投资者法律保护、所有权结构与困境公司高层管理人员变更

在投资者法律保护较差的国家里,集中所有权结构被看成是能够替代投资者法律保护,有效发挥公司治理作用的机制。本文以2000—2004年上海证券交易所和深圳证券交易所152家ST公司为样本,实证检验当公司已陷入困境、被特别处理的情况下,集中所有权结构对公司高层管理人员变更产生的积极影响。实证结果表明,大股东持股比例与公司高层管理人员变更之间存在显著的正相关关系,不同的大股东持股比例对高层管理人员变更产生不同的影响作用。检验证据支持了LaPorta等人(2000)提出的关于投资者法律保护与公司治理的主流理论。     

Strategic schemas,strategic flexibility,and firm performance: the moderating role of industry clockspeed

We examine the moderating effect of industry clockspeed on the relationship between strategic schemas, strategic flexibility and firm performance. We employ two key properties of strategic schemas: complexity and focus. Using a sample of 225 firms from 14 industries, we show that the pattern of relationships among the theoretical constructs is different in fast‐ and slow‐clockspeed industries. The results suggest that complexity of strategic schemas promotes strategic flexibility and success in fast clockspeed industries, whereas focus of strategic schemas fosters strategic persistence, which is effective in slow‐clockspeed industries. Copyright © 2007 John Wiley & Sons, Ltd.     

股权结构与公司治理绩效实证分析

本文以深、沪两市101家上市公司为样本，分行业竞争环境强弱从股权属性、股权集中度与公司治理绩效的关系进行实证分析，发现行业竞争环境强的上市公司其治理绩效与法人股比例呈三次函数关系，与流通股比例无显著相关关系；行业竞争环境弱的上市公司其治理绩效与国有股比例、法人股比例呈三次函数关系，与流通股比例无显著相关关系；行业竞争环境强的上市公司，股权分散型优于国有控股型，国有控股型优于法人控股型；行业竞争环境弱的上市公司，法人控股型结构优于国有控股型，国有控股型优于股权分散型。最后根据实证分析的结果，提出构建合理股权结构的结论性建议。     

Privatization, City Residency, and Black-White Earnings Differentials: Evidence from the Public Transit Sector

Becker's theory on the economics of discrimination suggests that enhanced competition creates a business environment that discourages employers from paying racial earnings differences. This study tests this hypothesis by examining black-white earnings differentials for public transit bus drivers for pre- and post-privatization periods. The findings reveal an erosion of the racial earnings differential in the post-privatization period which is consistent with the Becker hypothesis. Public transit black union drivers earned more than their white counterparts prior to privatization. City residency accounts for 36 percent of this premium. However, the city-residency earnings advantage and the black-white union premium declinedappreciably in the post-privatization period.     

业绩期望落差、股权集中度和企业环保投入

基于企业行为理论,以 2011~2015 年重污染上市公司为研究样本,本文理论分析并实证检验了业绩期望落差与企业环保投入的关系,并进一步考察了股权集中度的调节作用。研究结果表明：（1）当企业实际绩效低于渴望水平时,业绩期望落差与环保投入呈 U 型关系,即业绩期望落差存在一个阈值,低于该阈值时,业绩期望落差与环保投入负相关,高于该阈值时,业绩期望落差与环保投入正相关;（2）与股权集中度低的企业相比,股权集中度高的业绩期望落差与环保投入之间的 U 型关系将减弱。     

煤炭企业战略管理中存在的问题及其对策

针对目前我国煤炭企业在战略管理过程中存在的问题进行了分析,并提出要制定切实可行的发展战略、积极推进企业考核管理机制改革等相关对策,以加强煤炭企业战略管理。     

Strategic groups as reference groups: Theory,modeling and empirical examination of industry and competitive strategy

Previous studies on strategic groups have mainly focused on their static characteristics in order to test the theory of strategic groups and intraindustry performance differences (Porter, 1979; Cool and Schendel, 1988; Fiegenbaum and Thomas, 1990). In contrast, this study takes a longitudinal, dynamic perspective and describes the forces driving strategic group membership and structural evolution. It proposes that a strategic group acts as a reference point for group members in formulating competitive strategy. A partial adjustment model of strategic mobility is then developed which incorporates the idea of a strategic group as a reference group. It models strategic change in an industry both within and across strategic groups. The model is tested in the context of an in-depth industry analysis of the more significant firms in the insurance industry over the 1970-84 time period. The results suggest that strategic groups act as reference points for firm strategies and that predictions of future firm strategies and industry/group structures may also be successfully derived.     

混合所有制煤炭企业管理人员激励研究——基于代理理论与管家理论融合视角

从代理理论与管家理论融合视角,探讨混合所有制煤炭企业管理人员的激励模式。从经济利益(物质)和非经济利益(精神)角度,构建混合所有制煤炭企业管理人员协同激励模式,并从短期与长期激励、一般与特殊激励等层面探寻了我国混合所有制煤炭企业管理人员协同激励模式的具体方案。     

Changes in the intellectual structure of strategic management research: a bibliometric study of the Strategic Management Journal, 1980–2000

The aim of this paper is to identify the works that have had the greatest impact on strategic management research and to analyze the changes that have taken place in the intellectual structure of this discipline. The methodology is based on the bibliometric techniques of citation and co‐citation analysis which are applied to all the articles published in the Strategic Management Journal from its first issue in 1980 through 2000. Copyright © 2004 John Wiley & Sons, Ltd.     

Strategic human resource management,institutionalization, and employment modes: an empirical study in China

This study compares the predictions of institutional theory with those of the contingency perspective of strategic human resource management (SHRM) on the selection of an employment mode. Empirical data were collected from multinational enterprises, including the electronics and garment industries, that operate in China to test the relative importance of the determinants of the selection of an employment mode. The results provide greater support for the SHRM predictions than for the institutional theory predictions. The implications of the findings for researchers and practitioners are discussed. Copyright © 2007 John Wiley & Sons, Ltd.     

我国能源电力类上市公司股权结构与公司绩效的实证研究

以我国能源电力类上市公司为样本,对其股权结构与公司绩效的关系提出假设并做了分析。实证结果与文章提出的3个假设相吻合：能源电力类上市公司股权结构中,第一大股东持股比例与公司绩效显著正相关;股权制衡度与公司绩效显著正相关;高管持股与公司绩效正相关,但不显著。结论还表明：公司规模、托宾Q值、投资支出等都与公司绩效显著正相关;资产负债率与公司绩效显著负相关。这些结论可为我国能源电力类上市公司改善股权结构、提高公司绩效提供一些思路。     

Strategic planning in a turbulent environment: evidence from the oil majors

The long‐running debate between the ‘rational design’ and ‘emergent process’ schools of strategy formation has involved caricatures of firms' strategic planning processes, but little empirical evidence of whether and how companies plan. Despite the presumption that environmental turbulence renders conventional strategic planning all but impossible, the evidence from the corporate sector suggests that reports of the demise of strategic planning are greatly exaggerated. The goal of this paper is to fill this empirical gap by describing the characteristics of the strategic planning systems of multinational, multibusiness companies faced with volatile, unpredictable business environments. In‐depth case studies of the planning systems of eight of the world's largest oil companies identified fundamental changes in the nature and role of strategic planning since the end of the 1970s. The findings point to a possible reconciliation of ‘design’ and ‘process’ approaches to strategy formulation. The study pointed to a process of planned emergence in which strategic planning systems provided a mechanism for coordinating decentralized strategy formulation within a structure of demanding performance targets and clear corporate guidelines. The study shows that these planning systems fostered adaptation and responsiveness, but showed limited innovation and analytical sophistication. Copyright © 2003 John Wiley & Sons, Ltd.     

高管薪酬激励、产权性质与企业绩效——基于股权集中度的调节效应

本文以高管薪酬激励为视角,将高管薪酬激励、股权集中度与企业绩效放在一个统一的分析框架下,以产权性质为依据,收集了 2007~2015 年国有企业与民营企业的面板数据,分别实证检验了高管薪酬激励与企业绩效的关系,以及股权集中度是否在其中发挥调节作用。研究发现：高管薪酬激励对企业绩效有显著的促进作用,并且国有企业中的促进作用要强于民营企业;股权集中度在国有企业中对于高管薪酬激励与企业绩效之间的关系有显著的负向调节作用,而在民营企业中不存在显著调节作用。     

Strategic positioning,human capital,and performance in service organizations: a customer interaction approach

This study employs a customer interaction approach to examine how service organizations' strategic positioning relates to their human capital, and how the interaction between strategic positioning and human capital impacts organizational performance. Results from 234 service organizations in 96 different industries indicate very strong relationships between strategic positioning choices and human capital. We also find that certain combinations of strategic positioning and human capital result in superior performance. Copyright © 2003 John Wiley & Sons, Ltd.     

Corporate Governance and Performance in Publicly Listed,Family-Controlled Firms: Evidence from Taiwan

Using a multi-industry dataset of 228 firms listed on the Taiwan Stock Exchange (TSE) this paper analyses the effects of ownership structure and board characteristics on performance in large, publicly traded firms that are controlled by founding families. After taking account of possible endogeneity problems, we do not find that family control is associated with performance measured in terms of accounting ratios, sales per issued capital, earnings per share and market-to-book value. However, share ownership by institutional investors, and foreign financial institutions in particular, is associated with better performance. Our results indicate that board independence from founding family and board members’ financial interests have a positive impact on performance.     

Strategic orientations,incentive plan adoptions,and firm performance: evidence from electric utility firms

This study examines the performance implications of the fit between strategic orientations and incentive plan characteristics. Research hypotheses are based on a framework that draws upon managerial discretion and agency theories to identify the links between firm strategy, managerial motivation and control, managerial risk-bearing, and incentive plan characteristics. A pooled cross-sectional, time series research design is used to test hypotheses in a sample of 50 electric utility firms. Consistent with theory, results indicate that annual bonus plans that use cash incentives and accounting measures of performance lead to better performance among firms with Defender strategic orientations. In contrast, firms with Prospector strategic orientations realize performance benefits when they adopt stock-based incentive plans and use market measures to evaluate managerial performance. © 1997 John Wiley & Sons, Ltd.     

Managing innovation networks: Exploratory evidence from ICT, biotechnology and nanotechnology networks

This study examines the management of innovation networks which has enjoyed increased recognition in the marketing literature due to its growing prominence and relevance. By testing a causal model relating network factors to outcomes, the study contributes to theory development on managing innovation at the net level of analysis. Consequently, it contributes to the respective marketing literatures on new product development, open innovation, industrial marketing and its emerging network management sub-stream. It also offers a methodological contribution as respondents include key players from businesses, government agencies, research organizations and universities rather than from only one focal organization as studies in extant literature have predominantly done. Findings are based on 219 responses from Australian high technology networks, namely, information and communications technology and biotechnology/nanotechnology. The study offers valuable implications for marketing managers involved in new product development and innovation concerning strategies for managing their inter-organizational innovation initiatives effectively.     

Strategic supply chain management: Improving performance through a culture of competitiveness and knowledge development

For many firms, using their supply chains as competitive weapons has become a central element of the strategic management process in recent years. Drawing on the resource‐based view and theory from the organizational learning and information‐processing literatures, this study uses a sample of 201 firms to examine the influence of a culture of competitiveness and knowledge development on supply chain performance in varied market turbulence conditions. We found that synergies exist between a culture of competitiveness and knowledge development: their interaction has a positive association with performance. In addition, based on behavioral and contingency theories, we found that market turbulence moderates these relationships, having a positive influence on the knowledge development–performance link and a negative influence on the culture of competitiveness–performance link. Managers who are confident about the level of market turbulence they will face can use this sense to decide whether to emphasize developing either a culture of competitiveness or knowledge development in their supply chains. For those firms whose managers are unlikely to be able to predict the degree of turbulence they will face over time, a focus on both a culture of competitiveness and knowledge development is critical to ensuring success. Copyright © 2007 John Wiley & Sons, Ltd.     

Rookies and seasoned recruits: How experience in different levels,firms, and industries shapes strategic renewal in top management

Research summary : This study explores the effect of knowledge integration on strategic renewal. In particular, it examines how executives from different levels and sources influence renewal when added to top management teams (TMT). In contrast to prior work, the study hypothesizes and finds that new outside rookies—those new to top management and the firm—are associated with higher firm growth than other types of executives. We also find that seasoned outsiders—those with prior TMT experience outside the focal industry—contribute to growth only when the existing TMT has a long tenure. The results suggest that the ability of the TMT to integrate new members varies by executive type and has an important effect on incremental strategic renewal. Managerial summary : Conventional wisdom holds that firms are better off hiring those who can demonstrate prior experience and skill in tasks as close as possible to the job. In the realm of the top management team (TMT), however, we find that many firms benefit from hiring rookies from other firms who are new to the top management team level. These candidates bring useful knowledge of the operations of competitors and other firms, and they are easier to socialize and integrate with the existing team. While more experienced senior leaders may bring valuable strategic knowledge, this study suggests that only top management teams with long shared experience can weather the disruption that they cause to realize the potential benefits. Copyright © 2016 John Wiley & Sons, Ltd.