Entrenchment in publicly traded family firms: Evidence from the S&P 500

Family involvement in corporate governance through ownership, management, and board membership presents a unique dilemma for understanding the strategic impetus and costs of entrenchment decisions. The presence of shared family ties and the family-centered goals of firm principals call to question the applicability of extant agency arguments regarding the nature and antecedents of managerial entrenchment. Exploring this, we develop and test a model of family firm-specific determinants (i.e., family ownership and family's involvement in management and governance) of entrenchment in publicly traded firms by drawing upon principal-principal agency theory. Findings of the empirical analysis of family owned S&P 500 firms suggest family firms are motivated to entrench managers when doing so supports the pursuit of family-centric goals. However, the extent to which entrenchment supports such goals varies at different levels of family ownership.     

When implicit prejudice does not predict explicit prejudice: Spanish version of the Concern with Acting Prejudiced scale / Cuando el prejuicio implícito no predice el explícito: versión española de la escala Concern with Acting Prejudiced

The aim of this research was to adapt and validate the Concern with Acting Prejudiced (CAP) scale for a Spanish sample. This measure evaluates concern about appearing prejudiced to others or oneself and the motivation not to deviate from personal egalitarian standards. First, we completed the translation and an item content validity analysis. Then, in Study 1 (N = 198), we conducted an exploratory factor analysis. In Study 2 (N = 383), we conducted a confirmatory analysis of the unifactorial structure of the Spanish version of the scale and examined its validity. In Study 3 (N = 89), we explored the moderating role of participants’ concern with acting prejudiced in the relation between implicit prejudice and explicit prejudice. The results confirmed the unifactorial structure of the scale, its appropriate psychometric properties and its predictive validity. Moreover, we confirmed that the CAP moderated the relation between implicit and explicit prejudice. In participants with a low concern with acting prejudiced, implicit prejudice was positively related with modern prejudice; in participants with a high concern with acting prejudiced, these variables were not related.     

基于犹豫直觉模糊语言集均值-标准差偏好距离的多属性决策研究

在犹豫直觉模糊语言集和语言尺度函数的基础上定义了均值-标准差偏好的Hamming距离，并提出了基于犹豫直觉模糊语言集距离TOPSIS和TODIM的多属性决策方法，进一步利用这两种方法对实例问题建筑商的招标方案进行排序，并讨论了偏好参数对排序结果的灵敏度分析。为验证上述方法的有效性，与已有方法对同一实例的排序结果进行了比较分析。     

Validation of the Learning Transfer System Inventory (LTSI) in the Korean corporate context

Lack of a valid instrument to measure learning transfer predictors has been the major obstacle hindering Human Resource Development (HRD) professionals from moving forward. This problem is one of the lingering HRD issues in South Korea, in which human resources have been strategically emphasized as a critical asset due to the scarcity of natural resources. To address this issue, this study aims at testing the validity and reliability of the data collected with the Korean Learning Transfer System Inventory (LTSI) Version 4. A sample of 753 managers from 16 Korean industries was divided into two subsamples for exploratory and confirmatory factor analyses. Reliability and the effect of common method variance on the factor structure were examined, with the results suggesting that the LTSI is valid for use in the Korean industry.     

合格境外机构投资者与企业绩效

选取2007—2016年的A股上市公司作为研究样本，考察了合格境外机构投资者持股对企业绩效的影响。研究发现，合格境外机构投资者持股比例与企业绩效显著正相关，即能有效提高企业绩效。还进一步考察了终极控制人性质对合格境外机构投资者与企业绩效之间关系的影响，经验证据表明，与民营企业相比，合格境外机构投资者对国有企业的绩效影响更加显著。     

Attitude strength moderates adverse effects to questionnaire design

ABSTRACT

The presentation and visual design of the “don’t know” category in rating scales on respondents’ behavior may have ambivalent effects. The hypothesis is that attitude strength toward the topic influences the respondents’ sensitivity to the graphical design of the scale. A paper-and-pencil questionnaire conducted among 307 German university students contained an experimental variation of the presentation of a “don’t know” category and its visual design. A multinomial logistic regression shows that presenting a “don’t know” category drives respondents toward extreme categories. The visual design of the “don’t know” category influences the distribution of responses, all the more that the respondents’ attitudes toward the item topic are weak.     

超竞争环境下企业困境并购定价与时机研究

在超竞争环境下企业面临的竞争环境越来越动荡，企业的竞争优势呈现出短期性与临时性的特点，为了快速发展，越来越多的企业选择并购。本文以超竞争环境为研究背景，运用期权博弈理论，分析并建立了存在竞争对手的企业困境并购定价与时机选择模型，通过模型求解得到并购中主并企业给予目标企业的最优价值以及主并企业的最佳并购时机；此外，通过数值模拟重点分析了三个超竞争特征因子（竞争强度、竞争不确定性、企业价值损失因子）、企业困境因子以及竞争对手的溢价水平对企业困境并购时机的影响。本文研究发现：（1）被并企业得到的价值补偿比例及主并企业最佳并购时机均受到各超竞争特征因子、企业困境因子以及竞争对手溢价水平的综合影响；（2）竞争对手的存在会使目标企业得到的价值补偿比例增加；（3）超竞争环境下企业困境并购中主并企业的最佳并购时机取决于并购双方的相对价值比；（4）随着可能导致双方谈判破裂因素、事件的增多以及企业财务困境程度的增加，主并企业提前进行并购的可能性增加；（5）随着竞争强度、竞争不确定性、竞争对手造成溢价水平的增加，主并企业推迟并购时机的可能性增大。     

创业者个体学习、组织学习如何交互影响企业创新行为？——基于整合视角的纵向单案例研究

社会经济的不断发展促使分工愈发精细,对个人与组织间的技术隔离也愈加明显,亟待创业者个体及组织开展跨层次的交互学习以构建组织创新优势。基于此,本文援引学习理论与意义构建视角,从"行动"与"解释"出发,采用纵向单案例研究方法,基于"个体-组织"整合性分析框架,探究了不同创业阶段内跨层次行动主体间的学习互动模型,揭示了其对企业创新的影响路径。研究发现:创业者个体学习与组织学习间的互动,表现为渐变初期个体利用式学习经"自上而下"团队互动主导形成组织单环式行动;而在调整转变期,个体学习与组织学习发生交互影响,包含个体探索式学习经"横向协同式"团队互动主导形成组织双环式行动,以及组织双环式行动转换为单环式之后,经由持续反思与质询,刺激形成创业者个体利用式学习;最后,在发展突变期,个体利用式学习经"制度化统筹式"团队交互合作促成组织单环式行动,同时个体探索式学习经"跨越层次自主式"团队交互激活组织双环式学习。此外,在不同创业阶段,3种互动逻辑与意义构建框架下的创新决定机制呈现出以个体创意激发与扩散、信息整合与匹配以及平衡矛盾与冲突3种不同的影响路径展开的态势。本研究为创业学习理论和创业实践过程贡献了新的启示。     

企业利用FTA出口的影响因素分析

当前,以FTA为代表的区域贸易协定正逐渐成为各国开展经济战略合作与竞争的重要手段,但是现实中我国企业对FTA的利用率并不高。为了探寻其中的原因,首先从FTA使用成本和收益的角度建立了一个分析影响企业FTA利用率的理论模型,探讨了企业FTA策略选择背后的作用机制。其次,基于2017年中国—东盟FTA的问卷调查数据,利用有序probit模型进行了实证研究,发现企业获取FTA信息的难易程度、申请原产地证书的时间等FTA使用成本是影响中国企业FTA利用率的重要因素;利用FTA出口则有助于企业增加出口量,使其出口产品更具价格优势,并有助于企业加入全球/区域生产网络和产品供应链。最后,异质性检验结果表明,相对于生产型企业,获取FTA信息困难程度的降低、企业申请原产地证书时间的缩短等更有利于提高外贸型企业的FTA利用率;大规模企业对FTA的利用率受FTA使用所得收益的影响较大,而小规模企业对FTA的利用率则对FTA使用成本更为敏感。为了提高企业对FTA的利用率,政府应当扩大对FTA相关政策的宣传,提高企业的认知水平,同时简化各种审批手续,努力缩短原产地证书申请所需时间。     

Neo-colonial dynamics in global professional service firms: a periphery perspective

ABSTRACT

This article analyses neo-colonial dynamics at peripheral units of a Western global professional service firm. Drawing on postcolonial theory, an empirical study at global news agency Reuters’ subsidiaries in Mumbai and Bangalore shows how socio-ideological and technocratic control mechanisms allow subsidiary workers to elevate their status, while still cementing their role as dominated in the global hierarchy and silencing any resistance. Thus, on the one hand, it might appear that the global service firm provides periphery units the opportunity to become equals of core units, representing a ‘nurturing’ role achieved by instilling aspirational values and shaping imaginations. On the other hand, coercive and universalising routines such as performance assessments highlight the ambivalent nature of global firm initiatives to incorporate the periphery on an equal footing with core units, demonstrating the countervailing nature of contemporary power relations.