Independent director death and CEO acquisitiveness: Build an empire or pursue a quiet life?

Research summary : This study examines the relationship between an independent director's death and CEO acquisitiveness. Using a sample of large U.S. public firms, we find that CEOs who have experienced an independent director's death undertake fewer acquisitions in the post‐director death period, in particular fewer large acquisitions. Our findings are consistent with the prediction of posttraumatic growth theory that mortality awareness can induce CEOs to reevaluate their life priorities and reduce the importance of extrinsic goals in their decision making. This study contributes to the strategic leadership literature by highlighting the influence of the death of CEOs ' social peers on CEOs ' strategic decisions . Managerial summary : Does the death of CEOs ' social peers influence CEOs ' strategic decisions? We find that CEOs who have experienced an independent director's death engage in fewer acquisitions in the post‐director death period, in particular fewer large acquisitions. One likely explanation for our findings is that the death of an independent director may heighten CEOs ' mortality awareness, lead the CEOs to pursue a quieter life, and weaken their propensities for undertaking decisions (i.e., acquisitions) that increase their compensation and social status . Copyright © 2016 John Wiley & Sons, Ltd.     

The influence of relative values of outside director stock options on firm strategic risk from a multiagent perspective

Prior work has examined the effects of absolute levels of outside director stock option grants on risk behavior without recognizing that relative stock option values could differentially affect risk taking. Drawing from the house money effect perspective, we extend this literature by examining how positive deviation from prior outside director option grants values influences firm strategic risk. Additionally we draw from the behavioral agency model and the power literature to develop a multiagent contingency framework suggesting the effect of positive director pay deviation depends on the incentives and power of CEOs reflected in CEO stock ownership and CEO duality, respectively. Our empirical results indicate positive pay deviation has a positive effect on firm risk taking while high ownership and duality independently and jointly weaken this base relationship. Copyright © 2013 John Wiley & Sons, Ltd.     

Institutional block-holdings of UK firms: do corporate governance mechanisms matter?

Using a sample of UK firms, we find that institutional block-holding is negatively associated with directors’ ownership and is positively associated with board composition, suggesting that institutional block-holders regard directors’ ownership and board composition as substitute and complementary control mechanisms, respectively. We also show that UK institutional block-holders prefer smaller firms and firms with a shorter listing history. The presence of institutional block-holders is associated with smaller boards and lower trading liquidity. Finally, our results indicate that the investment preference of UK institutional block-holders varies with the level of their shareholding.     

Herding of Corporate Directors in Taiwan

Corporate directors can be said to herd when they sit together on not only one, but several company boards. Such herding is commonly called "multiple interlock" in the literature. This study analyzes the factors involved in director herding using a binary logistics regression model. Statistical analysis indicates that directors who control a large amount of effective assets in the corporate world, own a high percentage of equity in a company, or hold an inside management position are more likely to be involved in multiple firm interlocks. In other words, controlling shareholders and their associates are the main individuals involved in such interlocks. Finally, company financial performance is negatively related to multiple interlocks.     

Using meta‐analytic structural equation modeling to advance strategic management research: Guidelines and an empirical illustration via the strategic leadership‐performance relationship

This paper demonstrates how meta‐analysis can be combined with structural equation modeling (MASEM) to address new questions in strategic management research. We review this integration, describe its implementation, and compare findings from bivariate meta‐analyses, a direct‐effect structural equations model, and two mediating frameworks using data on the strategic leadership and performance relationship. Results drawn from 208 articles that collectively included data on 495,638 observations demonstrate the new insights available from MASEM while also suggesting a revision to conventional thinking on strategic leadership. Whereas some theories posit that boards of directors influence firm performance through monitoring and disciplining the top management team, MASEM provides more support for the view that boards mediate the top management teams' decisions. Implications for applying MASEM in strategic management are offered. Copyright © 2014 John Wiley & Sons, Ltd.     

Is prior director experience valuable?

Previous studies have investigated the effectiveness of directors in performing their monitoring and advising functions by examining characteristics such as independence, qualifications and professional expertise. In this study, we propose a more direct measure of director effectiveness – prior experience as a director. Using hand‐collected data from Australia, we find that both the depth (number of prior years) and breadth (number of current directorships) of a new appointee’s director experience is valued by shareholders at appointment. In particular, the market reaction is highest for appointees with the most prior director experience (two or more other current directorships in listed companies and four or more years of director experience) and when experienced appointees join less‐experienced boards.     

上海市外来务工人员的归化管理:反思与建议

大量的外来务工人员进入对上海市的城市管理体制提出了挑战,应重新定位政府的归化管理思想,多管齐下,和谐归化,构建统一的户籍身份制度,多方位促进群体间沟通与理解,同步增强市民与流动人口的现代意识,致力于建立一套新型的回应人口广泛流动的社会服务与社会管理相结合的吸纳体系.     

管窥物流企业经营管理模式探讨

企业选择什么样的物流经营模式,主要取决于两个因素:其一是物流对企业成功的影响程度;其二是企业对物流的管理能力,初步探讨了企业物流的三种模式,即物流自营、物流外包、物流联盟,以及每种模式中常见的经营方式。企业物流经营就是企业为合理配置物流资源、有效提供物流服务、不断创造物流价值、谋求良好经济效益而理顺各种关系的活动过程。     

The governance of privatized firms: authority,reposnisbility and disclosure1

In any market economy, a fundamental question is how to make management accountable to shareholders and also to the requirements of law. This paper raises selective, critical issues of corporate governance that are particularly relevant to problems of the accountability of boards of directors to their shareholders in transition economies. These issues include the separation of ownership and control and the duties of directors; the need for disclosure given that separation; and the corporate charter as a vehicle for the direct participation of shareholders in governance. The paper suggests that one of the best models of corporate governance that transition economies can use is that employed by the leveraged-buyout (LBO) and venture capital funds operating in the West. It argues that weaknesses in corporate governance may undermine the entire privatization process. Economics and law are too often seen as separate disciplines. In reality, they come together in transition economies perhaps with greater impact than elsewhere.     

DQ型卷筒联轴器外套加工工艺研究

分析了DQ型卷筒联轴器的结构特点，对这种联轴器的重要部件一外套的加工工艺做了详细的分析，对加工中出现的问题也做了简要的说明，并编制了在数控车床上加工这种联轴器的数控程序。