Acquisition experience, board characteristics, and acquisition behavior

Literature on acquisition places more concern on the consequence of an acquisition event and pays less attention to what factors influence the motive for initiating the acquisition strategy of a firm. Through the lenses of organizational learning and corporate governance theories, the study examine whether the prior acquisition experience and board characteristics affect firms' acquisition behavior. Hypotheses are tested on a sample of 92 acquisition events of Taiwanese electronics firms during the period from 1997 to 2007 by employing the survival function model. Empirical results indicate that business acquisition experience positively influence the inclination of the acquirer adopting a subsequent acquisition, while board characteristics do not relate to the likelihood of the acquirer making a subsequent acquisition. These findings provide theoretical and managerial implications for organizational learning and corporate governance theories in general and acquisition management in particular.     

Third-party endorsements of CEO quality,managerial discretion,and stakeholder reactions

Research on the influence of third-party endorsements of CEO quality generally does not account for the context in which such signs manifest. To address this limitation, the present study examines how a CEO's level of managerial discretion shapes boards' and shareholders' responses to external endorsements of his or her quality. Managerial discretion refers to the range of strategic options that executives have at their disposal in a given business context. The findings indicate that boards only react to CEO endorsements in high-discretion settings, and this reaction is positive (i.e., more pay). In contrast, shareholders – regardless of discretion levels – positively respond to CEO endorsements in the short-term, while these responses become more equivocal over the time. These results suggest that – at least in the short term – directors more adeptly interpret and respond to external information about CEO quality than shareholders.     

浅析中国汽车企业跨国并购的特点

随着经济全球化进程的加快和我国汽车企业规模的不断壮大,越来越多的中国汽车企业进行跨国并购.本文在分析中国汽车企业跨国并购主要案例的基础上,总结了中国汽车企业跨国并购的特点.     

产品市场竞争度与公司治理效应的实证分析:基于经理人激励视角

近年来,产品市场竞争作为公司治理的一种外部机制正受到重视。本文取2006年中国上市公司数据,以产品市场竞争为出发点,将公司治理绩效、经理人薪酬、经理人市场竞争度与企业研发联系起来进行实证分析。研究结果表明,这四项与HHI都呈正向相关关系,说明提高产品市场竞争度不仅有利于改善公司治理绩效,而且能够通过较高的薪酬选拔合乎企业的优秀人才。实证分析显示,研发与HHI间的关系最为显著,但其受控制权性质、资产与债务规模的控制较为明显。     

Managerial work in the realm of the digital universe: The role of the data triad

With the explosion of the digital universe, it is becoming increasingly important to understand how organizational decision making (i.e., the business-oriented perspective) is intertwined with an understanding of enterprise data assets (i.e., the data-oriented perspective). This article first compares the business- and data-oriented perspectives to describe how the two views mesh with each other. It then presents three elements in the data-oriented perspective that are collectively referred to as the data triad: (1) use, (2) design and storage, and (3) processes and people. In describing the data triad, this article highlights practices, architectural techniques, and example tools that are used to manage, access, analyze, and deliver data. By presenting different elements of the data-oriented perspective, this article broadly and concretely describes the data triad and how it can play a role in the redefined scope of work for data-driven business managers.     

企业管理创新的行为目标分析

管理创新是企业创新的重要组成部分,企业要生存和发展,必须要进行管理创新。从管理创新的行为和目标出发,分析管理创新一般要采取哪些行动,而这些行动又为哪些目标服务,最终得出行为和目标之间是互相联系的有机整体。     

The role of CSR committee characteristics on R&D investments

We investigate the impact of corporate social responsibility (CSR) committees on research and development (R&D) investments. Using a unique sample of European listed companies, we offer three key results to the current academic and policy debate. First, we document that firms with a CSR committee exhibit lower levels of R&D investments. Second, we find that the CSR committee membership of either the CEO or chairman is associated with an increase in R&D investments. Finally, we provide evidence that firms whose CSR committees are chaired by a female director exhibit higher R&D investments. These results are of importance for academics, investors, and policy makers, since they shed light on the effect of CSR board committees on corporate outcomes, beyond their impact on social performance and/or sustainability disclosure.     

Legal rights,national culture and social networks: Exploring the uneven adoption of United Nations Global Compact

We develop and test a novel framework for explaining cross-country differences in corporate participation in a prominent initiative often associated with social responsibility, United Nations Global Compact (UNGC). Drawing upon neo-institutional and cross-country comparative literatures, we explore the impact of (a) stakeholder legal rights; (b) national culture, and (c) the country's social network position, as reflected by international trade patterns. Results suggest that firms from countries with strong labor rights, collectivist cultures, and long traditions of stock trading join UNGC at higher rates. Our framework can be modified for future cross-country research on the adoption of practices.     

试析商业银行的特殊性及其对法人治理的影响

完善法人治理结构是银行改革的核心,但目前对商业银行法人治理的研究基本上只是简单套用企业法人治理理论,并没有充分考虑商业银行与一般企业的差异。本文着重研究了商业银行在经营目标、经营地位、资本结构、经营风险、存款保险、信息透明度和政府管制等方面的特殊性及其对法人治理的影响,希望能为构建具有商业银行自身特色的法人治理理论体系奠定基础。     

Does home market size matter for the pattern of trade?

Does home market size matter for the pattern of trade? Krugman started the literature, showing it does matter. Davis overturned his result, arguing that an assumption of convenience—transport costs only for the differentiated goods—conveniently obtained the result. Here we relax another persistent assumption of convenience—two industry types differentiated only by the degree of scale economies—and find that market size reemerges as a relevant force in determining industrial structure.     

The effect of cross-listing on the environmental,social, and governance performance of firms

We propose that cross-listing is associated with better environmental, social, and governance (ESG) performance, because cross-listed firms adopt ESG practices to mitigate the liability of foreignness (LOF) in foreign financial markets. Institutionalization processes have made ESG practices important for managing challenges associated with the LOF. With tests involving the S&P Global 1200 index, we show that cross-listing improves corporate social responsibility (CSR; i.e., social and environmental dimensions) but not corporate governance. The effects of cross-listing on CSR also depend on investor protection regimes of listing destinations: Stronger regimes correspond with poorer CSR performance, suggesting that they limit managerial discretion.     

香港劳动市场供给变动及影响因素分析

根据1961-2000年香港劳动人口变动的数据,分析人口规模、人口构成以及劳动参与率对香港劳动市场变动的影响。从劳动供给一方,讨论香港劳动市场的主要特征。     

Women in top management and agency costs

This study investigates gender diversity among the top managers of Fortune 500 firms and its effect on agency costs. The study finds that firms with a greater percentage of female officers present lower agency costs but that the negative relation is not robust when considering the endogeneity of diversity. The study also finds that external governance influences the relationship. Although increasing diversity does not reduce agency costs for all firms, the evidence shows that diversity is significantly negatively related to agency costs in firms in less competitive markets. The results suggest that increasing diversity in management can have beneficial effects for firms where strong external governance is absent.     

The challenges of and solutions for implementing enterprise risk management

Enterprise risk management (ERM) began to take root in the late 1990s and has since become generally recognized as an expectation of good management and corporate governance. However, as evidenced by surveys and research, many companies still struggle with ERM implementation. This article explores the challenges companies face when implementing ERM and offers solutions for firms struggling with the concepts and execution. We draw upon Hydro One's experience in achieving ERM maturity as a best practice case study. The company's ERM methods have been researched and documented extensively. With over 15 years of ERM success, Hydro One is an excellent organization to benchmark for ERM best practices.     

Strategic and institutional effects on foreign IPO performance: Examining the impact of country of origin,corporate governance,and host country effects

Integrating signaling and institutional perspectives, we develop and test hypotheses relating institutions and corporate governance to foreign IPO success. Our investigation highlights the importance of three important drivers of foreign IPO success: home country legal institutions, corporate governance, and host capital market choice. This research demonstrates that board independence and country of origin effects are powerful signals. However, these factors do not have a universal impact on foreign IPO success. Instead, the value of home country institutions along with corporate governance signals are contingent upon the institutional environment in which international entrepreneurs choose to seek capital resources.     

The development of new products: The role of firm context and managerial cognition

We explore the effect of organizational factors and managerial cognition on firms' entrepreneurial actions and investigate the relationship between these antecedents by drawing from prior work on corporate entrepreneurship, managerial cognition, and the attention-based view of the firm. The analysis of data from 84 firms shows that firm strategy and resources influence the degree of negativity with which managers interpret events that lead to the development of new products. Our results also suggest that more negative evaluations of the triggering event lead to less innovative new products. While the strategy and the resources of a firm also have an effect on a new product's degree of innovativeness, at least part of this effect is mediated by executives' evaluation of the triggering event. The theoretical elaboration and our results contribute to a better understanding of the drivers of corporate entrepreneurial activities and point to the importance of considering both managerial and organizational factors for advancing our knowledge on firms' entrepreneurial actions.     

Managerial Values and Practices Sharing Common Cultural Heritage: A Comparison of Cultural Values in Hong Kong,Taiwan and the People's Republic of China

ABSTRACT

This paper explores managerial values and practices in three rapidly growing economies in Asia: Hong Kong, Taiwan, and the People's Republic of China. Differences and similarities in six cultural dimensions were investigated. Although participants in the present study share a common cultural heritage, their cultural values may be very different. Implications for cross-cultural research and practical applications are explored.     

An Analysis of Stock Market Response to the IOC's Commercial Partnership: The Case of the TOP Partnership Program

The purpose of this study was to investigate the empirical properties of stock market response. The financial impact of corporate sponsorship is reflected in the market value of a firm's stock price, which is measured by comparing the abnormal stock return between the preevent window (250 trading days) and the 14 trading days of the event period. Computations of ARs, CARs, and other test statistics were based on the event study model and were carried out using the SAS 9.2 software. For the preevent windows (t = ?3, t = ?1), there were statistically significant positive ARs and 80% of the TOP sponsors showed positive ARs in the overall duration of the Olympic Games. The overall CARs during the event period (t = ?3 through t = +10) indicates marginally positive returns for the event.