The Impact of Trust on Employee Participation in Poland

This paper comments on five problems concerning the transformation of the Polish economy with special emphasis on employee participation and trust. 1) There can be no ethical evaluation or justification of employee participation independent of the goals of the transformation. 2) In Poland this participation is affected by deep distrust towards the whole process of transformation. 3) Privatisation is the topic most often mentioned in this connection. 4) The definition of trust becomes even more crucial when the phenomenon of distrust has to be explained. 5) Institutions can become the substitute of trust.     

混合所有制中的员工持股探索

国有企业改革的目标是在股份多元化的基础上建立独立的法人治理结构,通过混合所有制的发展进一步优化资源整合,提高资源配置效率,增强企业的活力与实力。其中,员工持股作为混合所有制的一种体现形式,也是国有企业股权激励制度改革的方向。首先,在理论层面上,物质财富是由资本投入者和劳动力投入者共同创造的,创造出来的物质财富应该由二者共同分享。其次,通过股权激励,让企业管理和技术骨干以主人翁精神和使命感,主动将自我的职业发展、收入增加与企业效益和长远发展联系起来。另外,混合所有制中,管理人员和技术骨干持股,有利于股权结构优化,避免国有资本一股独大,可以在国有资本、民营资本及员工持股之间形成相互的利益制衡。     

Sustaining Employee Owned Companies: Seven Recommendations

The employee owned company (EOC) might be the ideal blend of capitalism and communitarianism that vitalizes the global economy. EOCs – based on the concepts of employee participation and control – have sprung up in the United Kingdom, some parts of the European Union, the United States, Japan, and the former Eastern Bloc countries. Research has shown that they are able to compete effectively with more traditional companies. However, in addition to the pressures of business competition, EOCs face two other key problems as they strive to survive: (1) degeneration and (2) human nature and the abuse of power. After introducing the idea of the EOC and describing briefly these two key problems, this article presents seven recommendations for sustaining employee owned companies. These recommendations – grounded in sound organizational theory and the writings of experts in the field of employee ownership – are offered as hypotheses to be examined empirically by future researchers.     

Patterns of Corporate Ownership and Privatization in Visegrad Countries

ABSTRACT

The article analyzes merger and acquisition activities in Visegrad Countries (the Czech Republic, Poland, Hungary and Slovakia). The analysis established linkages among the FDI, Privatization and M&A activities and reports the characteristics of transactions in the region in a comparative spirit. The findings indicate that majority of activities in the region involved foreign investors from Western Europe and USA. The M&A activities were concentrated in manufacturing segments such as automobiles, food processing, glass and clay, service segments such as telecom, utilities and financial services. The study also revealed some pre and post transaction ownership patterns in respective countries as well as methods of acquisition.     

工会承诺、组织承诺和员工绩效——被企业所有制类型跨层次调节的中介模型

基于我国工会维稳与维权的双重角色,要发挥工会预防劳资矛盾激化的功能,并履行集体劳动争议代表的责任,需要研究工人是否对工会有承诺,以及这种承诺与组织承诺和员工绩效的关系。鉴于不同所有制企业工会的差异,文章基于角色理论、认知理论和交换理论,针对员工的工会承诺、组织承诺和绩效之间的关系展开研究,研究中使用了32家企业共709个员工样本的嵌套数据建立了不同所有制企业跨层次被调节的中介模型进行假设验证。研究结果表明：工会承诺正向影响组织承诺,组织承诺在工会承诺和员工绩效关系中起中介作用,并且该中介作用在公有制企业中较强,在非公有制企业中较弱。文章最后对实证分析部分进行了讨论,并指出未来研究方向。     

Financial Reporting Quality in Private Equity Backed Companies: The Impact of Ownership Concentration

We empirically show on a sample of 270 unquoted, private equity backed companies that the shareholder structure of private companies impacts the quality of their publicly available accounting information. More precisely, companies in which private equity (PE) investors have a high equity stake produce lower quality accounting information than companies in which PE investors have a low equity stake, after controlling for factors like company size and age. We explain our findings by arguing that PE investors with low equity stakes have a higher need for high quality accounting information whereas PE investors with high equity stakes have other means to closely monitor their portfolio companies. This paper has benefited form discussions with workshop participants at the Max Planck Institute. We specifically want to thank Lorraine Uhlaner and Mike Wright (guest editors), two anonymous referees as well as ignace De Beelde, Wouter De Maeseneire, Marc Deloof, Miguel Meuleman and Lloyd Steier for helpful suggestions. Part of this research was completed when Christof Beuselinck was an FWO Scholar at Ghent University. Financial support from the Fonds of Wetenschappelijk Onderzoek (Grant G.0012.02) is kindly appreciated. The usual disclaimer applies.     

Gradualism Versus Shock Therapy: (Re)Interpreting the Chinese and Russian Experiences

The concepts of gradualism and shock therapy are reconsidered in respect of the Chinese and Russian experiences. It is suggested that success in reform is determined not only by sharp and speedy measures for attaining macroeconomic financial stabilization, but also, more importantly, how rapidly a critical mass of genuine market forces and competition can be achieved in the microeconomic sphere. In contrast to the orthodox interpretation, it is concluded that the ‘weighted combination’ of macroeconomic and microeconomic reforms in China can be regarded as true ‘shock therapy’, which has brought the Chinese reforms to a successful outcome. In contrast, despite initial macro-financial shock, the Russian reforms have been slow and inconsistent and, for that reason, less successful than in China.     

Perceived Behavioral Integrity: Relationships with Employee Attitudes, Well-Being, and Absenteeism

Relationships between the behavioral integrity of managers as perceived by employees and employee attitudes (job satisfaction and life satisfaction), well-being (stress and health), and behaviors (absenteeism) were tested using data from the 2002 National Study of the Changing Workforce (n = 2,820). Using multivariate and univariate analysis, perceived behavioral integrity (PBI) was positively related to job and life satisfaction and negatively related to stress, poor health, and absenteeism. The effect size for the relationship with job satisfaction was medium-to-large while the effect sizes with respect to the other variables were small-to-medium. There was no support for the hypotheses that women would perceive lower levels of behavioral integrity and that the strength of the relationships between PBI and the outcomes variables would be stronger among women than among men.     

Investigating the Effect of Employee Empathy on Service Loyalty: The Mediating Role of Trust in and Satisfaction with a Service Employee

Abstract

This study examines the indirect effect of employee empathy on service loyalty through the intervening effect of trust in and satisfaction with service employees during service interactions. Data were obtained through a self-administered questionnaire from university students. A total of 410 useable responses were used to perform data analysis. Confirmatory factor analysis, structural equation modeling, and bootstrapping for indirect effects were conducted to test the hypotheses. The results show a significant effect of employee empathy on trust in service employee and satisfaction with service employee during customer–employee interactions. Also, satisfaction with a service employee showed a significant effect on service loyalty during service interactions. The study enhances the understanding of empathy within banking services during interactions between service employees and customers. It also provides insights for service managers and frontline service employees on how empathy develops customer’s trust and satisfaction with service employee.     

美国财务呈报管制的演进逻辑:经验与教训

美国是世界上最早进行财务呈报管制的国家 ,其运作模式曾一度成为很多国家效仿的对象。然而 ,安然等系列财务造假案件的发生引起了人们对美国资本市场体系和财务呈报管制制度的反思。本文在分析美国财务呈报管制制度演进逻辑的基础上 ,探讨了其成功经验、失败的教训以及对我国财务呈报管制的启示。     

四川经济结构转型与金融支持研究

本文从金融视角分析了四川地区经济结构现状、特点、问题,及制约经济结构转型中的金融因素。由于四川金融发展相对滞后,金融资源价格没有充分反映经济信息,资源配置效率低下等导致资金严重外流。因此,建议四川建立以政策性金融为导向,商业性金融并举的金融模式,以实现金融支持四川经济结构的成功转型。     

Ownership dispersion and listing rules in companies large and small: A reply

The contrast between the findings of the present authors and Cheffins, Chambers and Koustas is explained by their addressing different sizes of firms. Chandler's view of the relative incidence of the divorce of ownership from control among large firms remains unsupported by any quantitative evidence.     

股权结构、公司治理与企业业绩——来自中国上市公司的新证据

在充分考虑股权替代变量之间可能存在多重共线性问题的基础上 ,本文对股权结构在公司治理中作用的各种理论假设进行了检验。研究发现 ,经理人员持股比例与上市公司业绩相关性不显著 ;国有股比例与上市公司业绩显著负相关 ;法人股比例与上市公司业绩正相关 ;社会公众股比例对公司财务业绩的影响虽然是负面的 ,但极不显著 ,而与公司市场业绩显著正相关 ;股权集中度与公司业绩显著负相关。     

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。     

理论中的企业所有权:悖论性质及其超越

本文认为,无论用剩余索取权还是用剩余控制权抑或用这两种剩余权利的统一体来定义企业所有权,由于其对企业自然属性的忽视以及考察企业所有权的方法存在的问题,导致其无法规避理论上的悖论性结果。文章提出,为跨出这种理论上的悖论境地,必须寻找新的途径对企业所有权进行重新界定。在企业理论中,如果涉及到企业所有权,就简单地直接使用法律上的企业所有权概念;而研究那些"实际存在"的权利的时候,就使用产权这一概念,因为产权本来就表示一组权利。     

从利益独占到利益分享——中西分享经济理论述评

为解决经济发展动力不足的问题,20世纪80年代,中西经济学家不约而同地提出建立起一种新的利益共享制度来消除传统体制中的利益矛盾,即分享经济的思想。从本质上看,分享制是一种产权分散分布于非人力资本所有者和人力资本所有者的制度安排。分享制虽然旨在提高薪酬的可浮动程度,但它决不仅仅是一种工薪制度。与传统的薪酬相比,利润分享制下的薪酬水平要随着市场条件的变化而变化,让工人的工资与某种能够恰当反映厂商经营的指数相联系,因而能够自动抵制失业和通货膨胀。     

Performance,Partner Relationship,and Ownership Change in International Joint Ventures: The Case of Korean Firms in Asia

This article examines how interorganizational factors in two-party international joint ventures (IJVs) affect subsequent IJV ownership changes. It specifically examines the primary impact of IJV performance and the moderating impacts of initial ownership structures, and duration. Utilizing a data set of Korean foreign direct investment, the authors find that the ownership structures of IJVs with lower performance are more likely to change. The authors also find that unbalanced ownership promotes subsequent ownership changes, whereas longer IJV duration retards ownership changes in even lower-performing IJVs. The findings imply that relational changes reflected in IJV ownership depend on shared bargaining power and relational solidarity.     

中国工业劳动生产率的收敛性及差异——基于不同所有制企业的分析

在中国市场化转型的背景下,企业所有权性质的变化在提高工业生产效率和促进经济增长方面发挥了重要作用。使用2001-2016年中国工业不同所有制类型的分省份-行业数据,考察不同企业所有制类型的工业经济变动特征,并实证分析劳动生产率收敛趋势,比较和分析其收敛差异。研究发现,中国不同所有制类型的工业劳动生产率均存在绝对收敛和条件收敛,非国有经济的收敛驱动了整体经济的收敛。国有企业由于市场竞争不充分、缺乏创新激励等,劳动生产率的收敛速度要慢于非国有产权企业的。而私营企业能更好的与本土实际相结合,充分匹配适宜的技术,收敛速度要优于外商和港澳台企业。为实现经济发展均衡,政府需继续优化国有经济布局,重视私营企业的发展优势,提高市场资源配置效率,优化创新环境。     

金融业金融功能异化:表现形式与功能归位

本文认为,中国金融业发挥着提供铸币收入、平衡预算赤字、替代财政投资、平衡地区差距、替代财政补贴等“第二财政”功能。这种替代既有逻辑上的必然性———渐进式改革的必然要求,也有其现实上的不合理性———财政功能与金融功能错位。中央政府和地方政府主导下的金融分割,造成了这一错位,只有加快金融制度建设,促进财政到位,才能使得金融归位。     

金融自由化进程中不良资产的生成与防范

本文认为,金融自由化进程中不良资产的生成既有其一般性,也有其特殊性。其特殊性是指在不良资产生成的一般性的基础上,由于推行金融自由化改革措施而增加的不良资产,具体体现在利率自由化、金融业务和机构准入自由化及资产账户自由化有可能增加银行的不良资产。文章指出。防范不良资产的生成,首先是解决信贷市场上信息不对称导致的道德风险和逆向选择问题;其次是重点防范在金融自由化和资本账户自由化后银行出现的过度借贷和企业出现的过度投资现象。