CEO过度自信与内部控制水平--基于CEO权力与董事会监督的调节效应

内部控制是促进企业目标实现的重要保障。文章以2014—2018年沪深两市A股上市公司作为研究样本,实证检验了CEO过度自信对公司内部控制水平的影响,同时加入了CEO权力与独立董事比例等指标对上述关系的调节作用。研究得出以下结论:CEO过度自信对内部控制水平具有显著的负向影响;独立董事比例有效抑制了CEO过度自信对内部控制水平的负向影响,而CEO权力对过度自信对内部控制水平的负向影响具有增强效应。研究成果丰富和拓展了关于CEO个人特质的相关理论,同时为上市公司合理改善公司治理结构、提高内部控制水平、增加企业价值提供了参考。     

董事会特征、CEO权力与外部审计需求

本文在委托代理理论的框架下,运用高阶梯队理论,实证考察了董事会特征对外部审计需求的影响以及CEO权力对二者关系的调节作用。研究发现,董事会财务背景有助于促进上市公司产生高质量的外部审计需求,而董事会独立性对高质量的外部审计需求没有显著影响。进一步研究发现,董事会财务背景对高质量外部审计需求的促进作用仅仅局限于CEO权力较弱的治理环境,而当管理者权力较强时,董事会财务背景对高质量外部审计需求的促进效应被弱化。这些研究结论对上市公司完善独立董事制度以及CEO选拔机制有一定的启示意义。     

中小规模上市能源公司CEO薪酬影响因素研究

本文以2009年至2012年A股市场中的中小规模能源上市公司为样本,考察了公司业绩、公司成长性、风险控制水平、股权集中度、股权激励政策以及地区经济发展水平等因素对中小规模上市能源公司CEO薪酬影响。研究发现,上述因素对中小规模上市能源公司CEO薪酬都具有较显著的影响,其中公司业绩、公司成长性、股权激励政策、独立董事占比以及地区经济发展水平与CEO薪酬呈正相关关系,而风险控制水平、前十大股东持股比例与CEO薪酬没有显著关系。     

CEO财务专长、CEO权力与审计费用

CEO权力和审计费用一直是备受关注的研究热点,CEO的个人特征对上市公司审计费用具有重要影响.文章以我国2010—2019年A股上市公司为样本,研究了CEO财务专长、CEO权力与审计费用三者的关系.研究表明:第一,CEO权力和审计费用之间存在显著的正相关关系,即CEO权力越大上市公司的审计费用越多;第二,通过引入CEO财务专长作为调节变量发现CEO的财务专长可以加剧CEO权力和审计费用二者之间的正向影响.研究结论丰富了公司治理、审计费用等相关文献,为上市公司选聘CEO提供了一个新的视角;同时以审计费用为切入点,表明公司应在考虑CEO财务专长的基础上,合理设置CEO权力来降低审计风险,减少审计费用.     

CEO自恋会影响公司的战略变革吗？

利用2006—2016年民营企业上市公司的数据,本文探讨CEO自恋这一人格特征对公司战略变革的影响。研究发现,CEO的自恋倾向会抑制公司的战略变革,而CEO权力和董事会监督强度对CEO自恋与公司战略变革之间起到调节作用。具体而言,权力越大的CEO, 其自恋程度对公司战略变革的影响越大;相反,董事会监督强度越大,CEO自恋对公司战略变革的影响越小。本文的研究丰富了管理者人格特征的相关研究,具有一定的理论和实践意义。     

CEO贫困出身、薪酬激励与企业风险承担

本文利用2007—2017年沪深A股上市公司数据,考察CEO的贫困出身对企业风险承担的影响,并基于薪酬异质性和薪酬公平性两个维度进一步探究薪酬激励在其中的调节作用,研究发现：（1）CEO的贫困出身显著抑制企业风险承担,表现出风险规避型性格特征;（2）将薪酬激励细化为股权激励和货币薪酬,非国有企业中,股权激励显著提高贫困出身CEO的风险承担意愿,而高额的货币薪酬则显著加剧贫困出身CEO的风险规避倾向,但国有企业贫困出身CEO的风险承担意愿与薪酬激励不存在显著相关关系;（3）基于薪酬公平性视角,非国有企业中,贫困出身CEO的薪酬总额低于行业平均水平越多,其风险承担意愿提升越显著,但若其薪酬总额高于行业平均越多,则会显著加剧其风险规避倾向,并且这种效应不存在于国有企业样本中。上述结论在考虑内生性影响后依然稳健。     

二代CEO与职业经理人：谁的风险承担水平更低

随着管理层对企业风险承担的重视,家族企业CEO继任倾向于选择职业经理人而非家族二代。选取2005～2017年发生继任的上市家族企业为样本,探索不同继任候选人对家族企业风险承担水平的影响。研究表明,二代CEO使家族企业风险承担水平上升,而职业经理人使家族企业风险承担水平降低。该结论在利用PSM、两阶段回归法处理了可能的内生性问题与进行稳健性检验后仍然成立。进一步研究发现：制造业家族企业中,二代CEO与职业经理人对风险承担水平的影响更加两极化;企业规模是职业经理人风险承担偏好的重要影响因素,但这在二代CEO身上没有体现。     

CEO年龄对企业风险承担与资本配置效率的影响研究

文章以沪深A股上市公司2006—2012年的数据为研究样本,实证检验了CEO年龄对企业风险承担与资本配置效率的影响。研究结果发现,CEO年龄越年轻,企业风险承担水平越高;CEO年龄越大,企业风险承担水平越低。进一步研究发现,年龄越大CEO的这种风险规避行为会导致资本配置行为的扭曲。具体来说,与年龄较年轻的CEO相比,年龄较大的CEO更容易导致投资不足问题的发生。     

中国上市公司独立董事制度现状分析

独立董事制度最早起源于美国,是指与公司、股东无产权关系和关联商务关系的董事。1999年3月29日,我国开始从境外上市公司引入独立董事制度。2001年8月21日,中国证监会发布了《关于上市公司建立独立董事制度的指导意见》,第一次全面地、系统地、详细地对独立董事的提名选拔、任职资格、职权范围、比例、任期、薪酬等问题做出了明确的规定,标志着我国独立董事制度已经进入到实施阶段。本文通过对独立董事制度在实行过程中出现的问题来研究独立董事在我国的现状,并据此提出改善意见,来改变董事会的运作状况和效率,完善公司治理结构。     

CEO权力、技术创新与企业绩效——基于医药行业上市公司的实证研究

文章以2011～2017年医药行业上市公司为研究样本,共选取1001个数据,研究CEO权力、技术创新与企业绩效之间的关系。研究发现,CEO权力有利于企业技术创新,技术创新有利于企业绩效,CEO权力负向调节技术创新与企业绩效之间的关系。同时独立董事占比对技术创新与企业绩效之间的关系负向调节作用最强,CEO是否持有股权对二者关系具有正向调节作用。     

CEO职务角色探析

本文综述了CEO职务角色的形成与职责，并以美国部分杰出CEO为样本，分析了CEO的生存环境特征、类型与作用、变更与退休等问题。     

上市公司管理层"高薪低绩"现象:原因与治理

2000年以来，国内外上市公司管理层高薪酬低业绩现象层出不穷，本文建议对上市公司管理层薪酬采取硬监管，强制要求公司章程明确管理层薪酬占公司税后利润的比例上限，由此迫使管理层薪酬与管理业绩密切挂钩，降低管理层高薪酬低业绩现象的发生几率。     

中国式CEO辞令研究初探——基于国有银行案例的管理语义学分析

文章结合中国企业实践，采用了管理语义学研究工具，从案例分析角度选取中国国有银行为样本，细读了年报中的董事长和行长致辞，考察其中修辞手法的作用。致辞一方面体现出国有银行强调国家利益、以及随着时间推移越发重视经营业绩的价值观念，另一方面试图通过修辞手法管理投资者和社会公众对于经营业绩的预期。文章在引入语义学分析工具研究中国企业领导人致辞这一类管理文件方面进行了探索性尝试，以期引起更多学者对于管理语义学方法的关注，激发更具创造性的研究工作。     

The Global Chief Executive Officer （CEO）： Leadership Styles, Arts, and Skills

The global chief executive officer （CEO） should quickly adjust his/her leadership styles, arts, and skills to customize for the particular host country as he/she manages the global organization in its many diverse environments. He/she has to quickly customize to the local needs his/her styles of strategic and operational decision-making, communication, and interpersonal approaches. His/her repertoire of leadership styles, arts, and skills has to be wider and richer in variety. He/she must quickly move from one host-country-focused approach to another, drawing the needed blend of leadership styles, arts, and skills from his/her repertoire and effectively applying them to the host country situation. Thus, a CEO must analyze his/her situation and re-orient his/her approach to fit the varying international situations, such as culture, operating, and subsidiary＇s organizational, economic, political, governmental, and technological. An effective CEO is perspicuous and quick of action in adjusting and modifying his/her roles, styles, arts, and leadership processes to fit the situation in which he/she is in at the moment.     

CIO利器——平衡计分卡

平衡计分卡是有效保障企业战略实施的工具,IT管理者CIO有效使用平衡计分卡,架起IT战略和企业战略的桥梁,可以在公司发展大战略下,最大程度实现IT价值.     

The Value of CEO Mobility: Contextual Factors That Shape the Impact of Prior CEO Experience on Market Performance and CEO Compensation

This study examines the value that prior CEO experience has for the companies that hire such CEOs—as reflected in the firms’ subsequent market‐based performance—as well as its value for the CEO that possesses this experience—as reflected in his or her initial compensation. While we suggest that shareholders tend not to benefit from firms hiring experienced CEOs, we also argue that particular firm and industry contextual factors that shaped the prior CEO experience help ameliorate this detrimental effect. Regardless, we also suggest that prior CEO experience generally stands to benefit the CEOs, in that it brings them a compensation premium over those CEOs without such prior experience. We tested our hypotheses on a sample of 654 US CEO succession events that occurred between 2001 and 2004 and found broad support for our hypotheses. We close with a discussion of the implications of our findings for future research as well as what they mean for firms hiring experienced CEOs and for CEO careers more generally. © 2015 Wiley Periodicals, Inc.     

Impact of CEO narcissism and hubris on corporate sustainability and firm performance

To explore the personality traits and corporate strategy of chief executive officers (CEOs), this study investigates how narcissistic and hubristic tendencies in CEOs affect the relationship between corporate sustainability practices (CSP) and firm performance. The primary purpose is to examine whether CEO narcissism and hubris can moderate the effect of corporate sustainability on firm performance. We investigate the influence of corporate sustainability on firm performance in three dimensions: economic, environmental, and social. The relationship between the mechanisms of supervision and agency theory is explored to assist investors in decision making. The results of this study show that compared to narcissistic CEOs, hubristic CEOs will further enhance the positive influence of CSP on corporate performance, especially in the environmental and social dimensions. This research strengthens the literature on CEO narcissism and hubris by demonstrating that CEO personality traits influence the relationship between corporate sustainability practices and firm performance.     

The effect of CEO compensation structure on the early internationalization of newly public firms

This study suggests the incentive perspective as an antecedent of early internationalization. We argue that early internationalization is a risky strategy for a CEO in a relatively young firm and that a potential agency problem arises between a CEO and shareholders in such a context. By drawing on agency theory, we theorize that the CEO compensation structure plays a critical role in the early internationalization decision. In a sample of 145 newly public U.S. firms, we find that the likelihood of early internationalization is negatively associated with the CEO’s secured cash pay and positively associated with the CEO’s equity-based compensation. In addition, we find that the positive association between equity-based compensation and the likelihood of early internationalization becomes stronger as the CEO’s tenure increases. These findings show that the interest alignment between a CEO and shareholders affects the strategic decision of early internationalization. Our study contributes to the literature on corporate governance and international business by underscoring the importance of the compensation structure as a significant driver of value-creating strategic initiatives and by identifying incentive factors that spur firms to internationalize early.     

The blind power: Power-led CEO overconfidence and M&A decision making

The behavioral finance literature attributes failed M&As to CEO overconfidence. We investigate the source of CEO overconfidence that leads to failed M&As. Among various determinants of CEO overconfidence, we propose that power-led CEO overconfidence delivers undesirable consequences in corporate investments. Using CEO-level data, we find that CEO power increases the probability of a CEO being overconfident. We also show that power-led overconfident CEOs tend to complete more deals regardless of economic circumstances, do stock acquisitions, and make diversifying acquisitions, relative to non-overconfident CEOs. The results suggest that the findings of previous studies on M&As by overconfident CEOs could be driven by power-led overconfident CEOs.     

Guest Editors’ Introduction: CEOs’ Careers: Emerging Trends and Future Directions

The field of career studies is increasing in prominence and relevance for modern life in general and working life in particular. CEOs’ careers, especially, have received growing attention because their impact goes far beyond their personal sphere. Not surprisingly, this topic has been at the intersection of multiple literatures. In this introduction for the special issue on CEOs’ careers, we first review the different perspectives in studying CEOs’ careers, and then offer several directions to integrate those multiple perspectives. The articles in this special issue not only provide us with comprehensive new knowledge on CEOs’ careers, but also represent valuable examples of how to integrate different perspectives on this topic. © 2016 Wiley Periodicals, Inc.