产能过剩偏向性与环境污染——基于中介效应的检验

如何从矫正制度性缺失来破解我国环境污染较难根治且易于反复之谜是我国当前亟待解决的问题之一。本文尝试从行业和企业两个维度,基于中介效应模型,以产能过剩偏向性为视角来廓清中国环境污染治理之殇,并以顶层设计为抓手来明晰环境污染治理之道。研究发现:(1)产能过剩与环境污染的关系依赖于产能过剩在行业和企业维度上的偏向性,产能过剩是影响我国环境污染的重要原因,不同维度产能过剩的偏向性能够对环境污染产生较为显著的影响;(2)产能过剩偏向于污染密集型行业主要通过能源结构锁定效应和产业结构固化效应而加剧环境污染,产能过剩偏向于国有企业主要通过技术结构低端化效应而影响环境污染;(3)产能过剩偏向性作用于环境污染的路径不仅存在显著的市场化程度的调节效应,还存在着严重的区域异质性、水平异质性和阶段异质性。文章为推进制度变革、优化存量产能和有效治理环境污染提供了理论支持。     

The Relation between Accounting Conservatism and Corporate Social Performance: An Empirical Investigation

Accounting conservatism and corporate social responsibility have received much attention in the recent literature. The current study draws upon Watts, who recognizes that one role of conservatism is to reduce the likelihood of excess wealth transfers to its stakeholder groups and Post et al., who assert that a key aspect of positive corporate social performance is the (equitable) distribution of corporate wealth. Accordingly, this study empirically investigates and finds a positive relation between conservatism and strong social performance.     

报酬方案和资源分配对预算松弛影响的实验研究:基于调整型资源分配方式的一个检验

本文基于管理控制理论,探索如何发挥预算的行为驱动及组织学习作用。运用实验方法研究了不同报酬方案下,对前期预算松弛调整的竞争性资源分配与控制方式对预算松弛的影响。研究结果显示,一方面通过模拟市场竞争诱导下属提交真实的预算目标,优化资源分配;另一方面对预算参与人的松弛行为实施有效控制,二者的交互作用可以有效降低预算松弛,体现了预算控制的双重优化作用。     

组织演化理论视角下的股权结构与子公司生存——环境突变、冗余资源的调节作用

本文运用组织演化理论、公司治理和资源基础观理论,以1932家非国有企业的子公司为样本,研究了股权结构、子公司冗余资源等因素对子公司应对环境变化能力的影响,对环境变化和子公司生存状况的动态演化进行了分析。研究发现,在环境较稳定时,合资子公司的失败危险高于独资子公司;而当环境发生突变时（如经济危机）,合资子公司的失败危险则低于独资子公司。冗余资源、资源使用效率和能力的不同是导致子公司在环境变化中生存状况差异的一个重要因素,子公司的股权结构在一定程度上会影响这种效率和能力。本研究证实了子公司的自治程度有助于培养其应对环境变化的能力,从而提高子公司的生存率。以往研究对股权结构与绩效关系多采用静态分析,本文将环境变化和冗余资源引入到分析框架中进行动态分析,丰富了该领域的研究成果。     

Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance

Despite the tremendous number of publications concerned with the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP), inconsistent empirical findings persist and the overall picture remains vague. Drawing on a hybrid theoretical framework (combining the theoretical reasoning of the natural-resource-based view (NRBV) with instrumental stakeholder and slack resources arguments), we address the apparent lack of consensus by meta-analytically integrating the findings of 149 studies. We pay particular attention to two highly material issues: the direction of causality and the multidimensionality of the focal constructs. Meta-analytic results indicate that there is a positive and partially bidirectional relationship between CEP and CFP. In addition, our findings suggest that the relationship is stronger when the strategic approach underlying CEP is proactive rather than reactive. Furthermore, we reveal moderation effects of methodological artifacts, which may provide explanations for the inconsistency of the results of previous studies. Based on our findings, we discuss the implications and outline avenues for further research.     

THE ECONOMICS OF DECOMPOSITION: RESOURCE ALLOCATION VS TRANSFER PRICING

Two distinctively different decomposition algorithms have been developed. Both are analagous to decentralized decision making in the firm. One essentially deals with the allocation of corporate resources by the use of transfer prices charged to the divisions, while the other deals with the direct allocation of fixed quantities of the corporate resources to each division. The analogy of a price coordinated, or transfer pricing, technique to decentralization was developed by Baumol and Fabian [1] and later by Kim [4]. The second approach to decomposition was developed by Kornai and Liptak [5] [6] in an attempt to formulate the planning problem in a Socialist economy. It is the purpose of this paper to develop the analogy of the resource allocation decomposition to decentralized decision making.     

SIMULATION OF THE ECONOMIC FACTORS AFFECTING ORGANIZATIONAL SLACK: A FACTORIAL DESIGN

This paper investigates, through simulation models, the factors that affect organizational slack in a monopoly company under varying conditions of budget information, managerial behavior, and economic growth. The impact of organizational slack on corporate economic variables was identified in the models. The analysis of individual factors and the interactions among factors was based on the output of the factorial design. The implications of the findings for decision-making are discussed.     

国外高绩效人力资源实践:理论回顾、分析与展望

顺应组织发展要求构建有效人力资源管理模式,增强企业的持续竞争力,已经成为战略人力资源管理的热点之一。通过梳理近年来相关研究成果,剖析国外高绩效人力资源实践的概念及其构成。从员工态度和行为、组织资本、组织能力等方面指出高绩效人力资源实践的结果变量。根据实证研究相关文献,梳理高绩效人力资源实践与企业绩效的内在关联性。在此基础上,提出高绩效人力资源实践的未来研究方向,为相关理论和实证研究提供指导。     

资源松弛视角下企业技术创新策略选择的实物期权模型

组织资源对企业的创新行为具有重要作用.本文通过建立数学模型,采用实物期权分析方法,分析了松弛资源与技术创新策略选择之间的关系.分析结果表明:发掘、利用的松弛资源达到某一临界点时,能对选择基于研发的自主创新策略产生足够的激励;在基于技术引进的技术创新策略越来越难以实现的情况下,正确辨识、发掘、利用松弛资源对于提高组织的自主创新能力和绩效,显得格外重要.     

How do shareholders influence international firms’ environmental strategies? The differential impact of strategic and financial investors

Debates about the drivers of corporate environmental strategy as well as the influence of shareholders on environmental investments have grown exponentially in the last decade. This paper provides a novel perspective on the influence of investors on a firm's environmental strategy by theorizing how the shareholders' orientation may provide different resources for firms to outperform environmental institutional pressures, and further analyzing how foreign market exposure moderates this relationship. Our results, produced from a longitudinal sample of 2237 observations between 2007 and 2017 from 276 US firms in 11 industries, show that having a higher percentage of strategic shareholders positively drives firms' environmental proactivity. Meanwhile, having a higher percentage of financial shareholders is positively related to firms' environmental proactivity only at high levels of foreign market exposure, but is negatively related at low levels. Our results contribute to the ownership and environmental strategy literature by delimitating the different influences of strategic and financial investors on firms' environmental strategy and making a bridge between institutional and resource-based perspectives.     

机构投资者持股与关联方占用的实证研究

近年来,一系列财务危机和舞弊事件的出现,使公司治理成为全球范围内倍受关注的研究课题。随着对这一问题研究的逐渐深入,机构投资者持股等更为广义的公司治理机制开始成为实务界和学术界共同关注的焦点。本文检验了机构投资者持股能否有效降低我国上市公司资金被关联方占用的程度。结果表明,前十大股东中存在机构投资者的上市公司被关联方占用的资金显著少于其它公司,同时机构投资者持股比例的增加与上市公司被关联方占用资金的程度呈显著负相关。以上发现意味着目前我国机构投资者已经参与到公司治理中,对公司的经营运作起到一定的监督作用。     

The Corporate Management of Human Resources Under Conditions of Decentralization

This paper relates an aspect of recent corporate change – namely, decentralization – to the strategic management of human resources. Corporate attention to human resources in the decentralized organization is of particular interest because it represents a significant departure from decentralized norms, and signals a major revision of thinking about the role, status, and activities of the personnel function. At the centre of the argument is the notion of the internal labour market, a hitherto neglected theme in treatments of decentralization. The paper begins by outlining the circumstances that encouraged decentralization in the 1980s. It then sets out the influences on the operation of a corporate internal labour market, before identifying initiatives taken by some firms to offset the shortcomings of decentralization without overturning it. In the process, the shift in the centre of gravity of the corporate personnel function, away from industrial relations management and towards human resource development, has been reinforced.     

EFFECTS OF BUDGETARY CONTROL DESIGN ON MANAGEMENT DECISIONS: SOME EMPIRICAL EVIDENCE*

An examination of budgetary slack behavior reveals that managerial characteristics and the economic environment may contribute to the failure of budgetary control systems. Large management-controlled firms that operate in industries with high barriers to entry behave as if they allocate more slack resources when compared with owner-controlled firms of similar size and market power. The results confirm that accounting operating-income numbers reflect manifestations of slack behavior in the budgetary process. Management-controlled firms in particular seem to act as if they fail to release and redistribute slack resources. It is concluded that budgetary slack behavior points to failures in the organization design that may lead to inefficient allocation of resources and to inferior profit performance.     

Fiduciary obligation and the importance of an environmental accounting standard

Financial measurement is currently the key to the analysis of corporate performance. To date, analysts have not considered the environmental impact of corporate behavior—much less a wider view of social and economic impacts. Environmental sustainability reports, though still an emerging reporting tool, can begin to address the obligations of fiduciaries to look beyond short-term financial reports to a more complete understanding of a firm's long-term impact on worlwide issues of environmental, social and economic well-being. Environmental reports can frame the strategic planning of a company within the context of its natural supply chains, the approval of its customers, and the world in which workers play and live. Successes and failures are measured and reported to allow managers to adjust plans as necessary. The competitive instinct of corporate managers can be tapped through comparative reports to catalyze invention or imaginative programs that save environmental and corporate resources. Joan Bavaria discusses corporate transparency in terms of environmental reports, through the Global Reporting Initiative that is being organized by CERES (The Coalition of Environmentally Responsible Economies). One potential result of a common reporting format would be that investors, operating in a climate of expanded concepts of fiducial responsibility, could make choices consistent with the goals of sustainable enterprise.     

Encouraging Environmental Accounting Worldwide: A Survey of Government Policies and Instruments

Government involvement is a critical factor for the corporate accountability for the environment. Environmental accounting is an effective tool for a company's greener management practice. It also reveals potential cost reduction and profit maximization opportunities, thus encourages environmentally and socially sound management and decision-making practice. This article exams the strengths and weaknesses of options available to governments to promote corporate environment accounting. Corporate environmental accounting is considered a strategic management tool for the improvement of corporate management and decision-making practices.In general, the policy instruments that used by government can be categorized into: (1) regulatory; (2) voluntary; (3) incentive based; (4) informational; and (5) cooperative instruments. These options are currently being used by various governmental agencies globally in the promotion of corporate environmental accounting. After the evaluation of various kinds of policy instruments, the author concludes that information-based, voluntary and cooperative policy instruments are most effective for promoting corporate environmental accounting practices. The common factor for these mechanisms is the flow of critical information.     

Indulgence and risk-taking behavior of firms: Direct and interactive influences

This study examines the impact of Hofstede's indulgence vs restraint national culture dimension (IVR) on firms' risk-taking behavior. We argue that firms in more indulgent societies will show greater risk-taking behavior given their tendencies to be less rigid and their greater inclination for discounting risk-taking losses. We further argue that the buffers that slack resources provide against risk-taking losses and the positive expectations of potential gains from risk-taking provided by growth opportunities will further increase firms' risk-taking behavior when interacting with indulgence mechanisms. Our findings from a 37-country study support these arguments. They show that high indulgence does increase firms' risk-taking behavior and slack resources and growth opportunities intensify this causal effect. Tests of three-way interactions further reveal that the positive impact of indulgence on firms' risk-taking behavior is strongest when both slack resources are abundant and the growth opportunities are high. We extend current knowledge about culture's effect on firm behavior.     

Operational Slack and Venture Survival

Slack can act as a double‐edged sword. While it can buffer against environmental threats to help ensure business continuity, slack can also be costly and reduce profitability. In this study we focus on operational slack, the form related to the firm's production processes. We investigate the role of operational slack on firm survival during its venture stage when its survival is significantly challenged by environmental threats. Specifically, we explore how change in three types of environmental uncertainty, namely dynamism, complexity, and lack of munificence, affect the relationship between operational slack and venture survival. Results suggest that with an increase in environmental uncertainty, operational slack lowers the likelihood of venture failure.     

Constructing the Green Manager

This article applies a social constructionist approach to senior managers' `green' selves and roles. In a qualitative, empirical study of the UK automotive industry, the social/political contexts of managers' organizational lives are explored as they interact with, and define, the green corporate agenda. Ethical dimensions of environmentalism are stressed – particularly the distinctions and tensions between private moral positions, enacted morality, and the conventional morality as disseminated by the corporation. The study reveals the way different stakeholders are construed, and how `green' territories are contested. The implications for organizational change and strategic formulation are discussed, especially the strengths and limitations of approaching corporate greening from enacted/normative moralities, or from a vision of a substantive transformation of values.     

Headquarters′ monitoring mechanisms,subsidiaries’ financial slack,and the contingent role of subsidiaries′ external embeddedness

Within MNCs’ foreign subsidiaries financial slack, i.e., uncommitted financial resources in excess of those needed for current operations, may incur costs for headquarters. These costs may emanate from subsidiaries' decision to forego investment opportunities and stockpile cash instead, which, in turn, may lead to fewer resources being available for redistribution within the organization. From an agency theory perspective, headquarters can minimize these costs through monitoring mechanisms. While agency theory is considered theoretically appropriate for the study of the headquarters-subsidiary relationship, it reflects a rather undersocialized manifestation of human behaviour, which in turn limits its applicability. In this paper, we attempt to address this limitation by suggesting and empirically exploring that the effect of monitoring mechanisms is dependent (1) on the different types of monitoring used, and (2) on subsidiaries' external embeddedness. Drawing on empirical evidence from 94 subsidiaries of foreign multinationals operating in Greece, we provide some initial evidence on the differential impact of monitoring through expatriates and monitoring through bureaucratic processes. Most importantly, we show that subsidiaries' structural embeddedness moderates both associations. In doing so, we reveal that whether subsidiaries behave opportunistically or as good citizens is partially determined by the social context in which they are embedded. An unexpected finding concerns the positive effect of the origin of the CEO on subsidiaries' financial slack for expatriates compared to local managers. This finding underscores the importance of the CEO identity, and highlights the need for future research exploring its effect on subsidiaries' performance.