CEO薪酬解释:管理权力模式、最优契约模式还是其它

CEO薪酬的上涨触发了大量的公众争论和学术界的研究,一位经济学家发现20世纪90年代急剧增长的CEO薪酬其速度已被研究它的文献所赶超,研究所带来的是错综复杂的解释,为了探求企业薪酬决策的本质和命运,本文对管理权力模式和最优契约两种模式了进行理论和实证方面的全面梳理,最后,结合两种模式的特点、内涵以及历史轨迹,提出了"问题远非终结,或许‘,品类’而非‘品牌’的思维,‘共演’而非‘极端’的哲学才能成为合理解释的依托"的构想。     

Industrial dynamics and managerial networking in an emerging market: the case of China

This study examines how industrial conditions influence the level of executives' managerial networking with decision‐makers in other entities such as buyers, suppliers, competitors, distributors, and regulators in an emerging market. Corroborating a view that social capital holds contingent value, we theorize that executives facing different industrial conditions have different levels of commitment to exploiting interpersonal ties for fulfilling organizational needs. We propose that managerial networking is influenced by exogenous industrial attributes such as structural uncertainty, sales growth, regulatory stringency, competitive pressure, and production capacity utilization. Our analysis of executives in 364 firms in China demonstrates that the level of managerial networking increases when uncertainty, regulation, and competition increase and production capacity utilization decreases. For a specific firm, the link between industrial dynamics and managerial networking is moderated by its strategic proactiveness. Copyright © 2003 John Wiley & Sons, Ltd.     

Environmental proactivity of hotel operations: Antecedents and the moderating effect of ownership type

This study examines the relative importance of three influential factors (stakeholder pressure, economic opportunities, and top managers’ personal environmental concern) in shaping managerial attitudes toward adoption of green programs in the hotel industry. The results, based on a sample of 235 top managers of hotels affiliated with three U.S. state hotel associations, suggest that stakeholder pressure is the most dominant predictor of managerial attitudes toward adoption of green programs followed by economic benefits and top managers’ personal environmental concern. In addition, the relationship between managerial attitudes toward adoption of environmental programs and organizational environmental commitment is found to be moderated by the ownership style. The relationship is stronger for independent hotels than for chain-affiliated hotels, indicating a more significant role of managerial discretion in implementing environmental strategies at the independent hotel setting than the chain hotel setting.     

Comparative Efficiency of Family and Corporate Farms: Does Family Labour Matter?

We examine the comparative efficiency of family relative to corporate farms, using FADN data for the Czech Republic, Hungary, Romania and Spain. We estimate a non‐parametric non‐separable farm production function, and derive efficiency scores for both family and corporate farms. We decompose efficiency into two distinct sources – organisational differences and management capabilities. We find evidence for organisational efficiency gains from family farming, relative to corporate farming, and these appear to increase with family involvement. However, with regard to management capabilities, family farms do not compare so favourably. Furthermore, family involvement does not seem to have any systematic effect on the efficiency derived from management capabilities. Our findings suggest that further investigation of the way family farms employ and build management capabilities is needed to substantiate any ‘superiority’ claims.     

Innovation-Oriented Culture in the Public Sector: Do managerial autonomy and result control lead to innovation?

This article examines the effect of specific new public management (NPM)-related characteristics to explain innovation-oriented culture within public sector organizations. According to NPM doctrines, an enhanced managerial autonomy combined with result control will stimulate a more innovation-oriented culture in such organizations. Using multi-country survey data of over 200 public sector agencies, we test for the influence of organizational autonomy, result control and their interactions, on innovation-oriented culture. High levels of managerial autonomy and result control have independent and positive effects. However, the interaction between high personnel management autonomy and high result control has a negative effect.     

Shareholder perceptions of the changing impact of CEOs: Market reactions to unexpected CEO deaths, 1950–2009

Research summary : Despite a number of studies highlighting the important impact Chief Executive Officers (CEOs) have on firms, several theoretical and methodological questions cloud existing findings. This study takes an alternative approach by examining how shareholders' perceptions of CEO significance have changed over time. Using an event study methodology and a sample of 240 sudden and unexpected CEO deaths, we show that absolute (unsigned) market reactions to these events in U.S. public firms have increased markedly between 1950 and 2009. Our results indicate that shareholders act in ways consistent with the belief that CEOs have become increasingly more influential in recent decades. Managerial summary : With Chief Executive Officers (CEOs) facing increased scrutiny and receiving ever‐increasing pay packages, substantial debate exists about their overall contribution to firm outcomes. While prior research has sought to calculate the proportion of firm outcomes attributable to the CEO, this study takes an alternative approach by using the “wisdom of the crowds” to assess how shareholders think about the importance of CEOs. Our study finds that shareholders, perhaps the most financially motivated stakeholder, view CEOs as increasingly important drivers of firm outcomes, good and bad, versus their peers from decades earlier. Notably, market reaction to the unexpected death of a CEO has increased steadily over the last six decades, highlighting the importance of succession planning and supporting, at least partially, the increased compensation given today's top executives. Copyright © 2016 John Wiley & Sons, Ltd.     

Managerial Perceptions of Country-of-Origin: An Empirical Study of New Zealand Food Manufacturers

This study investigates food manufacturers’ motives for featuring country-of-origin (CoO) symbols, statements, and other indicators on their product packaging and labeling. Unlike the majority of CoO studies that employ survey and experimental methods, a qualitative approach is taken. Sixteen in-depth interviews with key informants of packaged food companies in New Zealand revealed five categories of themes as reasons why manufacturers indicate and often emphasize CoO associations—cognitive function, affective function, conative function, tangible benefits, and intangible benefits. Overall, the findings reveal that managers perceive that CoO associations deliver them benefits, but they do not measure the outcomes of these investments.     

独立董事治理、管理层权力与超额薪酬——-基于董事网络的实证分析

利用社会网络分析方法,考察独立董事在董事网络中的位置对管理层权力攫取超额薪酬的治理效应。研究发现：管理层权力会干预薪酬制定过程,表现为管理层权力越大,管理层攫取的超额薪酬越多;独立董事的网络联结有助于独立董事向董事会的薪酬决策提供咨询与监督,表现为独立董事的网络中心度越高,管理层权力攫取超额薪酬的程度越低;进一步研究发现,与国有上市公司相比,民营上市公司中高网络中心度的独立董事能够更强地抑制管理层权力对超额薪酬的攫取。研究结果表明,独立董事的网络位置特征是独立董事治理效应的重要影响因素。     

所有利益相关者参与公司治理并非最有效率

利益相关者公司治理模式强调所有利益相关者的利益最大化,从其目标本身来看,是无可非议的。但该模式通过管理层的广泛任务和分享控制权来内部化股东行为的负外部性,容易产生管理层激励设计难、融资和决策效率低等问题。本文认为,所有利益相关者参与公司治理并不是保护其利益的有效制度安排,而应该在坚持股东价值的范式下,通过契约和法律形式实现其他利益相关者的利益保护。     

对巨额财产来源不明罪量刑的思考

刑法修正案（七）对刑法第395条第1款的修改,虽然将巨额财产来源不明罪的最高刑由5年提高到10年,但仍弥补不了该罪的缺陷。因此,建议将＂修正案＂修改为：＂国家工作人员的财产或者支出明显超过合法收入,差额巨大的,应当责令说明来源。本人不能说明其来源的,以非法所得论,予以追缴。非法所得财产折半后比照贪污贿赂罪量刑。＂