竞争、产权、公司治理三大理论的相对重要性及交互关系

对于国有企业与民营企业间的绩效差异,文献一般从三个理论角度进行研究:竞争、产权与公司治理。但是我们认为其中的各种观点都只强调了某一个方面而忽略了其他方面。本文采用世界银行对中国5大城市7个行业的700多家公司在1996—2001年运营情况的调查数据,分别从单因素效应、多因素效应以及它们之间的相互作用三个方面,对以上三个理论的相对重要性进行了实证研究。研究发现:(1)当分别对各单个因素进行考察时,各因素都对样本公司绩效有积极影响。然而当对这些因素进行综合考察时,我们发现产权结构与公司治理作用相对重要,而竞争效应则不甚显著;(2)在产权与公司治理,以及产权与竞争之间,存在着某种程度的替代性;(3)非国有企业在某些治理机制方面比国有企业显示出特定的优势,但另一方面市场竞争对于国有企业绩效影响大于对非国有企业的影响。研究表明,现有的理论观点都有其片面性,对企业绩效的全面的研究需要将三个理论体系结合起来进行综合考察。我们的研究将对中国正在推行的民营化浪潮,以及改善公司治理和完善市场竞争,都具有重要的政策指导意义。     

企业社会资本对社会责任实践影响的实证研究

基于文献梳理,从企业社会责任实践的角度探究企业社会资本的作用。首先对企业社会责任实践与企业社会资本进行维度构建并设计理论模型,其次在数据整理的基础上对企业社会责任实践与企业社会资本影响机理进行实证分析,研究结论表明：网络关系维度显著促进企业外部社会责任实践,但对企业内部社会责任实践无明显影响;信任维度同时对企业内外部社会责任实践产生显著影响。最后,针对实证分析结果给出合理解释并提出相关政策建议。     

Does top management Team’s academic experience promote corporate innovation? Evidence from China

This study investigates whether top management teams’ academic experience affects corporate innovation, using manually-collected data on Chinese firms from the period of 2008–2017. The results indicate that academic experience has a strong positive effect on corporate innovation. The positive effect of academic experience on corporate innovation is more pronounced, when firms grow faster or are non-state-owned. By exploring the transmission channels, the results generally show that academic experience influences corporate innovation by improving internal controls and reducing the degree of information asymmetry. These findings are among the first empirical evidence of the association between academic experience of top management teams and corporate innovation.     

Making real money in virtual worlds: MMORPGs and emerging business opportunities, challenges and ethical implications in metaverses

Today, millions of people from around the globe play online role playing games (MMORPG), in which a large number of players interact with one another in a virtual world, either using their existing identities in the physical world, or more often than not, through new virtual identities that might not even be remotely linked to the identities of the players in the physical world. The number of users is growing at an exponential rate and we are probably on the verge of a new development that is going to be as significant as the Internet itself. This positioning paper will discuss the business opportunities and challenges of such a virtual world, that of Second Life, and will examine the resultant corporate social responsibility implications focusing on the ethical and policy-related ones. This will help to identify important research questions that need to be systematically addressed.     

Corporate foresight: Its three roles in enhancing the innovation capacity of a firm

In the last three decades much knowledge has been produced on how best to conduct foresight exercises, but little is known on how foresight should be integrated with the innovation effort of a company. Drawing on empirical evidence from 19 case studies and 107 interviews, we identify three roles that corporate foresight should play to maximize the innovation capacity of a firm: (1) the strategist role, which explores new business fields; (2) the initiator role, which increases the number of innovation concepts and ideas; and (3) the opponent role, which challenges innovation projects to increase the quality of their output.     

Firm performance,corporate governance and executive compensation in Pakistan

This study examines the effects of firm performance and corporate governance on chief executive officer (CEO) compensation in an emerging market, Pakistan. Using a more robust Generalized Method of Moments (GMM) estimation approach for a sample of non-financial firms listed at Karachi Stock Exchange over the period 2005–2012, we find that both current- and previous-year accounting performances has positive influence on CEO compensation. However, stock market performance does not appear to have a positive impact on executive compensation. We further find that ownership concentration is positively related with CEO compensation, indicating some kind of collusion between management and largest shareholder to get personal benefits. Inconsistent with agency theory, CEO duality appears to have a negative influence, while board size and board independence have no convincing relationship with CEO compensation, indicating board ineffectiveness in reducing CEO entrenchment. The results of dynamic GMM model suggest that CEO pay is highly persistent and takes time to adjust to long-run equilibrium.     

A new model of corporate DNA

This paper has researched on six kinds of the corporate DNA models, which have set up and analyzed its limitations, regarded the corporation as a vital organism, and put forward the judging standard for corporate DNA by analogism. According to the standard, the components of the corporate DNA are judged and a new model has been established. The corporate DNA is composed of four DNA chains, which overlap and intercross in the model. Based on the new model, the concept of the corporate central dogma is put forward. The element and information transmission way of corporate information are discussed in the corporate central dogma.     

The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms

We examine the effect of corporate social responsibility (CSR) quality ratings on the financial distress levels of Chinese enterprises by using the previously unexplored new China-specific Altman ‘Z_China Score’ in the context of CSR and data from 749 firms over the 2009–2014 period. First, we find that CSR quality ratings significantly reduce Chinese firms’ distress levels. Second, we find that the ability of CSR to reduce distress levels in non-state-owned Chinese firms is higher than state-owned ones. Finally, we find similar results when we divide the data into high-low CSR ratings and levels of distress. Our results are robust to potential endogeneities.     

基于企业传播视角的我国上市公司社会责任实证研究

本文基于企业传播的视角,通过对<福布斯>2009年全球上市公司2000强中内地上市公司网站、年报和社会责任报告中有关公司社会责任的内容披露的统计分析,围绕上市公司履行社会责任的动机、内容以及利益相关者在其中的应用等问题展开实证分析.研究表明,不同公司履行社会责任的程度各不相同,呈近似正态分布,且与所属行业国际化程度正相关;上市公司中绝大多数公司社会责任受到价值驱动,只有少数公司受到财务绩效或者利益相关者驱动;目前上市公司社会责任实践的三种主要形式依次是从事公益捐赠、遵守道德准则,以及支持各种慈善事业,而志愿服务和质量管理则相对欠缺.