资源约束下的创业导向、资源行动策略与企业成长

资源约束背景下，如何制定有效的创业导向及资源行动策略对动态环境中企业成长具有重要意义。基于动态能力视角，以恒瑞医药为例，探讨其不同发展阶段创业导向、资源行动策略与企业成长间的内在作用机理。结果发现：①高差异性和高合法性是企业资源行动所追求的理想状态，但在不同发展阶段二者的侧重点不同；②创业导向为企业资源行动策略提供方向，而资源行动策略则是创业导向得以实施的保障，二者相互契合，共同促进企业成长；③多重资源约束是企业创业导向和资源行动的直接动因，而企业能力提升是创业导向和资源行动产生的有效结果，该过程中管理者认知为企业资源环境分析、创业导向制定以及资源行动选择提供有力保障。     

I Feel Your Pain: The Effect of Regulator as a Minority Shareholder on Merger and Acquisition Performance

We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions.     

The Benefit of Frequent Corporate Philanthropy

Applying behavioural economic theory, we argue that the frequency of philanthropic activity is important in determining corporate philanthropy's economic outcome. Using Chinese data from 2003 to 2016, we find that firms with more frequent philanthropic activities obtain more government subsidies than firms that only engage in one-off charitable donations. Firms with better corporate governance, such as higher management ownership and more independent directors, are more likely to adopt a strategy of frequent donation. Furthermore, firms are more likely to be frequent donors when management or local government officers have a long tenure. Our findings provide insight into the giving process and suggest that firms can maximize the benefit of corporate philanthropy if they strategically consider the donation frequency and donation amount simultaneously.     

社会心理服务驱动下信访“分类治理”的理路——以河南省西平县为例

学界对于信访分类治理的研究大多基于因“人”分类或因“事”分类展开,形成了信访分类治理研究的基本范式。然而,社会心理服务嵌入信访治理体系,为信访分类治理提供了新的视野:因“心”分类,即按照信访人“心理诉求——利益诉求”的两分原则,将信访人分为利益型、心理型、耦合型和无意识型四种。本文以西平县信访治理实践为个案,提炼出由“心”而治的信访分类治理模型,并对该模型的治理理路进行了分析。研究发现:地方政府对信访频次、情绪和事件的三维叠加形成了信访分类治理的参照维度,而地方政府对治理技术的灵活性运用则构成了信访分类治理的动态实践。本文为信访分类治理过程中信访人的心理诉求与利益诉求间的关系提供经验事实,并为社会心理服务驱动下的信访分类治理理路提供分析框架。然而,受限于研究区域和案例数量,本文提炼出来的由“心”而治的信访分类治理模式还有待进一步验证和完善。     

委托理财导致上市公司脱实向虚吗?——基于企业创新的视角

依据2008-2017年上市公司委托理财与专利数据,本文实证研究了委托理财对企业创新的影响。研究发现随着委托理财规模与理财收益对公司业绩贡献的增加,上市公司总体上创新数量变化不明显,但创新质量却显著下降。对于不同的委托理财而言,上市公司购买银行与非银行委托理财对创新质量的影响均为负面,但对创新数量的影响却正好相反。两种类型委托理财对创新数量的影响可能相互抵消,从而导致总体上委托理财对创新数量的影响不显著。进一步研究发现,购买更多的委托理财导致上市公司更加倾向于进行风险低的开发性创新,减少风险高的探索性创新。购买银行理财的上市公司更倾向于机会主义创新,而购买非银行理财的上市公司更可能消极创新。总之,基于企业创新视角的分析发现大规模和投机性的委托理财会干扰上市公司创新行为,导致其经营"脱实向虚"。     

Forecasting corporate financial distress in the Southeast Asian countries: A market-based approach

This study is conducted to investigate the prediction of corporate financial distress based on the Merton (1974) market-based Distance to Default (DD) model over the period from 1997 to 2016 which covers a range of economic financial circumstances, including the Asian Financial Crisis (AFC) and Global Financial Crisis (GFC). The study focusses on the six largest countries in the ASEAN Economic Community (AEC), comprising of Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Unlike previous studies which focus mainly on bankruptcy, this paper focusses on early warning distress indicators that signal distress well before bankruptcy. This is when firms experience difficulty in servicing debt as measured by interest coverage ratio (ICR) at a firm level and non-performing loans (NPLs) at a country level. Key empirical findings from this paper indicate that the market-based distance-to-default (DD) model is generally a good early warning indicator of financial distress in the following year, particularly for ICR, but that prediction accuracy varies between individual countries in the Southeast Asian region.     

高管薪酬、董事会治理与分类转移

本文研究了高管薪酬和董事会治理对分类转移的影响。研究表明,货币薪酬会诱使高管向上转移利得,股权激励和缺乏区分度的薪酬制度会诱使高管同时向下转移费用和向上转移利得;而勤勉、独立和两职分离的董事会能够在一定程度上识别并抑制这两种不同方式的分类转移;但董事会对分类转移的抑制程度小于高管薪酬对分类转移的诱发程度。进一步地,良好的市场、法制和媒体监督环境能够有效缓解高管薪酬对分类转移的诱发作用,而董事会能够有效弥补法制建设和媒体监督不足导致的分类转移治理缺陷,并在较高质量的审计环境下对分类转移发挥更强的抑制作用。本文首次结合制度背景和媒体监督研究了公司核心治理机制对不同分类转移方式的影响和原因,并创新性地对向上转移利得的程度进行了衡量,为监管部门及公司治理机制、会计准则的制定者提供经验证据。     

Banking sector reactions to COVID-19: The role of bank-specific factors and government policy responses

This paper examines the impact of bank-specific factors and variations in the context of stringency of government policy responses on bank stock returns because of the COVID-19 pandemic. A sample of 1,927 publicly listed banks from 110 countries is used for the period of the first major wave of COVID-19, that is, January to May 2020. Our findings indicate that stock returns of banks with higher capitalization and deposits, more diversification, lower non-performing loans, and larger size are more resilient to the pandemic. While banks’ environment and governance scores do not have a significant impact, higher social and corporate social responsibility strategy scores intensify the negative stock price reaction to COVID-19. We further observe that the pandemic-induced reduction in bank stock prices is mitigated as the strictness of government policy responses increases, mainly through economic responses such as income support, debt and contract relief, and fiscal measures from governments.     

Exploring the links among corporate social responsibility,reputation, and performance from a multi-dimensional perspective

This study examines the links among corporate social responsibility (CSR), reputation, and performance in hotel companies from a multidimensional perspective. Data were collected from 322 hotels in China and partial least squares equation modelling (PLS-SEM) was employed for a causal-predictive analysis. Study results reveal that CSR practices influence hotel reputation as seen from both international and local perspectives. CSR and reputation influence performance dimensions (accounting-based performance, market-based performance, and non-financial performance) differently. The research findings offer specific theoretical and practical implications for hotel managers.     

Excessive managerial entrenchment,corporate governance,and firm performance

This paper investigates the differential impact of positive and negative excessive managerial entrenchment on the CEO turnover-performance sensitivity, CEO compensation, and firm performance. We measure the degree of managerial entrenchment using the E-index introduced by Bebchuk et al. (2009). Our findings suggest that an increase in excess CEO entrenchment reduces the likelihood of CEO turnover due to poor performance. We also show a positive association between excessive entrenchment and CEO compensation as managers gain more power and authority when they are entrenched. On the other hand, excess CEO entrenchment has an inverse correlation with firm performance and firm value. Overall, we propose that excessive managerial entrenchment has a converse impact on board monitoring and shareholders’ welfare.