Managers’ Escalation Behavior in Equity Investment Decisions and the Role of Corporate Governance

The aim of this study is to investigate the relationship between free cash flows and escalation behavior in the long-term stock buying decisions for the firms listed in Taiwan. The main findings include: (1) Managers tend to exhibit the escalation behavior in the long-term equity investment. (2) There is a positive association between the level of free cash flows and the magnitude of managers’ behavioral escalation. (3) The corporate governance mechanisms play a contributory role in mitigating the escalation behavior. The evidence is robust across subsamples for electronic versus non-electronic industries, growth versus value firms, and loss versus gain firms.     

Corporate governance,SFAS 157 and cost of equity capital: evidence from US financial institutions

This study examines the association between fair value measurements and the cost of equity capital under different fair value valuation methods, and assesses the impact of corporate governance on this relationship for US financial firms. We find that firms’ cost of equity capital is negatively associated with more verifiable fair value assets and positively related to less verifiable fair value assets. Furthermore, the positive association between less verifiable fair value assets and the cost of equity capital is mitigated under better corporate governance. The differential impact between more and less verifiable assets becomes smaller for firms with stronger governance. Our findings contribute to the ongoing debate on fair value regulation by investigating the economic consequences of adopting Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157) and the importance of audit committee financial expertise on fair value reporting. We also provide evidence on the importance of board independence, internal control strength, auditor industry specialists, and audit committee financial experts in fair value reporting.     

External finance and dividend policy: a twist by financial constraints

This study assesses distorting effect of financial constraints on the inverse relationship between internal and external finance by examining impact of an exogenous financing shock (i.e. a regulation released in China in 2008) on dividend policies in a quasi‐natural experimental setting. Our result shows that in the absence of the regulation, the inverse relationship holds. However, the relation is twisted by the 2008 regulation. Compared with unconstrained firms, financially constrained firms are more willing to pay dividends and are more restrained to reduce cash dividends after the regulation, despite the fact that their external financing capacities are further constrained.     

Emotional intelligence,job insecurity,and psychological strain among real estate agents: a test of mediation and moderation models

We develop two models of the relationships between emotional intelligence (EI), job insecurity, and psychological strain. The moderation model suggests that EI reduces psychological strain by helping individuals cope with job insecurity when it arises. The mediation model suggests that EI reduces psychological strain by enabling individuals to conserve resources, thereby reducing their experience of job insecurity. Our results, based on a sample of 232 real estate agents, show that job insecurity mediates the relationship between EI and psychological strain. Contrary to what the moderation model suggested, the positive relationship between job insecurity and psychological strain was found to be stronger when EI was higher. Overall, the results provide more nuanced insights into the role of EI in psychological strain.     

产业结构优化升级改进生态效率了吗？

建立广义动态空间面板计量模型,从本地效应和区际互动双重视角分析产业结构优化升级对省份生态效率影响的驱动机理和作用效果。研究发现,产业结构高度化既能提高本省份也能提高其他省份的生态效率,即存在本地和外部双重正面效应;而产业结构合理化对生态效率则更多体现为正外部效应。从异质性上看,经济发展水平的提高,更加有利于合理化本地正面效应以及高度化双重正面效应的发挥;合理化和高度化与环境规制的相互作用,更有利于本省份生态效率的提高。     

Telehealth services evaluation: a combination of SERVQUAL model and importance-performance analysis

Telehealth services provide a means of monitoring a patient’s vital signs through the use of equipment or mobile devices and have the potential to extend clinical outreach to more patients regardless of geographical locations. However, patient acceptance is essentially important for the success of telehealth implementations. Thus, it is of interest to evaluate patients’ attitudes and perceptions toward the use of telehealth services. This study combines service quality model and importance-performance analysis to evaluate telehealth services provided by a case hospital. The results show that six items belong to major weaknesses, which should be addressed immediately in order to reduce patients’ complaints. In contrast to major weaknesses, there are seven items classified as major strengths, which should be maintained to provide telehealth service excellence in order to establish better and longer relationships with patients in the long-term perspectives.     

员工持股、信息透明度与企业创新 ——基于员工持股计划的准自然实验

自2014年6月证监会重启员工持股计划以来,已有超过8%的上市公司推出员工持股计划预案。以2010—2017年A股上市公司为研究样本,基于多时点DID研究框架,用以控制可能存在的内生性问题。实证检验企业实施员工持股计划（ESOP）对企业创新活动的影响效果,以此揭示中国混合所有制改革背景下实施员工持股计划（ESOP）的真实效果。结果发现：实施ESOP的企业相较于未实施ESOP的企业具有更高的创新产出,并且在信息透明度更高的企业中这种促进作用更显著;相比于国有企业,在非国有企业实施ESOP对创新活动的促进作用更强。进一步通过中介效应对机制进行检验发现,实施ESOP后可以提高管理层创新意愿进而促进创新投入。研究揭示了ESOP对企业创新活动影响可能存在的作用机制,对广大投资者理解ESOP公司治理作用具有一定启示意义。     

有激情的员工更能创新吗

员工创新绩效是衡量企业创新能力的重要标准。以创造力交互作用观为理论框架,从认知视角考察员工和谐型激情通过创造力自我效能感对创新绩效的作用机制及相应的情境机制。对492份问卷分析发现：和谐型激情对员工创新绩效有正向预测作用;创造力自我效能感中介了和谐型激情与创新绩效的关系;创新氛围感知既调节了和谐型激情与创造力自我效能感的关系,又调节了创造力自我效能感在和谐型激情与创新绩效之间的中介作用。研究结果揭示了员工情感与认知对提高创新绩效的重要意义。     

R & D税收激励有效性与影响因素

基于生产函数理论抽象出盈利能力和研发程度是R&D税收激励效应的两个关键因素,进而采用2012-2015年全国高新技术企业调查数据,分别检验了15%税率式优惠与研发加计扣除政策的有效性及其影响因素。实证结果表明：15%税率式优惠与加计扣除政策均能激励企业创新,而加计扣除激励效果显著优于15%税率式优惠;15%税率式优惠政策效应受企业盈利能力影响较大,而加计扣除政策受企业研发投入的作用较大;15%税率式优惠政策对高新制造业、服务业和文化产业创新激励效果不显著,而加计扣除对高新制造业和文化产业研发密集型行业创新具有显著的激励作用;15%税率式激励对成熟度较高企业创新具有较好的激励效应,而研发费用加计扣除政策对成熟度较低企业创新具有较强的促进作用。     

外部环境、资源拼凑与“军技民用”新产品开发关系研究

基于资源拼凑理论视角,运用扎根理论对传统军工企业“军技民用”新产品开发过程进行探究,并探索外部环境、资源拼凑对“军技民用”新产品开发的作用机理。结果发现：“军技民用”新产品开发包括信息获取、技术选择、技术再造3个过程;资源拼凑是“军技民用”新产品开发的有效措施;外部环境对资源拼凑开发“军技民用”新产品过程具有调节作用。