Do executive stock option grants have value implications for firm performance?

Consistent with predictions of agency theory, we find direct evidence that executive stock option grants have value implications for firm performance. This inference is drawn from evaluation of various motivations for the use of such grants in executive compensation: value enhancement, risk taking, tax benefit, signaling and cash conservation. We find consistent evidence for the value enhancement motivation to reduce agency costs. As well, they signal for positive price sensitive information. Our results reject the tax benefit and cash conservation motivations. This finding is robust after controlling for the endogenous character of executive stock option grants and other equity-based grants. JEL Classification G32 • J33 • M52     

设施管理研究的进展

针对目前设施管理行业巨大的发展潜力以及国内设施管理研究相对滞后的现状，在分析大量国外资料的基础上，回顾了设施管理的发展历程，介绍了设施管理的范围、内容、涉及的主要问题及其绩效评估的研究进展，探讨了设施管理的未来研究方向。     

Dynamic volatility and external security related shocks: The case of the Athens Stock Exchange

This paper analyses the impact of exogenous national security related shocks on the time-varying volatility structure of the Greek stock market. Alternative autoregressive conditional heteroscedastic models are estimated, in order to identify the best fit that adequately describes return volatility behavior, testing symmetric as well as asymmetric innovation responses. An external national security related shock factor is included as well as a military crisis dummy, in order to depict possible implications for the conditional variance. The empirical findings appear to support a statistically significant impact of both national security related factors on the Athens stock market returns.     

Global marketing of industrial products: Are interpersonal relationships always critical?

The present paper examines the issue of whether interpersonal relationships are critical for global marketing of industrial products. The fields of relationship marketing, IMP group research, sales research, and network theory have stressed the importance of interpersonal relationships in the business-to-business or industrial marketing context. In contrast to this emphasis on interpersonal relationships, we argue that industrial firms can both conceive and enhance marketing strategies based on developing high quality and consistent processes, products, services or outcomes (consistent processes and outcomes). Such strategies are especially important given the fact that developing interpersonal relationships is expensive due to their reliance on frequent and/or face-to-face communications. In this paper, we examine industry and country contexts that lead to the choice of alternative industrial product marketing strategies and highlight some future research directions and managerial implications.     

关于企业年金及其发展趋势的思考

论述了企业年金在社会保障体系中的重要性，回顾了上海石化企业年金制度的实施过程，并提出了进一步完善企业年金制度应采取的措施。     

商业银行绩效国际比较评价体系的设计及其实证

商业银行绩效水平国际比较指标体系能够相对准确评判各国商业银行的绩效和由绩效水平反映出来的综合实力以及相对竞争优势,该比较评价指标从银行的规模实力、经营业绩、安全性和发展能力四个方面设计,采用同等规模银行并遵循统一的标准和方法加以量化.2003年资产规模在1000亿美元以上的全球最大的85家银行中,中国四大国有商业银行绩效处于中等水平,其中,规模实力具有比较优势;从国别比较结果分析,我国四大国有商业银行的总体绩效水平在18个国家中列第10位.提升国有商业银行的经营业绩、安全性和发展能力是增强我国银行业国际竞争力的主要途径.     

国有商业银行费用偏好与组织绩效的实证分析

单一国有产权结构、出资人监督缺位和委托代理问题共同决定了国有商业银行费用扩张偏好.实证结果表明,费用规模扩张侵蚀了出资人利润性收益空间,成为国有商业银行利润率指标偏低的解释因素.因此,国有商业银行制度变迁必然包含能够抑制费用偏好的制度工具创新.政府宏观经济目标的退出可以使出资人硬化利润约束,但在政府效用函数不可能全面退出国有商业银行的现实背景中,通过引进在位寡头之间的竞争可以为国有商业银行利润目标约束硬化提供外在制衡条件;同时,产权多元化改革基础上的银行治理结构完善则是解决委托-代理问题下经营者费用偏好问题的彻底措施.     

企业环境绩效与经济绩效的动态关系模型

企业环境绩效与经济绩效的关系是企业战略管理研究领域里一个比较新的研究对象。现有的研究除方法和数据方面的缺陷外,主要问题是理论模型的解释力不强。本文认为组织能力是企业环境绩效与经济绩效之间内在联系的纽带,一个基于企业组织能力的环境绩效评估体系能够对企业改善环境绩效产生持续的激励作用。据此提出“基于组织能力的企业环境绩效”的理论模型,旨在从环境管理能力建设的角度来讨论企业环境绩效评估的基础方法和原则。     

我国制造业的对外开放与国家经济安全

随着商品、技术和投资等方面对外开放程度的不断扩大，我国制造业日益融入国际分工体系之中。即使是在经济全球化不断深化的今天，国家仍然是最重要的经济利益主体，由于制造业在国民经济中无可替代的重要地位，制造业对外开放必然会对国家经济安全产生深刻影响。     

Market orientation and customer satisfaction: Evidence from British machine tool industry

This paper examines empirically the relationship between market orientation and business performance in the context of British machine tool industry. An industry-specific market orientation scale was developed. Factor analysis revealed that there were four latent dimensions underlying the market orientation: customer orientation, competitor orientation, departmental responsiveness, and customer satisfaction orientation. Findings suggest that customer orientation and customer satisfaction orientation have a stronger impact on performance than the other dimensions, and that competitor orientation has a U-shape relationship with performance. Departmental responsiveness did not appear to be significantly related to the business performance. Managers could use the multidimensional conceptualization to develop particular kinds of orientations required for better performance.