Higher Highs and Lower Lows: The Role of Corporate Social Responsibility in CEO Dismissal

Research summary: Investing a firm's resources in corporate social responsibility (CSR) initiatives remains a contentious issue. While research suggests firm financial performance is the primary driver of CEO dismissal, we propose that CSR will provide important additional context when interpreting a firm's financial performance. Consistent with this prediction, our results suggest that past CSR decisions amplify the negative relationship between financial performance and CEO dismissal. Specifically, we find that greater prior investments in CSR appear to expose CEOs of firms with poor financial performance to a greater risk of dismissal. In contrast, greater past investments in CSR appear to help shield CEOs of firms with good financial performance from dismissal. These findings provide novel insight into how CEOs' career outcomes may be affected by earlier CSR decisions. Managerial summary: In this study, we examined a potential personal consequence for CEOs related to corporate social responsibility (CSR). We explored the role prior investments in CSR play when a board evaluates the firm's financial performance and considers whether or not to fire the CEO. Our results suggest that while financial performance sets the overall tone of a CEO's evaluation, CSR amplifies that baseline evaluation. Specifically, our results suggest that greater past investments in CSR appear to (a) greatly increase the likelihood of CEO dismissal when financial performance is poor, and (b) somewhat reduce the likelihood of CEO dismissal when financial performance is good. Thus, striving to deliver profits in a socially responsible manner may have both positive and negative personal consequences. Copyright © 2017 John Wiley & Sons, Ltd.     

技术创新、金融创新与经济增长——基于中国省际面板数据

本文从实证分析层面对金融创新、技术创新与经济增长之间的作用关系进行探讨。基于我国 2000~2015 年省级面板数据,采用GMM估计方法,利用动态面板模型进行实证检验。结果表明：技术创新对经济增长的影响显著为正,单独的金融创新对经济增长起抑制作用,二者的交互作用则对经济增长起显著性正向作用。脱离实体经济的金融创新将抑制经济增长,也会间接阻碍技术创新对经济增长的影响。本文结合当前经济形势,从金融机构与创新企业相接轨共同提高创新水平、培养创新型人才等角度提出建议。     

Tourist preferences for ecotourism in rural communities adjacent to Kruger National Park: A choice experiment approach

This paper analyses the potential for development of ecotourism in rural communities adjacent to Kruger National Park (KNP) in South Africa. We determine preferences of tourists, according to origin and income levels, for ecotourism and their marginal willingness to pay (MWTP) for three ecotourism attributes: village accommodation, village tours and visits to crafts markets. Data were collected from 319 tourists through choice experiments, and analyzed using a conditional probit model. Findings indicate reluctance on the part of all tourists to use accommodation facilities outside KNP, but interest to purchase village tours and visit village-based craft markets. MWTP was negative for accommodation for all income groups, but positive for village tours and crafts markets. Among international and high income groups of tourists, tourists were willing to pay much higher fees than proposed by communities. These findings suggest the potential for development of some limited ecotourism services in villages adjacent to KNP.     

河北省金融机构存贷差现象分析与认识

河北省金融机构存差规模呈逐年扩大趋势,存贷比不断下降。金融机构存差不断扩大的主要原因是现行的信贷管理制度、存款的刚性增长、信贷结构不合理、企业融资渠道多元化以及金融生态环境欠佳等。要解决这些问题,除了大力发展地方经济、加强金融生态环境建设之外,还要在调整金融产品结构、加快资本市场建设等方面采取切实措施。     

福建省农村金融发展与农村经济增长的相关性研究

基于金融发展与经济增长理论,本文运用协整分析和格兰杰检验方法,运用福建省1980—2007农村经济金融与农村经济的相关数据,对二者的关系及依存度进行了实证分析,实证结果表明福建农村金融发展对农村经济增长有一定的促进作用,因而本文建议当前应积极采取有效的政策措施促进农村金融发展,以加快福建的新农村建设步伐。     

上市公司股权结构与财务报告舞弊关系分析

经理人员对上市公司的内部控制已不能完全解释上市公司的财务报告舞弊问题,大股东控制了上市公司,通过对上市公司的利益侵占获取私人收益,财务报告舞弊是隐瞒大股东行为的手段。本文以截至到2005年受到证监会处罚的上市公司为样本,分析了股权结构与财务报告舞弊的相关性,从股权制衡与培育大股东诚信义务方面提出了治理大股东行为的建议。     

上市公司财务实力定量评价方法探析——基于主成分分析框架研究

上市公司是我国的绩优公司,对上市公司财务实力进行定量分析具有重要的现实意义。文章详细介绍主成分分析法的基本模型思想和解决问题思路,并构建了上市公司财务实力评价指标体系,进一步指出主成分分析法在上市公司财务实力定量评价中的具体运用以及怎样去对比和分析计算结果,总结了主成分分析法在上市公司财务实力定量评价中的优缺点并进行展望。     

实时财务监控与治理效率提高

当前,我国公司治理还停留在结构治理层面,怎样运用财务监控机制促使公司治理富有成效,仍然是一项空白。本文探讨了实时财务监控目标导向机制确立、快速反应机制和主神经系统建立以及层级结构模式的构建。     

电信运营企业财务精细化管理研究

在电信运营企业利润不断摊薄的情况下,股东对企业投资回报的要求并没有降低。市场竞争和资本市场的双重压力促使电信运营企业向效益型发展转变,高度注重财务精细化管理。财务精细化管理的水平,直接影响到电信运营企业的整体决策和未来发展。本文将从电信运营企业实施财务精细化管理的6大保障,即基础保障、体系保障、模式保障、制度保障、成本保障、信息保障入手进行全面、深入地研究,为企业持续创造价值提供可借鉴的思路。     

新时期农民工回流问题研究

当前,受全球金融危机的影响,我国出现了近几十年来罕见的农民工回流现象。文章运用CES经济增长模型对新形势下农民工回流问题进行实证分析,发现城市产出水平、城市工资水平、资本价格、农村收入、农村劳动力外出打工付出的成本、城市失业劳动力总量等是影响农民工回流的主要因素,并提出了解决农民工回流问题的针对性措施。