“好士兵”还是“坏苹果”？员工建设性越轨行为对团队绩效的非线性影响机制

文章基于IPO理论探讨了员工建设性越轨行为对团队绩效的“过犹不及”效应的作用机制和边界条件,并通过两阶段追踪问卷调查法获取了62名直接主管和290名员工的配对数据。研究结果发现：员工建设性越轨行为与团队绩效呈倒U形关系;团队创造力在员工建设性越轨行为与团队绩效之间的倒U形关系中起完全中介作用;领导的政治技能在员工建设性越轨行为与团队创造力之间的倒U形关系中不起调节作用。     

基于技术多元化的企业创新绩效研究：技术重构与开放度视角的剖析

技术多元化对创新绩效的影响研究已成为创新管理领域的热点话题,但对于两者之间内在机理的理论和实证研究仍显不足。为此,文章从技术重构、企业开放度角度剖析技术多元化与创新绩效间的作用机理,并运用沪深两市信息技术、医疗保健行业371家上市公司企业样本进行实证研究,结果表明：(1)技术多元化对创新绩效具有显著的正向影响;(2)创造式技术重构、精炼式技术重构均在技术多元化与创新绩效之间起中介作用,并且两类技术重构的作用不尽相同;(3)开放度对“技术多元化--创造式技术重构”的关系具有显著正向调节作用,而该调节作用在“技术多元化--精炼式技术重构”间则并不显著。     

股权集中度、机构投资者与企业对外直接投资决策——冗余资源的调节作用

随着"走出去"战略和"一带一路"倡议的推进,我国企业对外直接投资规模不断扩大,企业股权结构和组织资源在OFDI进程中发挥着重要的作用。本文选用2005—2016年"走出去"的沪深A股上市公司OFDI的面板数据,基于负二项回归模型考察了股权集中度、机构投资者与企业对外直接投资决策的关系,检验了冗余资源的调节作用。实证检验结果表明,股权集中度与企业对外直接投资之间呈显著的倒"U"型关系;机构投资者能够显著地促进企业对外直接投资,非沉淀性冗余资源能够显著地负向调节股权集中度与对外直接投资之间的倒"U"型关系,而沉淀性冗余资源并未表现出显著的调节效应。不同于以往宏观层面的研究,本文立足于中国国情,基于微观视角,创新性地将公司治理、组织冗余问题纳入企业对外直接投资决策的研究之中,进一步丰富和完善了企业对外直接投资理论。     

风险投资、管理层过度自信与企业并购溢价

现有研究多关注管理层过度自信所带来的一系列“后果”，对影响管理层过度自信的“前因”研究较为鲜见，这种“头重脚轻”式的不对称式研究对深入理解管理层过度自信造成了障碍。文章以2012-2017年我国创业板上市企业完成的并购事件为研究样本，从并购视角出发，研究了风险投资对管理层过度自信的影响及其带来的并购后果。结果发现，风险投资能够显著抑制并购活动中管理层的过度自信行为，而抑制管理层过度自信在风险投资降低并购溢价过程中发挥了重要的中介效应，上述作用在民营企业或风险投资派驻了董事的企业中更为显著。进一步分析显示，在考虑了风险投资与管理层过度自信之间的反向因果关系、风险投资这一“外部”监督角色和企业董事会治理这一“内部”监督角色的交互影响对结论可能产生的影响后，上述结论仍显著成立。     

国有企业员工编制身份与组织承诺——内在薪酬感知的调节作用

国有企业作为社会经济发展的奠基石,肩负着艰巨的历史使命和现实重任,而国有企业员工作为企业发展的第一要素,员工组织承诺对企业的发展具有十分重要的影响。文章从身份视角切入,基于社会认同威胁理论,探讨员工编制身份如何影响组织承诺,以及这一影响过程是否受内在薪酬感知的调节作用。281份有效问卷的研究结果表明：员工编制身份对组织承诺有正向影响;内在薪酬感知在“编制身份-组织承诺”关系中部分起负向调节作用,即内在薪酬感知能够部分减少“双轨制”带来的员工价值认同、回报以及继续留在组织意愿的差距。内在薪酬感知的具体调节作用存在差异,即内在薪酬管理并不如预想中有效。文章对国有企业雇佣制度的理论研究和管理实践具有一定的启示意义。     

公司层面的投资者保护与股价同步性关系研究

文章使用2012年至2018年我国A股主板上市公司数据,实证研究了公司层面的投资者保护与股价同步性的关系,并探讨了产权性质的调节作用。研究发现,公司层面的投资者保护与股价同步性之间存在倒U型关系,说明在我国股票市场中,公司层面的投资者保护要达到一定程度后,才会起到降低股价同步性的作用。并且,在国有上市公司中,二者的倒U型关系更强。     

公司多元化经营的价值效应

实证检验多元化对公司价值的影响一直是公司金融领域研究的热点问题。文章通过构建多元化经营企业价值指数,动态描述了我国多元化经营企业价值的动态演变过程,分析了多元化经营对企业价值的影响。研究发现,我国多元化经营上市公司存在明显的溢价现象,这种现象与投资者的投资行为有着密切的关系。     

辽宁上市公司融资能力与价值提升

随着资本市场的发展,辽宁上市公司在数量及融资规模上却呈现弱势。这是由于辽宁上市公司资产管理效率低,持续盈利能力和成长性不足;公司治理水平与效率低,缺乏价值创造的内生动力;投资者关系管理表面化,保护投资者利益的积极性和主动性不够。要提高辽宁上市公司融资能力和公司价值,就应改善公司持续盈利能力,提高资产管理效率;完善公司治理结构,提高公司治理水平和效率;加强投资者关系管理,注重投资者利益保护。     

关系专用性投资的全球价值链升级功效——基于浙江本土代工企业的实证研究

本土代工企业在全球价值链嵌入中进行代工关系专用性投资,具有何种升级功效？针对主流全球价值链理论的“升级”与“伪升级”争议,文章基于跨国买供间关系治理理论与关系租金攫取视角的升级界定,采用浙江本土代工企业146个二元代工关系层面调查数据的实证研究表明,关系专用性投资通过关系建构,有助于本土代工企业的关系租金攫取,具有“升级”效应;但同时会导致权力销蚀,存在“伪升级”效应。当代工能力具有较高的专有性水平时,升级效应处于主导,反之则伪升级效应处于主导。结论表明,本土代工企业在全球价值链嵌入中进行关系专用性投资,只能锦上添花、不能雪中送炭。这一结论澄清了本土代工企业“升级”与“伪升级”争议,对代工企业升级的战略决策具有直接应用价值。     

党组织参与治理对上市公司慈善捐赠的影响

利用我国A股非金融类上市公司2008—2017年数据,采用“双向进入”、“交叉任职”两个指标衡量党组织参与企业治理的情况,实证检验其对企业慈善捐赠行为的影响。结果发现,党组织“双向进入”和“交叉任职”与企业是否捐赠、捐赠水平均呈显著正向关系。此外,上述作用在国有企业与非国有企业中均存在,但与中央国有企业相比,党组织参与治理对企业捐赠的促进效应在地方国有企业中更为明显。研究还发现,党组织参与治理对企业慈善捐赠的促进作用并不以损害企业价值为代价,反而会提高公司经营绩效和价值,并且党组织参与治理对企业捐赠的促进作用并非以获取更多的政府补贴为目的。研究表明,党组织参与治理促进了企业的捐赠行为,这一结论有助于进一步理解党组织在公司治理中的地位与作用。     

创新还是寻租？业绩期望落差对企业风险承担行为的影响

基于企业行为理论和参照点理论，探讨了业绩期望落差与企业创新性行为和寻租性行为之间的动态关系，并且考察了CEO权力和独立董事监督的调节作用。利用2013-2018年沪深A股制造业非国有上市公司的数据进行分析，结果发现：当期望参照点占主导地位时，随着业绩落差的增加，企业的长期风险承担意愿增强、短期风险承担意愿减弱，但当生存参照点起主导作用时，企业的长期风险承担意愿减弱，而短期风险承担意愿增强，因此业绩期望落差与创新性行为呈先增加后减少的倒U型关系，而与寻租性行为呈先减少后增加的U型关系。进一步研究发现，CEO权力弱化了业绩期望落差与寻租性行为的U型关系，独立董事监督强化了业绩期望落差与创新性行为的倒U型关系。研究深化了对业绩落差状态下企业风险承担行为的理解，丰富了企业行为理论的研究成果，对企业管理实践也有重要启示。     

Working capital management,corporate performance,and financial constraints

This paper examines the linkage between working capital management and corporate performance for a sample of non-financial UK companies. In contrast to previous studies, the findings provide strong support for an inverted U-shaped relation between investment in working capital and firm performance, which implies the existence of an optimal level of investment in working capital that balances costs and benefits and maximizes a firm's value. The results suggest that managers should avoid negative effects on firm performance because of lost sales and lost discounts for early payments or additional financing expenses. The paper also analyzes whether the optimal working capital level is sensitive to alternative measures of financial constraints. The findings show that this optimum is lower for firms more likely to be financially constrained.     

Corporate governance,ownership and firm value: Drivers of ownership as a good corporate governance mechanism

This study analyses the role of ownership as a good corporate governance mechanism. We study cross-national differences between companies with different level of investor protection. In addition, we account for the type of owner (young family vs. non-young family businesses) and the owner’s relationship with a second significant shareholder (monitoring vs. collusion). When the main owner has effective control over the firm (i.e., absolute control or less than absolute control but without the control of a second significant shareholder), the relation between ownership concentration and firm value is U-shaped. Our findings also suggest that the conflicts between majority and minority shareholders are weaker for companies with higher investor protection and young family-owned businesses.     

Concentrating Too Hard? Foreign and Corporate Venture Capital Involvement in Syndicates

We investigate the relationship between investment of corporate venture capital (CVC) and foreign venture capital (FVC), and the concentration of investors involved in a financing round. As forms of venture capital distinct from independent venture capital, CVC and FVC can offer different value to new ventures. However, having FVC or CVC investors in the syndicate can also pose additional risks to other investors. We find that a corporate venture capital or a foreign venture capital affiliation is related to lower concentration of investors. Our results suggest that the investors evaluate not only the venture but also their syndicate partners in determining their relative share of round investment.     

When does corporate venture capital investment create firm value?

Over the past decade, billions of dollars have been invested by established companies in entrepreneurial ventures—what is often referred to as corporate venture capital. Yet, there is little systematic evidence that corporate venture capital investment creates value to investing firms. Scholars have suggested that established firms face underlying challenges when investing corporate venture capital. Namely, structural deficiencies inherent in corporate venture capital may inhibit financial gains. However, firm value may still be created as a result of other benefits from investing—primarily providing a window onto novel technology. In this paper, we propose that corporate venture capital investment will create greater firm value when firms explicitly pursue corporate venture capital to harness novel technology. Using a panel of CVC investments, we present evidence consistent with our proposition. The findings are robust to various specifications and remain unchanged even after controlling for unobserved heterogeneity in investing firms. Our results have important implications for corporate venture capital in particular, and technology strategy in general.     

New venture internationalization: The role of venture capital types and reputation

This study examines how different types of venture capital relate to new venture internationalization. Using a sample of 646 U.S. new ventures that executed IPOs between 1995 and 2010, we find that ventures with foreign or corporate venture capital have higher levels of international intensity. We also investigate the moderating role of VC reputation on the relationship between foreign venture capital and international intensity and corporate venture capital and international intensity. Our results suggest that VC reputation weakens the positive relationship between corporate VC and international intensity.     

Corporate venture capital and the balance of risks and rewards for portfolio companies

This paper contributes to the literature on corporate venture capital (CVC) by examining the management of CVC investments from the perspective of the investee firm. We focus on the trade-off between social interactions and relationship safeguards and examine their effects on the twin relationship outcomes of learning benefits and risks. The model is tested using data collected from CEOs of U.S. technology-based new firms receiving CVC funding. Complementarities between the investee firm and its CVC investor are positively related to the level of social interaction and negatively related to the use of different types of relationship safeguards by the investee firm. The use of safeguards is further negatively related to both realized relationship risks and social interaction. Social interaction is positively related to realized learning benefits. These findings highlight the fine balance that the investee firm has to strike between openness and self protection in a CVC relationship. Implications for future research and current practice are discussed.     

The Role of Structural and Planning Autonomy in the Performance of Internal Corporate Ventures

Historically, autonomy has been treated as a broad one‐dimensional construct. This paper proposes that there are two major types of autonomy for internal corporate ventures (ICVs)—planning autonomy and structural autonomy—and examines their respective impact on performance. Little prior knowledge exists regarding the autonomy–performance relationship for ICVs despite the billions of dollars of corporate investment in ICVs. In this study, I collect primary data on 38 ICVs at different stages of development from both venture‐level and corporate‐level managers from over a dozen companies in the U.S. Midwest. I find that a negative relationship exists for planning autonomy regardless of venture stage. However, for venture structural autonomy, a more complex relationship was discovered, which ranged from positive to negative to curvilinear based on the venture's stage of development.     

Corporate taxes and the demand for labor and capital in developing countries

This article provides evidence about the impact of corporate taxation on both labor and capital demand by private companies in a developing economy, using firm level data from Chile. Our results show that higher corporate tax rates reduce not only the demand for capital, but also the demand for labor due to complementarities between both inputs. An interesting element of the results presented in this article is the asymmetry between the effects of taxation according to company size. The impact on labor demand is significantly higher in large corporations than in small enterprises, while the demand for capital is more responsive to corporate tax changes in small firms. We can explain these results based on differences in credit constraints according to firm size.     

不同成长机会下的上市公司股权结构、资本结构与公司绩效——以A股流通服务业上市公司为例

文章以我国流通服务业上市公司为研究样本,分析了上市公司资本结构和股权结构对公司绩效的影响,以及成长机会在其中的调节作用.研究结果表明流通服务业上市公司第一大股东持股比例、第二到第十大股东持股比例、长期负债资本比对公司绩效存在显著正向影响;国有股持股比例、高管持股比例、资产负债率对公司绩效存在显著负向影响.随着公司成长机会的增加,第二到第十大股东持股,非国有法人股持股对公司绩效正向影响作用增强;而第一大股东持股比例、国有股持股比例、高管持股比例、资产负债率与长期负债资本比对公司绩效的影响并不随着公司成长性的变化而变化.文章研究对于流通服务业上市公司股权结构和资本结构优化提供了有益的启示.