The Effects of Auditor Social and Human Capital on Auditor Compensation: Evidence from the Italian Small Audit Firm Market

Abstract

This study examines whether social and human capital influence the compensation of individual auditors in the small audit firm market. We employ a sample of Italian auditors and use measures from the network and auditing literatures to capture their professional connections, representing social capital, and their industry expertise, representing human capital. Our findings show a positive and economically meaningful association between these individual attributes and auditor compensation. We run several tests to address potential endogeneity issues in our research design. Our results suggest that, in the small audit market, clients perceive as valuable those auditors with higher social and human capital, and as a result, are willing to pay a premium for these specific auditor attributes.     

强联结对企业知识获取绩效的影响研究——社会资本的视角

现有文献主要从资源基础观及知识基础观视角分析联结的强弱在企业知识获取中的利弊,却忽视了社会资本在此过程中的介质作用。本文从社会资本的新视角,研究强联结情境下,信任、互惠、社会化互动、网络联系等社会资本对企业知识获取绩效的影响路径。文章提出企业应该构建强关联网络,积累良好的社会资本,以提高知识获取绩效。     

Impact at the ‘Bottom of the Pyramid’: The Role of Social Capital in Capability Development and Community Empowerment

Rooted in the notion of inclusive capitalism, the Bottom‐of‐the‐Pyramid (BoP) approach argues for the simultaneous pursuit of profit and social welfare by creating markets for the poor. This idea has been both celebrated and criticized in the literature. We do neither in this paper. Instead, by leveraging insights from Amartya Sen's work on capability development and the literature on social capital, we offer a more socially embedded and community‐centric BoP approach. By redefining poverty not just as a lack of income, but also as a lack of ‘capabilities’ in Sen's sense that can be developed through leveraging social capital, we offer a systemic framework for understanding the societal impact of business‐driven ventures in the BoP and empowering BoP communities through these ventures. Specifically, we argue that any business initiative in the BoP ought to be evaluated on the basis of whether it advances capability transfer and retention by (a) enhancing the social capital between a particular community and other more resource rich networks, and (b) preserving the existing social capital in the community.     

社会资本视角下的收入满足度分析

一、关于社会资本的文献回顾关于中国目前收入差距不断扩大问题,在学界已经是一个共识,而且成为当前中国社会关注的热点问题之一。一般认为,适当的收入差距是可以激励劳动者和促进经济增长的,但是收入差距持     

The Impact of Monitoring and Sanctions on Cheating: Experimental Evidence from Tunisia

Using a laboratory experiment in a developing country (Tunisia, North Africa), we investigate whether the level of monitoring and both the nature (monetary versus moral) and magnitude of sanctions influence cheating levels. Our findings show that the introduction of weak monetary sanctions and monitoring is likely to increase cheating. However, a perfect monitoring is found to decrease the level of cheating. Moreover, when combined with a perfect monitoring, moral sanctions matter and may be even more effective than strong monetary sanctions in reducing cheating. We draw some policy implications regarding cheating in various domains. Copyright © 2015 John Wiley & Sons, Ltd.     

社会资本视角下的居民就医行为探讨

本文提出了通过社会资本就医的问题,然后对社会资本的相关理论进行梳理,总结了社会资本与居民就医的有关研究并作讨论,希望能给居民就医方面的相关研究提供一些启示。     

Productivity Gains from Geographic Concentration of Human Capital: Evidence from the Cities

Based on recent theoretical developments the argument is made that the average level of human capital is a local public good. Cities with higher average levels of human capital should therefore have higher wages and higher land rents. After conditioning on the characteristics of individual workers and dwellings, this prediction is supported by data for Standard Metropolitan Statistical Areas (SMSAs) in the United States, where the SMSA average levels of formal education and work experience are used as proxies for the average level of human capital. The alternative explanations of omitted SMSA variables and self-selection are evaluated. An estimate of the effect of an additional year of average education on total factor productivity is computed.     

基于社会资本视角的敏感性工程社会冲突成因及其治理路径

敏感性工程是中国转型时期工业化、城市化和现代化进程的产物,在当前的工业化、城市化和现代化进程中,大型工程的建设是必不可少的。然而,因为一些大型工程在环境安全、利益影响等方面存在着敏感性,常常会遭到周边居民反对,引起社会冲突,甚至导致社会失稳。从社会资本的视角对敏感性工程社会冲突及其成因进行了解读,并进而提出了此类冲突化解与治理的有效途径。这一研究不仅在理论上为我国正在开展的重大工程社会稳定风险评估提供了理论基础;而且其中提出的一些措施建议,对于我国有效治理敏感性工程社会冲突具有较重要的参考价值。     

Social Capital as Collateral: Banking on the Poor

Group‐based micro finance is a field in which the place of social capital in development has been given a central focus. The formation of micro group is based on tapping into the information that group members have about each other, thus relying on social capital. Group‐based micro finance has also been explained as a means of creating social capital. This article, drawing on Pierre Bourdieu's conception of social capital, in contrast to the widely accepted notion of it, critically examines the link between social capital and group‐based micro finance. It argues that group‐based MF is not favored by the marginalized poor, and it serves as a mechanism in the production and reproduction of social conflict and inequality.     

中国企业社会责任信息披露影响因素研究——基于润灵环球评级社会责任报告

文章以263家上市公司2009年—2015年的面板数据为基础,实证分析了企业内外部因素对企业社会责任信息披露的影响。研究结果显示政府、媒体所造成的外部压力对企业社会责任信息披露水平具有正向相关性;企业内部因素中的企业规模对社会责任信息披露水平具有正向影响、盈利能力与社会责任信息披露水平不显著相关、财务风险则对社会责任信息披露水平存在负向影响,表明企业规模越大越有压力和动力提高披露水平,盈利能力强弱对社会责任披露水平推动作用不明显,但若企业负债经营则只会更关注生存问题。     

The Impact of Degree Duration on Higher Education Participation: Evidence from a Large‐scale Natural Experiment

This paper investigates the effects on enrolment, retention rate and on‐time graduation of a nationwide Bologna Process reform introduced in Italy to establish BAs with a duration of three years, followed by optional second‐tier degrees of two years, in place of single‐tier degrees of four or five years. The analysis exploits exogenous delay of treatment conditions and the unique availability of microdata that cover the universe of the departments. We estimate that the reform boosted first‐year enrolments by 14.5–17.3 percentage points, compared to a counterfactual status of no reform. This enrolment shift was due to participation gains rather than substitution effects, and it is likely to have persisted in the longer term. Moreover, no trade‐off between increased participation and deteriorated retention and on‐time graduation emerged.     

The Impact of the Big 8 Mergers on Market Power: Evidence from the Hong Kong Market

This study examines the impact of the Big 8 mergers on market power in an audit market where the merging firms have little presence. Audit fee changes for each merger participating firm are identified and fee changes for several post‐merger years are examined. The pre‐merger differential market power between the merging and non‐merging long‐established Big 8 firms (Price Waterhouse and KPMG Peat Marwick) in Hong Kong provides a unique opportunity to examine whether the mergers could help the merging firms to increase their market power. The results are consistent with the hypotheses that the audit fees of the merging firms were significantly lower than that of the non‐merging, long‐established Big 8 firms before the mergers, but the audit fees of the merged firms increased significantly to a level comparable with that of the latter group after the mergers. In addition, the market share of the merged firms increased significantly after the mergers. However, no association is found between market concentration and market power. Overall, the results show that the Big 8 mergers have helped the merged firms increase their market power and market share in the Hong Kong audit market where they had little presence.     

社保基金持股信息的市场反应——基于中国资本市场数据

在阐释社保基金及其投资情况和相关理论的基础上,采用超额收益法和多元回归分析法,分析我国资本市场对2009年四个季度和2010前两个季度公布的社保基金持股信息的反应。研究结果显示,资本市场对社保基金持股信息具有强烈的市场反应,被社保基金持股的上市公司股价超额收益非常明显。造成这种现象的原因除了社保基金管理者对股市精准把握外,我国资本市场的效率不足、信息不对称及社会保险基金会计信息披露的缺陷也是重要原因。因此,我国应加强公司治理,提高资本市场效率,规范社保基金会计信息披露。     

The Importance of Alliances in Firm Capital Structure Decisions: Evidence from Biotechnology Firms

Building on finance research, we argue that the ex post hazards arising from alliance formation depend upon the firm's financial condition. Financial distress jeopardizes the continuity of an alliance and the value of the investments involved. Thus, firms should reduce leverage to signal continued commitment and to induce investments from alliance partners. Accordingly, we find that a firm's current alliance propensity predicts its subsequent capital structure decisions and that this relationship is most pronounced in the presence of other exchange hazards. Our paper contributes to alliance research and to the growing literature discussing the strategic consequences of capital structure. Copyright © 2015 John Wiley & Sons, Ltd.     

The Impact of Training on Productivity and Wages: Evidence from British Panel Data*

It is standard in the literature on training to use wages as a sufficient statistic for productivity. This paper examines the effects of work‐related training on direct measures of productivity. Using a new panel of British industries 1983–96 and a variety of estimation techniques we find that work‐related training is associated with significantly higher productivity. A 1% point increase in training is associated with an increase in value added per hour of about 0.6% and an increase in hourly wages of about 0.3%. We also show evidence using individual‐level data sets that is suggestive of training externalities.     

The association between charitable giving and happiness: Evidence from the Chinese General Social Survey

Quality & Quantity - Using the 2012 Chinese General Social Survey data set and the ratio of charitable giving at the community level as the instrumental variable, we investigated the...