Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through emp...Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.展开更多
Enterprises must develop and implement effective strategic measures to achieve sustainable development.This entails evaluating corporate performance,understanding the impact of sustainable development strategies on co...Enterprises must develop and implement effective strategic measures to achieve sustainable development.This entails evaluating corporate performance,understanding the impact of sustainable development strategies on corporate performance,and implementing such strategies.The article proposes eight critical countermeasures to foster harmony and sustainable development among humanity,nature,the economy,and society:innovation-driven initiatives,green development practices,social responsibility initiatives,talent cultivation programs,collaborative cooperation efforts,sound financial management,brand-building endeavors,and effective information management.展开更多
By building a duopoly model based on product differentiation, both of the clean firm's and the dirty firm's performances are studied under the assumptions that consumers have different preferences for the product en...By building a duopoly model based on product differentiation, both of the clean firm's and the dirty firm's performances are studied under the assumptions that consumers have different preferences for the product environmental attributes, and that the product cost increases with the environmental attribute. The analysis results show that under either the case with no environmental regulation or that with a tariff levied on the dirty product, the clean firm would always get more profit. In addition, the stricter the regulation is, the more profit the clean finn would obtain. This can verify that from the view of product differentiation, a firm could improve its corporate competitiveness with environmental management.展开更多
This study investigates the functioning mechanisms of how high performance work systems (HPWS) affect organizational performance. We propose that (HPWS) can positively affect organizational performance through the...This study investigates the functioning mechanisms of how high performance work systems (HPWS) affect organizational performance. We propose that (HPWS) can positively affect organizational performance through the mediating role of entrepreneurial orientation. An organization with high performance work systems can perform better if it enjoys high level of organizational learning. We design and administer a survey questionnaire to high-level executives or founders of companies from manufacturing and service industries and receive 176 valid responses. The results of the empirical data indicate that the relationship between high performance work systems and corporate performance is more positive when organizational learning is stronger. Entrepreneurial orientation partially mediates the relationship between high performance work systems and organizational performance. This study opens new research avenues by extending and incorporating explanations and predictions of HPWS and entrepreneurial orientation, two areas that largely have been considered independently of each other. Implications for practice and directions for future research are provided.展开更多
Using a sample of Chinese family firms listed from 1999 to 2014, we investigate the relationship between non-family leadership and firm performance. We find that firms with a non-family member as board chair perform s...Using a sample of Chinese family firms listed from 1999 to 2014, we investigate the relationship between non-family leadership and firm performance. We find that firms with a non-family member as board chair perform significantly worse than firms whose chair belongs to the family. Moreover, we show that the underperformance of nonfamily-chair firms is more pronounced when firms are under weaker outside monitoring and when the controlling families care less about family business longevity. The negative effect of a non-family chair is robust to a variety of endogeneity tests. We also dismiss alternative explanations other than concern for reputation. Overall, our empirical results suggest that the social norms regarding family reputation are important in shaping the controlling shareholders' expropriation incentives and firm performance.展开更多
In this paper,we discuss the influence of economic,environmental and legal policies of the state on the management of investment projects in the area of industrial construction in Poland.Our empirical study relies on ...In this paper,we discuss the influence of economic,environmental and legal policies of the state on the management of investment projects in the area of industrial construction in Poland.Our empirical study relies on conducting a questionnaire survey.A total of 158 Polish companies dealing with industrial construction took part in the survey.Then,the collected questionnaires were subjected to a thorough analysis and interpretation,with the use of a method called the exploratory factor analysis(EFA).Our research reveals the key factors influencing successful investment project management in the Polish industrial construction sector.These factors have been identified as the“availability of technology in a stable political system”,“stability of the economic and tax systems”,“stable social system policy,stability and transparency of the legal system”and a“well-targeted environmental policy”.A key conclusion that can be drawn from our study is that an efficient management of investment projects in the industrial construction industry is significantly influenced by properly shaped and stable economic,environmental,and legal policies of the state.展开更多
This paper examines how international openness influences China's corporate environmental performance. A unique firm-level dataset is constructed by combining two databases: the Annual Industrial Survey and the Chin...This paper examines how international openness influences China's corporate environmental performance. A unique firm-level dataset is constructed by combining two databases: the Annual Industrial Survey and the China Green Watch Program Rating System. The empirical results obtained from a series of ordered probit models indicate that openness has a positive relation to corporate environmental performance in China. However, the two main market- opening strategies in China, exporting and attracting foreign investment, have different effects on environmental performance. The results reveal that foreign investment plays a substantial andpositive role that can support the environmental spillovers in China. However, the effect of exporting is insignificant. The environmental pressure from foreign customers to improve Chinese firms' environmental performance presents a challenge. Our study indicates that China could make environmental quality improvements through increased international openness, as is likely the case for other developing countries.展开更多
As outside advisors,independent directors serve as both consultants and monitors.Based on empirical studies of corporate innovation and independent directors,we used data from listed firms in China from 2007 to 2017 t...As outside advisors,independent directors serve as both consultants and monitors.Based on empirical studies of corporate innovation and independent directors,we used data from listed firms in China from 2007 to 2017 to examine the effect of hiring independent technical directors on the board of directors.This study focused on a firm’s innovation performance and the extent to which this performance is influenced by the relevance of a director’s expertise to the activities of the firm.The results show that when the technical expertise of an independent director is relevant to the operational field of the firm,the firm should perform better in terms of innovation.This result is still significant when applying the two-stage instrumental variable method,showing a higher significance when using the exogenous event of the 2014 Wenfeng.plc case.Moreover,independent technical directors influence innovation primarily by encouraging firms to deepen their current field of research rather than expanding to other fields.Our findings can guide corporations to hire more relevant independent technical directors and can help the government design more accurate policies that promote innovation and entrepreneurship.展开更多
文摘Equity structure constitutes a crucial component of corporate internal governance.A scientifically and reasonably structured equity system aids in enhancing the level and efficiency of corporate governance.Through empirical analysis of data spanning from 2013 to 2022,the study aims to verify the influence mechanism of equity structure on corporate performance.The results indicate that enhancing equity concentration and balance positively impacts corporate performance,with this effect persisting over time.Consequently,optimizing the degree of equity concentration,shareholder types,and the board of directors’structure can assist enterprises in maximizing long-term value.
文摘Enterprises must develop and implement effective strategic measures to achieve sustainable development.This entails evaluating corporate performance,understanding the impact of sustainable development strategies on corporate performance,and implementing such strategies.The article proposes eight critical countermeasures to foster harmony and sustainable development among humanity,nature,the economy,and society:innovation-driven initiatives,green development practices,social responsibility initiatives,talent cultivation programs,collaborative cooperation efforts,sound financial management,brand-building endeavors,and effective information management.
文摘By building a duopoly model based on product differentiation, both of the clean firm's and the dirty firm's performances are studied under the assumptions that consumers have different preferences for the product environmental attributes, and that the product cost increases with the environmental attribute. The analysis results show that under either the case with no environmental regulation or that with a tariff levied on the dirty product, the clean firm would always get more profit. In addition, the stricter the regulation is, the more profit the clean finn would obtain. This can verify that from the view of product differentiation, a firm could improve its corporate competitiveness with environmental management.
文摘This study investigates the functioning mechanisms of how high performance work systems (HPWS) affect organizational performance. We propose that (HPWS) can positively affect organizational performance through the mediating role of entrepreneurial orientation. An organization with high performance work systems can perform better if it enjoys high level of organizational learning. We design and administer a survey questionnaire to high-level executives or founders of companies from manufacturing and service industries and receive 176 valid responses. The results of the empirical data indicate that the relationship between high performance work systems and corporate performance is more positive when organizational learning is stronger. Entrepreneurial orientation partially mediates the relationship between high performance work systems and organizational performance. This study opens new research avenues by extending and incorporating explanations and predictions of HPWS and entrepreneurial orientation, two areas that largely have been considered independently of each other. Implications for practice and directions for future research are provided.
文摘Using a sample of Chinese family firms listed from 1999 to 2014, we investigate the relationship between non-family leadership and firm performance. We find that firms with a non-family member as board chair perform significantly worse than firms whose chair belongs to the family. Moreover, we show that the underperformance of nonfamily-chair firms is more pronounced when firms are under weaker outside monitoring and when the controlling families care less about family business longevity. The negative effect of a non-family chair is robust to a variety of endogeneity tests. We also dismiss alternative explanations other than concern for reputation. Overall, our empirical results suggest that the social norms regarding family reputation are important in shaping the controlling shareholders' expropriation incentives and firm performance.
文摘In this paper,we discuss the influence of economic,environmental and legal policies of the state on the management of investment projects in the area of industrial construction in Poland.Our empirical study relies on conducting a questionnaire survey.A total of 158 Polish companies dealing with industrial construction took part in the survey.Then,the collected questionnaires were subjected to a thorough analysis and interpretation,with the use of a method called the exploratory factor analysis(EFA).Our research reveals the key factors influencing successful investment project management in the Polish industrial construction sector.These factors have been identified as the“availability of technology in a stable political system”,“stability of the economic and tax systems”,“stable social system policy,stability and transparency of the legal system”and a“well-targeted environmental policy”.A key conclusion that can be drawn from our study is that an efficient management of investment projects in the industrial construction industry is significantly influenced by properly shaped and stable economic,environmental,and legal policies of the state.
文摘This paper examines how international openness influences China's corporate environmental performance. A unique firm-level dataset is constructed by combining two databases: the Annual Industrial Survey and the China Green Watch Program Rating System. The empirical results obtained from a series of ordered probit models indicate that openness has a positive relation to corporate environmental performance in China. However, the two main market- opening strategies in China, exporting and attracting foreign investment, have different effects on environmental performance. The results reveal that foreign investment plays a substantial andpositive role that can support the environmental spillovers in China. However, the effect of exporting is insignificant. The environmental pressure from foreign customers to improve Chinese firms' environmental performance presents a challenge. Our study indicates that China could make environmental quality improvements through increased international openness, as is likely the case for other developing countries.
基金the financial support from the National Natural Science Foundation of China(Grant No.71902210)the 2019 Youth Research Fund of the Ministry of Education for Humanities and Social Sciences(Grant No.19YJC630092)the Program for Innovation Research in Central University of Finance and Economics(Grant No.CUFE 20190111)
文摘As outside advisors,independent directors serve as both consultants and monitors.Based on empirical studies of corporate innovation and independent directors,we used data from listed firms in China from 2007 to 2017 to examine the effect of hiring independent technical directors on the board of directors.This study focused on a firm’s innovation performance and the extent to which this performance is influenced by the relevance of a director’s expertise to the activities of the firm.The results show that when the technical expertise of an independent director is relevant to the operational field of the firm,the firm should perform better in terms of innovation.This result is still significant when applying the two-stage instrumental variable method,showing a higher significance when using the exogenous event of the 2014 Wenfeng.plc case.Moreover,independent technical directors influence innovation primarily by encouraging firms to deepen their current field of research rather than expanding to other fields.Our findings can guide corporations to hire more relevant independent technical directors and can help the government design more accurate policies that promote innovation and entrepreneurship.