The heterogeneous relationship between board social ties and corporate environmental responsibility in an emerging economy

Firms in emerging economies are faced with multiple, incompatible institutional forces in their environmental activities. Which of these forces will be dominant and instantiated within an organization is partly determined by the social relationships that a firm maintains with external actors. This paper investigates the relationship between board social ties and the level of environmental responsibility undertaken by firms in China, an emerging economy, by categorizing board social ties into three types in terms of the three isomorphic forces in the institutional field (coercive, normative and mimetic). Drawing on institutional and agency theories, using a sample of listed firms in environmentally sensitive industries, and a generalized least squares regression method, the results provide empirical evidence that ties that are linked to coercive and normative forces (i.e., political organizations and universities) are related to a higher level of environmental responsibility; however, those that are linked to mimetic forces (i.e., industrial peers) have a negative association with environmental responsibility, which is mitigated by CEO power. These findings suggest that the heterogeneous effects of board social ties on environmental responsibilities experienced by firms in a context of environmentalism are at an early stage.     

The Role of Ethical Standards in the Relationship Between Religious Social Norms and M&A Announcement Returns

Journal of Business Ethics - Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical...     

工资对个人劳动供给的非线性影响：部门市场化程度差异视角

从市场经济体制的建立到经济社会高质量发展，我国不同部门市场化程度有所差异，劳动供给的部门异质性随之体现。基于中国劳动力动态调查数据，结合汉森门槛回归模型和劳动供给模型，依托部门市场化程度的差异性，文章探讨了工资对劳动力个人供给的非线性影响及其部门异质性。主要得出以下研究结论：第一，我国市场部门与公共部门劳动力的个人劳动供给有所差异。第二，工资与个人劳动供给呈现非线性关系并且存在部门异质性。实证分析结果显示，工资对个人劳动供给的影响存在三个"突变点"，工资门槛均使得工资"激励效应"加强并呈现逐步增加的趋势。第三，劳动供给的工资门槛存在性别、城乡和行业异质性。第四，随着年龄增长、人力资本积累，个人劳动时间供给趋于降低，签署书面劳工合同使得市场部门劳动力工作时间显著增加，而政治面貌显著影响公共部门劳动供给。总体来看，无论是市场部门还是公共部门，我国劳动力个人供给曲线均未"向后弯曲"，国民经济高质量发展、改善收入分配格局、提升居民幸福感等议题需持续关注。     

股价信息含量与投资-股价敏感性——基于融资融券的准自然实验

本文利用2006-2015年间的数据研究了融资融券对投资-股价敏感性的影响。利用融资融券作为股价信息含量的一个外生冲击变量,本文研究发现,我国A股市场确实存在反馈效应,融资融券政策的实施增强了标的公司投资-股价敏感性,这个结论在采用倾向得分模型(PSM)配对后依然成立,说明融资融券使股价融入了更多有利于管理层投资决策的信息。其次,融资融券对投资-股价敏感性的影响在机构投资者比例高、流动性高、处于新兴行业的这类管理层反馈效应更强的股票组中更显著。参照以往研究考虑了融资约束对反馈效应的调节作用,同样发现融资融券对投资-股价敏感性的影响在国有企业和规模较大的企业组中更显著。最后,融资融券交易规模越大,投资对股价的敏感性越强。     

How is Benevolent Leadership Linked to Employee Creativity? The Mediating Role of Leader–Member Exchange and the Moderating Role of Power Distance Orientation

Previous research has shown that virtuous leader behavior in the form of benevolent leadership has considerable impact on employee creativity. However, little is known as to how and under what conditions these constructs are linked. In the current research, we proposed and tested a moderated mediation model positing leader–member exchange (LMX) as a mediator, and employee power-distance orientation as a moderator of this relationship. Two studies were conducted to test our hypothesized model. In Study 1, repeated measured data collected from 284 Chinese employees in an information technology company demonstrated that benevolent leadership had a lagged effect on LMX. In Study 2, analyses of multisource and lagged data from 391 Chinese employees in 42 research and development teams, and their direct supervisors indicated that benevolent leadership was positively related to supervisor-rated employee creativity via LMX. In addition, the relationship between benevolent leadership and LMX was stronger for employees high in power-distance orientation. Theoretical implications of benevolent leadership’s research and practical contributions concerning promoting creativity in organizations where benevolent leaders prevail are also discussed.     

双向八车道水稳基层平整度控制技术要点

随着国内车辆的井喷式增多,传统的四车道高速公路难以满足通行要求,目前八车道高速公路日益增多,同时大家对行车的舒适度也有了较高的要求.本文依托江苏省五峰山路面22标工程实例,对双向八车道高速公路水稳基层施工平整度控制要点,主要从原材料及混合料级配的选择对平整度的影响、施工工艺控制要点进行重点介绍,以供修建类似工程参考.     

黄浦江下游吴淞口站低潮位重现期研究

黄浦江为感潮河流,低潮位重现期的确定对黄浦江航道的设计具有重要意义。为了准确估计黄浦江低潮位的重现期,以黄浦江下游吴淞口站年最低潮位序列为例,在对样本进行三性审查的基础上,分别采用传统的数理统计方法和时变矩方法进行水文频率分析。结果表明:吴淞口站年最低潮位序列在1996年发生了变异;还现修正后的序列服从位置参数线性时变的GEV模型,低潮位存在缓慢的上升趋势;一致性条件下百年一遇低潮位约为0.261 m,在非一致性条件下其重现期增大为150 a。非一致性条件下的重现期增大说明黄浦江现有的航道设计标准偏安全,航道通航保证率提高。     

Real Incentive Effects of Soft Information

Both soft, noncontractible, and hard, contractible, information are informative about managerial ability and future firm performance. If a manager's future compensation depends on expectations of ability or future performance, then the manager has implicit incentives to affect the information. We examine the real incentive effects of soft information in a dynamic agency with limited commitment. When long-term contracts are renegotiated, the rewards for future performance inherent in long-term contracts allow the principal partial control over the implicit incentives. This is because the soft information affects the basis for contract renegotiation. With short-term contracts, the principal has no control over the basis for contract negotiation, and thus long-term contracts generally dominate short-term contracts. With long-term contracts, the principal's control over implicit incentives is characterized in terms of effective contracting on an implicit aggregation of the soft information that arises from predicting (forming expectations of) future performance. We provide sufficient conditions for soft information to have no real incentive effects. In general, implicit incentives not controllable by the principal include fixed effects, such as career concerns driven by labor markets external to the agency. When controllable incentives span the fixed effects of career concerns, the latter have no real effects with regard to total managerial incentives—they would optimally be the same with or without career concerns. Our analysis suggests empirical tests for estimating career concerns that should explicitly incorporate noncontractible information.     

Results of Studies on Strengthening Retaining Walls with Composite Materials

Power Technology and Engineering - The experimental results on retaining reinforced-concrete walls reinforced with anchor ties and carbon composite materials on the face side of hydraulic...