CEO power and annual report reading difficulty

We examine the impact of CEO power on reading difficulty of corporate annual reports. We find that CEO power is positively related to reading difficulty, implying that annual reports of corporations with powerful CEOs are difficult to read and understand. More importantly, we find that the relation between CEO power and reading difficulty is moderated by earnings performance or corporate governance. Additional findings suggest that this relation becomes stronger for firms with lower financial reporting quality or for CEOs with shorter tenure. Our study not only joins the debate on the consequences of powerful CEOs but also uncovers several factors that moderate the relation between CEO power and annual report reading difficulty.     

公司治理思想的历史演变及其经验启示

现代企业之间的竞争,也是治理结构的竞争.在此,以文献梳理的形式,对公司治理的内涵及理论渊源进行阐述,并评析了治理模式、形成原因及趋同表现.在我国治理模式选择的问题上,提出应汲取西方治理经验并结合我国国情,在基于利益相关者的原则下,着力构建内部治理与外部治理相结合,以内部治理为主的中国特色公司治理结构.     

Teams, Firms and the Evolution of Profit Seeking Behavior

Even as advances in information theory over the last quarter century have cast increasing doubt on the proposition that firms successfully maximize profits, the objective of profit maximization continues to be an axiomatic feature of the neoclassical theory of the firm. This paper attempts to improve our understanding firms by treating the objective function as an open question. Specifically, an ontogenetic thought experiment is undertaken to address the question of what differentiates production teams from firms by asking why team members would sell their control rights to a principal, thereby transforming the team into a firm. What results is an account of the emergence of the objective of profit seeking. Profit seeking emerges endogenously as a more fit alternative than the objective of value maximization, which is less capable of coping with uncertainty through purposive adaptation.     

论强制性环境治理制度的实施效率

In the eco-environmental governance system,the compul-sive institutions are the most important as well as the mostcommonly utilized.A nation utilizes its administrative,lawand economic power to forbid,boost,bestir and help indi-viduals’behavior concerning environmental governance toensure the realization of eco-environment conservation.The fact,however,turns out to be disappointing about theimpulsive institution’s implementation.Actually,the unsatis-factory practices sometimes even lead to“…     

公司治理结构·会计信息系统·独立审计:结构与效率分析

公司治理结构、会计信息系统和独立审计是微观经济运行系统的三个基本组成单元。三者以委托代理关系为中心形成了功能互补、共生互动的经济运行系统 ,共同维持着受托责任机制运行中的公平与效率。通过对三者的经济关系结构进行理论描述 ,分析其内在关系结构的缺陷以及与虚假会计信息之间的关联性 ,并在此基础上提出共同预防虚假会计信息的治理措施     

工程结算与合同管理

合同是工程结算阶段价款确定的重要依据.本文从合同管理的角度,说明了结算阶段,如何对合同条款及施工中进行的工程变更进行审核,做好工程结算工作,以提高投资的效益.     

浅谈价值工程与企业基本战略管理

价值工程(VE)作为一种系统化的管理技术,在企业生产和经营管理中都取得了显著的效果。并且随着时代的发展,应用范围将更加广泛。而企业的战略对企业的经营和发展都起着至关重要的作用,特别是在经济全球化的今天,把价值工程理论运用到企业的基本战略管理中,有利于企业提高效益,创造顾客价值、企业价值和社会价值。     

基于公司治理的企业内部会计控制研究

公司治理作为公司利益相关者的制度安排是由一系列的控制制度管理的。良好的内部会计控制是正确处理公司利益相关者关系,完善公司治理的重要保证,同时还有利于内部会计控制系统的健全。本文认为,企业必须根据公司治理的需要,建立健全企业内部会计控制系统,以促进企业持续稳定发展。     

中外建筑企业项目成本控制比较研究——兼谈建筑企业项目成本控制体系和公司财务的整合

随着建筑市场的日趋成熟,建筑施工企业在建筑项目上的竞争愈加激烈,项目的利润空间越来越小.这就要求各施工企业加强自身的成本控制,降低成本,向管理要效益,争取利润的最大化.本文拟分析和比较中外建筑企业在项目成本控制方面存在的差异,以期能改进我国建筑企业的项目成本控制体系,使其更具竞争力.     

新农村建设必须重视农村的生态环境治理

农村生态环境的不断恶化已严重影响到中国农产品的竞争力,农业的可持续发展,农民的生活质量,农村的稳定。我们只有从新农村建设的大局出发,找出农村生态环境不断恶化的深层原因,进行综合治理,才能在稳定农村,发展农村的前提下,从根本上减少农村污染,保护农村生态,建设整洁乡村。