supply

Hazan (2009) performs empirical analysis based on the conjecture that a necessary condition for mortality decline to cause longer years of schooling is that it also increases expected lifetime labor supply, and reaches controversial conclusions. We aim to examine the theoretical validity of Hazan’s (2009) conjecture, and more generally, to understand the relation between these two conditions in a standard life-cycle model. We find that the relation between the effects on optimal years of schooling and expected lifetime labor supply differs systematically with respect to mortality reductions at different stages of the life cycle. Based on these systematic differences, we find that longer lifetime labor supply is not sufficient for increased years of schooling for all mortality reductions occurring during the schooling phase, and not necessary for increased years of schooling for some mortality reductions during the working phase.