机构持股、特质风险与股票收益的实证研究

机构投资者的投资行为对股票市场的风险与收益产生了极大的影响,机构投资者的大量参与有助于股票市场的稳定、特质风险的分散以及超额收益的减少。文章选取机构投资者持股占股票市值比例这一指标来刻画机构投资者的行为,检验机构持股比例、特质风险和股票收益之间的关系。实证发现,在中国股市,特质风险与股票收益呈显著的正相关关系;机构大量持股有助于降低股票的特质风险;机构投资者持股比例越低的股票,特质风险越大,股票预期收益越高。     

New Institutional Economics in the Post-Socialist Transformation Debate

The paper suggests that there is a tension between the basic tenant of New Institutional Economics (NIE) and the manner in which it has been applied in the debate on post-socialist transformation. This tension is explored in the context of four main perspectives on NIE: (i) property rights, (ii) transaction costs economics, (iii) new economic history, and (iv) evolutionary economics. There are two main arguments. The first is that the transformation phase should be seen as 'open-ended' rather than a 'closed process' where the 'pure market' is the inevitable end result. The second is that, although the NIE literature touches on most of the issues which are relevant to post-socialist transformation, the insights that it offers are still too general for policy guidance.     

Strategic responses to extreme institutional challenges: An MNE case study in the Palestinian mobile phone sector

Besides firm-level resources and industrial influences, firms’ strategies have been related to their institutional contexts. Empirical studies have investigated survival strategies in international environments where institutional voids, barriers and violence have had independent influences.This study is the first to analyse strategies in circumstances that combine all these negative challenges. In the Palestinian mobile phone industry, a surviving MNE has faced not only violence, voids and institutional barriers imposed by three different governments, but also the liability of foreignness and its associated uncertainties.In a highly uncertain environment, it is found that being a MNE brings benefits as well as liabilities of foreignness. Furthermore, this MNE discloses many strategic responses to institutional challenges that are associated with positive outcomes, even in a most extreme Palestinian environment that produces the most propitious circumstances for negative responses and outcomes.     

高管职业生涯关注对企业创新产出的影响

随着VUAC时代的到来，创新的驱动作用愈发凸显。基于职业生涯关注理论、企业生命周期理论以及调节定向理论，以上海和深圳两市2007-2017年A股制造业上市企业为研究对象，深入探究高管职业生涯关注对企业创新产出的影响。研究表明，高管职业生涯关注显著促进企业创新产出；企业生命周期负向调节高管职业生涯关注与企业创新产出的关系，企业生命周期越长，高管职业生涯关注对企业创新产出的影响作用越小；制度环境正向调节高管职业生涯关注与企业创新产出的关系，企业所处的制度环境越好，高管职业生涯关注对企业创新产出的影响作用越显著；风险承担在高管职业生涯关注与企业创新产出间起着中介作用，当高管职业生涯关注高、风险承担强时，企业创新产出会相应增加。     

Short-term institutions’ information advantage and overvaluation

Prior literature has documented that institutions which trade more frequently are better able to forecast future returns and have an informational advantage. This study examines a proximate explanation for the differences in performance based on institutions’ investment horizon – short-term institutions are better informed because they are better able to identify overvalued stocks that are short-sale constrained and overvalued in the context of Miller’s (1977) overvaluation hypothesis. Analysis is conducted on 6330 unique firms from 1996 to 2014 using the calendar-time portfolio approach where abnormal returns are estimated from the Fama-French-Carhart four-factor regression model. The results provide evidence that stocks which are extremely overvalued due to short-sale constraints have the greatest decline in short-term institutional ownership, consistent with the notion that short-term institutions are able to correctly assess the components for stock overvaluation.     

精英身份与农民创业：趋名还是逐利？

农村精英群体因具有独特的优异特质和能力素养成为农村创业的主力军，但是农村精英能否通过创业实现"名利双收"？学术界尚无定论。文章利用上海财经大学"千村调查"的数据得到以下研究结论：①农村精英的创业并非纯粹的"逐利"行为，而是追随内在的"趋名"导向，农村精英创业主要是为了实现家庭社会地位的提高、村落人缘水平的改善、村落话语权的增加等非经济目标，这种"趋名"导向使得创业者配置于经济目标的注意力资源相对不足，进而制约了其"逐利"目标的实现。②随着家庭经济资本的增加，农村创业者的精英身份对经济目标的注意力配置不足问题将得到有效缓解，即丰裕的家庭经济资本将弱化精英身份对实现经济目标的制约效应；同时，家庭经济资本的增加将进一步强化精英身份对非经济目标的提升作用。③随着外部制度环境的完善，精英身份对农民创业经济目标的注意力配置不足问题将得到有效缓解，即完善的外部制度环境将弱化精英身份对实现经济目标的制约效应；同时，外部制度环境的完善将强化农村精英群体对非经济目标的追求。本文基于创业动机理论与注意力基础观分析了精英身份在农民创业过程中的经济效应与非经济效应，探讨了农村精英群体在"趋名"与"逐利"之间的权衡与取舍，并将家庭经济资本与外部制度环境纳入研究框架，构建了一个较为系统的农民创业模型，丰富了农民创业理论的研究范畴。     

Recontextualising the determinants of external CSR in the services industry: A cross-cultural study

Although the relationship between institutional pressures and corporate social responsibility (CSR) has been well studied, its underlying mechanisms and boundary conditions are not well understood. To remedy these gaps, we draw on institutional theory and the literature on organisational sensemaking, stakeholder salience and the resource-based view of the firm. We test our conceptual model using survey data from 442 managers of hospitality and tourism enterprises based in Egypt and the United Kingdom. SEM-based results show that both stakeholder issue salience and discretionary slack mediate the link between institutional pressures and external CSR. National culture moderates the effects of institutional pressures on both stakeholder issue salience and external CSR. Multi-group analyses reveal noticeable differences between Egyptian and British managers regarding their interpretations of CSR issues and the institutional environment. This study contributes to the emerging micro-institutional stream and cross-cultural CSR research, providing important insights for managers, policymakers and researchers.     

Why Do Individual Investors Disregard Accounting Information? The Roles of Information Awareness and Acquisition Costs

We investigate the frictions that impede individual investors’ use of accounting information and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting in which individuals are presented with automated media articles that report both current earnings news and past stock returns. Although these investors have earnings information readily available, we find no evidence that their trades incorporate it. Instead we find that their trading responds to the trailing stock returns presented in the articles. Our study raises questions about the efficacy of regulations that aim to aid less sophisticated investors by increasing their awareness of and access to accounting information.     

A double-edged sword? The antipodal effects of institutional distance on partner selection in cross-border alliances

Careful partner selection is a prerequisite for successful alliances. I posit that institutional distance will influence partner selection in international technological alliances negatively for exploitation, and positively for exploration alliances. A longitudinal dataset of firms in the global tire industry confirms firms’ preference for similar cognitive, normative, and regulatory partners in exploitation alliances, and a preference for dissimilar partners in exploration alliances. However, the latter is true for differences across the regulative and cognitive pillars rather than for normative differences. These findings attest to the antipodal role of institutional differences in the selection of prospective partners for cross-border technological alliances.     

Authoritarian state,global expansion and corporate social responsibility reporting: The narrative of a Chinese state-owned enterprise

This case study examines why stand-alone Corporate Social Responsibility (CSR) reporting has been initiated in a Chinese state-owned enterprise (SOE). Chinese SOEs have been pioneering CSR reporting since the mid–2000?s and extant literature interprets its development as no more than a consequence of government interventions. However, there is a dearth of qualitative evidence illuminating the subtle interrelationships between the global, national and internal organisational dynamics mediating CSR reporting initiative of Chinese SOEs within the authoritarian state. To fill this gap, we provide a nuanced multi-level institutional analysis of the drivers underlying the initiation of CSR reporting within the case examined.