日本应对新冠疫情的经济刺激政策及其制度性扭曲

面对新冠疫情的严重冲击,日本政府通过空前财政支持,日本银行辅以超额基础货币支持等公开市场操作,一定程度上抑制了企业大规模破产、大量工人失业和严重经济衰退,同时也直接带来了日本股市的空前繁荣。但过度财政刺激极大加重了日本政府的国债负担,长期"超量化宽松"的金融政策严重扭曲了市场的资源配置功能,极大削弱了日本市场经济体制的政策应对弹性和抗打压能力,事实上形成了一种变相向国民征税的市场外循环体系和制度性扭曲。     

Audit committee performance: ownership vs.independence – Did SOX get it wrong?

This study documents a positive relationship between audit committee stock ownership and firm performance in large US firms from 1998 to 2008. This study also finds a positive relationship between changes in ownership and performance. These results persist throughout the sample period, do not weaken after Sarbanes–Oxley and are robust to controlling for endogeneity between ownership and performance. After testing shows that there is no relationship between audit committee independence and firm performance, these findings suggest that audit committee stock ownership is an important corporate governance mechanism and potentially a more relevant variable than audit committee independence from a policy perspective.     

Positive and negative synergies between the CEO's and the corporate board's human and social capital: A study of biotechnology firms

This paper contributes to the corporate governance literature by developing and testing theory regarding positive and negative synergies between the CEO's and the board's human and social capital. Using a sample of 360 biotechnology firms that went public between 1995 and 2010, we demonstrate that accumulated public company board experiences of the CEO and the board have positive synergistic effects on IPO performance whereas the current board appointments have negative effects. While scientific educational backgrounds have positive synergies, industry‐specific experiences produce either positive or counterproductive effects depending on the age and profitability of the firm. Thus, our paper contributes to the corporate governance and human and social capital literatures by describing the costs and benefits of specific types and combinations of CEO and board capital. Copyright © 2013 John Wiley & Sons, Ltd.     

邓小平世界历史意识之探析

邓小平的世界历史意识有着丰富的内涵,是邓小平理论的重要组成部分.中国的对外开放政策是邓小平世界历史意识的在中国实践的具体体现.贯彻落实好对外开放政策,是继承和发扬邓小平世界历史意识的重要体现.     

National Health Service Boards of Directors and Governance Models

Abstract

This article reports the findings of a year-long research project focused on the activity of boards of directors of twenty-two trusts from the British National Health Service (NHS). The evidence gathered through the use of semi-structured interviews, focus groups, workshops, feedback questionnaires and document analysis indicates that the behavioural dynamics of boards, affected by the dominance of the expert model, act as antecedents of their statutory functions and the implementation of different governance models. Only a portion of the boards involved has effectively incorporated in its modus operandi post-New Public Management (post-NPM) principles of governance.     

液压挖掘机机外辐射噪声分析与改进

液压挖掘机噪声直接影响整机舒适性,也是打开欧洲市场大门的关键钥匙之一;本文分析了液压挖掘机的主要噪声源及形成机理,通过频谱分析与试验,识别与定位了噪声源;针对不同噪声源,提出了合理的噪声治理措施,试验结果表明,某液压挖掘机机外辐射噪声降低3.7dB(A),证明该方法实用有效。     

引入区外资金促进忻州市旅游发展的对策研究

通过实地调查和问卷调查获取第一手资料,对忻州市旅游资源开发潜力进行了分区研究,认为忻州市要积极实施分阶段分区域重点的引资战略,以促进忻州市旅游资源的有序和有效开发。     

从康师傅·顶通看我国第三方物流的发展

文中通过剖析十几年前康师傅因外包无法取得预期效果而被迫成立顶通物流、到后期顶通物流独立出来并发展壮大的案例，从企业内外部环境、企业行业位置、市场分工与专业化等多个动态因素角度，探讨了外部环境和企业自身状况对企业物流外包选择的影响，认为该案例实际上折射了我国改革开放以来第三方物流发展的动态历程，物流内部化的交易成本和生产成本都相对上升，而物流外包组织方式的交易成本和生产成本却相对下降。     

Women on boards of directors: Why skirts in seats aren’t enough

Most organizations focus their attention on simply achieving gender diversity on their boards. This approach misses the point. A complex relationship exists between board gender diversity and good governance whereby such diversity can have a negative, positive, or neutral impact on organizational performance, indicating that organizations may only reap the benefits of gender-diverse boards under proper conditions. This article examines which conditions allow gender-diverse boards to flourish and which conditions lead to failure. Organizations usually increase female representation on boards of directors to achieve one of two goals: gender parity or improved governance. Each of these goals is influenced by different circumstances and thus must be approached in a unique manner. Three recommendations are offered herein for organizations trying to achieve each goal. Gender, ethnic, and cultural board diversity all share related justifications and challenges, so organizations that follow the recommendations in this article will be well positioned to benefit from all three sources of increased diversity on their boards of directors.     

CEO's empathy and salience of socioemotional wealth in family SMEs – The moderating role of external directors

A focus on preserving socioemotional wealth may influence entrepreneurial activities in family firms. In this paper, we identify the emotion of empathy in the family CEO as an antecedent of socioemotional wealth creation. We argue that the presence of one or more external directors can have a direct as well as moderating influence on the relationship between CEO's empathy and the salience of socioemotional wealth to the family CEO. Our empirical tests confirm these hypotheses. Several areas of future research are suggested to incorporate empathy and other emotions in family business studies.