企业环境信息披露:年报还是独立报告?

文章通过对我国重污染行业上市公司2006至2008年度年报和独立报告中环境信息披露的差异及相互影响的分析,发现:(1)目前年报依然是企业披露环境信息的主要渠道,但独立报告的数量和比例正在迅速提高;(2)独立报告比年报披露了更多的环境信息,但信息质量较低;(3)独立报告与年报中的环境信息披露能够相互促进而不是相互替代。     

含分布式发电配电网企业综合效益分析

为了提高电力系统的经济性与安全性,评估接入分布式发电(DG)后电网企业的综合效益成为指导企业决策的主要依据,为日后电网整体规划挑选最优方案提供理论依据。在研究含分布式发电的配电网的综合效益的基础上,从DG接入对系统网损、扩容投资、售电损失、生态环境等综合社会效益方面产生影响出发,分析各个部分相应模型,完善整体综合效益量化模型。以电网企业的整体效益最大化为目标,考虑经济性约束条件,保证DG的合理运行。由算例分析可知,电网企业整体社会收益增加,可实现经济接入并带来利润。既验证了模型的合理性,又为电网企业应季规划电力分配的决策提供数据支持与依据。     

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.     

When bad news is sugarcoated: Information distortion,organizational search and the behavioral theory of the firm

Most work in strategy and organization theory assumes that performance feedback is straightforward to interpret and truthfully reported. We raise the following question: How might the systematic distortion of negative performance information affect organizational learning and future performance? We formulate a model where (1) members do not always report the truth about what they know about their performance level, especially when performance is below aspiration and (2) their propensity to distort information is subject to social influence. We find that organizations that are characterized by a high level of information distortion tend to perform more poorly but that the effect of a low rate of sugarcoating may, in some conditions, be more benign than the literatures seem to suggest. Copyright © 2013 John Wiley & Sons, Ltd.     

The diffusion of foreign divestment from Burma

We examine variation in the rate of divestment by multinational firms from Burma. We argue that in addition to a set of firm‐level characteristics known to impact divestment decisions, firms are also influenced by characteristics of their home country and the divestment patterns of others. Using data on firms operating in Burma during 1996–2002, we model these multiple influences on firms to divest. Our results show that beyond firm‐level concerns, firms divest in response to the political characteristics of their home country, including protest, the level of political freedom, and transparency of institutions. We also find that the centrality of their home country in the network of intergovernmental organizations impacts divestment patterns in interesting ways. Copyright © 2013 John Wiley & Sons, Ltd.     

Firm litigation risk and the insurance value of corporate social performance

This paper advances the risk management perspective that superior social performance enhances firm value by serving as an ex ante valuable insurance mechanism. We posit that good social performance is more valuable as an insurance mechanism for firms with higher litigation risks. Moreover, value generation of corporate social performance (CSP) depends on whether a firm has gained pragmatic legitimacy (i.e., a firm's financial health) and moral legitimacy (i.e., whether or not a firm operates in a socially contested industry) among its stakeholders. We find that the value of CSP as insurance against litigation risk is practically significant, adding 2 to 4 percent to firm value. But CSP is less likely to create value if the firm is in financial distress or is operating in socially contested industries. Copyright © 2013 John Wiley & Sons, Ltd.     

组织资源配置中的社会资本问题探析

管理的任务在于对组织资源进行优化配置.社会资本是行政方式和市场方式之外的第三种组织资源配置方式.社会资本方式的优点明显,问题更突出.问题主要体现在组织资源配置的非均衡性.对于这个问题的解决,文章作者提供了四种路径,分别是扩大资源总量、扩大交往、宏扬主体性和强化正式制度.     

Does corporate social responsibility influence the corporate performance of the U.S. telecommunications industry?

This study uses a two-stage approach to explore the relationship between the operational performance of U.S. telecommunications companies and their implementation of corporate social responsibility (CSR). In the first stage, this study adopts the dynamic data envelopment analysis model to measure the efficiency of the telecommunications industry in the U.S. from 2004 to 2008. The empirical results show that the corporate efficiency of those companies that implemented CSR was higher than that of those companies that did not. In the second stage, the study adopts OLS and 2SLS to explore the influence of the execution level of CSR on performance. The results show that the Kinder, Lyndenberg, and Domini & Co (KLD) social ratings indexes are significantly and positively related to corporate performance. Finally, this study suggests ways in which corporate policy makers can enhance CSR in order to improve corporate performance in the U.S. telecommunications industry.     

农民工市民化进程中养老保险制度融合研究

本文首先运用较为详实和权威的数据对农民工养老保险的现状进行了分析,然后从制度因素、经济因素、农民工自身因素等多个方面对制约农民工社会保障融合的因素进行了详尽论述。最后对养老保险融合机制的构建进行了有意义的探索和研究,以期能在决策层建设农民工社会保障的实践操作中提供建设性建议。