该不该让CEO控制董事会?

反方意见一当CEO兼任公司的董事长时,许多根本利益的冲突就可能存在.如果CEO又是董事长,董事会要监督CEO的工作并且约束他的权力就是非常困难的.于是,国会、监管机构和股东组织都一再强调,董事会成员与他们监督的公司不能有商业上的联系.而且,仅有独立董事是不够的.安德鲁·格罗夫是英特尔公司的董事长,而克雷格·巴瑞特是该公司的CEO,这就符合我的立论:两种职务的分离是公司管理的核心.     

The sensitivity of compensation to social capital: Family CEOs vs. nonfamily CEOs in the family business groups

This study examines the role of CEO social capital, defined as external directorship ties held by the CEO, in determining family vs. nonfamily CEOs' compensation in a network-based business society and governance system. Using a sample of pooled data of family firms listed on the Taiwan Stock Exchange (TSE) from 2000 to 2002, the empirical results show that CEO social capital is an important determinant in setting nonfamily CEOs' pay level, consistent with the expectation of the contractual governance model. By contrast, as expected by relational governance model, family CEOs' social capital is not incentive-relevant. This study extends the literature on CEO compensation by documenting that in a market where guanxi and connections are considered valuable business tools, corporations will be willing to compensate professional CEOs for the social capital that they bring to the firm.     

Characteristics and behavior of top chain-restaurant CEOs

As a group, the CEOs of chain-restaurant companies exhibit consistent management styles and individual traits—at least, that seems to be the case based on data provided by 85 of those CEOs.     

Philosophical Foundations of Eminent Hong Kong Chinese CEOs’ Leadership

Because of the importance of Confucian doctrines in shaping ethical business practices under Chinese leadership, revealing the roles of other Chinese ethical doctrines in modern Chinese leadership is informative. A thorough understanding of the ethical foundations of Chinese leadership is necessary for fruitful interaction with Chinese leaders, according to cultural fit theory. The present study illustrates the philosophical foundations of business management, based on dialogues with five eminent corporate executive officers (CEOs). It reveals that the CEOs practice a style of Chinese leadership synthesizing Confucian, Daoist, Mohist, and Legalist doctrines. The Confucian doctrines advocate benevolence, harmony, learning, loyalty, righteousness, and humility. They are the most prevalent tenets that support paternalism and collectivism. The Daoist doctrines emphasize flexibility and reversion (e.g., the principle that the weak can defeat the strong). They bolster the leader’s forbearance. The Mohist doctrines underpin thrift and working with the masses whereas the Legalist doctrines inculcate self-control and innovativeness. Hence, contemporary Chinese leadership does not rely exclusively on Confucian ethics and this reflects evolution over 1000s of years.     

New CEOs Pursue Their Own Self-Interests by Sacrificing Stakeholder Value

Short-term performance increases that are sometimes observed after CEO successions may be evidence of self-interested behavior. New CEOs may cut allocations to long-term investment areas such as research and development (R&D), capital equipment and pension funds in an effort to drive up short-term profits and secure their positions. However, such actions have unfavorable consequences for some stakeholders. This study provides evidence that both R&D and pension funding are reduced subsequent to a succession, even after accounting for industry trends. The expected short-term profitability increases are also observed.A major implication of these results is that boards of directors and other interested parties should carefully monitor the actions of new CEOs with regard to their treatment of R&D and pension funding if they would like to prevent such actions from occurring. This study also highlights the need to investigate other potential self-interested behaviors of new CEOs.     

Why B-to-B CEOs Should Be More Social on Social Media

In the era of social media more is demanded of CEOs to project a charismatic and personable public face for the company. Aside from their executive duties, CEOs are now called upon to perform this important 'personal marketing' role through their active engagement on social media. Yet studies show that CEOs, especially those of B-to-B companies, are often reluctant to perform this function – less than 50% have any significant social media presence. All the same, it is evident that social media offers numerous benefits to CEOs both at firm and personal levels: greater transparency and trust, connecting with the public, engendering the perception of authenticity, and brand-building. Additionally, millennials, as an influential demographic group, practically expect corporate CEOs to be available to communicate on social media. This practitioner note concludes with recommendations for CEOs who are venturing into the social media space for the first time.     

Founder CEOs,personal incentives,and corporate social irresponsibility

This study integrates organizational identity (OI) theory and upper echelons theory to explore the impact of CEOs’ founder status on corporate social irresponsibility (CSI). We theorize that compared with other CEOs, a founder CEO is more likely to generate a high degree of OI with the firm, which will drive the founder CEO to actively avoid CSI that may damage the positive image and long-term development of the firm. Furthermore, we argue that CEO duality and CEO ownership will strengthen the aforementioned relationship by increasing the possibility of founder CEOs generating a high degree of OI. Conversely, CEO underpayment will weaken the relationship between founder status and CSI by decreasing the possibility of founder CEOs generating a high degree of OI. We obtained empirical evidence in support of our arguments from a large Chinese private listed company dataset. Overall, this study’s theory and evidence clearly show that founder status and personal incentives can jointly shape CEOs’ CSI decisions, thereby providing useful insights for corporate shareholders and government agencies to better prevent and govern firms’ CSI.     

War-experienced CEOs and corporate policies: Evidence from the Korean war

We investigate the relationship between traumatic war experiences of chief executive officers (CEOs) and their corporate decisions. Using the Korean war event, we find that CEOs exposed to the war in their earlier lives tend to be conservative in corporate policies. Among the war-experienced CEOs, we also find that those who have witnessed large-scale massacres exhibit more conservative behavior. Moreover, war-experienced CEOs make more conservative decisions during a period of financial crisis or when they have ownership. In summary, our results show that early-life exposure to traumatic experiences significantly induces CEOs to be risk-averse.     

Trust in Companies and in CEOs: A Comparative Study of the Main Influences

Trust is a crucial factor for the long-term economic success of a company. However, not only does the company establish trust, but the CEO representing the company builds up trust as well and, therefore, also influences the company’s success. Our study examines how different dimensions of trust (i.e., ability, integrity, benevolence, and information quality) influence the degree of overall trust in a company and in CEOs. Nevertheless, dimensions that influence trust in a CEO can be completely different to those influencing trust in companies. Companies and CEOs that act on an international level can hardly be experienced individually, and thus people get information about the company via media use. Therefore, additionally we examine which kind of media is used for getting information about a company or CEO and whether a relationship exists between media use and trust. Findings from a survey in Switzerland (n = 245) show that companies are more trusted than CEOs and that the items which influence overall trust differ between CEOs and companies. Social responsibility as a benevolence item is important for both groups. Regarding information on different media channels, users of traditional media like newspapers, TV, and radio are most critical regarding trust in companies and CEOs.     

A comparison of personal entrepreneurial competences between entrepreneurs and CEOs in service sector

This article discusses personal entrepreneurial competences (PECs) from a dynamic, changing perspective to demonstrate that the behavior of the entrepreneur before setting up a company is not the same as after years of experience. To that effect, 1,163 entrepreneurs and 27 CEOs answered a questionnaire based on the concept of PECs. Results suggest that there are differences between the two groups. The article is contextualized in Spain, where the Polytechnic University of Valencia has a service called the IDEAS Institute, dedicated to supporting entrepreneurs and to enhancing firm creation.     

伊拉克另一场战争又硝烟四起

伊拉克战争结束了,但另一场争夺伊拉克战后重建市场的战斗又如火如荼地在这个还没有来得及建立政府的国家展开。据西方估计,伊拉克战后重建工作将持续到2015年,费用总额高达1000亿美元。作为“战利品”,美英两国自然“近水楼台先得月”,将成为“重建”中的最大既得利益者;伊拉克的阿拉伯邻居们虽然无力与美英等西方国家的巨头展开争夺     

Factors influencing the choice between founder versus non-founder CEOs for IPO firms

Despite the innate advantage founder CEOs have by virtue of their founding vision, organizational influence, positive image, and ownership stakes to lead their firms at their initial public offering (IPO), extant empirical evidence indicates that between a third to half of IPO firms go public with non-founder CEOs at the helm. Relatively little however, is known regarding factors that influence the choice of founder versus non-founder CEO for firms issuing IPOs. This study examines the impact of factors such as founder characteristics, size of founding team, governance structure, ownership structure, top management team independence, venture capitalist influence, and the demand for equity financing on the probability of founder CEO at IPO.     

From business to politics: cross-border CEOs and political leadership in Japan and South Korea

ABSTRACT

Whether or not successful CEOs can make themselves competent political leaders has been a concern within the field of management studies. The fact that capitalist democracy depends largely on a close orchestration between the capitalist class and political leaders has also instigated many studies on the exact nature of such bi-partite relationships between the two groups. The number of the cross-border CEOs who expand their horizons into politics has been on the rise in East Asia, as both historical and contemporary examples indicate. A new trend of the cross-border CEOs invites us to examine historical patterns to confirm how widespread the phenomenon has been since the expansion of capitalist democracies. This study offers a limited historical comparison between Japanese and South Korean cross-border CEOs using an illustrative historical case of Aoki Ichigorô, who mass mobilized the farmers movement against the US military base in Japan and a contemporary case of Ahn Cheol-soo, who unsuccessfully ran for the presidency in 2017. We find that CEOs can be successful as political leaders if they can promote networking leadership styles for both business and politics.     

Setting and vetting strategy: Bridging the chasm between CEOs and boards

One of directors’ key fiduciary duties is to set the firm’s direction and then vet the strategy proposed by the CEO. Despite this, McKinsey reports that the majority of directors feel they do not understand their firm’s strategy, and even if they do understand it, they do not feel they have the desired impact on their firm’s strategy. This article argues that this shortfall stems from a failure to cross the chasm between CEOs and directors. We propose a framework to bridge this gap and assist board members to better understand and vet their firm’s strategy.     

Two Hundred CEOs from China and America Gathered at the Business Festival

On October 8, shortly before the opening of this Commercial Festival, 100 CEOs from China and America helda face-to-face dialogue on the topic of “how to strengthen thekey competitiveness of developing-type enterprises”.