股权投资者异质性对董事会职能演进的影响——以平高电气为例

本文利用案例研究方法,对上市公司平高电气董事会的职能演进过程进行了描述,并且针对董事会不同演进阶段,根据治理能力与投资动机两个维度对其主要投资者的治理行为进行了分析。研究发现突破了以往研究仅探讨股权集中度与控股大股东对内部治理影响的局限,提出了不同类型投资者对董事会职能演进所具有的不同作用。文章的主要学术贡献在于动态考察上市公司董事会职能的演进过程,并将股权异质性作为解释董事会职能演进的主要变量。研究结论对于国有企业引进战略投资者进行改制亦有一定的指导价值。     

连锁董事治理效应的实证分析——基于内在机理视角的探讨

本文按照中观、微观、个体的逻辑分析思路,分别从连锁董事网、公司董事会和连锁董事的个人行为特征这三个层面来解析连锁董事产生治理效应的内在机理:认为连锁董事网的嵌入性影响着公司的资源获取能力、协调控制能力和环境应变能力;连锁董事的引进可改善董事会的结构,影响着董事会的战略参与与功能整合;而连锁董事个人的行为动机与个人能力将会约束其治理效应的发挥.从而表现为网络镶嵌、公司行为与个人动机的有机结合与共同作用.本文基于随机抽样的方法选取400家上市公司作为研究样本,通过描述性统计分析与构建时刻固定效应面板数据模型对连锁董事的治理效应进行了实证研究.得出相应的结论:公司所处连锁董事网的规模、公司的网络中心度以及连锁董事所担任的董事数目与公司治理绩效之间具有正相关关系,董事会中连锁董事比例的治理效应没有得到确定性验证,而连锁董事的持股与公司治理绩效之间并不存在显著的相关关系.研究表明,我国上市公司的连锁董事在任职特征及网络嵌入性上具有积极的治理效应,并提出相关的建议.     

社会保险与家庭金融风险资产投资

 当公司违规时对CEO及时有效地进行变更是董事会的重大决策之一，董事会作为上市公司监督和决策的重要机构，其独立性至关重要。董事会独立性是公司治理的灵魂，已有研究将董事会独立性作为一种形式上的独立性，忽略了可能影响董事会职能发挥的其他社会因素，如董事会成员与CEO非正式关系和人口统计学特征的匹配程度，因此有必要进一步探讨董事会社会独立性。        采用社会网络和社会认同理论，从董事会监督职能有效性发挥角度，创新性地构建包含认知和关系双层的董事会社会独立性测量指标，以2011年至2014年沪深A股发生CEO变更的上市公司及其配对公司为样本，运用probit模型实证研究不同情景下，当公司出现违规行为时，董事会社会独立性对CEO变更的影响效应。        研究结果表明，①董事会社会独立性越高，违规公司的CEO越容易发生变更行为，董事会成员与CEO关系亲密以及人口统计学特征相近所形成的较高的契合度使董事会无法客观公正地评判和监督CEO的业绩表现；②董事会社会独立性效应的发挥与上市公司的所有权性质和业绩表现有关，在民营企业和劣绩公司，董事会社会独立性的调节效应更显著；③良好的制度环境等外部治理机制为董事会社会独立性的效用发挥提供了保障，董事会社会独立性只有在外部治理较好的情形下才会影响违规公司的CEO变更。        董事会社会独立性作为独立性研究的拓展，具有重要的理论意义和现实意义。研究结果表明提升公司治理有效性，不仅在于保持结构的独立，还需要提升董事会的社会独立性。公司应严格把控“关系型”和“相似型”CEO，同时还应创造独立良好的外部治理环境，保障董事会更好地发挥监督职能。     

日本企业的董事会改革

董事会是股份公司治理结构的核心部分。本文通过对日本企业董事会现状的分析,揭示出相对于欧美企业,日本的董事会具有人数多、内部董事比例高且同质化、决策职能、执行职能和监督职能没有分开等特点,其结果是董事会在公司治理中事实上已蜕变成仅是应商法要求而存在的机构。为改变这种状况,日本现正从修改商法入手对董事会进行变革。     

董事会战略参与的研究进展与展望

将董事会战略参与过程视为从消极态度到积极态度的连续过程,以董事会战略参与为研究对象,通过对董事会战略参与的内涵与理论基础,以及董事会战略参与和董事会角色的关系、董事会战略参与的影响因素和经济后果等研究文献的梳理和评述,提出了董事会战略参与的研究框架,并展望了未来研究的方向、内容和方法,以期为国内学者的后续研究提供借鉴和启示。     

公司治理结构对企业环境绩效的影响研究

本文从公司治理结构和环境绩效内涵出发,从公司股东、董事会和经理层探讨了公司治理结构对企业环境绩效的影响,研究发现公司治理结构对企业环境绩效具有显著的影响作用,从而提出应该完善公司治理结构,发挥公司治理监督职能的建议。     

董事会资本对公司治理水平的影响效应研究

本文通过构建董事会资本模型,将董事会人力资本和社会资本组合划分为董事会资本丰富性和深入性,并分别考察两者对公司治理水平的影响效应。基于代理理论和资源依赖理论观点,我们通过布罗异质性指数来考察董事会资本丰富性,得出董事会资本丰富性对公司治理水平的提高具有显著的正效应;同时,通过董事会成员特性比例来考察董事会资本深入性,得出董事会资本深入性在一些方面对公司治理水平具有显著负效应。由此,本文的研究结论在一定程度上支持了董事会资本对公司治理水平的影响,并认为通过董事会资本的合理配置,可以提高公司治理水平。     

终极控制股东两权偏离、替代效应与公司价值

基于2004～2006年中国上市公司截面数据,在实证检验不同治理机制间替代效应的基础上,系统分析了终极控制、公司治理与企业价值间的互动关系,验证了公司治理的中介效应。结果显示:1.董事会治理与其它治理机制间存在显著的替代效应。第一大股东持股比例的增加会强化董事会治理与股权制衡度、监事会治理之间的替代效应,而会弱化董事会治理与管理层激励、信息披露之间的替代效应;2.终极控制股东两权偏离对公司价值具有显著的负面效应;3.公司治理对公司价值具有显著的正向效应,其在终极控制对公司价值的作用机制中具有显著的中介效应,中介效应占总效应的比例超过50%。基于实证分析结果,最后为优化中国终极控制型公司治理提出了相应的政策建议。     

上市公司审计委员会治理有效性的实证研究——来自沪深两市的经验证据

本文基于2002～2004年我国沪深两市A股上市公司审计委员会设立及其正常运转的基本数据,并立足于《上市公司治理准则》所赋予审计委员会的基本治理职能,以审计意见和事务所变更为反应变量,对审计委员会治理有效性进行了实证研究。研究发现,设立审计委员会的公司更不易被出具非标准审计意见,这一结果证实审计委员有效履行了财务信息质量控制和沟通协调的职能,并从审计质量的层面反映了监管层推进上市公司治理制度改革的政策效应。研究没有发现是否设立审计委员会和会计师事务所变更之间存在相关性,因而本文没有获得审计委员会实现有效监督职能的证据。本文还认为,现行的年度报告对审计委员会等董事会下设专业委员会活动和履职情况的信息披露尚不规范,由此可能影响投资者对公司治理结构有效性的判断。     

创新战略、董事会非正式层级与盈余管理

企业战略意图对会计操纵和财务舞弊行为具有重要影响，创新战略的实施如何影响企业的盈余管理行为目前存在增进效应和抑制效应两种假说，尚未得到清晰的界定。为此，本文选取2012—2021年中国A股上市公司数据，探究创新战略对盈余管理的影响机理。结果表明：创新战略与盈余管理负相关。董事会非正式层级作为公司的一种非正式内部治理制度，间接影响企业战略和经营决策。当董事会非正式层级清晰度越高时，企业创新战略与盈余管理之间的负相关关系更为显著。异质性分析表明，与非高科技行业企业以及国有企业相比，创新战略对盈余管理的抑制效应在高科技行业和非国有企业中更为显著。本文的结论拓展了盈余管理影响因素的研究，也为董事会治理机制和效果等相关研究提供参考建议。     

Board members’ contribution to strategic decision-making in small firms

This article explores how the boards of small firms actually undertake to perform strategic tasks. Board strategic involvement has seldom been investigated in the context of small firms. We seek to make a contribution by investigating antecedents of board strategic involvement. The antecedents are “board working style” and “board quality attributes”, which go beyond the board composition features of board size, CEO duality, the ratio of non-executive to executive directors and ownership. Hypotheses were tested on a sample of 497 Norwegian firms (from 5 to 30 employees). Our results show that board working style and board quality attributes rather than board composition features enhance board strategic involvement. Moreover, board quality attributes outperform board working style in fostering board strategic involvement.     

Board governance of Strategic Change: An assessment of the literature and avenues for future research

Boards of directors play a central role in governing corporate strategic change. We systematically review corporate governance research on strategic change published over the past 40 years, differentiating between strategic change types and board characteristics. We identify three developments: a focus on specific strategic change types, board composition and structure, and North American listed firms as a dominant study context. Yet, our analysis of the literature shows that research on board governance of interrelated strategic changes, on different board roles and behaviour, and on the governance of strategic changes across different contexts remains underdeveloped. To address these research gaps, we suggest three future research avenues: (1) examining how boards govern interrelated changes in a strategic change portfolio and its evolution over time; (2) studying the mediating relationship between board governance (particularly different board roles and behaviour), strategic changes, and corresponding outcomes; and (3) gaining a better understanding of the role of context in board governance of interrelated strategic changes. We contribute to corporate governance research by developing a framework that synthesizes extant research on the relationships between different board governance variables and strategic change types, highlights important research gaps, and outlines several future research directions to address these gaps. Our framework and literature overview serve as analytical tools to examine whether boards are well-designed and prepared to govern multiple and interrelated strategic changes.     

Strategic leadership in organizational crises: A review and research agenda

Of all actors involved in managing an organizational crisis, strategic leaders play a particularly central role. However, the growing scholarship on the impact of strategic leaders in crisis situations is characterized by a high degree of fragmentation, considerably hindering the generation of parsimonious theory and practically useful insights. To address this issue, we conduct a systematic multidisciplinary literature review that spans the research streams on strategic leadership and organizational crises. For each type of strategic leader—Chief Executive Officer (CEO), top management team, and board of directors—we identify the different applied theoretical lenses and highlight commonalities and differences between studies and their insights. We use our review to derive an integrative conceptual framework that guides future research. Our exploratory review unveils that, while each type of strategic leader plays a significant role in a crisis context, the perspectives taken and the resulting evidence vary: as for the CEO, research focuses on social evaluations—for instance, based on the CEO's appearance—as well as agency-theoretic considerations—particularly, financial incentives. Regarding the top management team, research mostly adopts a managerial and organizational cognition lens, focusing on characteristics such as personality and human capital. Lastly, for the board of directors, agency-theoretic considerations again dominate the scholarly conversation, especially studies of board independence. Overall, we review and organize a rich but patchy research landscape, and we derive ample opportunities for novel theoretical and empirical inquiries into strategic leaders and their role in managing organizational crises.     

Ownership and corporate social responsibility: "The power of the female touch"

Using a sample of 26,029 firm-year observations over the period 2002–2017 from 4,479 firms and 44 countries, we examine the relationship between ownership concentration and corporate social responsibility by focusing on the mediating role of board gender diversity and the moderating role of family shareholding. We find that ownership concentration negatively affects corporate social responsibility, and the board gender diversity partially mediates this negative effect. Our results indicate that the mediating effect of board gender diversity leads to a 10.65 percent decrease in the impact of ownership concentration on corporate social responsibility. Furthermore, moderated path analysis indicates that family shareholding weakens the direct effect of ownership concentration on board gender diversity and its indirect effect on corporate social responsibility. In post hoc analysis, we also document that the effect of gender diversity on the board is more prevalent in high gender-egalitarian societies where women are more involved in decision-making. Our study addresses the strategic role of female board members in increasing firms’ respect for corporate social responsibility, especially in family-controlled firms. Thus, our results may provide insights to regulators and policymakers to enhance firms’ corporate social practices by encouraging women’s participation on corporate boards.     

Job-related diversity: the comprehensiveness and speed of board decision-making processes—an upper echelons approach

Strategic decision-making processes influence firm-level outcomes. Using the theory of upper echelons, this study investigates how diversity in directors’ skills, knowledge, and industry experience influence board decision-making processes that may impact overall strategic decision-making processes. Such diversity has been commonly accepted to be a ‘double-edged sword’—enhancing comprehensiveness but hindering the speed of decision-making. On the contrary, we used an existing large survey database to show that directors’ diverse educational background, functional background, and industry experience (job-related diversity) have a positive effect on comprehensiveness as well as the speed of board decision-making. In addition, our results indicate that board processes (directors’ use of their knowledge and skills) play an important role by transmitting the positive effects of diversity. The study is in a tradition of exploring how boards may influence firms’ strategic decision-making processes. Our findings provide additional arguments for adding job-related diversity to boards of directors.     

The board advisory tasks in small firms and the event of crises

In this article we examine what affects the board of directors’ involvement in the advice to management, with emphasis on the influence of crises on the board advisory tasks performance. Based on a survey of 881 small Norwegian firms, we analyse responses from CEOs in order to determine whether and to what extent the board is actively involved in the governance process during crises through providing advice. The study has two major contributions to board research in general and research of into small firms in particular. The first is the go beyond the “usual suspects” of board size, CEO duality, and board independence when looking for determinants of board involvement in advice. The second contribution is a clearer understanding of board involvement during crises. Our results show that board member diversity becomes particularly important during crises, since this provides the CEO and firm access to a more diverse pool of competences and experiences. We also find that crises moderate the effects of incentive on the board’s involvement in advice. This evidence sheds new light on the determinants of directors’ involvement in board tasks, suggesting that directors’ incentive to perform certain board tasks vary according to the contingent situation the firm is experiencing.     

参与度、信任与合作效果的关系——基于中国非营利组织与企业合作的实证分析

非营利组织与企业合作共同解决社会问题,是非营利组织和企业共同关注的发展战略,也是和谐社会建设的重要方面。本文基于中国非营利组织与企业合作的现实,通过建立合作双方参与度、信任关系与合作效果的假设模型,根据230个合作项目样本数据,利用回归分析进行了检验。分析结论表明,高的参与程度会带来良好的合作效果;信任在参与度与合作效果关系中的中介作用不完全一致:在参与度影响合作的直接效果中起中介作用;在参与度影响知识创造效果中没有起中介作用;在参与度影响社会效果中起到一定的中介作用。这对改进非营利组织与企业合作管理实践,以及有目的和针对性地实现相应合作效果具有指导意义。     

Monitoring the monitor: Enabling strategic change when the former CEO stays on the board

Firms often retain their former CEOs on the board after succession to benefit from the former CEOs’ firm-specific expertise. However, their presence can inhibit successor CEOs from implementing meaningful strategic change, as the former CEOs seek to preserve their personal legacy and may see the strategic landscape differently, especially when the successor CEO is hired from outside the firm. Using a strategic leadership interface perspective, we propose that board members can alleviate this potential tension and enable strategic change. To test our theory, we focus on a subsample of succession events: when the former CEO stays on board as chair and the successor CEO is an outsider. This scenario is likely to result in strategic tension and cognitive differences between these two organizational leaders. We find that in such situations, boards with a higher proportion of outside directors experience greater post-succession strategic change; we find no effect in other succession scenarios. We isolate legacy conservation as a motivating factor by showing that the effect manifests for divestitures but not for acquisitions.     

The Importance of Compensating Strategic Network Board Members for Network Performance: A Contingency Approach

Firms in government‐supported strategic networks tend to rely on professional network board members for support and assistance. As such, two significant issues arise: should board members be compensated and under which circumstances is compensation more – or less – effective for network performance. Based on yearly panel data from 53 government‐supported strategic networks of small‐ and medium‐sized enterprises over a five‐year period, this study examines the effects of compensating network board members. Advocating for a contingency approach, we combine the agency and stewardship literatures to posit that the effects of compensation are moderated by contingency factors that stimulate either an agency or stewardship relationship between the network board and the networking firms. Our findings indicate that significant funding, network firms represented on the network board, and top‐down network formation stimulate board members to become agents rather than stewards. This therefore explains the higher effect of board member compensation under such conditions.     

董事会对公司战略过程评价:逻辑架构与指标体系

公司的战略管理是所有管理活动的重中之重.它包括战略判断、计划与预算活动、战略执行以及适威Adaptive)与交互(Interactive)性的战略控制体系.而现代公司治理原则要求董事会应关注和评价公司的战略管理活动.本文进一步认为,在资本市场不够发达的情况下,董事会应关注公司战略管理的奎过程为此,我们提出了一个针对公司战略管理体系有效性评价的基本框架和评价指标体系,目的在于使公司治理有效地作月于管理过程,最终为企业创造价值.