“内部人控制”有效治理途径的博弈分析

内部控制作为公司治理设计的重要措施，建立完善的内部控制系统必将促进企业的发展。怎样维护企业各参与者的利益，有效防治以经理人为代表的“内部人”控制问题，将成为完善公司治理结构设计的焦点。文章基于博弈论方法推导出联合产权制度的公司治理模式，是公司有效治理路径依赖条件下的最优选择之一。     

利益集团的政治经济学：一个文献分析结构

利益集团概念在近几十年中发展起来的新政治经济学文献中表现出了极其重要的分析价值。本文选择影响机制、寻租行为、治理机制三个层面,对浩瀚庞杂的利益集团政治经济学文献进行系统梳理,试图构建一个基于市场制度的利益集团文献分析结构。毫无疑问,本文形成的文献结构,不仅对于理解西方国家利益集团竞争机制,而且对于理解市场竞争本质进而理解中国制度转型,均提供了一个新的理论视角。     

Converging scientific fields and new technological paradigms as main drivers of the division of scientific labour in drug discovery process: the effects on strategic management of the R&D corporate change

The thesis of this study is that the convergence of genetics, genomics and proteomics spurs new technological paradigms in medicine, which are generating a R&D corporate change: division of scientific labour of the drug discovery process by strategic alliances among firms in order to reinforce the integrative capabilities in different biomedical research fields and collective and cumulative learning between in-house R&D and external sources of innovation. This study shows, by key a case study of pharmaceutical companies, as scientific and technological paradigms in medicine are main drivers of industrial and R&D corporate change to enhance and accelerate the discovery process of ground-breaking drugs for more and more personalised healthcare.     

韩国发展风险企业的核心制度及对中国的启示

中国与韩国虽然社会制度不同、经济发展水平存在差异,但都具有出口主导型经济发展的明显特征,且韩国作为先于中国的新兴工业化国家较早地进行了经济结构调整和转变经济发展方式。基于国际金融危机背景下风险企业发展重要性的不断凸显,探讨了韩国风险企业发展的核心制度安排,可为中国提供参考。     

The Heavenly Calculus and Socially Responsible Business Conduct: An Explorative Study among Executives

Summary In this paper we present a theoretical economic model, describing the influence of eschatological beliefs of executives on their socially responsible business conduct. The core hypothesis is that the belief that one’s eternal destination depends on how one behaves in business will provide an incentive to socially responsible business conduct. We confront the model with explorative empirical data, collected by in-depth interviews with and questionnaires among twenty Dutch executives. The data provide weak indications that eschatological beliefs influence the executives’ socially responsible business conduct. The authors would like to thank the Dutch Ministry of Economic Affairs and the employers’ association VNO-NCW for their financial support. Thanks also to Boaz van Luijk and Aziza Yahia for their assistance in the collection of data used in this paper. We also thank the editor, professor M.M.G. Fase, and two anonymous referees for their valuable suggestions.     

Are Environmental Social Movements Socially Exclusive? An Historical Study from Thailand

Environmental social movements in developing countries are often portrayed as democratizing but may contain important social divisions. This paper presents a new methodology to analyze the social composition and underlying political messages of movements. Nearly 5 000 newspaper reports during 1968–2000 in Thailand are analyzed to indicate the participation of middle and lower classes, and their association with “green” (conservationist) and “red-green” (livelihoods-oriented) environmental values. Results show middle-class “green” activism has dominated forests activism, but lower-class “red-green” activism has grown for forests and pollution. Newspapers, however, portray all environmentalism as “democratization,” suggesting that the possible exclusiveness of some environmental norms is unacknowledged.     

Do good governance provisions shelter investors from contagion?Evidence from the Russian crisis1

This paper studies how the Russian crisis of 1998 affected listed firms in transition economies. The data cover 394 companies that were listed before the Russian crisis, and include financial, industry, ownership and stock market information. Results show that in the short term (within one month of the crisis) good governance did not shelter investors from contagion. On the contrary, stock returns during the crisis period were lower for the largest and most liquid stocks and markets in the region irrespective of their direct exposure to Russia. The paper also documents that in the longer term (one year after the crisis) recovery was faster in firms without direct trade exposure to Russia, as well as in firms with better firm‐level governance as proxied by the presence of a foreign blockholder. The paper presents evidence that both firm‐ and country‐level characteristics are important in overcoming the effects of a crisis. Firm‐specific characteristics, however, play a bigger role for companies operating in countries with weaker corporate governance.     

Corporate Sustainability Performance and Idiosyncratic Risk: A Global Perspective

Does investing in sustainability leaders affect portfolio performance? Analyzing two mutually exclusive leading and lagging global corporate sustainability portfolios (Dow Jones) finds that (1) leading sustainability firms do not underperform the market portfolio, and (2) their lagging counterparts outperform the market portfolio and the leading portfolio. Notably, we find leading (lagging) corporate social performance (CSP) firms exhibit significantly lower (higher) idiosyncratic risk and that idiosyncratic risk might be priced by the broader global equity market. We develop an idiosyncratic risk factor and find that its inclusion significantly reduces the apparent difference in performance between leading and lagging CSP portfolios.