Short Selling Pressure,Stock Price Behavior,and Management Forecast Precision: Evidence from a Natural Experiment

Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers’ voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in response to increased short selling pressure, managers also reduce the readability (or increase the fuzziness) of bad news annual reports. Overall, our results suggest that maintaining the current level of stock prices is an important consideration in managers’ strategic disclosure decisions.     

Do ‘Good Governance’ Codes Enhance Financial Accountability? Evidence from Managerial Pay in Dutch Charities

This paper examines the initial impact of a ‘good governance’ code for charitable organisations that was promulgated in the Netherlands in 2005. Data are gathered from publicly available annual reports of 138 charities in the post‐implementation phase of the code (2005–2008). We first examine whether the code altered charities’ governance structures. Next, we investigate managerial pay as a key aspect of discharging financial accountability because prior literature focused on ‘excessive’ compensation. The findings indicate that a strengthened governance structure positively affects the likelihood of disclosing information concerning managerial pay, as well as mitigating managerial pay level.     

试论旅游资源所有权与经营权相分离

本文在对旅游资源所有权与经营权“相分离”从理论上作出界定，并指出“不可分离”的理论已磊大落后于改革与发展实践的基础上，对“分离”的必要性、可行性从理论和实践的结合上进行了分析论证，提出了“分离”是保护和开发并重并实现二者良性循环的有机结合点的观点，对实现“分离”必须同时建立起的监管运行机制作了初步探讨。     

经理持股和经营绩效：经理持股激励功能的实证评价

本文通过实证研究发现,经理持股对公司绩效具有显著的积极影响,即使在控制了经理现金报酬、企业规模和行业属性的影响之后,这种显著性仍然存在,并考察了经理现金报酬、企业规模和行业属性对经理持股的影响程度,结果发现经理持股与经理现金报酬间存在着显著的激励互补效应,经理持股表现出显著性较弱的规模递减效应,但没有观察到行业属性对经理持股的普遍效应,只有信息技术产业类公司具有显著较高的经理持股水平.     

传统企业管理和学习型企业管理特点对比分析

创建学习型组织已成为当今企业界的一种时尚。文章就传统企业管理和学习型企业管理的特点及优劣势进行了对比分析。     

员工参与对于预算管理绩效影响的路径分析

本文以路径分析方法为基础,对我国上市公司内员工参与和管理绩效之间的关系进行了实证研究。研究结果发现,员工对于预算目标的接受度会对员工参与和管理绩效之间的关系产生影响,其影响程度会受到预算目标困难度的调节,预算目标困难度高时,员工参与可经由强化预算目标接受而间接提升预算管理绩效;困难度低时,则无此效果。     

论管理能力开发的基本模式

本文从认识论的基本观点出发,运用系统论的整合原理,提出了一种关于管理能力开发的基本模式。认为管理能力是管理者成功地完成特定管理活动所必须的一种专业能力,包括管理认识能力和管理实践能力,简称认识力和实践力。实践力由教育、决策、执行、沟通、创造与公信等六种能力构成,认识力主要取决于思维力,而思维力由创造思维力和逻辑思维力二者构成,其中逻辑思维力还可分为辩证、系统和传统三种逻辑思维力。在实践力和认识力之间,学习和智慧是两个重要的中介要素,它们的作用方式和顺序形成了一种关于发展管理能力的良性循环机制。文章还分析了该模式具有的整体功能特性。     

Relational marketing: development,debates and directions

Abstract

Relationship marketing (RM) is an umbrella term for a loose collection of ideas and concepts that emerged in different empirical contexts from the late 1970s. Informed by diverse research traditions, it represented at one and the same time an extension of existing ideas within marketing management and a very different way of thinking about marketing. Though cooperation has not been a core element of the marketing management lexicon, debates about cooperation and competition predate the 1970s. Moreover, re-engaging with relational perspectives raises important questions about managerial autonomy and about the utility of the market as a regulating force. The paper calls for the development of a more realistic theory of networks with inputs from both business and consumer marketing contexts.     

Equity culture development in Central and Eastern Europe: The role of institutional and managerial factors

In this paper we argue that the development of equity culture in the CEECs is dependent on the presence of a combination of factors stemming from the external institutional and internal managerial environments of the firm. We adopt an inductive approach by firstly analysing two levels of data followed by a conceptualisation based on gained results. We examine data for ten CEECs (all current EU members) for four years 1996, 2000, 2004, and 2008. To examine the characteristics of the institutional and managerial environments of the CEECs and assess their similarities to four benchmarks (UK, USA, Germany, and Japan) we apply a Co-Plot methodology. We find that the presence of an advanced and well developed institutional framework together with the existence of specific managerial conditions is a necessary condition for equity culture development. One could argue that in the CEECs the transition process of institutional conditions necessary for the development of a sound financial system is in place but with some limitations. Furthermore, we find that managers in countries with the best potential for equity culture development are highly motivated, high-skilled people with international corporate experience.     

Going global,feeling small: an examination of managers' reactions to global restructuring in a multinational organisation

This paper is concerned with examining the reactions of managers to the process of global restructuring in a large, multinational food-processing company. Much extant research concerning globalisation has focused on the wider economic, political and social outcomes. Perhaps surprisingly, relatively little attention has been given to how globalisation is experienced inside organisations. This paper examines how country-level managers have been affected by the move to a new global structure in their organisation. We present evidence of these managers feeling disempowered by global reorganisation and of a largely negative impact on their feelings towards the organisation they work for.