Initial Public Offerings: CFO Perceptions

We examine four issues pertaining to initial public offerings (IPOs) using a survey of 438 chief financial officers (CFOs). First, why do firms go public? Second, is CFO sentiment stationary across bear and bull markets? Third, what concerns CFOs about going public? Fourth, do CFO perceptions correlate with returns? Results support funding for growth and liquidity as the primary reasons for IPOs. CFO sentiment is generally stationary in pre‐ and post‐bubble years. Managers are concerned with the direct costs of going public, such as underwriting fees, as well as indirect costs. We find a negative relation between a focus on immediate growth and long‐term abnormal returns.     

论我国国有公司的治理结构问题

我国国有公司治理结构主要存在内部人控制、股东会和监事会形同虚设、董事会不能有效行使决策权、监督机制失效和激励机制不足等问题。导致这些问题产生除了发达市场经济国家所具有的一般原因外,更主要的是我国经济转轨过程中的股权结构不合理、缺乏现代公司治理观念以及政府对企业在行政上的“超强控制”和在产权上的“超弱控制”等特殊原因。     

产权制度与财权配置--兼议公司财务治理中的难点与热点问题

文章通过对企业产权的再认识,重新界定了企业财产权属于"他物权"中"用益物权"的一种,是明显与"自物权--所有权"相分离的,公司中的财权在两个层面(自物权和他物权)上均有分布或配置.文中进一步阐述了财权的静态配置与资本结构的动态调整.认为:"财务治理结构"是一种静态的理解,具体表现为财权配置结构和利益关系.它是由两类财务治理主体、多维度的财务治理客体及一系列财务治理中的经济利益关系构成;而"财务治理"则是从动态上看,一方面表现为财权配置中的动态制衡和激励约束机制的形成,另一方面表现为新的债权人和投资人的加入--融资结构的形成以及对现有资本结构的调整和改善.文章第三部分专题讨论了当前在公司财务治理中的热点和难点问题,阐述了笔者关于独立董事、国企财务治理及财务总监制度的若干观点.     

唐山市环境空气功能区达标实施方案的研究

为了全面改善唐山市主城区环境空气质量,使唐山市主城区的环境空气质量达到国家规定的标准,本文通过对唐山市主城区空气环境质量、污染源现状以及主要污染物来源的分析研究,提出了唐山市城区大气环境污染综合整治方案。     

Dynamic managerial capabilities: Configuration and orchestration of top executives' capabilities and the firm's dominant logic

This paper contributes to the understanding of the executive team dynamic managerial capabilities by developing theory about the interplay between the firm's dominant logic and dynamic managerial capabilities (including managerial human capital, social capital, and cognition). We underscore the criticality of the two key CEO‐level functions: configuration and orchestration of senior executive team dynamic capabilities. We develop theory on how these functions create and sculpt the management team's absorptive capacity, which in turn shapes the team's adaptive capacity. We present theory about the distributed nature of efforts for organizational renewal where CEO's dynamic managerial capabilities in concerto with senior executive managerial capabilities will drive top management's ability to revitalize the firm's dominant logic and to achieve evolutionary fit. Copyright © 2012 John Wiley & Sons, Ltd.     

王朝制度渐进视角下岭南土酋族属的建构--以钦州宁氏家族为中心

岭南钦州的宁氏兴起于南朝末，活跃于隋唐，与高州冯氏、冼氏并称，是岭南地区的少数民族首领，在隋唐文献中被称为越人。许多学者仅仅根据清代民国出土的两方隋唐宁氏家族墓志，就得出宁氏为“汉族移民后裔”的观点。而将有关宁氏家族的文献记载与出土墓志进行对照分析，可以发现岭南宁氏的真实身份为当地土著，宁氏将自身族属建构为“汉族移民后裔”，实际上反映了王朝制度在岭南民族地区的渗透与岭南边疆的内地化进程。     

Multilevel model of management support and casino employee turnover intention

This study proposed and tested a trickle-down model that manager support at the functional department level affect frontline employees' attitudes toward supervisor support at the operational level and subsequently influence leader-member exchange (LMX), organizational citizenship behavior (OCB), and turnover intentions. Three mediators were identified from the cross-level analysis, namely, supervisor support, group trust, and OCB. A survey collected valid responses from 336 line level casino employees who represent 112 work groups from 39 departments nested in 17 casinos. The hierarchical linear model (HLM) results indicate that (1) supervisor support mediates the relationship between departmental support and individual level LMX, (2) group trust mediates the relationship between supervisor support and hence employee turnover intention, and (3) OCB mediates the relationship between LMX and employee turnover. Our findings have important implications for casino management and operators by developing an efficient management support system to reduce the intention of frontline employees to quit.     

How do empowered employees engage in voice behaviors? A moderated mediation model based on work-related flow and supervisors’ emotional expression spin

The study examines the impact of empowerment on promotive and prohibitive voice behaviors in a moderated mediation model, suggesting work-related flow as a mediator and supervisors’ emotional expression spin as a moderator for hospitality employees based on affective event theory. The proposed model was tested using longitudinal matched data collected from 142 restaurant employees and their supervisors across multiple time stages in China. Analysis found that work-related flow mediated the relationships between empowerment and employee promotive and prohibitive voice behaviors, and supervisor emotional expression spin moderated these mediation links. The theoretical and practical implications of these findings for hospitality researchers and industry practitioners are discussed.     

CEO political ideologies and pay egalitarianism within top management teams

Research summary : We examine the influence of CEO and compensation committee liberalism on top management teams (TMT ) pay arrangements. Given that politically liberal individuals tend to value egalitarianism, we test whether firms with liberal CEO s tend to (1) reduce pay dispersion among non‐CEO executives; and (2) reduce pay gaps between CEO and non‐CEO executives, and whether compensation committee liberalism moderates these relationships. We find some evidence of a direct effect of CEO liberalism on TMT pay arrangements as well as some interaction between CEO and compensation committee liberalism on the pay arrangements. This study provides a better understanding of the antecedents of TMT pay arrangements and empirical evidence showing the influence of values at the top of organization . Managerial summary : Do the values of the CEO and compensation committee influence the pay of other top managers? Our study provides evidence that political ideology affects top manager pay. We examine whether CEO liberalism produces more egalitarian pay arrangements among top managers, and whether the liberalism of the compensation committee affects that relationship. We find that CEO liberalism reduces differences in the total pay among top managers, but does not influence the difference between CEO total pay and the total pay of top managers. We also find that compensation committee liberalism strengthens the negative influence of CEO liberalism on differences in total pay among top managers. Finally, we find that CEO liberalism reduces the difference between CEO bonus pay and the bonus pay of other top managers . Copyright © 2016 John Wiley & Sons, Ltd.     

总监理工程师应如何充分行使权力

根据权责一致的原则,可以明确总监理工程师的权力。为了更好的负起责任,总监理工程师应该充分行使自己的正当权力。总监理工程师在行使正当权力的过程中不可避免地要面对种种问题和困难,文章就如何避免这些问题,提出了解决的办法和建议。