An Application of Heterogeneous Bayesian Regression Models with Time Varying Coefficients to Explore the Relationship between Customer Satisfaction and Shareholder Value

The authors propose new Bayesian models to obtain individual-level and time-varying regression coefficients in longitudinal data involving a single observation per response unit at each time period. An application to explore the association between customer satisfaction and shareholder value is included in the paper. The Bayesian models allow the flexibility of incorporating industry and firm factors in the context of the application to help explain variations of the regression coefficients. Results from the analysis indicate that the effect of customer satisfaction on shareholder value is not homogeneous over time. The proposed methodology provides a powerful tool to explore the relationship between two important business concepts.

A Research on the Relationship of Charismatic Leadership Behaviors of Agricultural Cooperative Managers With Cooperative Shareholders＇ Performance and Satisfaction

In this study, the cooperative shareholders＇ performance and satisfaction were investigated as antecedent. Charismatic leadership of cooperative managers has been identified as antecedent. In addition, shareholders＇ age, education, land size, and duration of membership in the cooperative were investigated to have effect on the shareholder＇s performance and satisfaction. Charismatic leadership of cooperative managers is the subject of research on the effects of performance and satisfaction of the cooperative shareholders. A field survey was conducted. This study has been applied to Cukobirlik, an agricultural sale cooperative in East Mediterranean of Turkey. The researchers collected data by random questionnaire method. The research data were collected from 155 cooperative shareholders. For the data, exploratory factor, correlation, and regression were analyzed. The results of this analysis show that there is a meaningful relationship between charismatic leaders and the performance and satisfaction of shareholders for these cooperatives. Another result, there is significant relation between land size of cooperative shareholders and the performance and satisfaction of cooperative shareholders.

The Role of Financial Performance as a Moderator on the Relationship Between Financial Leverage and Shareholders Return

The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.

Analysis of the Relationship between Ultimate Controlling Shareholders and Private Enterprises＇ Business Performance

In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.

Practice Mode and Value Research of Reform of Rural Collective Economy Property Right System in Beijing Rural-urban Continuum

In the research, reform of rural collective economy property right system in Beijing rural-urban continuum was explored in terms of background, cause, pro- cess and practice modes by surveying and interviewing, and the value of system reform on urbanization in rural areas was illustrated from the perspective of farmers who lose lands. The results showed that since reform and opening-up, disadvan- tages of collective economy property are always the fundamental cause of reform; rural-urban contradiction produced from rapid urbanization makes the reform much more urgent; shareholding co-operative system is the essence of reform of collective economy property right system. Rural collective economy property right system in Beijing includes stock-assets quantification shareholding co-operative system, share- capitalization of contractual land management right, farmers as shareholders by investment, and resource and capital mode, with advantages and disadvantages respectively. The common character should be noticed is that all modes have share on contractual right of land, indicating the core of the reform of property system lies in asset quantification and stock quota. In improving urban-rural integration and modern market system, as well as endowing more rights to farmers, reform of rural collective economy property right system is of great significance, which provides a transition space and buffer mechanism for urbanization in rural areas.

非国有股东超额委派董事能提升MD&A信息含量吗

新形势下,国有企业通过引入非国有资本以完善公司治理和市场化运营成为重要议题。现有关于非国有股东委派董事的研究大多关注经营与投资决策,鲜有涉及MD&A信息含量的相关探讨,因此,本文以2013—2021年国有上市公司为研究样本,实证检验了非国有股东超额委派董事对MD&A信息含量的影响及其机理。研究发现,非国有股东超额委派董事能显著提升MD&A信息含量;异质性检验发现,当公司治理水平较低和产品市场竞争程度较高时,非国有股东超额委派董事的作用更为明显;机制研究发现,非国有股东超额委派董事主要通过提供增量信息与发挥监督效应的渠道提升MD&A信息含量;经济后果检验发现,信息含量的提升显著提高了资本配置效率与外部投资者信心。研究结论为有效推动混合所有制改革,充分发挥非国有资本参与治理提供了新的视角与经验证据。

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Protection of Collective Rights of Rural Members in the Process of Land Transfer under Shareholding Cooperative Systems

According to the legal definitions of land transfer under shareholding cooperative systems,rural groups,collective rights of members,and this paper discloses the necessity of protecting the collective rights of members.In terms of qualification definition of members,rights of fetus,married daughters and sons in law cannot be guaranteed.In terms of rights protection,partial rights cannot be assured,power of personal stake inthe collective members is imperfect which results in inadequate,unbalanced,shaky and unpunctuated benefits.Based on objective and subjectivecauses,the democratic management rights of members in land transfer process have been weakened or even deprived,the protection of the basiclife is hard to realize.The paper proposes that it is necessary to build the social protection mechanisms of rural land shareholding cooperative sys-tems.The first is to treat those members that own land,attending the shareholding cooperation but having not taken part in the land transfer proces-sion as the protection objects.The second is in the procession of land transfer,making it clear the compensation standards of land transfer,estab-lishing the intermediate agencies of land transfer and performing the collective economic organizing functions.The third is that the account capital ofsocial protection is contributed together by personal member,the land users(shareholding cooperative companies) and government.The fourth isto pay more attention to the added value and safety management of capital operation.

Minority Protection in Proceedings for the Settlement of Disputes Between Shareholders

“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.

Shareholder Structure and Discretionary Regulation of Accounting Results in Enterprises: The Case of Cameroon

Debates on shareholder structure and discretionary management of accounting results have carried forward controversial results. This study is intended to analyze within the Cameroonian context the impact of shareholder structure on the management of accounting results in enterprises. More specifically, its objective is to analyze the impact of shareholder structure on the adjustment of regulating discretionary accounting variables. A panel of enterprises is constituted over the periods 2013, 2014, and 2015 in Cameroon. The modeling of regulating discretionary accounting variables has been carried out according to the model of Jones (1991). The different results obtained show that the degree of concentration of the capital seems not to dissuade the management of result per long-term positions. Foreign ownership and state property stimulate management by regulating discretionary accounting variables.

Tracing Ultimate Shareholders＇ Double Control Chain in Listed Companies- Using the Theory of Organizational Routine Evolution

Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.

保险资金持股对企业违约风险的影响研究——来自中国A股市场的经验证据

基于2015—2021年中国A股上市企业数据,研究实证检验保险资金持股对企业违约风险的影响。保险资金持股能够发挥积极监督的治理效应,提升公司价值和风险承担水平,降低企业违约风险。保险资金持股对国有控股企业、市场化程度低的企业和被出具标准无保留意见企业的违约风险抑制作更为显著。防范企业违约风险,政府监管部门要优化和完善制度环境,提高企业信息披露程度,规范保险资金入市行为;保险机构要充分发挥自身优势参与持股公司治理,切实履行监督管理职能;上市公司要稳健经营,提升自身价值和风险承担能力,三者共同作用,维护金融市场稳定。

To Be a Fiera Milano Shareholder

When interviewed, Mr. Michele Perini, President of Fiera Milano SPA reveals that they will recommend Italian enterprises to attend Furniture World & Woodworking Machinery China, besides, as he regards, there should be some legal protection on intellectual property right for exhibition organizers.

共有股东与企业社会责任信息披露——基于A股上市公司的经验证据

近年来,同行业企业拥有相同股东的现象日益普遍,现有文献证明共有股东可以缓解其持股企业之间的竞争,促使一家企业将自身行为对其他企业造成的影响纳入决策考量。本文选取2008年至2022年沪深A股上市公司作为样本,实证研究发现共有股东能显著增加同行业公司自愿性社会责任报告披露。进一步研究发现,当本公司信息专有成本较高或同行业公司股票流动性较差时,共有股东对自愿性社会责任报告披露的正向影响更加显著。本文从同行业企业共有股东的角度分析企业社会责任信息的自愿性披露行为,补充了共有股东经济后果及非财务信息披露影响因素的相关研究。

控股股东股权质押是否会影响企业投资效率?——基于中国A股上市公司的证据

文章选取2010-2020年中国A股上市公司年度数据,采用面板回归模型对控股股东股权质押对企业投资效率的影响及其作用机制进行了实证分析。研究表明:(1)控股股东股权质押对企业投资效率具有抑制作用。相对于国有与高社会责任企业,控股股东股权质押对非国有与低社会责任企业投资效率的影响更为明显。(2)控股股东股权质押会降低投资不足状态企业的投资效率,但有助于提升投资过度状态企业的投资效率,这归因于控股股东股权质押引发的企业融资约束效应。(3)控股股东股权质押主要通过加大企业金融化及助推大股东掏空渠道来抑制企业投资效率,“控股股东股权质押-企业金融化/大股东掏空-企业投资效率”的传导渠道均有效。(4)股权制衡度与审计质量对两者关系均具有正向调节作用,股权制衡度与审计质量的提高均会加剧控股股东股权质押对企业投资效率的抑制作用。

Corporate Governance, Sustainable Development and Value Creation Some Evidences From Italian Listed Companies

Modern corporate situations, characterized by the globalisation of the markets and of the information, highlight the need to link the potential of a not transient growth to the adequate reconciliation of all the expectations converging around the entrepreneurial formula and not only of those attributable to shareholders. In such a defined context, corporate governance tends to evolve from a situation of primary care for the expectations of shareholders （shareholder＇s view） and for the correlated financial responsibility, to a wide consideration of all the stakeholders （stakeholder＇s view） and related responsibilities （financial, environmental, social, administrative）. The correct carrying out of governance processes requires, therefore, a clear focus on sustainable development and on the related assumption of a concept of global responsibility. The decisions made by the governing bodies must be driven by the purpose to create value in the long term according to conditions of fairness and sustainable development. To sum up, this research aims to deepen the existing connections between corporate governance, sustainable development and value creation on the basis of the empirical analysis of a limited number of listed Italian companies afferent to the public utilities sector. The paper, based on a deductive approach, is composed of two distinct but strictly connected parts： the first theoretical and the second empirical. The empirical research consists of a content analysis of the most recent documents （sustainability reports and annual reports） worked out by the selected companies. The results obtained about the degree respect of sustainable development conditions by each company are linked to the related value dimension （social, economic, competitive and environmental performance） aimed at verifying if the assumption of a corporate governance approach inspired by sustainability is susceptible of favouring the company development in a medium long term. From the delivered research it emerges how public utilities that promote behaviours in line with the sustainability conditions are marked out by stable growth paths. Conversely, the companies that assume a vision mainly addressed to the economic dimension, neglecting the other areas are generally compromised in the performance realized.

Discussion about Shareholding Cooperative Development Road for Agricultural Cooperatives in China

Using modern economic theories,this paper analyzed drawbacks of Shareholding cooperative development of agricultural cooperatives in institutional design and expounded inevitable difficulties of development of agricultural cooperatives. Shareholding cooperative development provides a pass for many social forces entering and controlling agricultural cooperatives and making numerous non-agricultural cooperative organizations become formal cooperatives. Deep cause for Shareholding cooperative development of agricultural cooperatives involves how to recognize status and function of family producers of agricultural products in the drive of agricultural modernization and the problem of state policies choosing family producers of agricultural products or other participants in the agricultural industry chain. Shareholding cooperative development is only an expedient measure in certain period,and it should not change development laws of things and essential feature of agricultural cooperatives because of stressing national conditions.

Have the Private Benefits in Italian Firms Decreased？

The topic of the paper is the estimate of the benefit of control, according to the Barclay and Holderness method. The reference system of this research is Italy, given that the empirical evidence of the past which had underlined private benefits particularly high among Italian companies and the reference period is 1999-2007. The idea of this research is to demonstrate that, since the Legislative Decree No. 58 of February 24, 1998 （Consolidated Law on Finance, henceforth Consolidated Law）, which has significantly changed the protection of minority shareholders, in Italian, the intensity of private benefits has on average declined sharply. To this end, considering the results of the empirical researches on periods pre-1998 and at the turn of the Consolidated Law, the paper provides evidence that the improvement of minority shareholder protection already shown by these researches is further accentuated over the years, because of the effects that the new regulatory framework has produced. In fact, the basic assumption is that the important laws, as Consolidate Law, require several years to produce the desired results in full. This idea is supported by the findings of research that show an average percentage of private benefits dropped to five percent of the capital. Hence, the investigation is extended to the demonstration of comparability of this estimation with other estimations quoted in literature, verifying the statistical significance of the correlations between the measures estimated and the variables considered as determinants in much of the literature.

Older People’s Lived Experiences with Participation in Shareholding Networks for the Care of Older People in Rural Areas of Thailand: A Phenomenological Hermeneutic Study

Background: Older people participating in shareholding networks are exposed to diverse situations, which may be associated with dignity. Aims: This study aimed to illuminate the meaning of lived experiences when participating in shareholding networks for the care of older people in rural areas. Methods: This qualitative study is based on individual interviews. Ten older Thai persons with at least 12 months of lived experiences participating in shareholding networks for older people in rural areas were interviewed. A phenomenological-hermeneutic approach, inspired by Ricoeur, was used to understand the meaning of the narrated text. Findings: The structural analysis resulted in four themes: 1) being satisfied with activities, 2) being valued as important, 3) being frustrated and feeling sad, and 4) being bored and feeling disinterest. The meaning of participation in a shareholding network for the elderly can be understood as a pathway to feelings of confidence and presence of others. Confidence and allowing the presence of others mean facing humanity and sensing vulnerability, because in a trusting relationship the person who gives confidence is susceptible to the other’s betrayal. Conclusion: An individual’s dignity should be a high priority in health and social care strategies. Therefore, it is important for healthcare professionals to initiate a dialogue with the shareholding participants for support and information. The narrations in this study can be used as a basis for developing cooperating care with older people in shareholding network focusing on their needs and dignity.