社会责任信息自愿披露、CEO权力与会计盈余质量——基于倾向得分匹配法(PSM)的分析

以2008-2013年沪深两市自愿披露社会责任报告的A股上市公司为样本,引入CEO权力等情境因素,研究了社会责任信息自愿披露对会计盈余质量的影响.实证结果发现,在控制样本自选择问题后,社会责任信息自愿披露具有显著的盈余质量提升效应;进一步考虑CEO权力对企业自愿披露决策的影响后发现,企业社会责任信息自愿披露的盈余质量效应受到CEO权力大小的制约,当CEO权力较大时,自愿披露社会责任信息与会计盈余质量的正相关关系不再显著.研究结论表明,企业社会责任信息自愿披露在一定程度上改善了企业的信息环境,提升了会计盈余质量,但社会责任信息自愿披露的盈余质量效应呈现出异质性和情境依赖性的特征.     

CEO过度自信对薪酬合同影响理论综述

“理性人”假设是传统经济学最基本的假设。在这一假设下,每一个人的行为都是极度理性的,人的情绪和感情因素对市场的影响极其有限。但研究者在研究市场经济活动的过程中发现事实并非如此,以此假设为前提的数学模型,并不能很好地解释和预测许多现实中的经济活动。因此,大量经济学家和心理学家开始从人们的心理、行为角度出发,考虑人的感情因素和情绪因素对市场中经济活动的影响。     

贷款投放量、高管过度自信与企业过度投资

以2007—2011年沪深A股上市公司为研究样本,首先对管理者过度自信与过度投资之间的相关性进行实证分析,然后引入二层变量探讨不同产权性质下各省银行业金融机构贷款投放量对管理者过度自信—过度投资关系的影响。研究结果显示：我国上市公司管理者过度自信水平与企业过度投资程度存在显著的正相关性。在国有企业中,省内贷款投放量的增加会显著加强管理者过度自信与过度投资的正相关性。而在非国有企业中,省内贷款投放量对过度自信和过度投资关系的影响不显著,而贷款投放量的增加会加强企业增长率和过度投资之间的正向关系。     

Do bettors prefer long shots because they are risk-lovers,or are they just overconfident?

This study examines whether bettors' risk preferences or overconfidence in choosing winners better explains their well documented preference for low-probability wagers. Although previous studies using racetrack data often suggest that risk-loving behavior explains long-shot preference, such data cannot distinguish between the alternative explanations. We use football betting data to make the comparison and find that overconfidence more closely fits the data. This result complements evidence of overconfidence from behavioral studies as well as stock-market models of overconfident noise traders.     

Managerial dominance and audit committee independence in Spanish corporate governance

The purpose of this paper is to analyse whether the independence of audit committees is affected by the degree of control exerted by managers over the board of directors. Results from a sample of 75 listed Spanish companies show that the majority of firms that voluntarily adopted an audit committee between 1998 and 2001, made an effort to guarantee their independence from management. The degree of independence is shown to be determined by the proportion of inside directors on the board, the same person holding both the CEO and board chairperson positions, and the level of management ownership. These findings may have political implications because existing regulations do not limit the presence of inside directors on audit committees. The presence of inside directors may compromise effectiveness, turning audit committees into instruments of management to provide the appearance of monitoring.

CEO过度自信如何影响公司投资效率---基于会计稳健性的中介效应研究*

投资决策是企业财务决策的核心,如何提高投资效率、降低投资扭曲行为受到各界广泛关注。本文以中国2003—2017年沪深A股上市公司为研究样本,分析CEO过度自信、会计稳健性与企业投资效率之间的关系。研究发现会计稳健性在CEO过度自信与企业投资效率间起中介作用,CEO过度自信会抑制会计稳健性,进而降低了企业的投资效率;CEO过度自信的中介效应仅存在于投资过度企业以及高成长性企业中,对投资不足企业不显著。本文亦从企业和监管机构层面提出相应的政策建议。     

关于中国上市公司经营者持股情况的研究

本研究以中国上市公司为抽样总体,从上千家企业中随机抽取315家企业作为样本进行统计分析,对2000年上市公司经营者的持股情况进行总体考察,结果发现,2000年经营者的货币年薪比前两年有了很大程度的提高,但是,股票持有量并没有太大的变化,经营者“零持股”的现象仍然大量存在;从中美企业经营者薪酬结构的比较中可以看出,我国经营者激励形式单一,结构具有不合理性,股票期权等长期激励所占的比例非常小;我国经营者的年薪与持有的股票数量正相关;Logistic回归发现能够显著预测经营者是否获得股票的变量只有净资产收益率和经营者的年龄两个变量。但是,净资产收益率的作用却是反向的。     

Company Performance,Corporate Governance,and CEO Compensation in Norway and Sweden

This paper examines the relationshipamong company performance, corporategovernance arrangements, and CEO compensationwithin the Scandinavian countries of Norway andSweden. Our sample consists of 224 tradedcompanies, 120 of which are from Norway and 104from Sweden. The empirical evidence fromboth Norway and Sweden reveals significantpositive relationships among board size andCEO compensation, foreign board membership andCEO compensation, and market capitalization andCEO compensation. A significant negativerelationship is found between CEO ownership andCEO compensation. In addition, no significantrelationship is found between companyperformance and CEO compensation or CEO tenureand CEO compensation, except in the case ofNorwegian firms when a change in market-to-bookperformance measure is used. Despite itslimited geographical scope, the study adds toour general understanding of internationalcorporate governance issues.