煤矿企业文化建设对策探析

在对煤矿企业文化建设调研的基础上,分析了煤矿企业文化建设的意义,根据当前煤矿企业文化建设中存在的问题,针对性的提出了煤矿企业文化建设要突出“以人为本”的本质要求,进一步深化安全文化建设,不断加大人力资源开发力度等对策。     

Predicting Corporate Bankruptcy: An Evaluation of Alternative Statistical Frameworks

Corporate bankruptcy prediction has attracted significant research attention from business academics, regulators and financial economists over the past five decades. However, much of this literature has relied on quite simplistic classifiers such as logistic regression and linear discriminant analysis (LDA). Based on a large sample of US corporate bankruptcies, we examine the predictive performance of 16 classifiers, ranging from the most restrictive classifiers (such as logit, probit and linear discriminant analysis) to more advanced techniques such as neural networks, support vector machines (SVMs) and “new age” statistical learning models including generalised boosting, AdaBoost and random forests. Consistent with the findings of Jones et al. ( 2015 ), we show that quite simple classifiers such as logit and LDA perform reasonably well in bankruptcy prediction. However, we recommend the use of “new age” classifiers in corporate bankruptcy modelling because: (1) they predict significantly better than all other classifiers on both the cross‐sectional and longitudinal test samples; (2) the models may have considerable practical appeal because they are relatively easy to estimate and implement (for instance, they require minimal researcher intervention for data preparation, variable selection and model architecture specification); and (3) while the underlying model structures can be very complex, we demonstrate that “new age” classifiers have a reasonably good level of interpretability through such metrics as relative variable importances (RVIs).     

Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability

In this paper, we empirically examine whether superior performance in corporate social responsibility (CSR) results in lower credit risk, measured by credit ratings and zero-volatility spreads (z-spreads). We are especially interested in how the environmental, social, and governance (ESG) related performance of the corresponding countries moderates this relationship. We find only weak evidence that superior corporate social performance (CSP) results in systematically reduced credit risk. However, we do find strong support for our hypothesis that a country’s ESG performance moderates the CSP–credit risk relationship. Superior CSP is regarded as risk-reducing and rewarded with better ratings and lower z-spreads only if it is recognized by the environment. In addition, we find a reduction of corporate bonds’ z-spreads by approx. 9.64 basis points if the CSP of a company mirrors the ESG performance of the country it is located in.     

Corporate Lobbying and Firm Performance

Corporate lobbying activities are designed to influence legislators, regulators and courts, presumably to encourage favorable policies and/or outcomes. In dollar terms, corporate lobbying expenditures are typically one or even two orders of magnitude larger than spending by Political Action Committees (PAC), and, unlike PAC donations, lobbying amounts are direct corporate expenditures. We use data made available by the Lobbying Disclosure Act of 1995 to examine this more pervasive form of corporate political activity. We find that, on average, lobbying is positively related to accounting and market measures of financial performance. These results are robust across a number of empirical specifications. We also report market performance evidence using a portfolio approach. We find that portfolios of firms with the highest lobbying intensities significantly outperform their benchmarks in the three years following portfolio formation.     

Labor Unions and Forms of Corporate Liquidity

We examine how the presence of labor unions affects a firm's choice of corporate liquidity between bank lines of credit and corporate cash holdings. We find that firms in industries with higher unionization rates hold a higher fraction of corporate liquidity in the form of bank lines of credit. We divide the firms into sub‐groups and find that this positive relationship holds for firms that are not in a state with right‐to‐work legislation and for firms that are financially constrained. Our findings are consistent with the hypothesis that a firm chooses the forms of corporate liquidity to take advantage of the bargaining benefits associated with bank lines of credit.     

基于绩效管理的企业文化塑造

企业文化是绩效管理体系设计和运作的前提,绩效管理可以产生维持和优化企业文化的效果,两者相辅相成。重视两者的结合,将绩效管理渗透于企业文化之中,会使企业文化在企业的发展中发挥更大的作用,为企业创造更大的效益。研究企业文化和绩效管理的关系,找出它们的结合点,分析我国企业绩效文化塑造的必要性,探索基于绩效管理的企业文化塑造的具体内容和途径,建立优秀的企业绩效文化,对我国企业具有重要的现实意义。     

What Plato Knew About Enron

This paper applies Plato’s cave allegory to Enron’s success and downfall. Plato’s famous tale of cave dwellers illustrates the different levels of truth and understanding. These levels include images, the sources of images, and the ultimate reality behind both. The paper first describes these levels of perception as they apply to Plato’s cave dwellers and then provides a brief history of the rise of Enron. Then we apply Plato’s levels of understanding to Enron, showing how the company created its image and presented information to support that image, and how the public eventually emerged from the cave to realize the truth about Enron’s actual accounting practices and financial state, which led to the corporation’s downfall. We find Plato’s allegory both useful in analyzing the relationship between Enron and the public and instructive about the power and moral responsibility of Enron’s executives.     

环境意识与企业形象塑造

可持续发展的思想和社会市场营销观念已成潮流。为适应市场需求的变化和环境管理的要求,寻 求市场机会和避免环境威胁,必然要求企业树立环境意识,履行应尽的社会责任,并融入、体现在企业 形象塑造中。在企业识别系统中贯穿“环境形象”设计是企业形象塑造的关键。     

Corporate Social Responsibility Strategy in the Hotel Industry: Evidence from the Balearic Islands

This paper attempts to identify some of the main factors affecting a hotel establishment's decision to adopt (or not), and to what extent, socially and environmentally responsible business practices. Salient among the results obtained is the fact that corporate social responsibility (CSR) is likely to be part of a hotel's product differentiation strategy; additionally, it is shown that productivity aspects such as scale economies, as well as the hotel's internal organization, also impact a hotel's CSR strategy. Copyright © 2014 John Wiley & Sons, Ltd.     

Can Capital Income Taxes Survive? And Should They?

The article surveys some main results in the theory of capitalincome taxation in the open economy; reviews recent trends ininternational taxation and discusses alternative blueprintsfor fundamental capital income tax reform from the perspectiveof an open economy faced with growing mobility of capital incometax bases. (JEL code: H21, H25)