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1.
公司治理视角下的多元化经营与公司绩效   总被引:1,自引:0,他引:1  
魏锋 《管理科学》2007,20(6):2-10
以中国沪、深两市上市公司为研究对象,实证分析中国上市公司内、外部治理机制与多元化经营和价值效应之间的关系.结果表明,董事会特别是公司董事长和总经理两职合一以及独立董事比例是影响公司多元化经营决策的重要内部治理机制变量,外部治理机制对公司的多元化经营决策没有显著影响;多元化经营会导致价值溢价,但这种溢价不显著;内部治理机制中的资产负债率、外部治理机制中的审计意见和产品市场竞争程度是影响多元化经营公司业绩的重要因素,第一大股东的实际控制人身份、审计意见和产品市场竞争程度会显著影响专业化经营公司的经营业绩.  相似文献   

2.
经理报酬棘轮效应与相对业绩评价模型的选择   总被引:1,自引:0,他引:1  
肖继辉  彭文平 《管理学报》2010,7(7):993-999
通过对上市公司总经理报酬与公司业绩关系的实证检验,发现净资产收益率和股票回报率对报酬有显著的正向影响,但报酬与业绩间不敏感.导致报酬与业绩间缺乏敏感性的原因之一是报酬棘轮效应的存在.检验了报酬棘轮效应的存在与方式,发现基于同行业同规模企业加总股票回报业绩的报酬棘轮效应存在,运用基于同行业同规模企业加总股票回报业绩作为参照业绩的相对业绩评价模型,可以避免棘轮效应的影响,提高报酬契约激励效率.  相似文献   

3.
制度环境、股权性质与高管变更研究   总被引:3,自引:0,他引:3  
内部治理机制往往需要与外部治理环境相匹配,中国的分权化改革引发了不同地区间市场化程度的巨大差异,这对不同地区间的公司治理效果产生重大影响.从新制度经济学理论和公司治理理论的角度出发,借鉴国际制度比较研究模式,以中国经济转轨、制度变迁时期各地区制度建设的不平衡为基础,分析外部制度对公司治理(即业绩与高管变更关系)的影响,并进一步探讨不同股权性质的企业其制度环境对公司治理效果影响的差异.通过统计检验发现,公司业绩与高管变更之间的关系是负相关,制度环境好,高管变更与公司业绩之间的负相关关系更强;与公司为国有股股东相比,第一大股东为非国有股股东的公司中,制度环境越好,业绩与高管变更之间的负相关关系越强. 异,这对不同地区间的公司治理效果产生重大影响.从新制度经济学理论和公司治理理论的角度出发,借鉴国际制度比较研究模式,以中国经济转轨、制度变迁时期各地区制度建设的不平衡为基础,分析外部制度对公司治理(即业绩与高管变更关系)的影响,并进一步探讨不同股权性质的企业其制度环境对公司治理效果影响的差异.通过统计检验发现,公司业绩与高管变更之间的关系是负相关,制度环境好,高管变更与公司业绩之间的负相关关系更强;与公司为国有股股东 比,第一大股东为非国有股股东的公司中,制度环境越好,业绩与高管变更之间的负相关关系越强.  相似文献   

4.
本文基于国有企业的高管变更视角分析了高管权力对公司治理效率的影响.以2004 -2008年的国有上市公司为研究样本,实证发现:(1)总体上高管变更与公司业绩呈负相关,而高管权力的增强会降低其因业绩低劣而被强制性更换的可能性,表明国企高管的权力在高管变更决策中发挥了显著的职位堑壕效应;(2)发生了高管变更的公司其未来业绩有明显的提高,但这一促进效应仅在权力较小的高管被变更后出现,而权力较大的高管被变更后公司业绩并没有得到改进;(3)进一步的研究显示,政府控制层级的提升和制度环境的改善能够抑制国企高管的权力寻租行为.本文的研究结果有助于我们理解国有企业高管权力的经济后果,并为当前有关国企公司治理和高管选聘体制改革的政策导向提供了经验启示.  相似文献   

5.
董事会非正式层级是影响董事会治理效率和公司绩效的关键因素.以2010年至2012年沪、深A股1 226家上市公司为研究对象,运用STATA 13.0软件和分组回归分析方法,系统分析董事会非正式层级强度与公司绩效间的关系及其影响机制,分别考察不同最高层级董事身份和控股股东性质对董事会非正式层级强度与公司绩效关系的影响.研究结果表明,董事会内部非正式层级强度与公司绩效之间存在显著的正相关关系,这种正相关关系只有在董事会最高层级董事不兼任总经理职务条件下才成立;业绩压力和股权集中度对董事会非正式层级强度与公司绩效间的关系具有显著的正向调节效应;相对于民营控股上市公司,国有控股上市公司董事会非正式层级强度对绩效的正向效应更强,主要体现在地方政府控股上市公司中,业绩压力对董事会非正式层级强度与绩效间的正向调节效应在国有控股上市公司中不显著.研究结果证实董事会内部非正式层级的实践价值,印证了两职分离和董事会团队互补的积极效应,为优化董事会治理等提供理论支持.  相似文献   

6.
本文以2002-2008年上市公司为研究样本,从CEO变更的视角,考察了家族控制和职业化经营特征对不同类型家族企业公司治理效率的影响.研究发现,由于家族所有权与管理层的分离以及家族控制对管理层的有效监督,相对于非家族企业和家族CEO企业,在职业经理人担任CEO的家族企业中,代理问题较低,CEO变更与公司业绩之间具有较强的敏感性,公司治理效率较高.家族职业化治理效率的实现机制主要是所有权监督和董事席位控制.进一步研究发现,在公司较差的经营业绩期间,CEO变更决策所导致的代理问题会影响公司价值.上述研究结论说明,在CEO变更的情境中,家族控制特征降低职业化经营的家族企业中的代理问题,加重家族成员担任CEO的企业中的代理问题.  相似文献   

7.
陈亮 《管理学报》2012,(5):699-705
政府作为国有企业的出资人和国有产权的代理人,将政府机构控股转移到国有企业控股,并通过法规和准则来加强公司治理,以此来提高对上市公司监控的有效性。由此,使用公司业绩作为上述2项措施发挥监控作用的替代变量,实证分析其对上市公司监控的有效性。研究结果表明,国有企业控股公司比政府机构控股公司更能监控高层管理人员;同时,高层管理人员的变更对公司业绩有较高的敏感性,但公司治理机制并没有对公司高层管理人员变更与公司业绩的敏感性产生重大影响。在我国,上市公司由于业绩欠佳而更换高层管管理人员时,对控股股东的激励比公司治理机制更重要。  相似文献   

8.
本文以中国上市公司为研究对象,从会计信息系统和组织结构复杂性两个维度,建立了一套客观反映上市公司信息透明度水平的评价指标体系,并以此考察信息透明度对总经理变更与公司业绩之间敏感程度的影响.实证结果表明,公司信息透明度越高,总经理因业绩下降而被更换的可能性越大.这表明,公司信息透明度的提高不仅有助于投资者甄别管理者经营水平的高低,而且可以强化董事会对总经理的监管机制,从而增进了公司治理制度安排的效率.  相似文献   

9.
刘宇倩 《经营管理者》2014,(24):190-191
本文运用我国64家上市物流公司2008-2012年的数据资料,采用固定效应面板数据回归分析方法,研究资本结构、企业规模与归核化程度对我国物流企业经营业绩的影响,检验结果表明,资本结构、企业规模与物流企业经营业绩呈显著的正相关关系,归核化程度与企业经营业绩呈负相关关系,但相关性不显著,并在此基础上提出了相应的建议。  相似文献   

10.
本文选取2006~2009年沪、深A股民营上市公司的数据作为研究样本,采用多元回归分析方法,对公司资本结构与经营业绩进行研究。研究结果表明:民营上市公司业绩与资产负债率呈正相关关系但不显著;公司业绩与公司规模显著正相关;公司业绩与长期借款负债率和短期借款负债率均呈显著负相关关系。  相似文献   

11.
Chief Executive Officers (CEOs) wield considerable power and authority. In many industries and contexts, CEO turnover is studied in terms of antecedents, the event itself, and the related consequences. However, the extent to which CEOs exert their power and attempt to prevent their dismissal has not been thoroughly examined. In this study, we examine the role of CEOs exercising managerial discretion in their effort to prevent their own corporate demise. We hypothesize that CEOs cut discretionary expenses such as research and development, advertising, and rent in order to boost earnings and enhance financial performance. A sample of CEO turnover from Standard and Poor’s ExecComp database for the period 1992–1998 in US firms yielded 474 turnover firms and 2,066 control firm-years. We tested the effects of CEO turnover and managerial discretion on firm performance measured by cumulative abnormal stock returns. We also compared the turnover and non-turnover firms in terms of pattern of discretionary spending prior to CEO turnover. The results are consistent with our prediction that CEOs facing termination attempt to post higher earnings by reducing discretionary spending after controlling for firm performance, firm diversification, book to market ratio, and CEO ownership, industry-, and year dummies.  相似文献   

12.
This study investigates whether board ethnic diversity is associated with stronger board monitoring outcomes. We explore a range of outcomes – CEO compensation, accounting misstatements, CEO turnover–performance sensitivity and acquisition performance – but find no evidence to support this. We also find no evidence that board ethnic diversity improves overall firm performance, even for those firms with higher agency problems. Our results are robust across different methodologies and have important practical implications, by informing the current public policy debate on board ethnic diversity.  相似文献   

13.
Chief Executive Officers (CEOs) are essential in driving firm innovation. However, despite existing research on CEO personality characteristics and firm innovation and performance, we know relatively little about how personality characteristics reflecting anticipatory action and strong outcome-oriented components, such as proactiveness, shape firm innovation and performance. We explore the relationship between CEO proactiveness and three facets of organizational innovation, as well as its impact on firm performance. We suggest that CEO proactiveness is manifested in different network-building, problem-solving, and feedback-seeking behaviors with different implications for exploratory innovation, exploitative innovation, and organizational ambidexterity, and that its effect on firm performance is partially mediated by organizational ambidexterity. By examining the influence of this important CEO personality characteristic on key firm strategic choices and performance, we extend research on strategic leadership and firm innovation and performance.  相似文献   

14.
This mixed-methods study explores the relationship between CEO transformational leadership and firm performance relying exclusively on secondary data. We used a random sample comprising of 42 CEOs of publicly-listed US and European companies. We evaluated their transformational leadership drawing upon media sources which were content analyzed to create individual CEO profiles. These profiles were then given to a panel of three judges who rated the CEOs on their transformational leadership style. We obtained the firm performance data from Thomson Datastream. Our results showed significant associations between intellectual stimulation and inspirational motivation respectively, and different financial performance indicators. We also observed a tendency of positive relationships between individualized consideration and firm performance. These findings remained significant after controlling for company baseline performance, firm size, CEO tenure, and company location. Our findings largely support the positive role of CEO transformational leadership in shaping firm performance.  相似文献   

15.
This study investigates how the prestige distance between a new chief executive officer (CEO) and the chairperson of the board (COB) can influence changes in the firm’s level of diversification. We draw on social comparison theory and activity theory to argue that the prestige distance between a CEO and COB alters the interaction and communication between the two leaders, and accordingly influences the firm’s ability to change its diversification posture. We test our hypotheses on a dataset of 135 firms and find that the prestige distance in CEO-COB dyads has a U-shaped relationship with the change in the firm’s level of diversification. Our results reveal that low CEO-COB prestige distance, and to a lesser extent high CEO-COB prestige distance, creates conditions for greater changes in the firm’s level of diversification. Further, we find that this U-shaped relationship is more pronounced when the CEO-COB dyad has greater age differences and flattens when the dyad shares age similarity.  相似文献   

16.
Ideally, corporations are directed by boards whose directors provide valuable human capital that match the firms’ strategy. We investigate how directors’ human capital (international experience, industrial know-how, CEO experience, and financial know-how) affects firm performance including the firm’s strategy (diversification and internationalization) and how human capital is related to acquisition strategies (non-diversifying and international acquisitions). Our sample consists of 560 firm-year observations in Switzerland. We find empirical evidence that directors’ human capital affects firm performance and that this relationship depends on the firm’s strategy. Furthermore, human capital is also correlated with acquisition strategy. The study shows that focusing on board independence and compliance issues may be unrewarding in board research and practice.  相似文献   

17.
The effect of CEO power depends ultimately on how it is used (i.e., a CEO’s approach to power use), which may vary from one CEO to another. Notwithstanding extensive research on the effect of CEO power on organizational outcomes, researchers have thus far paid very limited attention to how the effect depends on individual differences. In this study I propose a new construct of CEO self-discipline in power use—defined as a CEO’s appeared conformance to the prescribed leadership norms (in particular, norms regarding how leaders should use their power)—and examine how it moderates the effect of CEO power. With a longitudinal dataset from the U.S. computer hardware and software industries, I found that CEO self-discipline in power use weakened the positive effect of CEO power on performance extremeness and improved the effect of CEO power on firm performance.  相似文献   

18.
衰退企业CEO变革的理论假说与实证检验   总被引:1,自引:0,他引:1  
冉敏  都兰军 《管理学报》2009,6(2):222-227
在企业扭转理论中,许多学者主张CEO变革是企业成功扭转的前提.这一主张基于3个基本的理论假设:①CEO变革可以提高企业运营绩效;②CEO变革可以促进企业战略的变革;③CEO变革可以维持企业合法性,即维持企业相关利益者对企业的继续支持.采用我国上市公司的相关数据,对这3个理论假说进行了实证检验.研究结果表明,CEO变革的绩效假说并没有得到支持;CEO变革的合法性假说得到了部分支持;CEO变革的战略变革假说得到了显著支持.因此,在衰退困境中,企业变革CEO的目的主要是希望能够更客观地认识企业衰退原因和现有战略的问题,从而制定出更为符合企业实际情境的扭转战略.由此推断,衰退企业变革CEO的本质是改变企业的战略认知框架.  相似文献   

19.
CEO health     
Using comprehensive data on 28 cohorts in Sweden, we analyze CEO health and its determinants and outcomes. We find CEOs are in much better health than the population and on par with other high-skill professionals. These results apply in particular to mental health and to CEOs of larger companies. We explore three mechanisms that can account for CEOs’ robust health. First, we find health predicts appointment to a CEO position. Second, the CEO position has no discernible impact on the health of its holder. Third, poor health is associated with greater CEO turnover. Here, both contemporaneous health and health at the time of appointment matter. Poor CEO health also predicts poor firm outcomes. We find a statistically significant association between mental health and corporate performance for smaller-firm CEOs, for whom a one standard deviation deterioration in mental health translates into a performance reduction of 6% relative to the mean.  相似文献   

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