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 litera...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.展开更多
As the most desirable option for sustainable development of tourism industry, ecotourism still suffers from lack of a clear-cut and widely accepted definition, posing many risks and threats in its practices. Based on ...As the most desirable option for sustainable development of tourism industry, ecotourism still suffers from lack of a clear-cut and widely accepted definition, posing many risks and threats in its practices. Based on collection and collation of various concepts and explanations of ecotourism both at home and abroad, this paper reflects on the current connotations of ecotourism in terms of four aspects, namely, objects of ecotourism, ecotourists, nature of ecotourism as well as the relationship between ecotourism and communities. In-depth analysis was performed in an effort to revise the misinterpretation of ecotourism and provide implications for ecotourism initiatives. The main conclusions and fruits of this article include： 1） The objects of eeotourism should go beyond natural, pristine, or even only primitive natural areas to including cultural resources together with their natural context which also deserve preservation. 2） Tourism operators, compared to tourists, have more leverage and hence should shoulder more responsibilities for conservation. 3） Ecotourism should serve as a principle to guide tourism initiatives towards sustainability, rather than merely a special tour package. 4） The theoretic foundation was laid for community participation in ecotourism.展开更多
文摘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.
基金supported by National Natural Science Foundation (Grant No.90102013)
文摘As the most desirable option for sustainable development of tourism industry, ecotourism still suffers from lack of a clear-cut and widely accepted definition, posing many risks and threats in its practices. Based on collection and collation of various concepts and explanations of ecotourism both at home and abroad, this paper reflects on the current connotations of ecotourism in terms of four aspects, namely, objects of ecotourism, ecotourists, nature of ecotourism as well as the relationship between ecotourism and communities. In-depth analysis was performed in an effort to revise the misinterpretation of ecotourism and provide implications for ecotourism initiatives. The main conclusions and fruits of this article include： 1） The objects of eeotourism should go beyond natural, pristine, or even only primitive natural areas to including cultural resources together with their natural context which also deserve preservation. 2） Tourism operators, compared to tourists, have more leverage and hence should shoulder more responsibilities for conservation. 3） Ecotourism should serve as a principle to guide tourism initiatives towards sustainability, rather than merely a special tour package. 4） The theoretic foundation was laid for community participation in ecotourism.
