Corporate governance is the focus of all stakeholders in the balance of contradictions and conflicts in the view of corporatc behavior theory, harmonious governance may be the development direction of future corporate...Corporate governance is the focus of all stakeholders in the balance of contradictions and conflicts in the view of corporatc behavior theory, harmonious governance may be the development direction of future corporate governance. The article explains the framework of harmonious governance based on the theory of corporate behavior, and holds that shareholder value and stakeholder value is as important as, combination of incentive-compatible and mutually compatible, interaction between market governance and relationship governance, is a major innovation path of harmonious corporate governance by stakeholders.展开更多
Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is re...Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is relatively limited evidence of how corporate governance affects corporate innovation. In this study, the author theoretically demonstrates how internal governance mechanisms interact to affect innovation, such as internal control, monitoring and compensation contracts. Governance mechanisms are determined by firm characteristics. The ＂best＂ governance structures that can be adopted universally do not exist. However, innovative firms often share similar characteristics, and they adopt similar governance mechanisms to facilitate innovation. The ultimate purpose of such internal governance mechanism that facilitates innovation is to prevent managers＇ myopia, and this paper concludes 5 different roles in internal governance mechanism that facilitate corporate innovation behavior.展开更多
As an important role of the regional culture,dialects have a significant influence on the corporate strategy.Diversity of dialects appears to move firms towards strategic radicalization by weakening the“hometown eff...As an important role of the regional culture,dialects have a significant influence on the corporate strategy.Diversity of dialects appears to move firms towards strategic radicalization by weakening the“hometown effect”,enhancing innovation awareness,and increasing the diversification of business.Using A-share listed companies from 2006 to 2018 as sample,based on information from the annual financial statements,this paper argues that higher dialect diversity in the city where enterprise is located leads the corporate strategy to be more aggressive;and the mismatch between strategy and dialectal environment will have a negative effect on corporate performance.After a series of robustness tests and using instrumental variables to solve endogenous problems,the conclusions remain consistent.Further study indicates that the influence of dialect diversity on strategy is enhanced as managers’awareness of the dialectal environment increases,but is weaken if the enterprise is a state-owned enterprise or has larger scale.This research reveals the connection between dialect culture and corporate behavior form a strategic level,provides empirical evidence and enriches the literature for the traditional view of“culture influences strategy”,and has significance on promoting the corporate strategic management practices.展开更多
Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market be...Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers＇ abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.展开更多
文摘Corporate governance is the focus of all stakeholders in the balance of contradictions and conflicts in the view of corporatc behavior theory, harmonious governance may be the development direction of future corporate governance. The article explains the framework of harmonious governance based on the theory of corporate behavior, and holds that shareholder value and stakeholder value is as important as, combination of incentive-compatible and mutually compatible, interaction between market governance and relationship governance, is a major innovation path of harmonious corporate governance by stakeholders.
文摘Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is relatively limited evidence of how corporate governance affects corporate innovation. In this study, the author theoretically demonstrates how internal governance mechanisms interact to affect innovation, such as internal control, monitoring and compensation contracts. Governance mechanisms are determined by firm characteristics. The ＂best＂ governance structures that can be adopted universally do not exist. However, innovative firms often share similar characteristics, and they adopt similar governance mechanisms to facilitate innovation. The ultimate purpose of such internal governance mechanism that facilitates innovation is to prevent managers＇ myopia, and this paper concludes 5 different roles in internal governance mechanism that facilitate corporate innovation behavior.
文摘As an important role of the regional culture,dialects have a significant influence on the corporate strategy.Diversity of dialects appears to move firms towards strategic radicalization by weakening the“hometown effect”,enhancing innovation awareness,and increasing the diversification of business.Using A-share listed companies from 2006 to 2018 as sample,based on information from the annual financial statements,this paper argues that higher dialect diversity in the city where enterprise is located leads the corporate strategy to be more aggressive;and the mismatch between strategy and dialectal environment will have a negative effect on corporate performance.After a series of robustness tests and using instrumental variables to solve endogenous problems,the conclusions remain consistent.Further study indicates that the influence of dialect diversity on strategy is enhanced as managers’awareness of the dialectal environment increases,but is weaken if the enterprise is a state-owned enterprise or has larger scale.This research reveals the connection between dialect culture and corporate behavior form a strategic level,provides empirical evidence and enriches the literature for the traditional view of“culture influences strategy”,and has significance on promoting the corporate strategic management practices.
文摘Behavioral finance is a field that is scrutinizing the adequacy of traditional financial theories using insights from the disciplines of psychology and sociology. Many studies within its realm test the stock market behaviors, and behavioral phenomena are still to be tested in the area of corporate finance. This study aims to contribute to the behavioral corporate finance literature by a research in one of the psychological phenomena affecting the decision makers＇ abilities to reach conclusions rationally. In this study, it is aimed to investigate one of the biases, namely, the optimism bias in corporate capital budgeting decisions. Optimism in decision making can be associated with estimating lower costs and higher revenues. Thus, by assessing the forecasts of decision makers, the existence of optimism in their decisions is tried to be seen. This study aims at contributing to the literature in that it is conducted in an emerging country like Turkey.
