Effect of personal taxes on managers’ decisions to sell their stock

We examine the effect of personal taxes on CEOs’ decisions to sell their equity, controlling for diversification, managerial overconfidence, and other determinants. While CEOs frequently sell large amounts of their unrestricted firm equity, the tax burden associated with the sale significantly deters them from selling equity even after controlling for other determinants like diversification. We also find that both taxable institutional investors and CEOs respond to taxes in their selling of equity, although CEOs appear to be less tax-sensitive. Our findings underscore the importance of taxes in corporate and managerial decisions and they have implications for executive compensation policies.     

Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China

This paper investigates the effect of qualified foreign institutional investors (QFIIs) on corporate social responsibility (CSR) within the context of listed firms in China. We find that QFIIs offer an incisive channel for improving socially responsible practices. In addition, we find that firms with QFIIs are more likely to comply with the Global Reporting Initiative (GRI) guidelines, and that their sustainability reports tend to be longer. We also find that this positive effect is more pronounced in firms with low initial CSR scores than those with high CSR scores at the time when QFIIs enter the sample. Our empirical evidence further confirms that this positive impact is driven by QFIIs from countries with high social awareness, or QFIIs from geographically distant countries, consistent with their motives, and is linked to the ownership of QFIIs, especially when the QFII is among the top ten of the largest shareholders. Finally, our extended analysis reveals that the increase in CSR performance associated with the presence of QFIIs results in greater firm performance and easier access to finance.     

《The influence of institutional investors on myopic R＆D investment behavior》述评

机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希（Brian Bushee）的论文＂The influence of institutional investors on myopic R＆D investment behavior＂（机构投资者对企业短视研发投资行为的影响,以下简称Bushee（1998））进行评价并提出相关的建议和研究方向。     

Is private social, ethical and environmental reporting mythicizing or demythologizing reality?

There is some evidence that private social, ethical and environmental reporting (SEER) between companies and their core institutional investors has started to evolve over recent years. However, there is little research exploring the private SEER process in detail. This paper seeks to address this evolving area of corporate communication using interviews. The evidence reveals a series of mutual benefits to companies and institutional investors arising from the private SEER process. Companies are gaining from SEE engagement and dialogue, as they are using the process to inform public SEE disclosure. They are using private SEE disclosure to preempt investor surprises. Institutional investors are benefiting from the supplementary SEE information gained in private communications with investee companies. They are also using information on managers’ SEE performance gained from private dialogue, as a proxy for management quality. The private SEE disclosure process appears to be nurturing mutual understanding between companies and their core institutional investors. Drawing from a pedagogic perspective, applied previously to SER and stakeholder engagement, as well as to accounting education, we show that ‘good’ private SEE disclosure should take on the characteristics of a dialogic, problem-posing, educative process. We consider four potential outcomes. Such a process may demythologize SEE issues. However, there is also the possibility that a recreated joint myth may emerge from collaborative dialogue between two such powerful groups. Other possible outcomes are that companies may capture the process in order to perpetuate their own SEE myth or that private SEE disclosure may dwindle as public SEE disclosure improves.     

社区服务发展不平衡的制度原因

归纳了社区服务发展在人员、设施、项目、社区参与、资源开发利用等方面不平衡的表现,认为上述问题的存在与社区服务的制度安排不合理有关,进而从制度层面进行剖析,提出了相应建议.     

Which institutional investors drive corporate sustainability? A systematic literature review

In this article, we review recent archival research (66 studies) on the influence of institutional ownership (IO) heterogeneity on corporate sustainability. Relying on an agency-theoretical framework, we differentiate between various types of IO and their nature. We found that most prior research concentrates on the impact of IO heterogeneity on corporate sustainability performance. Long-term, sustainable, and foreign IO leads to better ESG/CSR outputs. Based on the business case argument for corporate sustainability, long-term institutional investors moderate the positive link between corporate sustainability and future financial performance. We provide useful recommendations for future research by focusing on endogeneity concerns as methodological challenges and content-related proposals for future research designs.     

美日英城市规划立法模式比较

发达国家在城市规划管理制度的建设和实践中,形成了不同的规划立法制度模式。从规划立法中的中央与地方关系、立法主体的特征及其关系、监督制约机制等方面入手,分析和总结了美英日三国规划立法制度模式的特点及其制度实践中的经验教训,对于思考和探索适合我国当前城市规划的制度建设的路径和方法,提供了重要的借鉴和启示。     

建立灵活的工程采购模式体系

工程采购模式本质上是建筑市场的交易方式。不同的工程采购模式有不同的特点和适用范围。针对不同类型的工程建设项目应该有不同的工程采购模式与之对应。然而由于中国长期计划经济的影响，建筑市场的发育显得比较迟缓，还没有形成灵活的工程采购模式体系。我国的工程实践中绝大多数工程建设项目使用的是施工总承包的工程采购模式。目前的建设法律法规很大程度上也是基于施工总承包的工程采购模式。这种局面大大阻碍了我国建筑市场的发展和完善。如果不迅速建立起灵活的工程采购模式体系，将使得中国的建筑业无法与国际接轨，从而降低我国建筑业在国际竞争、合作中的效率和效益。目前妨碍建立灵活的工程采购模式体系的最大因素是工程采购模式的制度环境，也即与工程采购模式紧密相关的投资建设体制。因此迅速地清理、修改有关法律法规以及有关的规定以建立适应市场经济规律和WTO规则的工程采购模式的制度环境显得十分紧迫。