Corporate governance mechanisms and firm valuation in Malaysian listed firms： A panel data analysis

Corporate governance mechanisms emerge to tackle agency problems in ensuring that shareholders＇ funds are not expropriated or wasted on unprofitable activities. The issue arises as to whether these improvements have been effective in reducing agency costs, and therefore enhancing firm value. The objectives of this paper is to examine the effects of governance mechanisms of dividend, types of ownership structure, and board governance on firm value. This paper utilises a panel data analysis of 403 firms listed on the Bursa Malaysia over a four-year period from years 2002 to 2005. A hierarchical regression analysis is used to test the hypotheses and the data is analysed using the generalized least square （GLS） estimation technique. Overall, the results highlight the importance of moderating role played by board governance variables with types of ownership structure to influence firm value. However, the benefits of better corporate governance through enhanced board governance are not the same across all firms since their incentives vary with respect to dividend and different types of ownership structure mechanisms.

The Management Mechanism Design of Corporate Entrepreneurship

The corporate entrepreneurship has become an important part in the business mana gement as well as a worldwide fashion. Traditional management idealism, organiza tion structure, management technology and enterprise culture have influenced the further step of the whole process to some extent. Therefore, manager should sea rch for the plausible management mechanism with an aim to support the corporate entrepreneurship. It includes strengthening the corporate risk-taking, setting up motivation mechanism for corporate entrepreneurship, rebuilding the pioneerin g group, formulating an evaluation method, establishing and perfecting monitor a nd restraining mechanism, encouraging creativity and building favorable culture to provide a profitable outer environment for corporate entrepreneurship.

Corporate governance mechanisms and performance： Analysis of Malaysian family and non-family controlled companies

Most study concentrating on family and non-family companies is conducted overseas with little research carried out in Malaysia. This study examined the impact of corporate governance mechanisms on family and non-family controlled companies＇ performance. The sample size of this study is 730 companies listed on Bursa Malaysia from 2003 to 2007. The findings reveal that corporate governance mechanisms influence the family and non-family controlled companies＇ performance. But not all corporate governance mechanisms are significant. The significant variables differ between family and non-family controlled companies. Thus, regulators need to be vigilant that family and non-family controlled companies practise differently and to set different code needed for each type of families.

Interaction Relationship Between Corporate Social Responsibility and Corporate Performance:Evidence from 201 Chinese Listed Companies and Preliminary Study of Its Underlying Mechanism

Corporations actively fulfilling corporate social responsibility(CSR)is of more significance to society's sustainable development nowadays.This research discusses the interaction between CSR and corporate performance and then adopts other mediation variables to explain the underlying mechanism.The empirical analyses are performed on a sample of 201 listed Chinese firms.The result shows that CSR has a weak negative impact on corporate perfbnnance while being positively influenced by corporate performance significantly.Further study finds the reason may be CSR requires financial support,but has little to do with increasing shareholder wealth.

Internal Mechanisms of Corporate Governance and Firm Performance： A Review of Theory and Empirical Evidence

Literature has revealed the existence of several external and internal disciplining mechanisms that are hypothesized as factors influencing corporate governance. This paper reviews the theoretical and empirical literature on five internal mechanisms of corporate governance, namely, dividend payouts, financial leverage, institutional shareholding, board duality, and board size. These mechanisms have received the greatest deal of attention in the literature. The paper makes an original contribution to the literature as it is the first of its type, to the best of our knowledge, to provide a comprehensive idea on these five internal mechanisms of corporate governance. This study will help in investigating the relationship between internal corporate governance mechanisms and firm performance with the main aim of extending the existing literature on firm performance by empirically investigating the contribution of these mechanisms in the smooth conduct of business operations. The empirical evidence amassed favors a smaller board size, non-existence of duality and favorable dividend mechanisms as effective internal governance mechanisms affecting firm performance. At the same time, there is no conclusive evidence on the relationship between leverage and institutional ownership as internal governance mechanisms influencing agency cost and firm performance.

Review on researches of earnings management and corporate governance mechanism

This research is based on previous theory research of corporate governance from the internal mechanisms, ownership structure and board structure, and researched how these three aspects affect earnings management.

The Study on Multinational Operation Risk-Defense System Based on Corporate Governance Mechanism

：With the unceasing globalization development of MNCs＇ business and connnuous intensify in international competition, the managers of MNCs find that the strategy decisions they are faced on are becoming more complicated, and they have deeply realized that the perception and defense of the international risk has the impact on their strategy decisions. The thesis, proceeding with analyzing and evaluating risk types in the course of enterprises developing in the international markets, based on the integration international risk perception model, utilizing relative theories and study thoughts of the corporate governance mechanisms, especially the relative studies on overseas enterprises＇ governance mechanisms, explores how to use the corporate governance mechanisms to build the defense system against international risks. Meanwhile, the thesis further discusses the risks our native enterprises have suffered from during the multinational operation in detail, explores its reasons and offers the defense measures of all sorts of risk.

Impact of Artificial Intelligence on Corporate Leadership

Artificial Intelligence (AI) is transforming organizational dynamics, and revolutionizing corporate leadership practices. This research paper delves into the question of how AI influences corporate leadership, examining both its advantages and disadvantages. Positive impacts of AI are evident in communication, feedback systems, tracking mechanisms, and decision-making processes within organizations. AI-powered communication tools, as exemplified by Slack, facilitate seamless collaboration, transcending geographical barriers. Feedback systems, like Adobe’s Performance Management System, employ AI algorithms to provide personalized development opportunities, enhancing employee growth. AI-based tracking systems optimize resource allocation, as exemplified by studies like “AI-Based Tracking Systems: Enhancing Efficiency and Accountability.” Additionally, AI-powered decision support, demonstrated during the COVID-19 pandemic, showcases the capability to navigate complex challenges and maintain resilience. However, AI adoption poses challenges in human resources, potentially leading to job displacement and necessitating upskilling efforts. Managing AI errors becomes crucial, as illustrated by instances like Amazon’s biased recruiting tool. Data privacy concerns also arise, emphasizing the need for robust security measures. The proposed solution suggests leveraging Local Machine Learning Models (LLMs) to address data privacy issues. Approaches such as federated learning, on-device learning, differential privacy, and homomorphic encryption offer promising strategies. By exploring the evolving dynamics of AI and leadership, this research advocates for responsible AI adoption and proposes LLMs as a potential solution, fostering a balanced integration of AI benefits while mitigating associated risks in corporate settings.

Way to Push Ahead Corporate Social Responsibility Report System in China

According to the analysis and statistics of relevant institution, it is a prominent problem that CSR reports generally become a mere formality. Through the analysis on the causes, it finds that it is inevitable for the phenomenon. Thus, we proposed to improve the cultivation mechanism of corporate responsibility by ex- panding and advancing the subject and the object, as well as the contents, of fi- nancial analysis in order to push ahead with CSR report in China.

Effect of corporate social responsibility on creation of added value

In the process of financial management and operation, a firm should not only aim to maximize its shareholders' benefits, but also consider the interests of all stakeholders. Bearing social responsibility to each stakeholder to a certain extent and pursuing harmonious social development are fully consistent with the concept of China's building a harmonious socialist society. Furthermore, added value also reflects the idea of social responsibility Based on the relational contract theory, the paper divides stakeholders into staff and shareholders under relational contracts, creditors, suppliers and consumers under transactional contracts and governments and communities under special contracts. The paper details the effect mechanism of a firm's bearing social responsibilities to each stakeholder on the creation of added value respectively, and considers that corporate social responsibilities should be included in the system for creating added value to theoretically support firm managers to fulfill social responsibilities.

Risk and Response of China Overseas Hydropower Projects--A Vision of Corporate Social Responsibility

Recent years, with the quickening of global economic integration and the rapid development of our country, more and more Chinese enterprises begin to implement internationalization strategy and actively develop overseas business. However, the internationalized process of Chinese enterprises is not progressing smoothly. The paper systematically analyzes the risks of China overseas hydropower projects from two aspects： international environment risks and internal risks of hydropower enterprises and points out that effectively fulfilling corporate social responsibility by using Guidance on Social Responsibility （ISO26000） could help Chinese hydropower enterprises to deal with overseas risks. In order to help Chinese hydropower enterprises to improve the CSR （Corporate Social Responsibility） implementation level, the paper integrates the characteristics of hydropower enterprises with the core subjects of ISO26000, examines the key problems on the CSR work of Chinese hydropower enterprises according to requirements of ISO26000 and puts forward effective advices.

A New Latent Class Stochastic Frontier Model for the Best Practices ofUSA＇s Corporate Governance

In this paper, the authors study the association between firms＇ specific characteristics and performances for a sample of 320 American firms using a governance efficiency index, calculated by the stochastic frontier analysis. The use of a latent class in the specification of the model, allowed detecting two groups of firms according to their specific characteristics： the firm size, the leverage, the dividend yield, and the return on equity （ROE）. The results of affectation equation show that the probability to be in the second group （the most efficient） is more important when the firm size, the dividend yield, and the ROE are high, while a high leverage level decreases the chance to be in the first group （the less efficient）.

Extra-corporeal membrane oxygenation in aortic surgery and dissection: A systematic review

BACKGROUND Very little is known about the role of extracorporeal membrane oxygenation(ECMO)for the management of patients undergoing major aortic surgery with particular reference to aortic dissection.AIM To review the available literature to determine if there was any evidence.METHODS A systematic literature search through PubMed and EMBASE was undertaken according to specific key words.RESULTS The search resulted in 29 publications relevant to the subject:1 brief communication,1 surgical technique report,1 invited commentary,1 retrospective case review,1 observational study,4 retrospective reviews,13 case reports and 7 conference abstracts.A total of 194 patients were included in these publications of whom 77 survived.CONCLUSION Although there is no compelling evidence for or against the use of ECMO in major aortic surgery or dissection,it is enough to justify its use in this patient population despite current adverse attitude.

多维驱动因素联动效应对企业数字化创新的影响——基于SEM与fsQCA的实证分析

随着云计算、大数据、人工智能等数字科技蓬勃发展,数字化创新深刻影响着企业创新与运营模式。利用结构方程模型(SEM)与模糊集定性比较分析方法(fsQCA)分析技术不确定性、市场不确定性、企业家精神、组织学习、组织忘记对企业数字化创新的影响。结果发现:技术不确定性、市场不确定性、企业家精神、组织学习、组织忘记和数字化创新6个要素存在因果线性关系,并发现学习主导型、市场驱动学习型和市场主导型3条数字化创新路径,以及3条非高数字化创新路径。其中,市场驱动学习型最有可能激发数字化创新。结合结构方程模型(SEM)分析结果,比较上述6条路径发现,数字化创新的影响因素具有非对称性,3条非高数字化创新路径并不是3条高数字化创新路径的对立面。

制造业数字化转型与企业创新绩效

文章以2011-2021年中国A股制造业上市公司为研究样本,实证检验了制造业数字化转型对创新绩效的影响及其渠道机制。研究发现,制造业企业数字化转型有助于提升其创新绩效,在经过一系列稳健性检验和内生性处理后结论仍然成立。渠道机制检验结果表明,制造业数字化转型可以通过改善企业社会责任表现和实施差异化战略来提升创新绩效,成本领先战略的中介路径并不成立。异质性分析结果显示,只有在东部地区,制造业企业数字化转型才能显著提升创新绩效,市场竞争强度越高,企业数字化转型对创新绩效提升的作用越大,获得高新企业认定的制造业企业数字化转型对创新绩效的影响更明显,国有制造业企业数字化转型无法显著提升其创新绩效。

公司创业投资、防护机制对创业企业技术创新绩效的影响研究

针对公司创业投资(CVC)可能产生的影响和创业企业的潜在防护机制提出研究假设,基于2009~2020年深圳创业板上市公司专利申请数据进行了实证检验,研究显示:(1)CVC与创业企业技术创新绩效之间显著负相关;(2)CVC持股比例与创业企业技术创新绩效之间存在着显著的U形关系;(3)双方业务相关性对CVC持股比例与创业企业技术绩效之间的关系并无显著的调节效应,企业年龄和知识产权保护强度对上述关系存在着显著的调节效应。

地区诚信建设与企业违规行为——来自中国A股上市公司的经验证据

如何抑制企业违规行为,进一步提升上市公司质量,是理论界和实务界共同关注的焦点问题。本文从非正式制度的视角,采用中国城市商业信用环境指数(CEI)度量地区诚信建设水平,选择2010—2019年中国沪深A股上市公司作为样本,实证检验了地区诚信建设对企业违规行为的影响。研究发现:地区诚信建设能够显著抑制企业违规行为,这一结论在使用工具变量法等一系列内生性和稳健性检验后依然成立。考察影响机制检验发现,在女性高管比例越低、机构投资者持股比例越高、审计质量越差和媒体关注度越高的公司中,地区诚信建设对企业违规的抑制作用更加显著。我们进一步考察了地区诚信建设对企业违规的影响路径,研究发现,地区诚信建设通过缓解企业融资约束、提升内部控制质量两条路径对企业违规行为产生影响。本文将非正式制度中的地区诚信建设与企业违规相结合,丰富了这两个领域的相关研究,为抑制上市公司违规行为提供了新的线索与思路。

平台化转型情境下企业社会责任的内部发展路径与驱动机制

平台化转型情境下企业社会责任的有效履行,不仅有利于企业应对因不当监管、隐私泄露等问题而招致的质疑,而且有利于促进我国经济的可持续与高质量发展。从企业内部来看,履责主体包括企业全体成员,基于“社会责任意识塑造—社会责任实践—社会责任意识再造”的逻辑,形成上下联动、持续迭代、螺旋上升的发展路径。其中,在自上而下的社会责任意识塑造阶段,意识的传递会经历从高管到团队再到员工的过程;在自下而上的社会责任实践阶段,需要员工将社会责任意识转化为具体的社会责任实践,再进一步形成集体社会责任行为;在社会责任意识再造阶段,将会形成新的社会责任惯例,也将会开启下一个社会责任履行周期,在新的周期内,重新涌现出的社会责任实践不断推动社会责任惯例更新,构成社会责任履行的内部驱动机制。为了提升履责绩效,企业要积极挖掘平台化转型下企业社会责任的关键因素并为其实施提供制度保障;平台生态系统的领导者要完善履责的治理机制;监管机构与行业协会可根据上述发展阶段来制定相关政策和措施。

高职院校校园文化与企业文化的融合机制

高职院校肩负着培养工匠型高素质劳动者和技术技能型人才的责任。培养大学生的大国工匠精神是提升企业实力的需要,有利于促进高职院校校园文化与企业文化的融合,有助于推动高职院校和企业的共同发展。因此,要立足新时代工匠精神对职业教育文化发展的现实诉求,认识高职院校校园文化与企业文化融合的必要性,从加强校企文化融合的硬件设施建设等方面探索校企文化融合的机制。

企业生态机制的内容框架与演化模式——基于质性元分析的发现

当前企业生态系统的研究重点仍在于突破其“隐喻的面纱”,挖掘其独特的运行原理。但现有文献面向不同的商业情境形成了不同的研究倾向,并不能表达出企业生态机制的全貌。同时鉴于当前研究仍以案例研究为主,基于质性元分析法,筛选出31篇生态系统研究的案例论文,通过结构化编码过程,整理出企业生态机制的完整要素构成,从要素间的逻辑关系中发现:(1)案例支持企业生态系统具有价值共创机制、资源竞合机制及惯例协调机制等三种生态机制;(2)三种生态机制具有相同的内容框架,均可从生态场域和生态行为两方面刻画;(3)三种生态机制的演化均具有复杂属性,表现出非线性迭代、自发性涌现及开放性适应的演化模式。研究结论为企业生态系统研究在一个比较完整的理论框架下发展提供了新线索。