The Effect of Family Ownership on Different Dimensions of Corporate Social Responsibility: Evidence from Large US Firms

Previous research has shown that family firms differ from non‐family firms with regard to aggregate measures of corporate social responsibility (CSR). We argue that CSR is a multidimensional concept that comprises several aspects, which range from employee relations to ecological concerns and product issues. Based on an organizational and family identity perspective, we argue that the effect of family ownership can differ across various CSR dimensions. Family firms can be responsible and irresponsible regarding CSR at the same time. We use a dataset of large US firms to test our hypotheses. Our Bayesian regressions show that family ownership is negatively associated with community‐related CSR performance and positively associated with diversity‐, employee‐, environment‐ and product‐related aspects of CSR. The largest positive effect of family ownership on CSR performance exists with regard to product‐related aspects of CSR. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment     

Regional Competition for Domestic and Foreign Investment: Evidence from State Development Expenditures

We develop a model in which state governments spend funds on attracting capital with the intent of maximising the local net wage. Our results suggest that states are likely to spend less on economic development as the state wage level increases, and to spend more on industrial development as the state wage level increases, and to spend more on industrial development as the share of manufacturing in the state labor force increases. Empirical tests using state expenditure data confirm the predictions of the model.     

社会责任的契约分析:基于蒙牛和伊利的案例启示

以企业的契约分析为起点,通过三聚氰胺事件中的蒙牛和伊利两家公司的案例,首先对社会责任的性质进行解读,指出企业组织、市场和政府管制作为社会责任契约的履行机制存在互补性,并探讨了社会责任缺失的不利经济后果。其次,通过社会责任与业绩的关系分析,指出二者之间并不存在单一的正向或负向关系——业绩为社会责任提供动力但不能成为企业应否履行社会责任的行动标准,社会责任的履行需要企业、市场、政府管制多方面的互补与契合。继而构建了一个基本的模型,分析行业自律和政府监管在践行社会责任方面的各自特点。最后,分析了三聚氰胺事件中企业社会责任缺失的原因及建议,并进行理论反思。     

Temporal Orientation and Corporate Social Responsibility: Global Evidence

There has been a growing emphasis on the importance of a long-term perspective in academia and practice. Yet understanding of the interdependency of those factors – the temporal preferences embedded in organizations and in societal values as well as the influence of temporal orientation of investors – remains limited. We theorize whether and how a firm's corporate social responsibility (CSR) is affected by the societal temporal orientation, its time horizon, and its investors' time horizon. Using a global sample, we confirm that CSR activity is higher when a country has a long-term orientation culture, when the firm has a long-time horizon, and when the controlling institutional investor has a long-term investment horizon. We also find that the national culture's long-term orientation heightens the effect of a firm's long-time horizon on its CSR. Further, our results show that the effects of temporal orientation are more pronounced in environmental than in social CSR.     

中国企业社会责任信息披露影响因素研究——基于润灵环球评级社会责任报告

文章以263家上市公司2009年—2015年的面板数据为基础,实证分析了企业内外部因素对企业社会责任信息披露的影响。研究结果显示政府、媒体所造成的外部压力对企业社会责任信息披露水平具有正向相关性;企业内部因素中的企业规模对社会责任信息披露水平具有正向影响、盈利能力与社会责任信息披露水平不显著相关、财务风险则对社会责任信息披露水平存在负向影响,表明企业规模越大越有压力和动力提高披露水平,盈利能力强弱对社会责任披露水平推动作用不明显,但若企业负债经营则只会更关注生存问题。     

内部控制、公司治理与处罚公告——基于中国证券市场的经验数据

自2008年以来,我国财政部等部门先后颁布了《企业内部控制基本规范》等关于内部控制与公司治理的规范性文件,但我国上市公司收到处罚公告的事件却屡见不鲜.为考察内部控制、公司治理与处罚公告之间的相关性,采用AHP法等对在2008年至2010年间收到处罚公告的沪深上市公司的内部控制、公司治理情况进行了实证分析.研究结果表明,有效的内部控制和良好的公司治理对避免处罚公告能够起到积极作用,而且内部控制和公司治理在避免处罚公告上存在着互补效应.     

How Domestic and Foreign Firms Differ and Why Does it Matter?

Abstract.  This paper reviews and summarises the results of selected studies on performance gaps between multinational enterprises and their domestic counterparts. Performance gaps arise in such fields as productivity, technology, profitability, wages, skills and growth. While these gaps are often attributed to foreign ownership of the affiliates, the theory of the Multinational Enterprise argues that these gaps are due to being a Multinational rather than the nationality of the firm. Empirical evidence on the existence of performance gaps between foreign and domestic firms is supportive of this view: foreign ownership turns out to be a much less important explanatory factor than normally assumed. Firm‐specific assets and firm characteristics like industry, size, parent country and multinationality per se are more important. Such results are broadly consistent with those derived in the literatures on ownership change, on foreign entry and on spillovers. We conclude that there is little case for foreign direct investment promotion policies to discriminate between firms on the basis of ownership.     

Corporate Reputation and Social Performance: The Importance of Fit

abstract    Utilizing data on a sample of large firms, we estimate a model of corporate reputation. We find reputation, derived from the assessments of managers and market analysts, to be determined by a firm's social performance, financial performance, market risk, the extent of long-term institutional ownership, and the nature of its business activities. Furthermore, the reputational effect of social performance is found to vary both across sectors, and within sectors across the various types of social performance. Specifically, our results demonstrate the need to achieve a 'fit' among the types of corporate social performance undertaken and the firm's stakeholder environment. For example, a strong record of environmental performance may enhance or damage reputation depending on whether the firm's activities 'fit' with environmental concerns in the eyes of stakeholders.     

Dynamic Capabilities, Government Policies, and Performance in Firms from Emerging Economies: Evidence from India and Pakistan

In this study we developed a model of the dynamic capability development mechanisms in Emerging Market manufacturing Firms (EMF). We identified three dynamic capability development mechanisms: organizational learning, reverse engineering, and manufacturing flexibility. We generated hypotheses based on this framework, linking these mechanisms with firm performance. We also modelled the roles played by managerial use of two types of government policies: input supporting policies and marketing supporting policies. We tested our hypotheses on a sample of Indian and Pakistani manufacturing firms. Results showed that organizational learning, reverse engineering and manufacturing flexibility had significant impacts on EMF performance. Additionally, organizational learning combined with input supporting government policies enhanced performance, and the combination of manufacturing flexibility and marketing supporting government policies had an insignificant influence on performance.     

我国上市公司财务困境与公司业绩之关系分析

文章通过对上市公司陷入财务困境后采取的重组措施以及重组前后公司业绩的定量分析,初步回答了我国上市公司财务困境与公司业绩的关系问题。     

国外企业社会责任标准在中国的推行状况研究

自从上世纪90年代初跨国公司开始对中国企业进行社会责任相关验厂活动以来,越来越多的国外社会责任标准及相关的认证活动进入中国。但是,企业社会责任标准作为国际社会责任运动的一种基本方式,在中国虽取得一定的发展,整体推行效果却不甚理想。而国际标准化组织社会责任国际标准ISO26000的发布,又给这些标准的推行带来不确定因素,使社会责任标准推行面临新的考验。     

Corporate Governance and Performance of Indian Firms: The Effect of Board Size and Ownership

The paper reviews international literature on corporate governance and firm performance and investigates the relationship in the Indian context, taking into account the endogeneity in the relationship. Governance parameters include board size, directors’ shareholding, institutional and foreign shareholding, while the fragmentation in shareholding is captured by public shareholding. A simultaneous equation regression model for Tobin’s Q, as a measure of firm performance, is attempted using these variables, while controlling for industry effects and other non-governance variables. The data corresponds to a panel of 340 large, listed Indian firms for the period 1997–2001 spread across 24 industry groups.     

Drivers of green supply management performance: Evidence from Germany

Five potential drivers of green supply management performance were identified in the literature review: green supply management capabilities, the strategic level of the purchasing department, the level of environmental commitment, the degree of green supplier assessment, and the degree of green collaboration with suppliers. These constructs were used to form a structural model explaining the environmental performance and the purchasing performance. The model was analysed with SmartPLS 2.0 using data collected among German purchasers. The results suggest that the degree of green supplier assessment and the level of green collaboration exert direct influence on environmental performance. These two practices are driven by the strategic level of the purchasing department and the level of environmental commitment of the firm. Whereas commitment influences green assessment directly, the impact of commitment on green collaboration is mediated by the capabilities of the purchasing department. Furthermore, the results show that environmental performance has a positive impact on purchasing performance.     

Corporate Environmental and Economic Performance of Japanese Manufacturing Firms: Empirical Study for Sustainable Development

This study examines the relationship between environmental performance and economic performance in Japanese manufacturing firms. The environmental performance indicators include CO₂ emissions and the aggregate toxic risk associated with chemical emissions relative to sales. Return on assets (ROA) is used as an indicator of economic performance. We demonstrate that there is a significant inverted U‐shaped relationship between ROA and environmental performance calculated by aggregated toxic risk. We also find that the environmental performance increases ROA through both returns on sales and improved capital turnover. However, we observe a significant positive relationship between financial performance and environmental performance based on CO₂ emissions. These findings may provide evidence for the consequences of firms' environmental behavior and sustainable development. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

Value Relevance of Multinationality: Evidence from Korean Firms

The purpose of this study is to examine the valuation effects of multinationality in Korean firms and to identify the role of multinationality in internalization theory. We hypothesize that the market positively values the multinational activities of Korean firms, which are operating in a small open economy in which firms have strong motivations for internationalization. We use Ohlson's (1995, Contemporary Accounting Research, 11, 661) value model and document the positive effect for multinational firms compared to domestic firms, as well as the positive effect of multinationality on firm value. These results are robust across studies, as indicated by Tobin's q measure, as well as across years. We also hypothesize that multinationality mediates or moderates the relationship between intangibility and firm value that is proposed in internalization theory. We do not find supporting evidence for a mediated influence of intangibility through multinationality on firm value nor for a moderated influence of intangibility on firm value. We find that multinationality and intangibility directly and independently influence firm value, without any interference from each other. These results are also robust across studies, as indicated by Tobin's q measure. Finally, we find that multinationality in Korean firms has never lost its importance, even during the global financial crisis in the year 2008.     

Impact of Environmental Performance on Firm Value for Sustainable Investment: Evidence from Large US Firms

This research examines the impact of environmental performance on firm value, applying the event study methodology to Newsweek’s ‘Green Rankings’ announcement of 2012 for large US firms. Specifically, it analyzes the impact of the absolute green score and green rank of firms on their performance in the stock market. We found that investors perceive the announcement as positive news, leading to significant positive standardized cumulative abnormal returns (SCARs). After controlling for industry‐ and firm‐specific effects, we observed that firms with repeated green rankings for enhancing environmental performance showed significantly higher SCARs than those with either reduced or unchanged environmental performance. In addition, the environmental impact score measuring environmental damage from a firm's operational activities was found to be the most influential factor in improving the firm's value. Our findings are beneficial to managers in allocating resources to different types of environmental initiative, and provide valuable insight for sustainable environmental investment. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

市场诱吓、政府引导、自我施压与非审计业务拓展策略——来自本土会计师事务所的证据

基于本土会计师事务所的问卷调查数据,运用结构方程模型,从宏观环境、市场诱吓、政府引导和自我施压四个构面研究非审计业务拓展的驱动机制。研究发现:宏观环境、市场诱吓构面的战略资产导向与防御导向均未对非审计业务拓展策略产生正向影响;市场诱吓构面和政府引导构面因素促使事务所偏好于非审计业务领域及范围的拓展;自我施压构面因素促使事务所偏好于非审计业务收入的提高;所有显著的驱动因素中,按照总效应从大到小排序,依次是市场势力获取、制度设计导向、资源运用、客户导向和政府引导。     

Non-audit Services and Audit Quality: Evidence from Private Firms

The purpose of this study is to examine the relationship between audit quality in private firms and the provision of non-audit services (NAS) – an issue that has rarely been considered in prior research. The threats to auditor independence are different in private firms compared to public firms. The same is true of the opportunities to use the same knowledge for audit and for NAS. Therefore, the effect of the provision of NAS on audit quality is also likely to be different. In this study, audit quality is measured by discretionary accruals, as well as by managers' perceptions of the extent to which the audit improves accounting quality. The regression analysis is based on 420 surveyed private firms in Sweden and suggests that audit quality is positively associated with NAS in general and accounting services in particular. The findings indicate that the joint provision of audit and NAS do not necessarily result in impaired auditor independence, but rather support the existence of knowledge spillover between the services.     

股权激励、约束机制与业绩相关性——来自中国上市公司的经验证据

本文以我国2006年1月1日到2010年12月31日实施股权激励的沪深上市公司为样本,考虑股权激励本身的约束、内部公司治理背景以及外部监管等与股权激励有关的约束机制,研究股权激励、约束机制与业绩之间的相关性。研究发现:(1)上市公司管理层股权激励与公司业绩显著正相关,实施股权激励有利于提高公司业绩;(2)约束水平综合值与公司业绩正相关,说明约束机制对管理层越有效,越有利于提高公司业绩;(3)目前,股权激励与约束机制尚未有效配合,未能出现共同提高业绩的协同效应。