研发投资、企业风险与高管薪酬——业绩敏感性

企业研发投资会影响高管薪酬与业绩的敏感性。本文以2010～2014年沪深A股上市公司数据为样本,实证检验了研发投资、企业风险与高管薪酬--业绩敏感性之间的关系。研究结论表明,研发投资与企业风险呈正相关关系;增加研发投资导致企业风险加大,高管薪酬与业绩的敏感性会有所降低;进一步地,企业风险在研发投资与高管薪酬--业绩敏感性的负向关系中起中介作用。本文不仅丰富了高管薪酬--业绩敏感性影响因素的研究,也为企业针对研发活动设计合理薪酬契约提供了决策支持。     

Influences of top management team incentives on firm risk taking

In our work, the influences on subsequent firm risk taking of fixed incentives relative to variable incentives as well as the separate effects on subsequent corporate risk taking of variable incentives are examined. Focusing on the top management team members, we find a higher proportion of incentives that are devoted to fixed incentives relative to variable incentives tend to be inversely associated with subsequent firm risk taking. Managerial stock options are directly and uniformly associated with subsequent corporate risk taking. Executive shareholdings, however, display a curvilinear relationship with subsequent enterprise risk taking. Copyright © 2007 John Wiley & Sons, Ltd.     

Asymmetric corporate exposures to foreign exchange rate changes

Research examining firms' economic exposures to exchange rate movements has not differentiated periods of foreign currency appreciation and depreciation when estimating exposure coefficients. Recent theoretical developments regarding real options and pricing-to-market suggest corporate exposures may be asymmetric (i.e., the financial performance impact of a foreign currency appreciation may not be offset by the currency's depreciation). Our empirical analysis indicates that for the small percentage of U.S. manufacturing firms exposed to currency appreciations or depreciations, their exposures are asymmetric. © 1998 John Wiley & Sons, Ltd.     

Multinationals' diversification and the risk-return trade-off

This paper advances a theoretical rationale to explain Bowman's paradox (1980) that firms with high returns can have low risk. Here we draw on the rich body of international management research and argue that global market diversification, which provides firms with three distinct options and opportunities over domestic firms, can explain the high return-low risk profile. We also argue that no strong theoretical rationale exists in support of either related or unrelated product diversification generating such a favorable risk-return profile. By integrating both the product and the global market dimension of diversification into our analyses and by controlling for the industry effect, this paper sheds new light on the relationship between corporate diversification and the risk-return tradeoff. The results of this research, which are based on the diversification experiences of 125 multinationals, reveal the strikingly important, though so far overlooked, role that global market diversification plays in the joint management of corporate risk and return. Global market diversification here reflects both the multiplicity of international market areas in which a firm operates and the distribution pattern of a firm's industries across these multiple areas.     

The effects of CEO equity ownership and firm diversification on risk taking

This research explores the effects of CEO equity ownership and corporate diversification on firms' risk‐taking and risk avoidance behaviors. Hypotheses regarding these effects are tested through econometric analysis of mergers in the U.S. cable television industry. Risk taking and avoidance are measured as horizontal expansion through acquisitions and as the divestiture of assets, respectively, in the face of increasing environmental turbulence. Copyright © 2002 John Wiley & Sons, Ltd.     

Top management conservatism and corporate risk strategies: Evidence from managers' personal political orientation and corporate tax avoidance

We investigate whether managers' personal political orientation helps explain tax avoidance at the firms they manage. Results reveal the intriguing finding that, on average, firms with top executives who lean toward the Republican Party actually engage in less tax avoidance than firms whose executives lean toward the Democratic Party. We also examine changes in tax avoidance around CEO turnovers and find corroborating evidence. Additionally, we find that political orientation is helpful in explaining top management team composition and CEO succession. Our paper extends theory and research by (1) illustrating how tax avoidance can serve as another measure of corporate risk taking and (2) using political orientation as a proxy for managerial conservatism, which is an ex ante measure of a manager's propensity toward risk. Copyright © 2014 John Wiley & Sons, Ltd.     

How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk

Research summary: This article explores the relationship between corporate social irresponsibility (CSI) and financial risk. We posit that media coverage of CSI generates risk by providing conditions that increase the potential for stakeholder sanctions. Through analyzing an international panel of 539 firms during 2008–2013, we find that firms receiving higher CSI coverage face higher financial risk. We show that the reach of the reporting media outlet is a critical condition for this relationship. Once the outlet has a high reach, the severity of CSI coverage is a boundary condition that further reinforces the effect. Our findings complement existing theory about the risk‐mitigating effect of corporate social responsibility by illuminating the risk‐generating effect of CSI coverage. For executives, these insights suggest complementary strategies for corporate risk management. Managerial summary: This article examines the effect of negative news on financial risk. It shows that negative media articles regarding environmental, social, and governance (ESG) issues increase a firm's credit risk. It also provides a detailed analysis of the impact of an article's reach and severity, i.e., how many readers are exposed to the article and how harshly it criticizes the firm. The results allow to quantitatively assess the risk that emanates from negative ESG news. For executives, three strategies are derived for limiting a firm's exposure to this risk: balancing corporate social responsibility programs with operational safety programs, reporting suboptimal environmental and social performance transparently and proactively, and avoiding acquisition targets and markets with a legacy of negative news. Copyright © 2017 John Wiley & Sons, Ltd.     

The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis

Do shareholders gain when managers disperse corporate resources through activities classified as corporate social responsibility (CSR)? Strategy scholars have recently developed a theoretical model that links such activities to shareholder value when a firm suffers a negative event; we test key portions of this theory of the ‘insurance‐like’ property of CSR activity. We posit that such activity leads to positive attributions from stakeholders, who then temper their negative judgments and sanctions toward firms because of this goodwill. We extend the risk management model by theorizing that some types of CSR activities will be more likely to create goodwill and offer insurance‐like protection than other types. We delineate several firm and event specific characteristics that we expect to influence the link between CSR activities and an insurance effect. We then test our model using an event study of 178 negative legal/regulatory actions against firms throughout the 11 years from 1993–2003. We find that participation in institutional CSR activities—those aimed at a firm's secondary stakeholders or society at large—provides an ‘insurance‐like’ benefit, while participation in technical CSRs—those activities targeting a firm's trading partners—yields no such benefits. We conclude by considering the implications of our findings for future theorizing and research into the economic value of CSR engagement. Copyright © 2008 John Wiley & Sons, Ltd.     

客户集中度风险、政府补贴与公司研发投入——来自中国制造业上市公司的经验证据

本文基于中国上市公司披露的前5大核心客户数据,采用赫芬达尔指数计量其客户集中度风险,理论分析与实证检验客户集中度风险对公司研发投入行为的影响,以及另一外部利益相关者政府的“支持之手”--政府补贴对上述影响的调节作用。研究发现,客户集中度风险显著负向影响公司的研发投入水平,政府补贴的存在则弱化了这种负向影响,尤其在非国有公司中表现得更为显著。该研究拓展了客户集中度风险影响公司投资行为的经验研究,丰富了政府补贴激励公司研发投入活动的作用机理与路径研究。     

Risk measures in strategic management research: auld lang syne?

Risk is an integral component of strategic management decisions and often appears as an element of empirical studies reported in the strategic management literature. Recent methodological research in the financial economics and management science literatures has, however, raised serious questions about the strategic management literature’s two most widely used measures of firm and business‐level risk: beta (or its derivatives) from the Capital Asset Pricing Model and simple variance (or its variants). This research reviews risk studies published in leading management journals in the past 15 years and summarizes the recent methodological findings in the adjacent literatures. We discuss the implications of these findings for our understanding of risk in strategic management and assess alternative measures of risk and conclude with a discussion of directions for future strategy research. Copyright © 1999 John Wiley & Sons, Ltd.     

The structure of ownership and corporate acquisition strategies

In this study, we examine in an agency‐theoretic context the influence of executive equity stakes upon corporate strategy and firm value. We argue that beneficial, risk‐increasing corporate strategies may initially be emphasized but non‐value‐maximizing, risk‐reducing strategies may subsequently be emphasized as managers expand their stock ownership. We alternatively contend that stock options may have a consistently positive impact on firm risk taking and acquisition returns. The empirical findings are supportive of our expectations. Copyright © 2002 John Wiley & Sons, Ltd.     

Firm litigation risk and the insurance value of corporate social performance

This paper advances the risk management perspective that superior social performance enhances firm value by serving as an ex ante valuable insurance mechanism. We posit that good social performance is more valuable as an insurance mechanism for firms with higher litigation risks. Moreover, value generation of corporate social performance (CSP) depends on whether a firm has gained pragmatic legitimacy (i.e., a firm's financial health) and moral legitimacy (i.e., whether or not a firm operates in a socially contested industry) among its stakeholders. We find that the value of CSP as insurance against litigation risk is practically significant, adding 2 to 4 percent to firm value. But CSP is less likely to create value if the firm is in financial distress or is operating in socially contested industries. Copyright © 2013 John Wiley & Sons, Ltd.     

公司治理机制与高管薪酬决定研究最新进展综述

基于坚实的理论基础和丰富的数据环境,有关高管薪酬的研究在近十几年来得以迅速发展,并成为经济学、管理学等学科的重要研究领域。由本次国际金融危机引发的全球＂限薪＂浪潮,更是加深了公众对如何从公司治理层面强化企业高管薪酬治理的关注程度。文章系统梳理了国外关于公司治理机制与高管薪酬决定研究的最新成果,并对后续研究进行了展望。     

The role of corporate image in business-to-business export ventures: A resource-based approach

Although a growing body of studies suggests that good corporate images have strategic value for the firms that possess them, no research to date has looked at the role of corporate image in export markets. To fill this gap in the extant literature, this study draws on the resource-based view and insights from qualitative interviews to develop a model that links an exporter's financial resources and relationship management capabilities with its corporate image advantage and its performance in the export market. Findings reveal that both financial resources and relationship management capabilities are significant contributors of corporate image advantage, which, in turn, is an important determinant of superior export performance. The study concludes with a discussion of the implications of the findings for marketing theory and practice and suggestions for future research.     

The Effects of Environmental Turbulence on New Product Development Strategy Planning

Managers need guidance on how to cope with turbulent environments in order to improve corporate performance. Research on environmental turbulence has suggested that firms adopt a less centralized, more organic structure in dynamic, uncertain environments. Little work has been done specifically, however, on how environmental turbulence affects strategy planning for new product development (NPD). In this article, we specify a baseline model with firm innovativeness, market orientation and top management risk taking as antecedents to NPD speed and corporate strategic planning; these in turn are modeled as antecedents to NPD program (not project) performance. Two conceptualizations of the role of environmental turbulence are examined: (1) that market turbulence and technological turbulence are additional direct antecedents to NPD program performance; and (2) that the baseline model is moderated by turbulence (that is, that the strengths of the paths differ depending on levels of turbulence). A cross-sectional survey methodology including four diverse industries [automotive, electronics, publishing, and manufacturing/research and development (R&D) laboratories] was used to test the hypotheses. The latter conceptualization is supported. In particular, the paths from innovativeness to strategic planning and from risk taking to NPD speed are significantly greater in highly turbulent environments. A set of managerial recommendations and implications are provided. First, managers must recognize the possible improvements in new product performance by actively including NPD personnel in corporate strategic planning and also by involving corporate planners in NPD activities. Second, managers also should recognize that turbulent environments heighten the need to make risky investments, and sometimes, risky decisions; risk-taking decisions ought to be encouraged in such environments.     

Does a green supply chain improve corporate reputation? Empirical evidence from European manufacturing sectors

Managing supplier relationships in an environmentally responsible way may prevent risk of adverse publicity and reputational damage to the buying firm. Drawing on the stakeholder approach and the environmental management capability framework, the purpose of this paper is to gain further knowledge regarding the impact of strategies oriented to green supply chain management on a firm's corporate reputation. We test a set of hypotheses in a panel data of European manufacturing companies for a period of ten years. Our findings provide strong support for the premise that supplier selection, monitoring and partnership termination based on environmental criteria positively influence corporate reputation. Additionally, evidence suggests that the implementation of those strategies in an integral way as well as progressing towards the adoption of green supply chain management benefit a firm's reputation. This study has implications for theory and practice.     

关于构建电力企业风险防范机制的思考

我国电力企业所面临的风险是错综复杂的,它包括自然风险、人为风险、责任风险和财务风险等.因此,企业只有构建和完善风险防范机制,加强风险管理,才能有效地实现企业风险成本最小化和企业价值最大化的总体目标.构成企业风险防范机制的框架包括风险评估、风险控制、损失融资三个基本要素.我国电力企业建立风险防范机制的有效途径是保险.保险过去是、现在是、将来仍然是企业风险管理的重要手段,并且在风险管理方面发挥越来越重要的作用.     

建设项目风险效率的评价

文章提出了对建设项目风险效率进行分析与评价的方法。解释了风险效率的概念,并基于风险投入和风险效应两个维度详细阐述了建设项目风险效率的内涵。结合风险管理的全过程以及风险效率的两个维度,分析了建设项目风险效率的形成机理,并对风险投入和风险效应的内容和量化思路做了进一步的分析。通过对管理学及经济学中效率评价的一般方法的分析,提出了对建设项目风险效率进行评价的方法,以期能基于风险效率提供更好的建设项目风险管理。     

A comparative analysis of the internationalization of Chinese and Japanese firms

This paper integrates institution-, industry-, and resource-based views of internationalization and demonstrates that industrial characteristics, firm resources, and institutional factors can significantly explain the differences and similarities of international expansion of Chinese and Japanese multinational enterprises (MNEs). In particular, this paper maps the growth of Chinese MNEs since economic reforms in 1978 and that of Japanese MNEs after World War II. We illustrate the similarities and differences between Chinese and Japanese MNEs with two case studies: foreign direct investment (FDI) of Haier and Matsushita. We suggest that how firms internationalize, in addition to being influenced by industry- and resource-based considerations, is inherently shaped by the domestic and international institutional frameworks governing these endeavors.

Internal corporate joint ventures: Development processes and performance outcomes

Joint venture activity and internal corporate venturing represent two administrative innovations receiving increased attention in strategic management research. This study investigates a new hybrid form of administrative innovation: internal corporate joint ventures, which combine the equity involvement typically found in joint ventures with the internal staffing of a semiautonomous unit typical of internal corporate ventures. Drawing on both a process model and a variance model, the structuring, development and performance of 53 such ventures in an industry-specific setting is examined.