The value relevance of SAM's corporate sustainability ranking and GRI sustainability reporting in the European stock markets

This paper investigates whether relative corporate sustainability as measured by the SAM sustainability ranking and sustainability reporting in terms of Global Reporting Initiative (GRI) application levels are associated with a higher market valuation. We conduct a value relevance study for the 600 largest European companies with the Feltham and Ohlson valuation model as a reference point. Our results indicate that for the observation period 2001 to 2011, the association between corporate sustainability and market value is positive. The empirical evidence of a positive relationship between GRI reporting and market value is statistically significant in some but not all of the model specifications. We find no evidence of interaction between the value relevance of corporate sustainability and sustainability reporting, nor do we find any positive effect of external assurance on the capital market perception of GRI application levels. Our results support the notion that conducting business in accordance with ethical norms is also a shareholder value‐increasing business strategy. However, it is not possible to verify the information given in sustainability reports through external assurance.     

Bridging the gap: How sustainable development can help companies create shareholder value and improve financial performance

This study examines the effect of integrating sustainability into corporate strategy on various aspects of shareholder value creation and financial performance in the British capital market. The employed method is based on the content analysis of corporate disclosures and a new technique for assessing the adoption of the corporate sustainability concept (embracing the environmental, social, and financial aspects of a company's policies at the same time). Using extensive data of FTSE 350 firms covering the years 2006–2012, 65 companies were selected as meeting corporate sustainability criteria. For the above period, we find that these firms were characterized by higher financial risk exposure, lower asset growth rates, lower BV/MV ratios, lower EVA ratios, and higher MVA ratios. Such relations were generally present among different size and industry groupings. The results support the thesis that firms that incorporate sustainability issues into their business operations are better able to leverage their resources toward stronger financial performance and shareholder value creation than other companies. The paper contributes to the literature by offering a more holistic approach to corporate sustainable performance measurement and shedding additional light on its relation to financial performance in the context of the recent global financial crisis and its direct aftermath.     

Is Corporate Governance in China Related to Performance Persistence?

This paper examines the relationship between performance persistence and corporate governance (as proxied for by board characteristics and shareholder structure). We document systematic differences in performance persistence across listed companies in China during 2001–2011, and empirically demonstrate that firms with better corporate governance show higher performance persistence. The results are robust over both the short and long terms. We also find that performance persistence is an important factor in refinancing, and it can lower companies’ costs of borrowing. Overall, our findings offer important implications for business ethics, as we demonstrate how corporate governance can lower companies’ costs of debt.     

Dividends Behavior in State- Versus Family-Controlled Firms: Evidence from Hong Kong

This study comparatively examines the dividends behavior in state-controlled firms versus family-controlled firms. With the sample of large industrial firms listed on the Main Board of Hong Kong Stock Exchange, we investigate the dividends payment rates, stability of dividends payment, the effects of firm size, profitability and growth opportunity on likelihood to pay dividends, as well as the concentration of dividend in state-controlled versus family-controlled firms. Based on the findings, we derive some ethical implications of dividends policy regarding the differences in business ethical behavior, corporate social responsibility, corporate governance, business sustainability, and shareholder activism in state-controlled versus family-controlled firms, as well as the improvement in these respects through cross-listing in Hong Kong.     

从公司治理谈我国上市公司对外担保

在我国大股东或“内部人”控制上市公司的制度背景下,上市公司代理问题严重,公司治理结构存在缺陷,不能起到监督大股东及管理者、保护中小股东利益的目的,对外担保容易成为大股东或“内部人”侵占上市公司利益的手段,导致公司财务状况恶化。     

股权集中度与上市公司价值关系的实证研究

本文综合考虑股权的所有者属性和集中程度,分析了国家为第一大股东和法人为第一大股东的上市公司的股权集中度与公司价值之间的关系,结果发现仅在法人为第一大股东的上市公司中,股权集中度与公司价值之间存在既符合理论假说又能解释现实情况的倒U型曲线关系,负债和公司成长性对公司价值的正影响也才可以显现出来.因此,在进行股权分置改革的同时提高公司法人股持股比例,降低股权集中度,并积极推进股票全流通,是提高我国上市公司价值的关键所在.     

大股东侵占、公司声誉与公司绩效——基于中国上市公司的经验证据

外部大股东一方面具有减少管理者机会主义行为的积极效果,另一方面又会利用控制权侵占小股东和其他利益相关者的利益影响公司绩效;约束大股东行为、保护中小投资者利益成为公司治理的核心问题。在诸多约束大股东侵占的机制中,公司声誉机制被认为是约束大股东利益侵占的有效机制。本文采用2004年1261家上市公司为研究对象,对大股东侵占度和公司声誉制约机制对上市公司绩效的影响进行了实证分析,结果表明,大股东侵占度对公司绩效的影响不显著,公司声誉对公司绩效产生了显著的正面效应。此外,我们还发现法律环境对公司绩效产生积极影响。     

论股权泛化条件下的内部人控制

普遍认为国有控股上市公司内部人控制严重的根本原因是一股独大，我们对此提出异议。本文首先利用博弈论和实证结果指出股权集中度与内部人控制强度是负相关的；然后通过实证研究中国国有控股上市公司的股权集中度和内部人控制，以及公司治理效率，说明中国的情况似乎与上述规律相反；最后提出了股权泛化的概念，证明由于股权泛化，国有控股上市公司实际上没有大股东，其内部人控制极其严重是股权集中度与内部人控制强度负相关规律的必然表现。因此，国有控股上市公司内部人控制严重的原因恰恰是因为没有大股东。     

公司治理与公司网络投资者关系管理的及时性——对中国百强的实证研究

以12个指标评估中国百强公司网络投资者关系管理(IRM)的及时性,通过董事会结构和股权结构两个维度对公司治理与公司网络IRM及时性的关系进行实证检验。研究发现:公司治理机制尤其是股权结构对网络IRM及时性产生了显著影响,高管持股激励机制及国有性质股权有利于提升网络IRM及时性,而第一大股东对网络IRM及时性具有显著的负面影响;中国百强虽均建有网站,但对网络IRM及时性的重视度不足,及时性分值普遍偏低,中国公司的网络IRM活动尚需有效的引导。     

交叉上市对公司治理的影响研究——来自我国上市公司的经验证据

以我国A股上市公司2007～2009年的公司为样本,以控股股东占用上市公司资金作为投资者保护水平的变量,对交叉上市、公司治理机构与投资者保护之间的关系的实证分析表明,交叉上市能够减少控股股东占用上市公司资金,提高投资者保护水平。投资者保护水平与控股股东较高的持股比例正相关,但与其他股东的持股比例负相关。国有性质的公司与控股股东占用资金正相关,不利于投资者保护。     

机构投资者的积极股东行为分析--从希尔斯百货董事会之争看机构投资者的作用

机构投资者通过发挥其积极股东的作用,对完善我国上市公司治理结构具有重要意义。本文通过对美国百货业巨头希尔斯公司的案例分析,研究了机构投资者参与公司治理,实施积极股东行为的经济动因与作为途径,并探讨了我国机构投资者发挥积极股东作用的条件。     

中国上市公司小股东保护:一个公司治理的视角

上市公司小股东权益遭受侵害的一个重要原因在于上市公司治理存在制度缺陷。存在于我国上市公司治理制度中不利于小股东保护。有四大缺陷使其通过各种途径小股东遭受侵害。为完善我国小股东保护制度提出五项建议:稳步推进上市公司股票全流通;建立小股东对控股股东的权力制衡机制;加快董事会制度建设;完善上市公司信息披露制度;构建独立高效的证券司法体系,完善法律救济与实施机制。     

双重上市对公司治理和公司绩效的影响研究——基于中国双重上市公司的证据

法律渊源理论和约束假说为企业双重上市行为的研究提供了新的视角。本文通过对中国双重上市公司和仅在境内证券市场上市的同类匹配公司的对比研究,分析了双重上市对公司治理与公司绩效关系的影响。虽然总体上双重上市公司报告的公司治理指标优于同类匹配公司,但是两组公司的绩效差异不显著,双重上市对公司治理与公司绩效关系的调节作用不显著。投资者应正确认识双重上市公司的投资价值．而政府管理部门应继续完善相关的监管制度。     

The erosion of stable shareholder practice in Japan (“Anteikabunushi Kosaku”)

This study reviews the academic literature to explain internationalisation, mode of entry choice and strategic momentum theory. In this research, we ask whether DiMaggio's theory of isomorphism can be applied to Japan, given the country's Anteikabunushi Kosaku practices and the evidence cited in the literature that suggests that national culture influences managerial work values and Japanese entry mode strategies.We suggest that Japanese management attitudes towards entry mode strategy are changing due to a change in corporate governance policy and competition. In response, we argue that Japan's stable shareholder practice is eroding and that as a result of this erosion, the change observed in institutional behaviour is isomorphic.     

Does the Quality of Corporate Governance Affect Firm Valuation and Risk? Evidence from a Corporate Governance Scorecard in Hong Kong*

Using Hong Kong firm data, we construct an index of corporate governance during 2002–2005, which scores the corporate governance practices of listed companies from the public shareholders' perspective based on the Organization for Economic Corporation and Development Principles of Corporate Governance. The findings show that family firms and firms with concentrated ownership structures are associated with bad corporate governance. The evidence also shows that these firms improve their corporate governance practices slower than their peers. Overall, the quality of corporate governance is very significant in explaining future company stock returns and risk. Good corporate governance is associated with both higher stock returns and with lower risk. Improvements in corporate governance are associated with significantly higher stock returns and lower company risk.     

不同机构持股比例下的上市公司特征

如果对机构持股特征以及影响机构持股比例高低的因素进行理论与实证分析,就会发现不同机构持股比例的上市公司在盈利能力、治理状况和市场化指标方面存在显著差异,公司盈利能力越强、股权越分散、流通股比例及流通市值规模越大,越受机构投资者欢迎,其机构持股比例越高。     

股权分置、公司治理结构与现金股利分配

文章以2004-2007年中国上市公司为样本,从代理理论视角对股权分置改革前后我国公司治理与现金股利分配关系进行了理论与实证分析.研究结果表明,我国上市公司第一大股东倾向于现金股利分配,但这种情况在股权分置改革完成后有所改变;第二大股东持股比例、流通股比例以及独立董事人数等与现金股利支付率无关.同时,股改哑变量、盈利能力、成长性、偿债能力、公司规模与现金股利分配的关系可以用代理理论加以解释.     

The Relationship between Family Firms and Corporate Governance*

This paper contributes to the agency theory literature by identifying relations between family control and corporate governance structure. Emerging literature supports the notion that family control creates strong incentives that have potentially competing influences on the manner in, and extent to, which internal corporate governance mechanisms are utilized. A sample of 100 listed companies (evenly divided between family and nonfamily firms) is used to test the hypotheses that corporate governance structures are different between family and nonfamily firms; and that family firms adopt optimal corporate governance structures. This research finds evidence that suggests that family firms utilize substantially different corporate governance structures from nonfamily firms and that these differences lead to performance differentials. Indeed, results suggest that family control creates, rather than negates, agency costs and future research may be well rewarded by pursuing this latter notion further.     

超额现金持有的上市公司特质研究——对我国制造业上市公司的实证分析

超额持有现金的上市公司具有什么特质呢?以我国制造业329家上市公司2004—2006年的数据为整体样本,通过界定超额现金持有上市公司,将整体样本分成超额现金持有和非超额现金持有两个子样本,从公司治理、财务方面设计变量对两个子样本进行比较分析。实证结果表明,与非超额现金持有公司相比,超额持有现金公司负债比率要低,长期业绩会变差,现金股利支付比率低,而股东保护度和管理费用率不存在显著差异。     

金属类上市公司股权结构与经营绩效关系的研究

公司治理结构的改进是中国整个经济体制改革以及资本市场发展的一个非常重要的内容,股权结构是公司治理结构和经营绩效的基础,股权结构的不同在公司治理结构上表现出差异,从而对公司经营绩效产生影响。当前,我国金属上市公司经营绩效不佳,除了公司治理结构不合理和不完善外,上市公司股权结构不合理是一个关键因素。要提高我国上市公司的经营绩效,既要完善公司治理结构,也要优化上市公司的股权结构,使之趋于合理。