独立董事声誉与盈余质量——会计专业独董的视角

本文研究中国上市公司独立董事声誉对盈余质量的影响。本文以2007~2012年我国民营上市企业为样本,从会计专业独董的视角研究独立董事声誉对盈余质量的影响。研究发现,会计专业独董的声誉对企业盈余质量有着显著的正向影响,并且这种影响在受聘于大股东掏空严重、低市场化进程地区企业和担任审计委员会主席的高声誉会计专业独董上更为明显。本文的结论在使用不同的盈余质量度量方式、不同的独董声誉度量方式、控制了内生性因素后依然成立。本文的结果表明,高声誉的会计专业独董能积极发挥治理作用,提高盈余质量。本文为独立董事声誉的研究提供了一个新的视角,即声誉机制能激励独立董事维持其独立性,提高公司的会计信息披露质量,从而保护中小股东利益,这对于当前我国不够完善的投资者法律保护体系以及公司治理机制是一种有效的补充。     

公司声誉管理模型探讨

全球化和知识经济时代的到来使公司声誉管理在企业管理中的地位上升。本文研究了公司声誉的形成、功能及其管理的原则,提出了基于公司公民行为的公司声誉管理模型框架,并对我国企业如何进行有效的声誉管理提出了具体建议。     

中国背景下CSR与消费者购买意向关系的实证研究

当今,积极的社会责任行为已经成为企业获得消费者认同和创造竞争优势的重要来源.尽管现有研究已经证实,企业社会责任对消费者的购买意向确实存在显著影响,但是对企业社会责任在消费者层面的影响机制、消费者对企业社会责任的心理反应等方面的研究仍十分有限,对这些问题的实证研究则更是缺乏.本文试图构建一个包含企业社会责任行为、良好公司声誉、消费者企业认同和消费者购买意向在内的概念模型,并通过结构方程模型方法对模型进行实证检验,以探索企业社会责任对消费者购买意向产生影响的内在机理.研究结果表明,企业社会责任行为不仅对消费者购买意向产生直接的正向影响,还可以通过良好的公司声誉和消费者对公司的认同感对消费者购买意向产生间接的正向影响,而且,间接作用的强度要远远大于直接作用;公司声誉和消费者企业认同是企业社会责任行为对消费者购买意向起影响作用的中介变量.     

CSR对企业声誉及顾客忠诚影响的实证研究

本文试图将企业社会责任划分为六个方面,将企业声誉划分为认知声誉和情感声誉两个方面,构建一个企业社会责任(CSR)对企业声誉和顾客忠诚影响的概念模型,并通过结构方程模型方法对模型进行检验,以探索企业社会责任各方面对顾客忠诚的影响程度,以及企业声誉作为中介变量的合理性。研究结果表明,企业社会责任对顾客忠诚的影响主要来源于企业社会责任中的经济责任、企业对消费者的责任、法律责任和慈善责任;企业声誉划分为认知声誉和情感声誉是合理的;企业声誉是企业社会责任影响顾客忠诚的中介变量;企业社会责任通过企业声誉影响顾客满意,从而影响顾客忠诚。     

上市公司传闻的澄清效果研究——来自中国证券市场的证据

发布澄清公告是上市公司应对市场传闻的重要途径.然而,证券市场中澄清公告的实际效果如何,以及哪些因素会影响澄清效果尚未得到实证检验.为此,收集了从2000年到2008年中国A股市场1 960个澄清公告,从中整理出179个针对负面传闻进行"澄清"的样本.研究发现,澄清公告效果一定程度上依赖于公司的澄清方式,模糊澄清非但达不到效果,而且进一步加剧了传闻的影响,产生"澄清公告澄不清"的现象.多元回归模型的结果显示,澄清效果不仅与澄清方式有显著关系,而且还受到公司声誉、停牌等因素的影响.研究结论为传闻心理学实验研究的发现提供了中国证券市场的直接证据,同时也为上市公司有效应对传闻提供了新思路.     

论声誉管理的内在机理--兼论网络市场声誉管理的特殊性

企业在经历了价格竞争、质量竞争和服务竞争之后,已进入到了声誉竞争的阶段.从信息非对称的角度,以解决市场交易中的"柠檬"问题为出发点,建立一个声誉运行的模型;提出了"声誉链"管理的概念,并对"声誉链"运行的机制进行了分析,力图为声誉管理提供一个理论思路;对网络市场上声誉管理的特殊性进行了讨论.     

企业声誉的影响因素及其对消费者口碑传播行为的作用

在拓展企业声誉的态度结构基础上,借鉴"态度-行为"模型,从消费者角度研究企业声誉态度的形成影响因素,即企业声誉对消费者口碑传播行为的作用.对261名消费者的调研数据的分析表明:情感导向的企业声誉态度对消费者口碑传播行为的影响最大,企业声誉的行为倾向因素对口碑传播行为存在显著影响,而认知因素的影响不明显;对企业特征包括发展、吸引力、质量和责任的感知会不同程度地影响企业声誉的各方面.另外,责任、发展和吸引力感知三者通过情感态度影响消费者口碑行为,质量、发展和吸引力感知三者通过行为倾向态度影响消费者口碑行为.     

企业家社会资本与公司绩效关系研究——基于中国制造业上市公司的实证研究

本文从企业家关系网络特征和网络资源动员能力两个维度界定企业家社会资本,并将此概念操作化为四个指标.基于332家中国制造业上市公司样本的实证研究结果发现,企业家的纵向关系网络和政治身份对公司短期绩效具有显著的负面影响,这与部分实证结果一致.主要由于中国市场化取得了巨大进展从而削弱了企业对政府的依赖和社会资本功效的滞后性所致.同时,我们没有发现企业家的横向关系网络对公司绩效具有显著影响,而企业家的声誉则表现出对公司绩效的正面提升作用,尤其是在提高企业绩效质量方面.企业家个人特质也表现出对公司绩效的显著正面影响.     

中国上市旅游企业社会责任对违规行为的影响——不同经济发展阶段的异质性作用

本文基于利益相关者理论和企业文化理论,利用沪深A股30家旅游上市公司2011-2019年数据,研究了企业社会责任对公司违规行为的影响。在解决了变量间可能存在的内生性问题之后,回归结果显示旅游企业社会责任投入力度加强时,公司违规次数减少。本研究发现,在旅游企业违规行为研究中企业声誉不是有效的中介变量,这可能与旅游企业所处行业差异和企业发展阶段、声誉机制作用无法发挥、旅游企业声誉信号无法有效传递等有一定关联。通过对比分析不同经济发展阶段对旅游企业违规行为的异质性影响,本研究发现：旅游经济高质量发展对公司违规行为发挥间接的激励型规制效果,推动地区内旅游企业积极承担社会责任会不断减少企业违规次数;旅游经济高速增长对公司违规行为没有发挥应有的环境规制效果,高质量发展较高速增长对旅游企业管理提出了更高的要求。     

浅析跨国公司在华企业声誉

文章阐明了跨国公司在华"声誉革命"的成因,展示了"声誉网络"的内在结构.并对相关利益者效用目标的多元化对声誉效应的影响和跨国公司在华企业声誉的两面性等问题进行了分析.最后,指出跨国公司在华企业声誉发展前景.     

Reputation for Quality

We propose a model of firm reputation in which a firm can invest or disinvest in product quality and the firm's reputation is defined as the market's belief about this quality. We analyze the relationship between a firm's reputation and its investment incentives, and derive implications for reputational dynamics. Reputational incentives depend on the specification of market learning. When consumers learn about quality through perfect good news signals, incentives decrease in reputation and there is a unique work–shirk equilibrium with ergodic dynamics. When learning is through perfect bad news signals, incentives increase in reputation and there is a continuum of shirk–work equilibria with path‐dependent dynamics. For a class of imperfect Poisson learning processes and low investment costs, we show that there exists a work–shirk equilibrium with ergodic dynamics. For a subclass of these learning processes, any equilibrium must feature working at all low and intermediate levels of reputation and shirking at the top.     

A meso-level conceptualization of CEO celebrity effectiveness

The concept of celebrity has the potential to expand traditional views of leadership by suggesting that, with the aid of the media, firms and CEOs can surpass their peers and develop marketable personas of their own. However, the research, to date, has focused on the emergence of CEO celebrity, rather than the critical question of how CEOs translate their celebrity into personal and firm-related success. The present paper addresses this issue by articulating a meso-level conceptualization focused on the role of CEO political skill in the conversion of celebrity to reputation and performance at the individual and firm levels of analysis. Implications of the proposed conceptualization and directions for future research are discussed.     

Reputation in Continuous‐Time Games

We study reputation dynamics in continuous‐time games in which a large player (e.g., government) faces a population of small players (e.g., households) and the large player's actions are imperfectly observable. The major part of our analysis examines the case in which public signals about the large player's actions are distorted by a Brownian motion and the large player is either a normal type, who plays strategically, or a behavioral type, who is committed to playing a stationary strategy. We obtain a clean characterization of sequential equilibria using ordinary differential equations and identify general conditions for the sequential equilibrium to be unique and Markovian in the small players' posterior belief. We find that a rich equilibrium dynamics arises when the small players assign positive prior probability to the behavioral type. By contrast, when it is common knowledge that the large player is the normal type, every public equilibrium of the continuous‐time game is payoff‐equivalent to one in which a static Nash equilibrium is played after every history. Finally, we examine variations of the model with Poisson signals and multiple behavioral types.     

网上交易中的声誉机制——来自淘宝网的证据

本文主要研究在法律缺失或法律不完善情况下网上交易中声誉机制的作用.计量回归结果显示,卖方的个人声誉(用卖方信用度来衡量)对其销售量有正面的影响,但这种影响是非线性的:存在两个临界点,低于下临界点,卖方信用度对卖家商品的销售量没有影响;高于上临界点,卖家商品的销售量也不会因为卖方信用度的提高而增加.属于商盟的卖家在给定时间内的销售量高于不属于任何商盟的卖家.从而验证了网上交易中卖家个人声誉和卖家所属商盟集体声誉的作用.本文根据实证结果进一步提出一个推测:网上交易市场存在较大的搜寻成本,这削弱了声誉机制的作用.     

Simple Bounds on the Value of a Reputation

We introduce entropy techniques to study the classical reputation model in which a long‐run player faces a series of short‐run players. The long‐run player's actions are possibly imperfectly observed. We derive explicit lower and upper bounds on the equilibrium payoffs to the long‐run player.     

Imperfect Monitoring and Impermanent Reputations

We study the long‐run sustainability of reputations in games with imperfect public monitoring. It is impossible to maintain a permanent reputation for playing a strategy that does not play an equilibrium of the game without uncertainty about types. Thus, a player cannot indefinitely sustain a reputation for noncredible behavior in the presence of imperfect monitoring.     

Will they stay or will they go? How network properties of WebICs predict dropout rates of valuable Wikipedians

This paper contributes to our understanding of an increasingly prevalent work system, web-based internet communities (WebICs). We are particularly interested in how WebICs are governed given the fact how different they are compared to more classical forms of organization. We study the governance of a WebIC by studying the structure and dynamics of their edit network. Given the fact that the edit network is a relational structure, social network analysis is key to understanding these work systems. We demonstrate that characteristics of the edit network contribute to predicting the dropout hazard of valuable WebIC members. Since WebICs exist only thanks to the activity of their contributors, predicting drop-outs becomes crucial. The results show that reputation and controversy have different effects for different types of Wikipedians; i.e., an actor’s reputation decreases the dropout hazard of active Wikipedians, while participation on controversial pages decreases the dropout hazard of highly active Wikipedians.     

虚拟企业:一种基于交易成本理论的分析

本文基于交易成本理论的分析方法,通过与实体企业的比较,认为虚拟企业产生的原因是当交易成本低于实体企业内部交易成本之后,最合适的选择之一是寻求外部合作。但虚拟企业这种组织形式是以付出协调上的努力为代价的,其边界取决于内部交易成本与外部交易成本比较。"套牢"是虚拟企业各成员显示自身诚实与声誉进而成为约束自身及其他成员的手段,网络化使虚拟企业拥有将一次性博弈转变为重复博弈的内生机制,成为信誉的载体。     

公司治理、声誉机制和上市公司违法违规行为分析

本文首先通过建模分析了公司治理结构在约束上市公司违法违规行为中的作用,然后以我国上市公司在2001-2002年间受处罚事件为样本,用Logit模型检验了公司治理和声誉机制对上市公司违法违规行为的约束作用,发现公司第一大股东集中持股有利于约束违法违规行为,但是声誉机制的作用甚微。此外,以CROA为代表的公司业绩指标与上市公司违法违规概率之间存在显著负相关关系。     

Decision Making Using Rating Systems: When Scale Meets Binary

This article investigates how different decisions can be reached when decision makers consult a binary rating system and a scale rating system. Since typically decision makers use rating information to make binary decisions, it is particularly important to compare the scale system to the binary system. We show that the only N‐point scale system that reports a rater's opinion consistently with the binary system is one where N is odd and is not divisible by 4. At the aggregate level, however, we illustrate that inconsistencies persist regardless of the choice of N. In addition, we provide simple tools that can determine whether the systems lead decision makers to the same decision outcomes.