高管持股对企业绩效波动性的实证研究

高管持股对企业绩效的影响一直是实务界和理论界都十分关注的话题,随着我国企业越来越多的考虑采用高管持股的激励形式,这方面的研究日益增多。但是,多数研究还停留在高管持股对企业业绩的影响,很少有文章研究其对企业业绩波动性的影响。本文的作者认为,高管持股虽然有利于提升企业绩效,但也有可能导致绩效的下滑。为此,本文使用"离散度"的方法研究了我国上市公司高管持股与企业业绩波动性的关系,发现两者有正相关关系,并有针对性的提出了一些解决方案。

国有商业银行公共性绩效评价体系的设计与比较

国有商业银行的资本结构决定了其承担公共性职责的必然性,因此,单纯的企业性绩效评价对国有商业银行并不公平,必须进行公共性绩效评价。国有商业银行的公共性绩效主要体现在优化金融资源配置、支持经济增长、维持金融稳定、提升金融效率与金融国际竞争力等方面。包含企业性绩效和公共性绩效的综合绩效评价对国有商业银行才是全面和公正的评价。2002年四大国有商业银行的综合绩效排名好于企业性绩效排名。公共性绩效评价体系适用于国有性质的商业银行评价,只要国有独资商业银行、国有控股的股份制商业银行存在,公共性功能就不会消失,公共性绩效评价就是必要的。

高管层权力、股权薪酬差距与企业绩效研究——基于《上市公司股权激励管理办法》实施后的面板数据

使用2006年《上市公司股权激励管理办法》实施以来,首次宣布实施股权激励计划的上市公司2006—2010年的非平衡面板数据,以企业绩效水平和企业绩效波动性为切入点,实证研究高管层权力、股权薪酬差距与企业绩效之间的关系。研究发现:(1)高管层权力增大会显著加大股权薪酬水平和股权薪酬差距;(2)高管层权力对提升企业绩效水平有显著的正面效应,但同时也加大了企业绩效的波动性;(3)股权薪酬差距与企业绩效水平及波动性之间存在显著的正相关关系;(4)从高管层权力和股权薪酬差距的综合效应看,两者在提升股权激励绩效水平的同时显著地加大了企业绩效波动性。

碳交易政策、研发创新与污染性企业碳绩效

文章以中国上市企业数据为研究样本,首先采用三重差分法,总体评估碳交易政策对污染性企业碳绩效的影响;然后通过中介效应模型,检验研发创新的中介效应并进行企业规模异质性下中介效应的差异分析;最后利用被调节的中介模型挖掘信息披露对研发创新中介效应的调节作用,利用多重中介效应模型考量遵循成本压力和研发创新动力对污染性企业碳绩效的综合影响。结果显示:碳交易政策能够提升污染性企业碳绩效,研发创新起到了部分中介作用。相对于大规模企业,研发创新的中介效应能够在小规模企业完整显现,且碳绩效提升效果更优。进一步机制讨论发现,信息披露能够正向调节研发创新的中介作用,强化碳绩效提升水平;成本压力对研发创新中介效应存在负向遮掩,其综合作用弱化了碳绩效的提升效果,意味着碳交易政策“波特假说”尚处于“遵循成本”阶段。这些发现对助力全球低碳转型和后疫情时代绿色复苏具有重要理论价值与现实意义。

Intellectual Capital and Business Performance in Professional Football Clubs： Evidence From a Longitudinal Analysis

This paper aims to explore the impact of intellectual capital efficiency （ICE） on firm performance in the context of professional football clubs. In particular, our aim is twofold： （1） to provide measures of ICE specifically tailored to professional football businesses; and （2） to empirically investigate whether some dimensions of ICE, namely, human capital and relational capital efficiency, are positively associated with sporting performance, here used as a proxy for business performance. This paper develops a quantitative analysis of club-level panel data using the statistical technique known as mixed-effects linear regression for longitudinal analysis. The research spans a time period of five years and specifically the sporting seasons from 2007/2008 up to 2011/2012. The empirical findings of this study provide tentative evidence that ICE, especially as far as relational capital is concerned, is positively associated with on-pitch performance of professional football businesses. On the counterpart, results for the impact of human capital efficiency （HCE） do not consistently come out with the （positive） expected signs. More specifically, our findings suggest that relational capital efficiency, meaning the ability to develop and nurture positive business relationship with relevant external stakeholders, is a significant consideration for football club managers; on the other, they might shed light on the actual business model of professional football clubs that, in our analysis, does not appear consistent with the long-held hypothesis of winning maximization. The main limitation of this study lies in the fact that our indicators do not fully capture all relevant dimensions of the intellectual capital （IC） construct.

Determinants of international joint venture performance measurement： A theoretical framework

International joint ventures （IJVs） have increasingly their role in business world and also in research field of international business. There have been a lot of studies related to determinant factors of IJV performance. However, there are very few studies focusing on the measurement of I Jr performance. Especially, researchers have ignored how foreign parent firms really choose their measures in the evaluation of their IJV performance. This research investigates determinant factors of performance measures of 1JVs. Determinant factors of IJV performance measures include motives for establishment, establishment mode, location of IJVs, distribution of ownership in IJVs, cultural background of parent firms, and trust between partners, IJV life stages, parent firms＇ international experience, and relatedness of the IJVs to their parents. Performance measures are divided into financial measures and non-financial measures. The paper shows how different determinant factors are expected to lead foreign parent firms preferring one kind of measure over the other.

On the E-Valuation of Certain E-Business Strategies on Firm Performance by Adaptive Algorithmic Modeling： An Alternative Strategic Managerial Approach

This paper describes an innovative adaptive algorithmic modeling approach, for solving a wide class of e-business and strategic management problems under uncertainty conditions. The proposed methodology is based on basic ideas and concepts of four key-field interrelated sciences, i.e., computing science, applied mathematics, management sciences and economic sciences. Furthermore, the fundamental scientific concepts of adaptability and uncertainty are shown to play a critical role of major importance for a （near） optimum solution of a class of complex e-business/services and strategic management problems. Two characteristic case studies, namely measuring e-business performance under certain environmental pressures and organizational constraints and describing the relationships between technology, innovation and firm performance, are considered as effective applications of the proposed adaptive algorithmic modeling approach. A theoretical time-dependent model for the evaluation of firm e-business performances is also proposed.

Causal Relationship Model of Firm Characteristics Factors and Good Cooperate Governance Affecting the Performance of the Companies Listed on the Stock Exchange of Thailand

The objective of this research was to develop the causal relationship model of firm characteristics factors and good corporate governance affecting the performance of the companies listed on the Stock Exchange of Thailand. The developed model consisted of three latent variables and eight observable variables. The sample of this study was 338 companies listed on the Stock Exchange of Thailand. Data are from annual reports （form-56）, annual financial statements and notes to the fmancial statements during the years 2010-2013. The statistics used in this study were descriptive statistics. The causal model was analyzed through a path analysis with LISREL 8.80 Student Edition. The results showed as follows. By testing the consistence of the causal model of finn characteristics （CHA）, the assumed model was consistent with empirical data. Based on the statistical test, the Chi-Square was 22.08. The statistical probability （p） was 0.077, the degree of freedom （dO was to 0, 2/2 was 1.58, RMSEA was 0.041, SRMR was 0.037, GFI was 0.98, CFI was 0.99, AGFI was 0.96. The latent variable of firm characteristics （CHA） had directly negative impact on performance （PAL） with a statistical significance level of 0.01. A path coefficient was 0.18. However, CHA variable did not indirectly influence performance （PAL） and it had directly negative impact on good corporate governance （GGN） with a path coefficient of 0.02 without statistical significance level. The latent variable of good corporate governance （GGN） had directly positive impact on the performance （PAL） with a statistical significance level of 0.05, with a path coefficient of 0.18.