超额雇员、权益代理成本与公司价值——来自国有上市公司的经验证据

文章以国有控股上市公司为样本,研究发现超额雇员公司的权益代理成本显著高于非超额雇员公司,同时市场对超额雇员公司价值进行了折价。这表明,当承担社会性负担时,国有控股公司同样面临原国有企业的预算软约束问题。     

高管参政议政与民营企业雇员行为——基于政企关系的现实考察

本文立足中国制度背景,搜集民营上市公司高管担任人大代表或政协委员的参政议政数据,并区分不同级别进行赋值,实证检验高管参政议政对公司雇员行为的影响。研究发现,高管参政议政的企业雇员行为偏离市场化最优,承担雇员负担;而且,高管参政议政的级别越高,企业的雇员负担越重。与以往研究不同的是,本文的研究表明,在经济转型的背景下民营企业积极与政府建立关系,也会给企业带来政策性负担。     

市场化进程、终极控制与公司价值——基于面板数据的实证分析

本文以2001年至2005年776家上市公司为样本,对市场化进程、终极控制与公司价值的关系进行了实证分析。研究发现,地区市场化进程越快、市场对公司的价值认知越高,市场化进程影响公司价值;与终极控制为国有的公司相比,市场对终极控制为非国有的公司给出的价值评估更高。市场也对不同性质终极控制人的上市公司给出了不同的价值判断,研究结论为完善我国市场经济体制提供了经验证据。     

市场化进程与现金股利支付倾向——基于中小板上市公司的经验证据

本文以2004～2011年间中小板上市公司为样本,实证检验了地区市场化进程对中小板上市公司现金股利支付倾向的影响,研究发现:地区市场化进行与中小板现金股利支付倾向间存在显著地正相关关系。进一步研究发现,产品市场发育程度与要素市场发育程度导致了地区市场化进程与中小板上市公司现金股利支付倾向间存在了正相关的关系。     

市场化进程与现金股利政策:治理效应抑或缓解融资约束?

市场化进程在整体推进的同时,各地区之间发展程度却不平衡,从而使公司所处的治理环境或面临的融资约束存在差异,进而导致公司的现金股利政策体现出不同的特征。本文以A股上市公司2005~2011年的数据为研究样本,在实证检验中国上市公司所在地区间市场化程度差异对现金股利政策影响的基础上,进一步考察了市场化进程影响现金股利政策的具体效应。检验结果表明,市场化程度越高,公司现金股利的支付倾向和支付水平均越高;市场化进程对现金股利的影响主要源于市场化进程的缓解融资约束效应。     

我国石化企业社会性负担与股利政策实证分析

企业承担社会性负担是履行社会责任的重要方式,较高的社会性负担有利于企业改善形象,促进业绩增长,进而影响股利政策,但承担较高的社会性负担又会增加企业成本和现金支出,制约企业的股利支付.文章以我国2014—2018年石油化工行业上市公司为研究样本,考察社会性负担对该行业上市公司股利政策行为的影响.实证研究结果表明,社会性负担显著降低了石油化工行业上市公司股利支付的意愿和水平,社会性负担主要是通过增加劳动力成本使代理成本提高进而降低公司价值的途径影响石化企业的股利政策.在当前国有企业混改的大环境下,分析企业社会性负担与企业财务行为,有利于理解混改过程中各方利益诉求,为国有企业混改提供决策依据.     

东北高管激励缺失的实证研究

本文基于2003年东北三省上市公司年报,对东北上市公司高管薪酬与公司绩效的关系进行了分析,认为东北上市公司高管激励严重不足,非市场化因素对企业影响巨大。第一大股东占绝对控股地位的公司与相对控股公司相比,存在着绩效好而薪酬低的独特现象。东北三省的市场环境以及企业的治理结构急待完善。     

国有控股与资本结构动态调整

文章主要研究国有控股性质对上市公司资本结构调整速度的影响,揭示市场化程度对调整的作用力.证实虽然国有控股公司具有资源配给优势,但是这样的优势却没有能够抵消其它因素对它们调整速度的不利影响,其调整速度显著慢于非国有控股公司.由于市场化程度较高的地区抑制过度负债、降低风险水平的措施更为严格,融资成本更大,当调整成本超过融资净收益时,上市公司反向调整的动机超过了融债动机,因此市场化程度越高的地区调整速度反而越低.     

上市公司股权分置改革和投资效率关系的实证研究

本文基于中国资本市场的经验数据,并考虑不同控股股东性质和公司所在地区的市场化进程差异的影响,通过对我国上市公司投资效率与股权的关系研究发现,上市公司进行股权分置改革能有效的改善公司的投资效率,但这种效果仅表现为对投资不足的改善上,同时对于强制实行股权激励政策的国有上市公司效果更为显著,在市场化进程高的地区其股改对投资不足的改善效果会更好。     

市场化进程、债务融资与公司绩效

在市场化进程的制度背景下,此文以2006-2008年度我国上市公司债务融资与公司绩效之间的关系为研究对象。研究结果表明在不考虑公司特质性因素的情况下,我国公司债务融资与公司绩效成显著的负相关关系,同时我国上市公司所处地区市场化进程的改善明显降低了这种负相关关系。相对于终极控制权为国有的上市公司     

Development in Information and Communications Technology (ICT) Statistics at the Australian Bureau of Statistics

This paper outlines the ICT statistical developments that the ABS has undertaken over recent years. These developments have been on both the supply side (ICT industry) and the demand side (use of IT by sector). The content of ABS ICT surveys has changed significantly over the last few years and are expected to develop further in line with industry changes and emerging policy needs.
Recent developments in household collections have been the inclusion of IT use questions in the 2001 Census of Population and Housing and in various ABS social surveys such as Children's Participation in Culture and Leisure Activities. Annual business IT use surveys are now conducted and include topics such as Internet commerce and IT security. Biennial ICT industry surveys are conducted to provide data on ICT production, imports and exports, ICT industry employment, performance and structure information. An Internet activity survey is run every six months and provides regional Internet access details and infrastructure details on Internet service providers.
A major development for 2002–03 will be the compilation of an ICT satellite account. ABS intends to produce an ICT Information Development Plan to guide its future statistical development work in the ICT field.     

Value at Risk in the Suburbs: Eminent Domain and the Geographical Politics of the US Foreclosure Crisis

Several US counties and local governments have recently considered a novel solution to the foreclosure crisis. They plan to use eminent domain to compel the owners of mortgage debt—and specifically of private‐label mortgage‐backed securities—to sell the debt to the government at a price reflecting the loan's market value. The government would then restructure the debt and resell it to new investors. The plans are striking because—in contrast to both development‐driven eminent domain and the federal subprime bank bailout—they would force investors to assume asset devaluation and increased long‐term risk. Notably, the plans have emerged as an instance of financialization‐focused politics in suburbs and suburban cities of color, specifically majority‐black and ‐Latino/a suburbs. Local support for the plans, we argue, is rooted in the long‐term disinvestment of these ‘suburbs of exception', which became targets of subprime lending and eventually sites where the ‘financial exception' has been localized. But these demographic shifts, fragmentation and fiscal pressures have at the same time created a suburban political terrain in which the plans have gained their strongest political support.     

Towards a Theory of Serendipity: A Systematic Review and Conceptualization

Serendipity – the notion of making surprising and valuable discoveries – plays a major role in the success of individuals and organizations alike. Previous research has established the importance of serendipity and identified important individual- and organizational-level antecedents. However, the literature has been dispersed and the boundaries of the concept have been blurry, leading to a lack of conceptual clarity and structure, and thus limiting validity and managerial actionability. Based on a systematic literature review, I synthesize existing management-related research on serendipity and explicate the emergence and composition of serendipity in the organizational context. I first identify three necessary conditions that differentiate serendipity from related concepts such as luck or targeted innovation: agency, surprise, and value. Then, I draw from the literature on sensemaking, event-based theorizing, and quantum-based approaches to management to conceptualize the process of cultivating serendipity in the organizational context as a process of enabling potentiality and materialization, and develop a multi-level theory of (cultivating) serendipity. This conceptualization contributes to our collective understanding of how, why, and when (i.e., under what conditions) organizations can leverage the value in the unexpected, which opens up fruitful avenues for further research.     

Accountability of NGOs in Bangladesh A critical overview

NGOs in Bangladesh have been recognized as effective change agents in the socio-economic arena throughout the world. Their contributions in micro credit, non-formal education and primary health care are widely known. NGOs play a significant role in society. NGO accountability, as a result, has become a critical issue. NGO accountability in Bangladesh has been examined here in relation to patrons, clients and themselves. Of the three relationships only accountability to patrons is in a near satisfactory state. Accountability to clients is handicapped by lack of opportunities of beneficiaries to participate meaningfully in NGO policy making. Accountability to themselves is adversely affected due to the adherence to a strictly hierarchical system and the influence of founding and charismatic NGO leaders.     

Towards an Asian model of human resource management? A comparative analysis of China,Japan and South Korea

There has been much discussion regarding the possible decline and weakening of national systems of human resource management (HRM). Yet, culture and institutions are often cited as the major stumbling blocks to this outcome. Such constraints may dissipate in the analysis, particularly if ‘regional clusters’ are considered where geographic and cultural closeness and ‘openness’ to similar economic pressures exist. In such cases, it might be postulated that convergence in HRM will occur. We argue that China, Japan and South Korea represent such a cluster. This article examines these countries, to see if a degree of convergence is taking place and if it is towards an identifiable ‘Asian’ model of HRM. A model of change is presented that distinguishes between levels of occurrence and acceptance. Details of the development and practice of HRM in each country are then set out. The article ends with a discussion and implications section and a brief conclusion.     

Ansätze und Ergebnisse anglo-amerikanischer M&A-Forschung

Based on a review of established U.S. management journals (1995–2003), six schools of thought are identified within the Anglo-American M&;A research: “Capital Market”, “Principal/Agent”, “Industrial Organization”, “Organizational Behavior”, “Human Resources” and “Strategic Management”. The literature review shows that the definition of M&;A success, the methods applied, and insights from empirical research differ according to the respective school of thought. Empirical studies focus on the resource combinations of merger partners, the specific circumstances of merger negotiations, and on integration management as antecedents of merger performance. Unfortunately, empirical findings have not yet provided reliable explanations for M&;A success. Based on the current state of Anglo-American M&;A research, the authors discuss implications for business practice, identify research gaps, and propose areas for future research.     

Introduction of New Technology with a Sound Transition of the Input-Output Structure

We examine the general equilibrium repercussions associated with the introduction of new technologies, using the generalized Leontief system that allows technological substitutions. We show that an untested introduction of cost-increasing technologies in any industry may result in creating a non-productive technological structure that does not satisfy the Hawkins-Simon condition, following the autonomous dynamic adjustment process with structural transitions in the economic system. Therefore, we propose a practicable control scheme of introducing cost-increasing technologies that strictly avoids the creation of non-productive structures in all periods of structural transition, using the available information on the ex ante technological structure.     

The Creation of the Office for National Statistics

A new Office for National Statistics was created in the United Kingdom in 1996 following a series of developments designed to strengthen the relevance and integrity of statistics. This paper describes these fundamental changes and sets out a blueprint for future progress. It also sets current developments in the United Kingdom in an historical and international context.     

What helps? Women engineers' accounts of staying on

We have considerable understanding of the obstacles that women engineers encounter and the reasons that they leave the field, but we know less about what enables them to remain. Adopting an interpretivist approach, this article examines how a group of British women engineers in two FTSE 100 companies account for “staying on” in their male‐dominated work settings. We delineate four specific forms of help that facilitate women's retention in the field. We argue that exposure to help leads to women developing a habitus that enables them to continue working in engineering. To conclude, we draw on our findings to outline HR practices that will facilitate supportive relationships in the workplace and pave the way towards developing more positive organisational climates.     

论现代物流企业的发展观

物流业经过诸多年的发展目前已经成为最热门的行业之一,物流企业的注册数量也与日俱增,达到前所未有的规模。毋庸置疑,任何企业都希望自己迅速做强做大,并成为真正现代物流企业的典型代表,要实现这一目标一个首要问题就是要解决现代物流企业的发展观问题。