股权激励实行的有效性及相关政策分析

本文在对现有我国企业实行股权激励有效性分析的基础上,认为股权激励在我国企业中没有完全发挥其对经营者激励作用,业绩股票和股票增值权激励模式所起的激励作用软弱．在此基础上结合国有企业本身独特的运行机制及在激励机制设计、外部环境等方面存在问题．提出相关政策建议,为股权激励有效实行提供保障。     

关于企业人力资源成本费用预算编制的探讨

人力资源是一种特殊的资本性资源,是一种具有主观能动性的资源,对人力资源成本费用进行确认、记录、计量、报告、分析是企业人力资源管理的重要环节,而人力资源成本费用预算是企业进行经济核算、实施经济考核激励与奖惩的依据,同时也是企业寻找增产节约和增收节支的重要途径。     

论省级电网公司对直属供电企业资本性支出预算的控制

省级电网公司通过基于资本性支出与供求两方面的分析,针对资本性支出预算的主要影响建立合理的控制、约束机制,能够引导下属单位权衡利弊,自觉、自主、科学合理地控制资本支出预算,在资本性支出需求和资本性支出能力间寻求平衡,让省级电网公司尽量回避资本性支出决策时的信息劣势地位,依靠某种"自动平衡"机制解决对直属供电企业资本性支出预算的控制。     

未来煤炭企业文化的走势

未来煤炭企业文化的走势徐州矿务局党政办公室皇新海企业文化对企业的现在和未来能够带来巨大的影响。通过建立企业文化，可以提高企业的内聚力、自我发展能力和适应外部环境的能力。未来属于强文化的企业。强文化能适应变化着的环境。当艰难的时期来临时，这些企业便会使...     

市场化进程 负债融资与公司过度投资行为研究

选取2005-2010年1506家中国A股上市公司为研究样本,从总负债、负债期限、负债来源三个方面进行实证检验,结果表明:负债融资总体上能够抑制过度投资行为;长期负债和短期负债都有效地制约了经理人的无效投资行为;与商业信用相比,银行借款的负债约束作用强得多,这表明银行的同源性特征并未影响银行借款对经理人投资行为的约束作用;公司所处地区市场化程度越高,负债越能对企业过度投资行为发挥治理作用。     

提高企业环保管理的合规合法性

通过对目前企业面临的外部环境进行及企业内部管理现状进行分析,找出企业在环保管理方面存在的问题并有准对性的提出改进措施,提高企业环保管理水平。     

知识创新的集群空间及形成研究

通过对影响知识创新的平台和工作环境因素的分析和总结,提出了知识创新的集群空间模型和运行机理,认为贯穿其中的企业的激励和监督、信任与合作的氛围、工作中的自主性和挑战性、学习环境、信息技术和组织结构等六大措施对知识创新集群空间的形成具有较为重要的激励作用.     

跨行业合作深化“电工鲁师傅”特色服务

<正>2014年,国网浙江电力绍兴供电公司整合电力抢修、用电宣传、培训咨询、公益服务等功能,推出了"电工鲁师傅"这一电力特色服务。2018年,公司进一步整合企业内外的社会资源,创新性地提出与学校、社区、消防、96345、媒体等单位和组织开展跨行业合作,将国网新时代企业文化融入地方社会经济发展的方方面面,进一步优化了"电工鲁师傅"特色服务的社会功能和价值优势,为企业发展营造了良好的外部环境。     

企业R&D投入影响因素——基于企业生命周期视角的实证检验

以中国A股主板制造业上市公司为样本,实证检验生命周期不同阶段企业规模、债务水平、国有控股、股权集中度、管理层持股、董事长与总经理两职设置状况与R&D投入的关系,研究结果证实：大企业比小企业更有利于R&D投入;负债对R&D投入具有制约作用;股权集中有利于R&D投入。国有控股、管理层持股、董事长与总经理两职设置状况与R&D投入的关系受企业生命周期的调节,在企业成长和成熟阶段,国有控股不利于R&D投入,而在企业衰退阶段,国有控股有利于R&D投入;在企业成熟阶段,管理层股权激励不利于R&D投入,而在衰退阶段,管理层股权激励对R&D投入有促进作用;在企业成长阶段,“两职”合一可能有利于R&D投入,在成熟和衰退阶段,“两职”分离更有利于R&D投入。     

现代企业领导激励艺术的新思考

激励是现代企业领导者管理的重要手段之一,恰当运用激励理论能体现现代企业领导者高超的激励艺术,也能使人力资源转化为人力资本,为企业创造更大的价值.因此,本文首先介绍了激励的作用,进而分析物质激励和精神激励两种重要的激励方式,最后,提出激励要注意激励的时机把握.要塑造浓厚的企业文化,综合运用多种激励方式和激励类型,要有所侧重,领导重视自身素质建设等关键问题.     

From crisis to opportunity: environmental jolt,corporate acquisitions,and firm performance

This study incorporates the external environmental context into the study of corporate acquisitions by examining the performance implications of corporate acquisitions during an environmental jolt that alters the levels of environmental munificence. We posit that compared to the periods before and after an environmental jolt, corporate acquisitions during a jolt would be positively related to firm performance. Furthermore, we suggest that organizational slack would improve firm performance and accentuate the positive relationship between corporate acquisitions and firm performance during an environmental jolt; however, it would have negative impact on firm performance and make the acquisition‐performance relationship more negative before and after a jolt. Using the Asian Economic Crisis as a natural experiment, we found general support for our core arguments based on a sample of firms from Hong Kong and Singapore. Our work demonstrates that firms can capitalize on the opportunities created by the changes in an environmental jolt. Copyright © 2009 John Wiley & Sons, Ltd.     

Labor market evaluation versus legacy conservation: What factors determine retiring CEOs' decisions about long‐term investment?

Do CEOs nearing retirement attempt to boost short‐term firm performance or do they care more about what type of legacy they will leave behind? The two opposing predictions about the behavior of CEOs upon retirement suggest that retiring CEOs' decisions about certain long‐term investment items may be more complex than suggested in the literature. In search of an answer to this question, we examine the relationship between CEO retirement and the level of firm commitment to corporate social responsibility (CSR). The results show that CEO retirement has a negative effect on firm commitment to CSR. However, we found that the negative effect becomes weaker when CEOs retire at relatively older ages or are retained on the board of directors of their own firms. Our finding suggests that CEOs who face weaker pressure from the labor market for corporate directors may pay more attention to preserving their legacy. Copyright © 2014 John Wiley & Sons, Ltd.     

The relationship between innovation culture and innovation outcomes: exploring the effects of sustainability orientation and firm size

Being sustainability‐oriented has become a key strategy for many firms. Equally, innovation culture and innovation outcomes have long been recognized as important contributors to the growth of firms. However, the literature on sustainability and innovation provides limited understanding of the important relationship between sustainability orientation, innovation culture and innovation outcomes. Given that large firms and small firms differ in building and employing their strategic assets, firm size matters in understanding the relationship. Through the lens of resource‐based view, we develop a theoretical model embedding the four components and test it using data from a global survey: the 2012 Comparative Performance Assessment Study. Our research contributes to sustainability literature and innovation theory by providing an integrated framework to explicate the mechanism through which the innovation culture of the firm impacts on innovative performance through the sustainability orientation of the firm. The findings advance our understanding of the extent to which sustainable orientation can explain the relationship between innovation culture and innovation outcomes. Our evidence shows that the innovation culture of a firm facilitates the sustainability orientation of the firm and that the converse also applies. The research also contributes to our knowledge of the differences between large and small firms in leveraging their strategic assets in terms of innovation culture and sustainability orientation to facilitate superior innovation outcomes. Although firm size moderates the relationship between innovation culture and innovation outcomes, the research shows that this no longer holds when sustainability orientation is included in the relationship. A strong sustainability orientation can be a competitive advantage for firms in the R&D Management delivery of superior innovation outcomes.     

The relationship between corporate diversification and corporate social performance

Does diversification affect firm response to stakeholder demands and social issues? Despite extensive interest in corporate diversification in the strategy literature, the relationship between diversification and corporate social performance (CSP) remains largely unexplored. In this study, I propose that the level of diversification will be positively related to the CSP of firms. However, when diversified firms have a strong focus on short‐term profit, it may discourage firm response to stakeholder demands and investment in social issues, thereby negatively moderating the positive relationship between the level of diversification and CSP. Empirical testing on a sample of U.S. firms generally supports my predictions. Copyright © 2012 John Wiley & Sons, Ltd.     

Corporate sexual equality and firm performance

Research summary: Previous studies have mixed findings on the relation between corporate socially responsible policies and firm performance. This paper focuses on a specific type of corporate social responsibility—corporate sexual equality, measuring how a firm treats its lesbian, gay, bisexual, and transgender (LGBT) employees, consumers, and investors—and examines whether and how it relates to firm performance. Using a longitudinal dataset of public firms in the U.S. during the period of 2002–2006, we demonstrate that firms with a higher degree of corporate sexual equality have higher stock returns and higher market valuation. We also identify one of the mediating channels, the labor market channel, that brings higher productivity to firms that embrace sexual equality. Managerial summary: Corporate sexual equality measures how a company treats its lesbian, gay, bisexual, and transgender (LGBT) employees, consumers, and investors. It is an important dimension of corporate social responsibility policies and diversity management. Using a longitudinal dataset of public firms in the U.S. during the period of 2002–2006, we demonstrate that firms with a higher degree of corporate sexual equality have higher stock returns, higher market valuation, and higher labor productivity. Our findings suggest that discriminatory hiring behaviors based on sexual orientation hurt employers and shareholders financially and that implementing corporate sexual equality policies can enhance firms' financial performance, generating competitive advantages in labor markets and mutual benefits between employers and employees. Copyright © 2016 John Wiley & Sons, Ltd.     

Is doing more doing better? The relationship between responsible supply chain management and corporate reputation

Responsible supply chain management (RSCM) can help protect a firm's corporate reputation by shielding it from negative media attention and consumer boycotts. RSCM can also enhance a firm's corporate reputation, which allows firms to secure business contracts and penetrate new market segments successfully. This study empirically examines: (i) the extent to which responsible supply chain management practices is driven by a desire to protect corporate reputation; and (ii) whether responsible supply chain management can enhance corporate reputation and thereby generate competitive advantage to the firm. We draw on primary and secondary datasets across seven firms, spanning the publishing, technology, beverage, tobacco, finance and home improvement sectors. We find compelling evidence to suggest that firms often engage in RSCM due to a desire to protect corporate reputation. Similarly, we find empirical evidence to suggest that responsible supply chain practices can enhance reputation and thereby create competitive benefits, although this link is not as profound as the relationship between RSCM and reputation protection and there are significant variations across industries. These findings have significant implications for marketing theory and, in particular, industrial marketers, who are increasingly expected to implement responsible supply chain practices.     

Firm performance: the interactions of corporate social performance with innovation and industry differentiation

The impact of corporate social performance on firm financial performance has been examined previously with mixed results. This study examines the possibility that corporate social performance enhances financial performance by allowing the firm to differentiate, and that this effect may be moderated both by innovation, which also drives firm differentiation, and the level of differentiation in the industry. Hypotheses concerning both direct and moderating effects are developed and tested using secondary data. Our results support both innovation and the level of differentiation in the industry as moderators for a positive relationship between corporate social performance and financial performance: corporate social performance most strongly affects performance in low‐innovation firms and in industries with little differentiation. Copyright © 2008 John Wiley & Sons, Ltd.     

Alliance or Acquisition? A Mechanisms‐Based,Policy‐Capturing Analysis

Research summary : While alliance researchers view prior partner‐specific alliance experience as influencing firms' subsequent alliance or acquisition decisions, empirical evidence on the alliance versus acquisition decision is surprisingly mixed. We offer a reconciliation by proposing and testing an analytical framework that recognizes prior partner‐specific experiences as heterogeneous along three fundamental dimensions: partner‐specific trust, routines, and value certainty. This allows us to use a policy‐capturing methodology to rigorously operationalize and test our mechanism‐level predictions. We find that all three mechanisms can increase the likelihood of a subsequent alliance or acquisition, and in terms of the comparative choice between alliances versus acquisitions, partner‐specific trust pulls towards alliances, and value certainty pulls towards acquisitions. We conclude with a discussion of the theoretical and empirical implications of our approach and method . Managerial summary : This study focuses on an important corporate decision: When a firm has had an alliance with another firm, how would that experience affect the likelihood of a future alliance or acquisition with that same firm? We first suggest that it will depend on three factors: the level of trust that existed in that prior alliance, the extent to which specific work routines were developed, and the degree to which the firm was able to confidently assess the value of the partner firm's resources. We then find that trust is a particularly strong predictor of future alliances, while confidence regarding value more strongly predicts future acquisitions. In this way, we demonstrate more precisely how past corporate choices can affect (consciously or unconsciously) future ones . © 2017 The Authors. Strategic Management Journal Published by John Wiley & Sons Ltd.     

Subprime governance: Agency costs in vertically integrated banks and the 2008 mortgage crisis

Research summary: This study uses the 2008 mortgage crisis to demonstrate how the relationship between vertical integration and performance crucially depends on corporate governance. Prior research has argued that the vertical integration of mortgage origination and securitization aligned divisional incentives and improved lending quality. We show that vertical integration improved loan performance only in those firms with strong corporate governance and that this performance‐integration relationship strongly decreases and actually reverses as governance quality decreases. We interpret these findings as suggesting that the additional control afforded by vertical integration can, in the hands of poorly monitored managers, offset gains from aligned divisional incentives. These findings support the view that corporate governance influences the strategic outcomes of a firm, in our case, by influencing the effectiveness of boundary decisions. Managerial summary: One of the unanswered questions of the 2008 mortgage crisis is why some firms produced toxic mortgages and others did not. Many have argued that vertically integrated banks—banks that both originated and securitized mortgages—had incentives to monitor themselves and thereby avoid overaggressive lending and outright fraud. Yet many of the worst lenders, such as Washington Mutual and New Century Financial, were in fact integrated. This study shows that the behavior of these firms critically depended on their corporate governance. We find that poorly monitored executives used their additional control over the integrated businesses to issue low quality loans that supported short‐term growth. Our results suggest that governance is a crucial prerequisite for financial services, particularly for firms whose managers control multiple, interrelated businesses. Copyright © 2015 John Wiley & Sons, Ltd.     

Corporate social performance,analyst stock recommendations,and firm future returns

This study posits that security analysts heed corporate social performance information and factor it into their recommendations to general investors. In particular, as corporate social performance is often uncertain and ambiguous to general investors, analysts may serve as the informational pathway connecting corporate social performance to firm stock returns. Thus, we argue that analyst recommendations mediate the relationship between corporate social performance and firm stock returns. On the basis of not only a qualitative study with literature searches and interviews of stock analysts but also a quantitative study with two longitudinal samples of large firms, we find support for these arguments. Our findings uncover an information‐based underlying mechanism for the link between corporate social performance and financial performance. Copyright © 2013 John Wiley & Sons, Ltd.