Relationship Between Sustainable Development and Financial Performance: International Empirical Research

The aim of this paper is to clarify the relationship between companies' sustainable behavior and their financial performance (FP), which has been studied for several years without reaching a consensus on the effect and the direction of it. Hypotheses are tested for an unbalanced sample of 1960 multinational non‐financial listed companies from 25 countries and one administrative region for the period between 2002 and 2010. Due to the use of an international database and the differences among countries, it is possible to observe divergence between institutional settings. For this reason, a corporate governance system (Anglo‐Saxon, Germanic, Latin and Asian) is used as characteristic of the macro‐environment. Results obtained via the generalized method of moments estimator allow us to support the existence of a positive bidirectional relationship between corporate social responsibility and FP, evidencing the existence of a synergistic circle. The use of market value indicated that investors are able to identify economic, social and environmental practices generating a positive effect on FP. These relationships differ between corporate governance systems, due to the specific characteristics of each system. Findings are robust for each sustainable sub‐index (society, human rights, environmental and board). Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment     

Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment

Even though electrical companies attain a top ranking in the publication of CSR reports, they are often accused of 'green‐washing' due to their bad environmental reputation. The current economic crisis is testing their real CSR commitment more than ever, especially when this goes beyond its economic consequences. Based on a worldwide sample of electrical companies, we are going to study why companies are being socially responsible. We wish to know if it is due to the impact on the firms' performance or whether there are other motives (legitimation, improving their reputation) that lead companies to carry out these practices. We will also consider if it changes across the kind of CSR action considered. The results show that there is an economic justification beyond the socially responsible behaviour of the electrical companies. Additionally, most kinds of CSR action (community, diversity, corporate governance, product responsibility) are also carried out looking for economic rewards. However, the CSR actions oriented to the environment are mainly motivated by their need to improve their image and reverse their negative impact. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

政府质量、市场化程度与现金—现金流敏感性——来自后金融危机时期的经验证据

在中国式经济增长进程中,政府作为幕后推手日益引发各界关注。政府的质量取决于政府所提出的制度安排,而企业行为是对政府所制定的制度的反应。本文以2009—2011年我国上市公司经验数据为样本,检验政府质量、市场化程度与现金—现金流敏感性间的关系。实证结果发现,随着政府质量的提升,企业运用内部现金流积累现金的倾向减弱,表现为现金—现金流敏感性降低。同时发现,这种变化在不同市场化程度地区的企业中会呈现不同的特征。具体而言,伴随政府质量的提升,市场化程度较低地区的企业受惠于制度环境的优化,其现金—现金流敏感性显著降低,而市场化程度较高地区的企业这一变化并不明显。本文为解释地方政府推出制度优化经济环境的微观机制提供了经验证据。     

金融危机下中国房地产企业战略调整能力——基于万科的案例研究

房地产泡沫和经济危机对中国房地产企业有着重要影响,本文采用案例研究方法考察房地产领先者万科公司在此背景下的战略调整能力,利用边缘竞争理论和企业家精神及战略领导力等理论,研究王石领导的万科有效进行企业战略调整能力。本文发现,企业家具有的战略执行力在动荡环境下能够发挥出更为前瞻性的作用。而房地产企业所具有的组织结构有序性和无序性结合,从资金、土地和营销方面获取过去优势、并为明天做准备的时间边缘平衡以及掌握开发的时间节拍,并通过布局的转化与过渡的时间节奏平衡,将推动企业有效应对危机。     

上市公司股权结构与财务报告舞弊关系分析

经理人员对上市公司的内部控制已不能完全解释上市公司的财务报告舞弊问题,大股东控制了上市公司,通过对上市公司的利益侵占获取私人收益,财务报告舞弊是隐瞒大股东行为的手段。本文以截至到2005年受到证监会处罚的上市公司为样本,分析了股权结构与财务报告舞弊的相关性,从股权制衡与培育大股东诚信义务方面提出了治理大股东行为的建议。     

省级交投平台多元化程度与财务绩效的关系分析

通过多元化经营来获取更大的经济效益,这是很多企业会做出的选择。通过选取财务指标,利用因子分析法得出主要因子来对部分交通投融资平台的经济状况进行评价,进而分析企业经济效益与多元化程度之间的相关性问题,以期对省级交投平台多元化经营的研究提供参考。     

基于SVM的房地产财务决策风险预测及敏感性分析

本文以房地产上市公司的财务数据为参考依据,结合相关性分析,筛选并建立影响财务风险的指标体系;利用支持向量机建立财务风险分析预测模型;并使用灰色关联理论对指标进行敏感性分析,从而得到影响财务风险最敏感的指标。     

我国航运企业的融资模式分析

随着WTO的加入,我国航运企业面临着激烈而残酷的挑战。目前我国已有不少航运企业通过公司上市、金融租赁等融资方式,在国际国内资本市场成功地筹集到所需资金。航运企业作为资本密集型行业,比其他行业更需要拓宽融资渠道,以适应国际市场的发展。     

金融机构集聚过程的动态博弈分析

在理性行为人收益最大化原则条件下得出了行为人空间博弈的结果——在均衡状态,限制性条件(如运输技术等)能够产生一个收敛的空间区位调整过程,最终实现空间集聚。在这个博弈集聚的过程中,外部因素存在发生作用的空间,从而说明了政策制定者可以通过制定相关的政策来影响金融机构的集聚过程,进而促进金融市场的深化发展和金融中心的形成。这一空间集聚过程也可用于分析城镇化的形成和发展过程。     

市场需求导向的本科财务管理专业教学改革问题研究

本文通过对国内大学本科财务管理专业课程设置、教学内容、教学方式等教学方面存在的问题进行分析,并提出相应解决对策。