Can Shareholders Be at Rest after Adopting Clawback Provisions? Evidence from Stock Price Crash Risk

Using a propensity score matched sample and a difference‐in‐differences research design, we find that stock price crash risk increases after a firm voluntarily incorporates clawback provisions in executive officers' compensation contracts. This heightened crash risk is concentrated in adopters that increase upward real activities‐based earnings management and those that reduce the readability of 10‐K reports. Based on cross‐sectional analyses, we also find that the increased crash risk is more pronounced for adopters with high ex ante fraud risk, low‐ability managers, high CEO equity incentives, and low dedicated institutional ownership. Collectively, our results suggest that the clawback adoption per se does not curb managerial opportunism but rather induces managers to use alternative channels for concealing bad news, which may contribute to a greater stock price crash risk; and the increase in crash risk is more likely in cases where incentives are strong or monitoring is weak. Our results should be of interest to regulators and policymakers considering the effects of clawback adoption on the investing public.     

农民资金互助合作社运行效率及影响因素研究

基于调研数据,使用数据包络分析方法对2010年至2015年江苏农民资金互助合作社的运行效率进行测算。结果表明,江苏农民资金互助合作社的运行效率处于较高水平,但逐年递减,纯技术效率较低是造成效率下降的主要原因。政策因素对农民资金互助合作社的规模效率影响较大。进一步的分析表明,发起人股权比重与互助金投放规模提高均会降低农民资金互助合作社的运行效率,而资产规模、市场份额、农业经济比重以及经济发展水平对效率均有促进作用。     

Does distance matter in foreign direct investment sub-national location choice? Evidence from China

Multinational enterprises (MNEs) make investment decisions according to the distance factors at a sub-national level. This paper made estimates using the gravity model with provincial foreign direct investment (FDI) data from 2000 to 2012 and employed three concepts of distance. Our empirical results indicate that geographic distance and cultural distance have significant negative effects on FDI flow, whereas economic distance has a significant positive effect. It suggests that FDI prefers to locate in regions that are geographically and culturally close but economically distant from the home country, which further implies that FDI in China is dominated by vertical FDI. Our findings suggest that Chinese provincial governments should place emphasis on attracting FDI from culturally close countries and provide institutional support to encourage and promote horizontal FDI.     

军民融合协同创新驱动产业园区高质量发展研究

军民融合产业园区高质量发展对于推进军民深度融合、在全国形成可复制可推广经验具有重要意义。军民融合协同创新通过促进新知识涌现、推进新产业集聚发展,最终汇聚经济发展新动能,驱动园区高质量发展。在提出军民融合协同创新驱动园区高质量发展的机理与组织框架基础上,将发展模式归纳为以分享经济为背景的资源共享模式、以新型研发机构为核心的第三方模式、以产业联盟为核心的产业链拓展模式和以交易平台为核心的“PPP”模式,最后提出相关对策建议。     

边际效用递减规律的再发现

本文的成果主要体现在两个方面:第一,将时间维度导入效用函数,实现了对边际效用递减规律认识的一次真正的飞跃;第二,将需求在需求要素的层次上进行分解,使边际效用递减规律有了更为准确和牢靠的基础。在这两个成果的基础上,对效用的可测量性、商品的同质性假说等问题进生了前瞻性的探讨。     

浅谈我国林木种苗在发展中存在的问题及管理对策

林木种苗是植树造林的物质基础和希望,在林业和生态建设中具有举足轻重的地位和作用。党中央、国务院对林业和生态建设高度重视,全社会对林业的认识空前提高,国家林业局对林业建设进行重大战略调整,这些都为我国林木种苗事业提供了前所未有的发展机遇和广阔空间。     

中小企业成长的理论

概根据相关文献资料对中小企业成长的理论观点,本文作了归纳、整理,目的在于识别影响和决定其成长的关键因素,理解和把握其生存发展的规律,以有助于从事创业的企业家和中小企业经营管理者借鉴,为政府制订面向中小企业的支持体系建设提供理论依据。     

网络文化背景下的高校大学生思想政治教育工作

信息技术和网络化促进了知识的经济化和经济的全球化,使得知识和人才在经济发展中的地位和作用越来越重要。网络时代对高校思想政治教育工作产生了深刻影响,也给高校的思想政治教育带来了全新理念与机遇。本文通过认真分析网络对大学生思想政治教育的影响提出了几点应对策略。     

企业创新文化的精神层结构及其建设

企业创新精神层文化是企业在生产经营管理活动中形成的独具自身创新特征的意识形态和文化观念,是企业创新文化的核心层,包括企业创新哲学、企业创新道德、企业创新精神、企业创新价值观、企业创新目标和企业创新风貌等。针对我国企业文化在全球创新环境下的缺陷和现状,综合分析了诸多影响因素和原因,通过强化企业创新文化的精神层结构及建设,构建了以企业创新精神层文化为基础的新型价值体系。     

铁路危险货物运输安全影响因素分析

文中针对铁路危险货物运输的特点,从人员、设备、管理制度等方面深入地分析了影响铁路危险货物运输安全的因素,为铁路危险货物运输的安全防范和控制提供依据和建议。