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.     

Executive Pay Matters: Looking Beyond the CEO to Explore Implications of Pay Disparity on Non‐CEO Executive Turnover and Firm Performance

Using a longitudinal data set covering a span of 10 years, we investigate the impact of vertical and horizontal pay disparity on non‐CEO executive turnover and subsequent firm performance. Hypothesizing differential responses to pay disparity depending on a non‐CEO executive's responsibilities, we first categorize non‐CEO executives based on their job demands and their role in the organization (e.g., oversight, divisional). We then explore how pay disparity influences the relationship between executive category and turnover, and how the level of pay disparity impacts the relationship between turnover and firm performance. We find that executive category significantly impacts the likelihood of turnover, and also influences firm performance. Theoretical and practical implications are discussed. © 2015 Wiley Periodicals, Inc.     

经营者薪酬：西方国家的实践及对中国国有企业改革的启示

本文从薪酬水平、薪酬结构、薪酬的影响因素等方面回顾了美国和其他西方国家CEO薪酬的实践,并在此基础上,分析了我国国有企业在经营者薪酬激励问题上存在的问题及在改革中应如何借鉴相应的经验和教训。     

Board Effectiveness and CEO Pay: Board Information Processing Capacity,Monitoring Complexity,and CEO Pay‐for‐Performance Sensitivity

We have developed an information processing theory of board effectiveness to examine board‐chief executive officers (CEOs) pay relations. We theorize that CEO pay reflects the information processing context of boards. Boards have limited information processing capacity and therefore prefer to use outcome‐based CEO pay when they have difficulty in processing information for monitoring their CEOs. Using a longitudinal sample of Standard and Poor's (S&P's) large‐, medium‐, and small‐cap manufacturing firms in the United States from 1998 through 2005, we found support for our theory. Large boards and boards in less complex monitoring contexts tend to link CEO pay less tightly to firm performance by providing less stock‐based incentives, and the tendency of large boards to decrease outcome‐based CEO pay is even greater when boards are not busy or when boards are in less complex monitoring contexts. © 2015 Wiley Periodicals, Inc.     

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.     

How the CEO power and age dissimilarity shape the chair-CEO pay gap: Empirical evidence from China

Using data on China’s listed firms from 2009 to 2018, this paper investigates how the chair-CEO age dissimilarity and CEO power affect the chair-CEO pay gap from both managerial power theory and optimal contract theory. We find that CEO power and age dissimilarity have opposite effects on pay gap between the chairman and the CEO. And the cognitive conflict caused by age dissimilarity can effectively restrain the compensation-seeking behavior of CEO for non-performance compensation growth. More importantly, both the age difference and its sign have important value. When we consider age dissimilarity between the CEO and the entire board of directors, our hypotheses are still confirmed. Finally, we document that both CEO ability and co-working time between chairman and CEO could reduce the inhibition effect of age dissimilarity on compensation incentive from capability and relationship view. Overall, the results are beneficial to reform the top managers’ compensation incentive system and to improve the explicit and implicit supervision mechanisms.     

企业财务管理如何以全新模式提升企业价值——价值管理与市值管理的整合

本文将从介绍价值管理与市值管理以及两者的整合为主要内容,在为企业挑选出最适合的财务评估方法的同时,为相关企业提升企业价值、规避潜在的财务风险,进行更好的财务管理提供借鉴。     

The effect of CEO incentives on deviations from institutional norms in foreign market expansion decisions: Behavioral agency and cross-border acquisitions

CEO incentives have been the subject of great interest for human resource scholars. We explore the institutional context within which the CEO makes sense of their incentives. Our theory suggests that CEO equity incentives interact with institutional norms to influence foreign market entry choices. Specifically, we argue that CEOs will weigh the risk bearing created by equity incentives, along with the consequences of legitimacy loss, when deciding whether to deviate from institutional norms when internationalizing. In doing so, we advance human resource literature by demonstrating that CEO responses to incentives are influenced by institutional norms and that CEOs' decisions to deviate from institutional norms are shaped by their incentives. We find support for our framework in the analysis of the stake taken by acquirers in 4,184 cross-border acquisitions.     

企业应重视价值链管理

本文在深入分析价值链和价值链管理的基础上,介绍了价值链分析法;进而应用价值链分析法阐明了企业价值链优化和价值链再造的机理和目标。     

Board Antecedents of CEO Duality and the Moderating Role of Country‐level Managerial Discretion: A Meta‐analytic Investigation

CEO duality reduces boards’ monitoring capacity. But governance substitution theory holds that boards of directors who can effectively monitor their CEOs are more likely to adopt the CEO duality governance structure. By examining relationships between board characteristics underlying their monitoring capacity and CEO duality, we bring evidence to bear on governance substitution theory. Further, by applying a managerial discretion theory lens to CEO duality, we extend governance substitution theory to the cross‐country context where institutional features vary in their constraints on managerial discretion. Meta‐analytic results from a dataset of 297 studies across 32 countries/regions provided support for the majority of our predictions. As predicted, board independence and certain types of board human capital were positively related to CEO duality. Unexpectedly, board ownership was negatively related to CEO duality. Additionally, country‐level managerial discretion significantly moderated the board independence‐ and human capital‐duality relationships (but not the board‐ownership‐duality relationship) as predicted.     

论创造股东价值的目标管理模式

创造股东价值的目标管理是通过分析、控制股东价值驱动因素和业务价值驱动因素及相关指标的方式,将企业战略、财务管理和绩效薪酬管理紧密结合而对创造股东价值的过程进行管理.     

铅试金法一次试金中金补偿系数研究

用铅试金法分剐对铜精矿、粗铜、镍精矿、低冰镍、高冰镍等冶金物料进行一次试金，将熔渣和灰皿进行二次试金，测得一次试金和二次试金所得贵金属合粒中的金量，得到一次试金中金的回收率。随样品中金量的增力口，一次试金中金的回收率随之增加。     

CEO Succession Mechanisms,Organizational Context,and Performance: A Socio‐Emotional Wealth Perspective on Family‐Controlled Firms

This article extends the literature on CEO succession and financial performance by addressing corporate owners' mixed motives and desires to protect their interest in being in business. We draw on a Socio‐Emotional Wealth (SEW) perspective to investigate how the choice of one of three succession mechanisms – relay succession, ‘horse races’ among internal CEO candidates, and hiring from outside – may effectively balance trade‐offs between corporate owners' non‐financial SEW motives and the firm's financial performance. We find that implementing one of these succession mechanisms reduces the negative impact that typically characterizes CEO transitions in family firms. We also show that family presence on the board of directors offsets the benefits of having selected these balancing succession mechanisms, in either placing too much emphasis on SEW, or creating negative dynamics that make the chosen succession mechanisms less effective.     

人力资本价值与企业高管薪酬模型探讨

随着经济全球化及知识化进程的加快,人力资本管理理念已逐步引入到国内企业中,相应地管理水平也得到了提升。高层管理者作为企业的核心人力资本,其薪酬问题成了众人关注的焦点。虽然已有很多学者对高管薪酬的结构和制定依据等问题进行了研究,国内企业在这些方面仍存在一些不足。笔者从人力资本价值的角度出发,对人力资本价值实现过程与薪酬之间的内在联系进行分析,并据此构建了相应的高管薪酬模型。     

Let’s Talk about Language: A Review of Language‐Sensitive Research in International Management

This paper explores the assumptions underlying the core concept of language used in the growing field of language‐sensitive research in international management. We reviewed 92 articles on the topic of language(s) in multinational corporations published during the period 1997‐2015, and applied a linguistic lens to uncover how these articles ‘talk about language’. The assumptions found in these articles can be grouped into three complementary categories that take a structural, functional or social practice view of language. We go beyond the review by also reflecting on the consequences that these underlying assumptions have for the study of language in multinationals. We consider the social practice view the most promising one, and propose a future research agenda for advancing it and thereby contributing to theorizing about the multinational corporation more broadly.     

Entrepreneurial by Design: How Organizational Design Affects Family and Non‐family Firms’ Opportunity Exploitation

Opportunity exploitation is a key aspect of the corporate entrepreneurship process and is particularly important to maintain a family firm through multiple generations. Drawing on an organizational design perspective, we investigate opportunity exploitation in family versus non‐family firms. The empirical analyses on survey data from a sample of 224 Italian firms reveal that family firms exploit significantly fewer opportunities than non‐family firms, and this result is fully mediated by the organization of their TMT. Our findings show that how family firms organize is crucial for opportunity exploitation, thus extending and enriching prior corporate entrepreneurship research, highlighting the importance of bringing an organizational design perspective to corporate entrepreneurship and family business studies.     

论如何通过经济管理实现企业价值最大化

随着时代的进步,经济管理在企业有着越来越大的作用,通过企业的经济管理实现企业价值的最大化。根据现代企业的要求,来塑造适应社会主义市场经济发展要求的财务管理模式,实现企业价值效益最大化。     

中国上市公司战略联盟宣告对股东财富的影响研究

战略联盟作为广泛应用的战略工具,影响着上市公司的股东财富。本文采用事件研究方法,针对2002至2006年的90个战略联盟宣告进行实证分析,检验战略联盟的宣告对股东财富的是否存在正向影响,进而研究公司规模和科技含量与累积异常收益率的关系。     

价值工程原理在档案管理中的运用

随着社会的不断发展,我国档案事业步入了新的历史发展时期,各级档案部门解放思想、勇于改革、大胆创新。自《中华人民共和国档案法》颁布实施后,我国档案工作重新走上了依法管理的轨道,档案事业的宏观管理得到全面加强;各机关、各单位档案室,各级各类档案收集、整理、鉴定、保管、统计和现代化技术的运用工作扎实推进,档案在为社会各方面服务中发挥了重要作用。文章主要论述了价值工程原理在档案管理中的运用,仅供参考。     

价值管理:推动现代企业管理创新的新思维

价值管理作为一种新型的现代企业管理系统 ,从战略的高度对企业资源进行系统的整合与优化。将价值管理方法引入我国现代企业建设中的必要性 ,企业怎样进行价值管理及要注意的几方面问题作了探讨。