高层管理团队协作需要、薪酬差距和企业绩效:竞赛理论的视角

本文基于竞赛理论发展出高层管理团队协作需要、薪酬差距与企业绩效之间关系的理论假说,并利用2001年到2004年我国264家上市公司年报数据进行了实证研究.研究结果表明,高管团队薪酬差距对于企业绩效的影响是负向的,不支持竞赛理论的预期,而技术复杂性、企业规模和薪酬差距的交互项对公司绩效有正向影响,团队协作需要的调节效应得到部分支持,符合竞赛理论的预期.协作需要对高管团队薪酬差距的影响也部分支持了竞赛理论的预期.因此,研究表明由于文化的差异,竞赛理论对我国企业高管团队薪酬差距的解释能力是有限的,这也为企业管理团队薪酬的制度设计带来政策启示.     

并购后高管变更的绩效影响:基于中国上市公司的实证分析

基于前人关于高管变更和公司控制权市场的研究,本文分析了上市公司控制权变化后高管变更和绩效之间的关系。我们假设上市公司控制权变更后,高管的变更会促进这些公司财务绩效的提高。本文选用1996-2001年间深圳和上海证券交易所中76家高管随第一大股东变动而变更的上市公司作为样本,并设立了47家第一大股东变动而高管未变更的上市公司作为对比组,用经过行业调整的财务绩效来分析比较。结果发现,公司控制权变化后高管变更的公司的绩效显著提高,而且绩效表现好于公司控制权变化后高管未变动的上市公司的绩效表现。     

论党的建设的顶层设计

值此中国共产党建党90周年之际,对党的建设的顶层设计作为一个事关当前和长远发展的重大问题提到全党面前.支撑对党的建设顶层设计的基本理论是起源于系统工程学领域的顶层设计理论及其在党内的应用.党的建设顶层设计的基本方向要着眼、围绕党的建设新的伟大工程展开.党的建设顶层设计的基本指导方针是党的建设科学化思想.党的建设顶层设计...     

Expectation gaps between stakeholders and web-based corporate public relations efforts: Focusing on Fortune 500 corporate web sites

This study investigates how Fortune 500 corporations use corporate-focused web site public relations efforts to prioritize different stakeholders while trying to meet the expectations of each stakeholder. The study found that shareholder needs are most often addressed by the corporations followed by consumers, community members, government agencies, and activists. The results of the study suggest there are expectation gaps between stakeholders and web-based corporate public relations efforts. The study also found differences in the way various industries target stakeholders with the exception of shareholders.     

Career patterns of top managers in Europe: Signs of further globalisation?

Investigating career patterns of top managers has been a prominent topic in European Management Journal (EMJ) since the 1990s. Our article contributes to ongoing debates about national differences in top managers' career patterns between European countries. An open question is whether globalisation processes may have challenged the existence of specific career patterns and whether they may have transformed the profiles of business elites in Europe. Our article uses recent data from four European countries (France, Germany, Switzerland and the UK), collected in a way similar to an EMJ article published in 2013, with the objective to assess potential developments that have taken place over the last decade. Some of the major changes relate to the growing relevance of business school degrees or certificates (such as MBA degrees), a higher proportion of non-nationals and women on boards, more managers with international experience and an increasing number of top managers with a prior career with auditing or consulting firms. The article provides not only new empirical insights, but also a review of the key characteristics of top managers’ careers, some methodological reflections on cross-national comparison and new research avenues at the cross-roads of career literature and upper echelons literature. By shedding light on the career patterns of key decision-makers in large European firms, the article offers new insights for researchers, educators and managers alike.     

国际化程度与绩效关系的中外企业差异——来自500 强企业的经验证据

"国际化战略是否有助于提升企业绩效"一直存在较大争议,其中尚缺乏对不同发达程度国家的企业进行对比分析的经验证据.以世界500强和中国500强企业为样本,在统一的研究框架下检验了国际化与绩效之间关系的中外企业差异.研究发现,在整体关系上,发达国家企业的国际化提升了企业绩效,而中国企业则相反;在曲线关系上,发达国家企业的国际化与绩效之间呈现出N形关系,而中国企业的曲线关系假设并不成立;资产密集度对发达国家企业的国际化与绩效之间关系具有正调节作用,而对中国企业则相反.针对这些差异,提出了一些可能的解释.研究结果有益于理清国际化与企业绩效之间的复杂关系,为中国企业的国际化战略也提供了启示.     

The impact of social class on top managers’ attitudes towards employee downsizing

In this paper, we examine the impact of top managers' social class on their attitude towards employee downsizing. Mobilizing Bourdieu's concepts of social class as a unique social position defined by the combination of economic, cultural, and social capital, we develop hypotheses about the effects of different capital endowments, which we test with unique data on more than 2500 top managers in Germany. We find that both higher economic and higher social capital increase openness towards employee dismissals, while higher cultural capital reduces it. We also find that the overall effect of a top manager's social position is an aggregate of the effects of the individual types of capital: Managers with high cultural, low social and low economic capital are least open to employee dismissals, while those with low cultural, high social and high economic capital are most open – with the other combinations lying somewhere between the two extremes.     

Bayesian Portfolio Selection: An Empirical Analysis of the S&P 500 Index 1970–1996

In this article we present a technique for implementing large-scale optimal portfolio selection. We use high-frequency daily data to capture valuable statistical information in asset returns. We describe several statistical issues involved in quantitative approaches to portfolio selection. Our methodology applies to large-scale portfolio-selection problems in which the number of possible holdings is large relative to the estimation period provided by historical data. We illustrate our approach on an equity database that consists of stocks from the Standard and Poor's index, and we compare our portfolios to this benchmark index. Our methodology differs from the usual quadratic programming approach to portfolio selection in three ways: (1) We employ informative priors on the expected returns and variance-covariance matrices, (2) we use daily data for estimation purposes, with upper and lower holding limits for individual securities, and (3) we use a dynamic asset-allocation approach that is based on reestimating and then rebalancing the portfolio weights on a prespecified time window. The key inputs to the optimization process are the predictive distributions of expected returns and the predictive variance-covariance matrix. We describe the statistical issues involved in modeling these inputs for high-dimensional portfolio problems in which our data frequency is daily. In our application, we find that our optimal portfolio outperforms the underlying benchmark.     

Antecedents and consequences of diversity and equality management systems: The importance of gender diversity in the TMT and lower to middle management

Strategic human resource management theory suggests that diversity and equality management (DEM) systems provide a firm with a competitive advantage, leading to superior performance. This study proposes and tests a moderated mediation model focusing on antecedents (i.e. top management team gender diversity) and consequences (i.e. performance) of DEM systems in the context of lower through middle management (LTMM) gender diversity. The model was tested in 248 medium-to large-sized organizations using time-lagged survey and archival data. The findings provide full support for the hypothesis that a gender-diverse top management team is positively associated with DEM systems. The results provide partial support for the following hypotheses: DEM systems are positively associated with performance and this relationship is moderated by LTMM gender diversity; and DEM systems mediate the relationship between TMT gender diversity and performance. We discuss theoretical, research and practical implications.