科研组织应该控制其衍生企业吗——基于中国上市科研组织衍生企业的研究

创办衍生企业是科研组织实现科技成果转化的重要途径之一。在衍生企业创办之初，科研组织作为“家长”，在衍生企业成长过程中扮演着不可或缺的角色，但随着衍生企业逐渐发展壮大，科研组织作为学术机构参与企业经营管理的弊端也逐步显现。同时，伴随着衍生企业不断成长，对外来资本的需求增加，母体科研组织面临股权被稀释，甚至失去控制权的问题。那么，当衍生企业发展到一定规模，母体科研组织作为衍生企业实际控制人是利大于弊还是弊大于利？以中国境内上市科研组织衍生企业为样本，分析科研组织衍生企业母体控制权对企业绩效的影响，结果发现，科研组织作为衍生企业实际控制人时，企业绩效更优。     

How have US banks adopted the Financial Accounting Standards Board's Level 3 fair value disclosure rules?

We examine how banks have complied with the Financial Accounting Standards Board's disclosure rules on Level 3 recurring fair value measurements. We document widespread noncompliance with the basic disclosure requirements. We also find that the noncompliant banks are smaller in size and are associated with lower audit quality, lower institutional ownership and less effective internal controls. Our results should be of use to regulators, auditors and audit committees in the United States, Australia and other countries for assessing the likelihood of noncompliance with fair value disclosure rules and improving the quality of fair value disclosures provided to investors.     

Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

Corporate Multinationality and Acquirer Returns

This paper provides evidence on how corporate multinationality from the perspective of acquiring firms relates to M&A returns. Using multivariate regressions and a large dataset of over 6,000 M&As (both cross-border and domestic) by UK firms during 1987 to 2014, the paper finds multinationality to be associated with significantly higher short-run announcement returns and long-run operating performance. While the multinationality premium (higher M&A returns for multinationals) persists over time, it seems to be restricted to firms with superior resource/managerial capabilities and minimal agency problems. Finally, the multinationality premium appears to be driven by foreign acquisitions into advanced economies. The results are robust to correcting for sample selection bias and controlling for several firm and deal characteristics, as well as accounting for firm-, industry-, and year-fixed effects. Collectively, the findings imply that multinationality could be a source of value creation for acquiring firms, particularly in foreign acquisitions, which tend to be complex, and, thereby, require superior managerial capabilities to succeed.     

Third-party certification and post-IPO acquisitions

ABSTRACT

We explore the link between third-party certification (venture capital backing, analyst following and having a top underwriter), and post-IPO acquisition activity through the reduction in valuation uncertainty channel. In a sample of 2,424 U.S. IPOs, we find that third-party certification facilitates post-IPO acquisitions. The certified firms are both more likely and conduct acquisitions sooner after the IPO. Our results support the notion that third-party certification reduces post-IPO valuation uncertainty and thereby facilitates a more efficient acquisition strategy.     

Does corporate social responsibility reduce financial distress risk?

This paper examines how corporate social responsibility (CSR) affects the level of financial distress risk (FDR). Using a sample of 1201 US-listed firms during 1991–2012, our results indicate that firms with higher CSR levels have lower FDR, suggesting that a better CSR performance makes firms more creditworthy and have better access to financing, which is rewarded with less financial defaults. This finding is robust to using alternative proxies of FDR, to controlling for potential endogeneity, and is mainly driven by the community, diversity, employee relations, and environmental dimensions of CSR. Moreover, this relationship is more prevalent in firms with strong governance mechanisms and high product market competition. It is also more exacerbated for less distressed firms and during non-crisis periods. Overall, our findings suggest that the adoption of CSR practices comes with less distress and default risks, likely leading to a more attractive corporate environment, better financial stability and more crisis-resilient economies.     

Corporate social responsibility in international hotel chains and its effects on local employees: Scale development and empirical testing in China

This study aims to investigate the corporate social responsibility (CSR) practices of international hotel chains operating in China and their effects on local Chinese employees. As CSR practices vary across countries and contexts, this study developed a scale of CSR metrics, which was based on CSR reports published by international hotel chains in China and a comprehensive literature review. Subsequently, the proposed model, which depicts the relationships between CSR practices and local employee work metrics, was tested with a PLS-SEM. Multiple phases of qualitative and quantitative investigations of 2451 local Chinese employees of international hotel chains allowed for validating a formative construct of CSR with four dimensions: environment protection, employee wellness, business ethics, and customer wellness. The PLS-SEM results confirmed the significant effects of CSR practices of international hotel chains in China on local Chinese employee engagement, commitment, job satisfaction, and organizational citizenship behaviors. Theoretical and practical implications are presented.     

The effects of board structure on corporate performance: Evidence from East African frontier markets

The effectiveness of the well-known corporate governance practices may not be universal due to fundamental differences in the environments under which firms operate. By using hand-collected data from all the non-financial firms listed on the unexplored East African frontier markets (i.e., Kenya, Tanzania and Uganda), we examine the effect of board characteristics on the performance of firms. Our results show that board size has a negative and significant effect on firm performance. The presences of foreigners and civil servants on the board play positive roles on financial performance, where the agency and resource dependence theories apply. Further, we find that board members with higher education also contribute to firm performance. These findings still hold when we consider the 2008–2009 financial crisis period. Overall, we show that in a business climate where ownership is largely dominated by few shareholders, the conventional governance mechanisms do not work effectively.     

CEO compensation in EU telecom companies: Does the state design the right incentives?

This paper analyzes the structure of CEO pay in European fixed telecommunication companies, focusing on the impact of state ownership. Results show that, under the (partial or total) control of the state, the level of CEO compensation is lower and pay-performance sensitivity is higher than in privately-controlled firms. This finding suggests the state provides an incentive as well as a monitoring effect. However, when the state holds the majority of the shares, the pay level is significantly affected by the CEO power, suggesting that in these firms, CEOs are more likely to be entrenched with boards and succeed in raising their pay.     

Effects of CSR on affective organizational commitment via organizational justice and organization-based self-esteem

This study examined how employee perceptions of corporate social responsibility (CSR) influenced their affective organizational commitment (AOC) via procedural justice and organization-based self-esteem (OBSE). Using survey data collected from 203 employees working for a hospitality company, hypotheses were tested using structural equation modeling. The results showed that economic and philanthropic CSR did not have significant effects on procedural justice, but had significant direct effects on AOC. The findings also showed that procedural justice had a significant effect on OBSE, and both procedural justice and OBSE had significant effects on AOC. In addition, the results suggested that ethical CSR programs can have a positive impact on employees’ AOC via their procedural justice and OBSE. This study contributed to the literature by developing a CSR-procedural justice-OBSE-AOC model, guided by social exchange and self-consistency theories, and empirically testing it within a hospitality context.