Church‐based Credit Cooperatives in Germany

Abstract The traditional business focus of credit co‐operatives is locally oriented and business success is explained by the efficient way to induce monitoring of borrowers. Church‐based credit co‐operatives in Germany are not that locally oriented but were extraordinary successful over the last decades. First, this analysis describes the special characteristics of church‐based institutions compared to other credit co‐operatives. This part is based on a historical backward glance, an analysis of annual reports and a survey on their business policy. Second, we discuss the special characteristics of church‐based credit co‐operatives to explain the business success in a broader context and to understand the perspectives of credit co‐operative banking beyond the local orientation.     

Governance in Democratic Member‐Based Organisations

Abstract This paper considers issues of governance in democratic member‐based organisations (DMOs), such as co‐operatives and mutual societies. It examines the processes whereby members' interests are mediated through the democratic process, and the board; and it explores some of the factors influencing the power of managers. It goes on to argue that the system of governance in DMOs in their institutional context runs the risks of managers becoming powerful and entrenched in poorly performing social economy organisations, unless countervailing measures are adopted.     

Predicting financial failure: some evidence from new brunswick agricultural co‐ops

Abstract ** :  Given the essential role co‐ops play in the Canadian economy, the primary purpose of this paper is to develop methods to forecast their likelihood of insolvency. However, investor‐owner firms form the basic unit of analysis of most popular bankruptcy predictors used in Canada. The question is whether the key underlying elements that differentiates the latter from co‐ops justifies deriving specific bankruptcy prediction formulas exclusively for each type of business organization. To that effect, this research evaluates the efficacy of these current predictors and suggests an improved predictor for agricultural co‐operatives .     

Earnings, Schooling and Social Capital of Cooperative Managers

Abstract ** : This paper estimates a human capital model for co‐operative managers and compares the results with the social capital model, based on a questionnaire distributed in Portugal in 2003. The study disentangles the relative contributions of the two competing theories of earnings: the human capital and social capital theories, as applied to co‐operative managers. We conclude that co‐operative managers' earnings are a function of both theories. Policy implications are derived .     

WHAT DETERMINANTS AFFECT THE CAPITAL STRUCTURE OF CONSUMER CO‐OPERATIVES? THE CASE OF iCOOP KOREA

The capital structure of co‐operatives can differ from that of IOB (Investor‐Owned Businesses) since the two organizations differ in their aims, governance structures and decision‐making principles. This paper examines whether the determinants verified in IOB affect the leverage ratio of consumer co‐operatives. Consumer co‐operatives in South Korea have been rapidly growing during the last decade. There are two leading theories in finance that explain capital structure: the trade‐off and pecking order theories. Focusing on consumer co‐operatives in South Korea, the paper aims to analyze empirically what determinants have effect on the capital structure of consumer co‐operatives and which of the two theories is more plausible. This study reveals that profitability and firm size have a significantly negative effect on leverage while tangibility and growth have a significantly positive effect on it. In conclusion, it seems that neither of the theories above perfectly accounts for the capital structure of consumer co‐operatives because of the differences in governance characteristics between consumer co‐operatives and IOB as well as in the costs of bankruptcy, agency, informational asymmetry and securities issuance.     

治理理论综述——以法律、组织和市场为视角

公司治理研究和解决的问题是如何使资金的提供者按时收回投资并获得合理的回报,其研究视角不仅在于现代的公司组织,还包括了市场和法律体系。本文从法律、组织和市场的角度,对公司治理的相关文献进行回顾。     

公司治理研究中的认识论问题

公司治理的理论基础及分析方法之争,说到底是一个认识论问题,认识论的不同必然影响到公司治理理论上的建构及方法上的选择.本文从认识论的角度反观公司治理的理论及分析方法研究本身,试图为公司治理研究提供一个新的视角,以裨益于我国目前公司治理实践.     

Constitutional Design and Investment in Cooperatives and Investor‐Owned Enterprises

Abstract This paper studies the role of the corporate governance system in cooperatives and in investor‐owned enterprises. We abstract from all possible differences between the two systems except the type of majority needed to take decisions: this is one‐head‐one‐vote for cooperatives and proportional to capital invested in investor‐owned firms. We show that the institutional form chosen matters for the initial investment decision of the agents: in particular we find that members of a cooperative invest less than they would in an investor‐owned enterprise.     

经理人超额薪酬和公司治理——一个文献综述

经理人超额薪酬指的是指经理人利用手中的权力和影响寻阻而获得的超过公平谈判所得的收入。经理人超额薪酬不仅可能导致公司治理的失败、社会贫富差距的扩大等一系列不良的社会经济后果,同时也构成了对公司治理主流理论的挑战,迫使公司治理理论界开始重新反思一些业已成熟的结论的正确性和常用工具的新的政策含义。本文围绕经理人超额薪酬的危害、对传统公司治理理论的挑战以及研究现状等进行文献综述。在此基础上探讨其对研究我国经理人超额薪酬问题的启发。     

国有企业员工参与公司治理问题研究

本文分析了国有企业员工参与公司治理的理论依据,比较评价了世界各国员工参与公司治理的方式和途径,在此基础上,构建了我国国有企业员工参与公司治理的模式,即职工持股下的员工共决制。     

The Co‐initial Swap Market Model

In this paper, we introduce a novel approach to the pricing and the risk management of generic European style interest‐rate derivatives. This new model has great flexibility and has the advantage of avoiding complex model calibration techniques typical of standard short‐rate models. Dynamics is assigned on a set of co‐initial forward swap rates, and arbitrage‐free restrictions are determined in a normal and lognormal setup. Model implementation and calibration are discussed, and details of two example applications are also presented.
(J.E.L.: G12, G13).     

过程、结果维度的环境治理与企业财务绩效

目前国内外对于环境治理与企业财务绩效之间关系的研究,结论不一致且不能有效比较,可能是由于没有区分环境治理的不同维度,而高成本的环境治理过程与环境治理结果之间的关系尚不明确。本文基于2009—2017年A股公司年报手工搜集企业环境治理数据,基于权衡理论、自然资源理论和TLGT效应等,检验了环境治理过程和结果与企业财务绩效之间的非线性关系。结果发现:环境治理过程正向影响环境治理结果,而环境治理过程和结果两个维度都与企业财务绩效呈U型关系,较差的环境治理过程和结果均负向影响财务绩效,而较好的环境治理过程和结果均正向影响财务绩效,并且环境治理结果在环境治理过程和企业财务绩效之间发挥非线性中介作用。进一步检验发现,过程维度的环境治理仅通过成本效应路径影响财务绩效,而结果维度的环境治理同时通过成本效应路径和差异化效应路径影响财务绩效。本文基于中国的制度背景将环境治理划分为治理过程和治理结果两个维度,为企业环境治理与财务绩效之间的关系提供了经验证据,并对促进中国企业环境治理提供了一定启示。     

公司治理理论前沿综述

1 997年亚洲金融危机的影响还未完全消除 ,美国股市又相继爆出了安然、世通等一系列丑闻 ,公司治理问题一直在其中扮演着重要的角色。我国政府将建立有效的公司治理结构视为“现代企业制度”建设的核心内容 ,而加入WTO的承诺使得全面系统地处理这一问题显得更加紧迫。本文试图在契约 (激励 )理论发展的大背景下对公司治理的最新进展作一回顾和评述 ,以期为所有关注公司治理理论和实践的人士提供一些新的视角和研究参考。     

CORPORATE GOVERNANCE AND THE GOVERNANCE OF KNOWLEDGE: RETHINKING THE RELATIONSHIP IN TERMS OF CORPORATE COHERENCE

Abstract

Corporate governance and the governance of knowledge were for a long time distinct fields of analysis. Reasons for this incompatibility are linked to the restricted vision of corporate governance supported by shareholder value which essentially refers to information rather than knowledge. In this paper, we argue that other visions of corporate governance exist which are also closer to knowledge dynamics and knowledge governance problems. We elaborate thus on the possible reconciliation between corporate governance and the governance of knowledge. We sustain that each key actor (the manager and the investor) embodies a piece of diversified and localized knowledge related to his/her specific domain and field of experience, and these different modules of knowledge have to be recombined by an appropriate mode of corporate governance that stimulates corporate development. In this perspective, the reconciliation really appears essential since managers, by defining and selecting innovative processes, and investors, by determining the money that is invested to sustain these processes, both take part in the creation and governance of new knowledge by the firm. We show that this reconciliation can be based on the notion of corporate coherence of the cognitive firm that allows replacing the conventional conflicting vision of corporate governance by a new vision based on cooperation between managers and investors that collectively contribute to corporate development and coherence.     

IT治理评价:在公司治理基础上的信息化水平评价

分析了现有的4种IT治理评价体系,探讨了IT治理评价的重要性和复杂性,指出了造成IT治理评价困难的5种原因。提出IT治理评价可从公司治理评价和信息化水平评价两方面入手,通过已有的成熟的衡量体系,间接地建立IT治理评价体系。     

公司内部审计的治理机制研究综述

内部审计是公司治理机制的重要组成部分。国内学者对内部审计的公司治理机制有诸多不同研究视角。就国内：不同研究视角的内部审计在公司治理中的作用进行了综述。     

公司治理道德风险的起源及其机制设计——基于契约不完全的视角

公司治理契约的不完全性诱发了委托代理关系中的当事人道德风险行为,制约着企业经营效率,成为公司治理研究的逻辑起点。文章从契约不完全性视角探讨了公司治理道德风险的本质和起源,并从公司治理当事人委托代理交互关系中指出了委托人-代理人框架、委托人-监督人-代理人框架、知情委托人框架三类道德风险分析框架。结合公司治理道德风险的本源,从微观视角提出了偏好治理机制、声誉治理机制、信息共享机制、横向监督机制以及第三方执行机制五种由弱到强、由内到外的道德风险多层次治理机制,结合国内外研究现状分析了五种治理机制的作用机理。最后,对五种治理机制在公司治理道德风险中的规制效能进行了总结并从外部竞争对内部机制的影响上提出了未来的研究方向。     

公司治理结构、股利分配与企业创新绩效三元关系实证研究

公司治理是现代企业管理理论的重要组成部分,直接影响公司经营状况、股利政策及创新绩效。采用回归分析法对公司治理、股利支付及企业创新绩效关系进行实证分析。研究发现,董事会结构、第一大股东持股比例与公司创新绩效显著正相关;第一大股东持股比例及前十大股东持股比例平方和越高,企业越倾向高股利支付;高股利支付与企业创新绩效间并无正相关关系,股利支付与企业创新绩效间存在负相关关系,但不显著。最后,从完善公司治理和股利政策方面提出了促进企业技术创新的政策建议。     

An Applied Econometricians' View of Empirical Corporate Governance Studies

The economic analysis of corporate governance is in vogue. In addition to a host of theoretical papers, an increasing number of empirical studies analyze how ownership structure, capital structure, board structure, and the market for corporate control influence firm performance. This is not an easy task, and indeed, for reasons explained in this survey, empirical studies on corporate governance have more than the usual share of econometric problems. This paper is a critical survey of the recent empirical literature on corporate governance – to show which methodological lessons can be learned for future empirical research in the field of corporate governance, paying particular attention to German institutions and data availability.     

Structural Changes in the Development of European Co‐operative Societes

Abstract ** : In spite of the wealth of experience which co‐operative societies now have behind them, they have not gained uniform recognition across Europe. Supranational authorities such as the European Commission, the UN and the ILO have highlighted the important contribution made by co‐operative societies in the creation of employment and in the mobilization of resources particularly at the local level. For several years now, however, two different tendencies in the development of the European co‐operative movement are becoming apparent and they are analysed in this study. One is towards the creation of growth processes through formulas which aim to bring under the same roof asset holders who by their very nature are a difficult fit, all the while trying to maintain certain cooperative principles. And on the other hand, a tendency towards the creation of micro‐companies that act in local markets and allow for territorial development by means of the mobilization of local resources, based on local allegiance of the partners and democratic participation .