Does corporate social responsibility influence the corporate performance of the U.S. telecommunications industry?

This study uses a two-stage approach to explore the relationship between the operational performance of U.S. telecommunications companies and their implementation of corporate social responsibility (CSR). In the first stage, this study adopts the dynamic data envelopment analysis model to measure the efficiency of the telecommunications industry in the U.S. from 2004 to 2008. The empirical results show that the corporate efficiency of those companies that implemented CSR was higher than that of those companies that did not. In the second stage, the study adopts OLS and 2SLS to explore the influence of the execution level of CSR on performance. The results show that the Kinder, Lyndenberg, and Domini & Co (KLD) social ratings indexes are significantly and positively related to corporate performance. Finally, this study suggests ways in which corporate policy makers can enhance CSR in order to improve corporate performance in the U.S. telecommunications industry.     

公司治理质量、债务期限与投资效率——来自中国上市公司的证据

信息不对称和代理问题是引起公司非效率性投资的主要扭曲因素。基于我国经济转型的治理环境，文章以我国A股上市公司的2012～2014年数据为样本，探讨了公司治理质量、债务期限对公司投资效率的监督机制。研究发现，公司治理质量、短期债务有效改善相关方信息不对称和代理问题，从而提高投资效率，进一步地，公司治理和债务期限对公司投资效率的监督在一定程度上是一种替代机制，在公司治理质量高的公司里，短期债务对投资效率的作用减弱。     

THE CORPORATE SOCIAL PERFORMANCE–FINANCIAL PERFORMANCE LINK

Strategic managers are consistently faced with the decision of how to allocate scarce corporate resources in an environment that is placing more and more pressures on them. Recent scholarship in strategic management suggests that many of these pressures come directly from sources associated with social issues in management, rather than traditional arenas of strategic management. Using a greatly improved source of data on corporate social performance, this paper reports the results of a rigorous study of the empirical linkages between financial and social performance. Corporate social performance (CSP) is found to be positively associated with prior financial performance, supporting the theory that slack resource availability and CSP are positively related. CSP is also found to be positively associated with future financial performance, supporting the theory that good management and CSP are positively related.© 1997 by John Wiley & Sons, Ltd     

Institutional ownership,capital structure,and firm performance

In most studies of ownership and firm performance, researchers have assumed different forms of ownership do not interact in their effect on firm strategy or performance. Focusing on the role of institutional owners, this study poses two related questions: (1) What are the relationships between outside institutional shareholdings, on the one hand, and a firm's capital structure and performance, on the other? and; (2) Does the size of stockholdings by corporate executives, family owners, and insider-institutions modify those relationships? The data, collected from 40 pairs of manufacturing firms selected from as many industries over a 3-year period, shows that the size of outside institutional stockholdings has a significant effect on the firm's capital structure. We have also found that family and inside institutional owners' shareholdings moderate the relationship between outside institutional shareholdings and capital structure. Likewise, corporate executives' shareholdings supplement the relationship between outside institutional shareholdings and firms' performance. These findings suggest that internal and external coalitions interact with each other to influence the firm's conduct.     

企业社会责任与企业价值的相关性研究--来自沪市上市公司的经验证据

作者以我国上海证券交易所2003年521家上市公司为样本，研究了企业社会责任活动与企业价值的相关性问题。结果表明，从当期看。承担社会责任越多的企业。企业价值越低；但从长期看，根据关键利益相关者理论与社会资本理论。承担社会责任并不会降低企业价值。同时，本文的研究也表明资产规模、负债比率、重污染行业因素与企业承担社会责任活动显著正相关；财务状况或其他状况异常的ST类公司、前一年的盈利能力与企业承担社会责任活动显著负相关。     

Corporate environmental responsibility (CER) weakness,media coverage,and corporate philanthropy: Evidence from China

This study investigates the hidden connection between corporate philanthropy and corporate environmental responsibility (CER) weakness. Using a sample of Chinese listed firms in polluting industries and hand-collected data on corporate environmental performance and corporate philanthropy, we show that CER weakness is significantly positively associated with corporate philanthropy, suggesting that corporate philanthropy may be used by environmentally unfriendly firms to mitigate the negative influence of CER weakness and offset pressures from stakeholders. This finding also implies that Chinese enterprises in polluting industries are inclined to engage in greenwashing via the conduit of corporate philanthropy. In addition, media coverage reinforces the positive association between CER weakness and corporate philanthropy. Above results are still valid after controlling for the potential endogeneity between CER weakness and corporate philanthropy.     

Team reflexivity in innovative projects

In this article, we provide a theoretical extension and empirical test of team reflexivity. Building on West's (1996) conceptual discussions of team reflexivity, we argue that in the context of teams with innovative projects (e.g. product development teams), team reflexivity will be positively related to team effectiveness and efficiency. Furthermore, we specify social skills and project management skills as important determinants of team reflexivity. Using data from 575 members, leaders, and team external managers referring to 145 software development teams, we find that team reflexivity is positively related to team effectiveness but not efficiency. Furthermore, both social skills and project management skills are positively related to team reflexivity. Theoretical and practical implications are discussed.     

Successful integration of R&D functions after acquisitions: An exploratory empirical study

Do the ‘grand’ strategic context characteristics of an acquisition (e.g., business relatedness of buyer and target) deter-mine the integration success of R&D functions after a takeover? Are acquisition management interventions (i.e., the way in which the integration process is man-aged) the key levers shaping integration success of R&D functions after a change in corporate ownership? Little non-anecdotal empirical data are available to answer these questions. Therefore, they were addressed with a sample of 92 acquisitions between German firms in 1988. Overall, use of management interventions which were designed to promote learning opportunities and reduce uncertainty for acquired employees (e.g., small group meetings to exchange information) but also degree of centralization of strategic R&D decisions in the hands of the acquirer were significantly positively related to integration level of R&D functions of both firms after an acquisition. With the exception of relative size of acquiree, strategic acquisition context characteristics were not directly related to R&D integration success. These characteristics may not be as important in shaping R&D integration success as management practitioners and scholars have thought.     

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.     

终极控制人 两权分离度与盈余质量

本文以盈余-回报模型为基础,使用Stata软件研究我国A股上市公司2009年到2010年的数据,得到结论:股权分置改革完成后,国有控股股东的性质对企业盈余质量有正向影响的作用,而两权分离度与盈余质量负相关。本研究依此为进一步改善我国企业的公司治理、提升会计盈余质量和优化资本市场的成长提出些许对策和政策性建议,研究结果有很强的现实指导意义。     

Housing Attributes Associated with Capital Gain

Housing units are heterogeneous goods. Rates of change in housing prices are typically modelled as if they arise from factors unrelated to the housing unit itself. For example, housing price increases in the latter part of the 1970s and early 1980s are argued to have arisen primarily from demographic factors and the differential effects of inflation on the effective rate of taxation on income from corporate capital and on owner-occupied housing. Cross-sectional variation in price inflation is not addressed. Consumers who purchased housing units are not indifferent to their attributes. To the extent that expectations vary within regional housing markets as a consequence of variation in housing attributes, standard linear hedonic price regression may generate biased estimates of implicit prices. This paper identifies sufficient conditions for the estimates of implicit prices in linear hedonic price regressions to be unbiased and generate unbiased estimates of implied price changes. Finally, this paper identifies living space (house size) as a significant attribute related positively to the increase in individual housing prices in a regional market.     

Geographic scope,product diversification,and the corporate performance of Japanese firms

The study extends research on the geographic scope, product diversification, and performance relationship by exploring both the antecedents and consequences of geographic scope. In so doing, it addresses a fundamental criticism of the geographic scope–performance relationship; namely, that the observed positive relationship between geographic scope and performance is spurious because it is the possession of proprietary assets that is the foundation of superior performance, not expansion into international markets per se. We tested the research model with data on the corporate performance of 399 Japanese manufacturing firms. In the partial least squares analyses used to examine the study’s six main hypotheses, we demonstrate that geographic scope was positively associated with firm profitability, even when the competing effect of proprietary assets on firm performance was considered. Further, we find that performance was not related to the extent of product diversification, although investment levels in rent‐generating, proprietary assets were related to the extent of product diversification. Copyright © 1999 John Wiley & Sons, Ltd.     

Corporate Characteristics and Union Organizing

This study examines the effect of several corporate characteristics on union organizing success, using NLRB representation election data matched to the Industrial Comp stat. The results show that, within a corporation's primary (two-digit) industry, union success is influenced positively by firm size, capital intensity, the ratio of labor costs to total cost, and by either very low or very high profits. Outside a corporation's primary industry, unions are most successful organizing large, unprofitable firms.     

中国高技术产业研发效率的实证研究

本文利用随机前沿生产函数测算了中国高技术产业的研发效率，并考察了企业规模、市场结构和所有权结构等因素对研发效率的影响。主要研究结论是：中国高技术产业的研发效率整体偏低，但呈现稳步上升状态，行业间效率差异有逐步缩小趋势。企业规模和市场竞争程度与研发效率之间存在着显著的正相关关系．外商投资企业和国有企业比重对研发效率也有正向影响，但外商投资企业对研发效率的贡献程度更高。     

How CEO hubris affects corporate social (ir)responsibility

Grounded in the upper echelons perspective and stakeholder theory, this study establishes a link between CEO hubris and corporate social responsibility (CSR). We first develop the theoretical argument that CEO hubris is negatively related to a firm's socially responsible activities but positively related to its socially irresponsible activities. We then explore the boundary conditions of hubris effects and how these relationships are moderated by resource dependence mechanisms. With a longitudinal dataset of S&P 1500 index firms for the period 2001–2010, we find that the relationship between CEO hubris and CSR is weakened when the firm depends more on stakeholders for resources, such as when its internal resource endowments are diminished as indicated by firm size and slack, and when the external market becomes more uncertain and competitive. The implications of our findings for upper echelons theory and the CSR research are discussed. Copyright © 2014 John Wiley & Sons, Ltd.     

Mobile phones,mobile Internet,and employment in Uganda

We analyze the relation between mobile phone use – mobile Internet in particular – and employment, self-employment and job regularity in Uganda. We find no evidence of any positive impact of mobile Internet use on employment or job quality, suggesting that either respondents do not use mobile Internet for job search practices or as a job tool, or that these uses are ineffective. However, we find that the adoption and use of basic mobile phones are positively related to employment and job quality, and we argue that regulators should focus on promoting the affordability of basic phones and mobile airtime.     

中美企业500强比较及其启示

本文对2004中美企业500强的数据分析发现,虽然中国大企业在近年取得了很大的进步,且增长势头迅猛,但是在资产、收入和利润的总体规模、企业运作效率等方面仍然远低于美国的大企业.这些差距的客观存在是美国政府长期致力于保障市场公平竞争、推动企业科技创新、完善企业金融服务、保障企业制度建设的必然结果.因此,我们认为,中国政府应该积极理顺政企关系,以市场机制为主导,更多地通过政策引导和法规保障等手段促进中国大企业的发展.     

The measurement of corporate portfolio strategy: analysis of the content validity of related diversification indexes

Measures developed for the analysis of corporate diversification have become fundamental to a broad range of strategy research. This paper examines the content validity of the two most widely used continuous measures of related diversification—the related component of the entropy index and the concentric index—and raises fundamental questions about their validity as indicators of portfolio relatedness. These questions are not driven by the use of SIC data for estimation of the indexes; they involve validity problems intrinsic to the construction of the measures. The related component of entropy and the concentric index are sensitive to features of corporate portfolio composition that may not be directly linked to portfolio relatedness. These sensitivities can create important ambiguities in strategy research. Copyright © 2002 John Wiley & Sons, Ltd.     

Personal Word of Mouth,Virtual Word of Mouth,and Innovation Use

The authors examine the impact of word‐of‐mouth communication on innovation use. Hypotheses are developed linking both personal and virtual word of mouth (vWOM) directly to innovation use. The authors also examine the mediating role of two additional variables that link word of mouth and innovation use. Existing research suggests that personal word of mouth (pWOM) indirectly influences intensity of innovation use through its impact on consumer perceptions of the size of local adopter population. In addition, both personal and virtual word‐of‐mouth influence should be positively associated with consumer perceptions of the availability of complementary products, which prior studies have linked to variety of innovation use. The authors test these hypotheses using data collected from 247 Japanese adopters of new‐generation portable gaming devices. Findings indicate that both personal and virtual word of mouth are directly related with variety of innovation use, which is in turn related with intensity of use. In addition, pWOM is positively related with both intensity of use and variety of use through its impact on consumer perceptions of (1) the perceived size of the local adopter population and (2) the availability of complementary products. In contrast, through these same two paths, vWOM is negatively related with both intensity of use and variety of use.