机构投资者与公司治理

随着机构投资者的发展壮大,人们越来越关注其对公司治理方面的作用。由于机构投资者巨大的股票持有量,他们存在参与公司治理的愿望。但因为经济往来关系、法律法规规定、信息处理障碍导致机构投资者并不能有效地参与公司治理。     

Organizational Culture: A Framework and Strategies for Facilitating Employee Whistleblowing

Seven dimensions of organizational culture that influence the employee reflection process that ultimately leads to whistleblowing behavior are presented. These include 1) vigilance, 2) engagement, 3) credibility, 4) accountability, 5) empowerment, 6) courage, and 7) options. Key considerations within each dimension are discussed and a compliance framework is used to identify strategies for encouraging a culture that supports employee communication, questioning, and reporting of illegal, unethical, and illegitimate practices within organizations.     

企业文化对员工心理契约的影响机制研究——以某高科技上市公司为例

本文的基本观点是,企业文化是通过影响员工心理契约的形成而发挥作用的。本研究发现,企业文化是员工心理契约形成的更一般性的基础,企业文化的特征将决定员工心理契约的性质。我们认为,员工心理契约是一个平衡结构,员工责任和组织责任在内容和强度上都需要平衡。     

我国商业上市公司的股权结构与公司业绩——基于市净值指标的实证分析

文章以沪深两市55家商业上市公司为样本,对股权结构与公司业绩的关系进行回归分析。结论表明:商业上市公司国有股比例对公司业绩并没有显著的影响,但法人股比例与公司业绩显著正相关,流通股比例与公司业绩显著负相关。同时,第一大股东持股比例与公司业绩没有显著关系,但前五大股东持股比例与公司业绩显著正相关;另外,第一大股东的控制能力对公司业绩有显著的负面影响。     

融资约束与公司投资关系研究综述

公司的融资约束和投资-现金流量敏感性之间的关系成为财务管理的焦点问题。本文通过对国内外融资约束与投资关系众多文献的分析,研究了融资约束的影响因素,探讨了不同情况下融资与投资的关系,并分析了现存的投资-现金流敏感性模型的应用现状。最后,对我国进行投资-现金流敏感性问题的研究提出了建议。     

资本结构在我国上市公司治理中作用的实证分析

本文以1994～2002年间沪市上市公司为对象，研究了样本公司的资本结构特征，考察了总负债比、长期负债比和流动负债比与总资产收益率以及净资产收益率之间的关系，对资本结构在我国上市公司治理中的作用进行了实证分析。研究结果发现我国上市公司资本结构无法发挥在公司治理中的作用。本文分析了原因并提出了相应的对策。     

Pandemic risk disclosure in integrated reports: after COVID-19 is hindsight 2020?

We examine whether, and to what extent companies disclosed pandemic risk and likely impact as part of their key risks or material matters immediately prior to 2020. The integrated/annual reports of 489 companies from six global regions were examined, finding that despite clear warnings from multiple fronts that highlighted the inevitability and imminence of a global pandemic, only 15.5 percent of companies disclosed anything related to pandemic risk. Of these, 71.1 percent were boilerplate in nature, providing minimal useful information to stakeholders. This study contributes to our understanding of integrated reporting, specifically regarding the adequacy of the disclosure of material risks.     

信息披露监管模式变更影响企业投资效率吗？——基于双重差分模型的实证检验

基于制度变迁理论考察信息披露监管模式由“辖区监管”变更为“分行业监管”对投资效率的影响。研究发现：分行业信息披露监管模式的实施有效抑制了上市公司非效率投资行为,且对于低质量信息披露以及高盈余管理行为的上市公司抑制效应更加明显;提高会计信息可比性,降低代理成本是其发挥抑制作用的重要路径。在排除了替代性解释和内生性问题以及通过安慰剂检验后,研究结论仍然成立。     

对我国上市公司内部控制信息披露的探讨

作为上市公司,除对外披露经审计的会计信息外,还须披露公司的内部控制信息,因为内部控制的完善与否和执行情况,直接影响着上市公司的经营管理业绩、财务报告质量和法律法规遵循情况。然而,我国内部控制信息披露制度还不完善,上市公司内部控制信息披露很大程度上流于形式,信息披露的自愿性不强,因此,有必要对内部控制信息披露制度加以完善。     

Corporate social responsibility and marketing: An integrative framework

This article introduces a conceptualization of corporate social responsibility (CSR) that emphasizes the role and potential contribution of the marketing discipline. The proposed framework first depicts CSR initiatives as the actions undertaken to display conformity to both organizational and stakeholder norms. Then, the article discusses the managerial processes needed to monitor, meet, and even exceed, stakeholder norms. Finally, the analysis explains how CSR initiatives can generate increased stakeholder support. Isabelle Maignan (imaignan@feweb.vu.nl) is an assistant professor of marketing at the Vrije Universiteit in Amsterdam in the Netherlands. Her research focuses on corporate social responsibility and its marketing dimensions in an international setting. Her work has appeared in theJournal of the Academy of Marketing Science, theJournal of International Business Studies, theJournal of Business Research, theJournal of Advertising, among other journals and conference proceedings. O. C. Ferrell (oc.ferrell@colostate.edu) is chair and a professor of marketing at Colorado State University. His research focuses on marketing ethics and corporate social responsibility. His work has appeared in theJournal of Marketing, theJournal of Marketing Research, theJournal of the Academy of Marketing Science, theJournal of Public Policy and Marketing, as well as other leading journals. In addition, he is the coauthor ofMarketing: Concepts and Strategies, Business Ethics: Ethical Decision Making and Cases, Business and Society: A Strategic Approach to Corporate Citizenship, Marketing Strategy, and other textbooks.