TMT Heterogeneity and Firm Performance: The Moderating Effect of Managerial Discretion

Now the top management team and managerial discretion play an important role in driving the firms’development.This paper built a theoretical model to explore the effect of top management team heterogeneity on firm performance,and analyze the moderating role of managerial discretion.Based on the data of 167 listed firms from Shanghai Stock Exchange in 2019,this paper constructs a multiple regression model and tested the hypothesis.The empirical results show that gender heterogeneity,tenure heterogeneity and education level heterogeneity have a negative effect on firms performance.At the same time managerial discretion can partially moderates the relationship between the heterogeneity of top management team and firm performance,in which capital intensity and the firm size play a negative moderating role,and duality play a positive moderating role.According to the research results,this paper also puts forward corresponding suggestions to improve the firm performance.

The effects of managerial ability on firm performance and the mediating role of capital structure:evidence from Taiwan

This study utilizes mediation analysis and bootstrapping to analyze the mediating effect of capital structure on the association between managerial ability and firm performance.The dataset consists of 6384 firm-year observations from the Taiwan Residents electronics industry during 2005–2018.Our results indicate that(1)low(high)levels of debt are likely observed in firms with CEOs with high(low)ability,(2)managerial ability positively affects firm performance,and(3)capital structure mediates the positive relationship between managerial ability and firm performance.Overall,the findings may have limited generalizability due to the specific sample characteristics and provide convincing support for the importance of capital structure as a mediator in the managerial ability-firm performance nexus.Specifically,this study highlights the need for examining the effect of managerial ability on firm performance through a mediator.

Performance Evaluation of Motor Insurance Companies: Panel Data Evidence from Nigeria

This paper evaluated performance of motor insurance companies in Nigeria. The objectives were to determine the following: 1) significant effects of claims settlements on motor insurance firms’ earned premium;2) differences in managerial/technological capabilities among the companies and 3) effects of policy (or time effect) on insurance firms’ output within the study period. Panel data obtained for this study comprised operational data on premium earned and direct claims settlement by these companies over a period of six (6) years. Using panel data statistical models, we found that direct claims settlement negatively affected insurance companies’ earned premium. Also, significant differences in technological and managerial capabilities were found to exist among the companies, though only one company exhibited this heterogeneity. Besides, there were no policy impacts (or time effect) on vehicle insurance firms’ output in the study period. Policy implications of the results were discussed.

Factors Promoting and Hindering Performance of Unit Nurse Managers at Kamuzu and Queen Elizabeth Central Hospitals in Malawi

Unit nurse managers in Malawi experience many challenges in the course of performing their roles. This affects their performance and service delivery including the quality of nursing care to patients. This study was conducted to determine the factors that hindered performance of unit managers in relation to expected quality of nursing services at two referral facilities (Kamuzu and Queen Elizabeth Central hospitals) in Malawi. These two central hospitals have the same structural settings and both offer specialized tertiary health services. A quantitative descriptive design was used to guide the planning and implementation of the study. Purposive sampling was used to select the two major hospitals in Malawi and all available 37 unit nurse managers during the time of the study at the two hospitals participated in the study. Data were collected using semi-structured questionnaires after seeking consent from the participants and were analyzed using SPSS version 16.0. The major roles identified by the unit managers were supervision (75.6%, n = 28) and coordination (70.3%, n = 26). Other roles such as team leader, liaison officer, research allocator, monitor and facilitator were rated by very few participants. Findings of the study showed that performance of unit nurse managers was affected by inadequate material (86.4%, n = 32) and human resources (94.5%, n = 35) and lack of managerial skills (5.4%, n = 2). In addition, the unit managers perceived their role to be stressful (38.9%, n = 14) and challenging (47.2%, n = 17). Therefore, there is a need to provide adequate material and human resources to the wards of the two central hospitals to enable the unit managers perform their duties efficiently.

Impact of Controllable Factors on Export Performance of SMEs in Jordan

Exporting is of great interest for SMEs in Jordan from both microeconomic and macroeconomic perspective.The objective of this study was to identify to what extent specific internal factors contribute to export success of SMEs in Jordan.This study hypothesized that export performance of SMEs is directly affected by three groups of internal factors.These include firm characteristics,managerial characteristics,and marketing strategy.A multiple case approach is used to conduct this research and a structured interview is developed to collect the data directly from the participants.A pattern matching approach was used to test the hypotheses.The results show that export performance is positively affected by firm characteristics,managerial characteristics,and marketing strategy.Additionally,the demographic characteristics of managers and adaptation of distribution channels are unlikely to have an influence on export performance.This was unexpected,because of the plenty of empirical evidences in the literature that support the impact of these variables on export success.

Government Intervention and Support on SMEs Firm Performance

The small and medium enterprise firms are renowned for improving the na­tion’s economy through the provision of job opportunities for its populace,improving the financial and investment status of the countries and provi­sion of innovative products that meets the need of the people.SMEs are key players in the economy,through sustainable development goals(SDGs)enabling them to thrive in the open business environment and actively applying the digital transformation,promoting inclusive and sustainable in­dustrialization should be the core of any country government.This research is designed to explore the influence of government intervention and support on enterprise performance and growth in five business sectors-Hospitality,Education,Health care,Bottled Water Production and Transport and Logis­tics organizations.The research paper had a descriptive research design with a randomly selected sample size of one hundred and ninety-seven respondents.The research hypotheses were tested using(Factor Analysis and Ordinal Logistic Regression Analysis)with Statistical Packages for Social Science(SPSS)version 25.The results of the study reveal that gov­ernment intervention policies and intervention programmes when instituted will promote the growth of business firms in Nigeria.Also identified are relevant recommendations that serve as motivation for policy administra­tors,entrepreneurs,and business managers to ensure that relevant interven­tion programme is adopted to boost performance and growth of the SME sector in Nigeria.

数字化转型对企业ESG表现的影响研究

现阶段,通过数字化转型提升ESG表现已成为企业提升竞争力、实现可持续发展的重要策略选择。文章基于2011—2021年我国沪深两市A股制造业上市公司数据实证考察企业数字化转型对ESG表现的影响效应与作用机制。研究结果表明:企业数字化转型对ESG表现具有显著正向效应,且这一结论在进行多项内生性处理和稳健性检验后仍然成立;企业数字化转型主要通过提升企业绿色创新绩效、抑制管理者短视行为及提高资源配置效率三条途径提升ESG表现;分析师关注和媒体关注强化了企业数字化转型对ESG表现的促进作用;基于所有权性质、要素密集度及规模等级的不同,企业数字化转型对ESG表现的影响具有显著异质性。研究结论可为企业推进数字化转型、提升ESG表现提供相应对策建议。

ESG表现与企业韧性

利用2019-2022年我国A股上市公司数据,探讨ESG表现对企业韧性的影响及作用机制。研究结果表明,ESG表现显著提升了企业韧性,使得企业在危机期间表现出更强的抵抗力和恢复力。细化ESG不同维度发现,相较于环境,社会责任和公司治理对企业韧性的提升作用更显著。作用机制研究发现,ESG表现通过增加产品的市场竞争优势、降低融资成本、提高企业声誉和抗风险能力四条路径提升企业的危机应对能力,进而增强企业韧性。异质性检验发现,ESG表现对企业韧性的增强作用在管理层决策视域较短、财务状况和内部控制较差的企业中更显著,说明ESG有助于解决管理者短视、财务状况和内部控制较差给企业带来的“生存性”难题,是企业于逆境中转“危”为“机”的重要驱动力。

管理者能力对企业ESG表现提升作用研究

随着“双碳”战略目标的提出,企业如何贯彻可持续发展理念,助力经济高质量发展成为了社会各界共同关注的主题。而管理者能力作为企业的一项资源,对企业决策有着重要的影响。本文以2009—2021年我国A股上市公司为研究对象,考察管理者能力对企业ESG表现的影响。研究发现,管理者能力对企业ESG表现具有显著提升作用。影响机制检验结果表明,管理者能力通过缓解企业外部融资约束增强企业内部控制质量两条路径提升企业ESG表现。异质性分析发现,在非国有企业、股权激励程度强、市场竞争激烈和受儒家文化影响较深的企业中管理者能力对企业ESG表现的提升效应更加显著。

卖空管制放松提高了管理层业绩预告质量吗?——基于数字与文本信息的双重证据

以2006—2017年沪深两市A股上市公司为样本,考察卖空管制放松对管理层业绩预告质量的影响。研究表明,相比于不可卖空的公司,可卖空公司在被列入融资融券标的后管理层业绩预告积极性、准确性与精确性提高,业绩预告文本的复杂性下降,说明放松卖空管制显著提升了管理层业绩预告质量。该结论在经过一系列稳健性检验后依然成立。区分业绩预告类型后发现:相比于强制性披露,卖空交易对自愿性业绩预告质量的提升效应更强;相比于好消息业绩预告,卖空交易对坏消息业绩预告质量的提升作用更大。作用机制检验结果表明,卖空交易通过引入交易竞争、强化外部监督、放大披露声誉优势、促进股价反馈,提升了管理层业绩预告质量。

资源整合与新产品开发绩效——管理者威胁解释和环境动态性的调节作用

以资源管理观及社会认知理论为基础,分析了稳固型资源整合和开拓型资源整合对企业新产品开发绩效的作用机理,检验了客观环境动态性与主观管理者威胁解释的调节作用。基于189份企业样本数据,利用层次回归分析方法,得出以下结论。稳固型资源整合与开拓型资源整合均对企业新产品开发绩效具有显著正向影响,且开拓型资源整合对新产品开发绩效的促进作用要强于稳固型资源整合。此外,环境动态性会分别加强2种资源整合对新产品开发绩效的积极作用,管理者威胁解释会削弱稳固型资源整合对新产品开发绩效的积极影响。研究结论在丰富资源管理观的同时,也为企业有效开展资源整合实践、提升企业新产品开发绩效提供了建议和指导。

管理层所有权驱动下企业并购行为及后果研究

基于协同理论和代理理论,利用我国A股上市公司2015年-2021年数据,构建Probit和logit模型实证检验管理层所有权与企业并购决策的关系。研究发现,管理层所有权增加了企业实施并购活动的可能性;进一步分析企业实施并购活动的经济后果,发现管理层所有权并没有协调股东与管理者的利益,在管理层所有权驱动下实施的并购活动虽然能在短期内提高会计业绩,但却并不能提高企业价值,管理层所有权作为高管股权报酬的一种形式并不能消除代理问题。因此,签订的薪酬合同应提高管理层薪酬与其业绩之间的关联度,保持合理的薪酬结构,要能激励管理层为增加股东财富而经营,防止其实施有损企业价值的并购活动。

管理者能力、成本粘性与企业绩效——来自中国A股上市企业的经验证据

文章以2008—2021年我国A股上市企业为样本,基于中介效应模型,创新性地将成本粘性引入管理者能力与企业绩效的作用机制。研究表明:提高管理者能力有助于提升企业绩效;从管理者的“信息效应”和“治理效应”看,成本粘性在管理者能力与企业绩效间存在遮掩效应,即管理者能力通过成本粘性影响绩效的间接路径削弱了其对绩效影响的直接路径;成本粘性的遮掩效应具有异质性,降低经济政策不确定性和行业竞争、实行两职分离可以降低遮掩效应;绿色信贷政策的出台放大了高能力管理者的“信息效应”,使管理者能力通过抑制成本粘性降低绩效的间接路径更为显著。研究结论有助于企业控制成本、配置资源,提升企业绩效,促进经济高质量发展。

高管团队稳定性与企业ESG责任履行

ESG已成为推动国家经济高质量发展的助推器,但有关ESG责任履行影响因素的研究仍方兴未艾。以2010—2020年A股上市公司相关数据为样本,考察高管团队稳定性对企业ESG责任履行的具体影响及作用机制。研究发现,高管团队稳定性正向影响企业ESG责任履行;通过作用机制检验,发现高管团队稳定性可以通过降低管理者的短视,进而促进企业ESG责任履行;在异质性分析中,发现高管预期任期、股权激励水平、媒体关注度会正向调节高管团队稳定性与企业ESG责任履行之间的关系。

基金管理人持基对基金业绩的影响——基于中国发起式基金的实证研究

文章着眼于基金公司的委托—代理问题,选取2012—2021年中国发起式基金的季度数据,研究基金管理人持基对基金业绩的影响。实证结果表明:基金管理人持基比例或持基金额的提高能够有效激励基金经理提高努力程度,获得更好的基金业绩,而且不会提高基金风险水平。文章以中国发起式基金为自然实验,基于政策外生性有效解决了现有文献难以规避的内生性问题,检验结果更具说服力。与此同时,发起式基金作为中国证监会推出的创新型基金产品,但鲜有文献对其进行深入研究。文章首次对发起式基金的基金管理人持基问题进行了讨论分析,对监管层完善法律法规、基金公司设计激励机制以及基金投资人选择基金标的都具有重要的参考意义。

绩效下跌、管理者能力与企业专利战略:对专利数量和质量之间张力的分析

企业行为理论研究在绩效下跌(即绩效低于绩效标杆)与各类组织变革之间建立了理论联系。然而,绩效下跌的影响如何,不仅取决于组织变革本身的性质,还取决于决策者对绩效下跌的解读。本研究聚焦于企业专利申请数量和专利申请质量这两种具有内在张力的企业行为,探讨了管理者能力将如何调节这两种行为的绩效反馈过程。管理者能力的调节效应源于能力水平不同的决策者对绩效下跌的解读也不同。基于中国制造业上市公司2011年—2017年的数据,本研究发现绩效下跌与专利申请数量之间存在负向关系,使得绩效越低于绩效标杆,专利申请数量也越低,而管理者能力将削弱这一负向关系;绩效下跌与专利申请质量之间存在正向关系,使得绩效越低于绩效标杆,专利申请质量也越高,而管理者能力将增强这一正向关系。

管理主义视角下的刑事司法

管理主义在刑事司法中的表现包括效率、成本、管理、“顾客”四个核心要素。在管理主义的影响下,世界范围内刑事司法中的效率价值得到强调,刑事诉讼进程逐渐由多主体共同推动,司法机关之间的联系更加紧密,法官自由裁量权受到限制。与西方国家相比,我国刑事司法本身具有管理主义的色彩,引入管理主义可能带来诸多风险。面对席卷全球的管理主义浪潮,我国未来的刑事司法改革应首先夯实保证司法公正的程序基础,同时根据本国国情对管理主义进行扬弃。

企业金融化及管理者能力水平对企业绩效的实证分析

为研究企业绩效的影响因素,文章以2011年-2021年我国A股上市企业相关数据为样本,从企业金融化和管理者能力两方面出发,实证检验了两者与企业绩效间的关系。研究发现,企业金融化程度与企业本年绩效间呈显著负相关关系,管理者能力则对企业绩效有较强的正向影响。研究表明,在当前国内“脱虚向实”大环境下,企业应谨慎对待金融投资,将绩效增长的着力点放在主营业务增长及管理者能力提高上。

管理胜任特征与工作绩效关系研究

本研究以情景评价为基础 ,对管理胜任特征与工作绩效间的关系进行了探讨。结果表明 :管理胜任特征在职位层次和性别上存在显著差异 ;管理胜任特征指标对工作绩效维度的预测效应不同 ,关系胜任特征是人际促进和工作奉献的有效预测指标 ,问题解决特征主要对任务绩效和人际促进有预测力 ,而诚信责任特征则更多的影响管理者的工作奉献。研究为理解管理胜任特征与绩效间的关系提供了实证支持。