上市公司高管变更与盈余管理关系的实证研究

通过将发生高管变更的上市公司按变更原因分为常规变更和非常规变更,按继任来源分为内部继任和外部聘任对上市公司在发生变更当年的和前后年份的盈余管理行为进行研究,选取2008-2010年期间发生高管变更的上市公司为样本,利用Jones模型和检验模型,对上市公司高管变更期间的盈余管理行为进行了实证分析。得出以下结论：①对于常规变更公司,变更当年可能进行了调增收益的盈余管理行为;变更后一年比前一年更有可能进行调增收益的盈余管理行为。②对于非常规变更公司,变更当年可能进行调增收益的盈余管理行为,而不是显著调减收益的盈余管理行为;变更后一年比前一年更有可能进行调增收益的盈余管理行为。③内部继任和外部聘任的公司在变更当年都进行了调增收益的盈余管理行为,但内部继任公司调增的幅度大于外部聘任公司。     

股权再融资、盈余管理与上市公司业绩滑坡——基于应计项目操控与真实活动操控方式下的研究

本文采用应计项目操控与真实活动操控两种模型,研究了我国上市公司股权再融资过程中的盈余管理行为及其对公司业绩的影响。结果表明,在股权再融资过程中,上市公司会同时使用应计项目操控和真实活动操控两种盈余管理方式。二者的影响效果存在明显差异,应计项目盈余管理会导致融资后公司业绩的短期下滑,而真实盈余管理则会引起公司业绩的长期下滑。相对而言,真实盈余管理是上市公司股权再融资之后业绩滑坡的主要原因。上述结果修正了以往文献将股权再融资后的业绩滑坡完全归因于应计项目操控的研究结论。     

高级管理人员变更、股权特征与盈余管理——来自中国上市公司的经验证据

本文以2003-2006年我国A股上市公司为研究样本,检验公司发生高级管理人员变更时的盈余管理行为。研究结果表明,发生高级管理层变更的公司,高级管理人员变更的当年存在较严重的调减利润的盈余管理行为;此外,对于发生了高级管理人员变更的公司,如果其控股股东是地方和中央政府部门所属国企或中央直属国企,则其调减利润的盈余管理行为可以得到一定程度的抑制;大股东的制衡度越大,公司盈余管理的幅度也将越小。研究结果还显示,当发生高级管理人员变更时,上述因素对公司调增利润的盈余管理行为基本没有影响。     

实际活动操控、应计项目操控与会计弹性

长期以来,盈余管理研究侧重于应计项目操控,而忽视实际活动操控。以中国A股市场的上市公司为研究对象,运用销售性操控、费用性操控和生产性操控反映实际活动操控的内容,分析实际活动操控与应计项目操控和会计弹性的关系。研究发现,会计弹性越低、应计项目操控越低,销售性操控、费用性操控和生产性操控则越高;反之亦然。研究结论表明,实际活动操控不仅与会计弹性呈反向关系,而且在会计弹性的作用下,实际活动操控与应计项目操控之间存在着相互替代的关系。该结论丰富和拓展了盈余管理研究的内容和方向。     

上市公司IPO与盈余管理的关系研究——基于我国银行业的经验证据

西方国家对上市公司盈余管理行为的研究已经发展了20余年,国内对这方面尚缺乏实证研究。西方会计学者将盈余管理的动机归纳为资本市场定价、与会计数据相关的契约,反垄断与政府管制三大类．国外研究发现IPO公司会在IPO当年操控应计利润,以便提高发行价格。在我国、上市公司为了规避证监会的制度管制,取得融资和再融资资格以及保留上市资格是盈余管理主要动机。本文即论证在我国银行业中,为了提高IPO价格,IPO公司也会战略性的选择调增会计收益的盈余管理行为。     

应计项目盈余管理还是真实活动盈余管理?——基于我国2007年所得税改革的研究

本文建立了1个基于避税动因的盈余管理方式选择的模型,并结合实证会计3大假说提出了经验研究假设,以2007年所得税改革为背景研究了我国上市公司盈余管理方式的选择问题。结果显示:预期税率上升使公司更倾向于实施真实活动操控的盈余管理,预期税率下降会使公司更倾向于实施应计项目操控的盈余管理;国有控股、公司规模、债务对应计项目操控程度有显著负效应,对真实活动的盈余管理程度有显著正效应;管理层薪酬对负向的应计项目操控有负效应,对正向的应计项目操控和真实活动操控均具有显著的正效应。上述研究丰富了避税动因盈余管理的研究文献,从真实活动操控视角发展了实证会计的3大假说,也对审视我国上市公司的审计和监管具有一定的意义。     

会计弹性与真实活动操控的盈余管理关系研究

以真实活动操控的盈余管理为研究视角,以我国A股市场的上市公司为研究对象,在考虑行业特征对会计弹性影响的基础上．通过对比分析在不同的会计弹性下真实活动操控程度的差异,验证了会计弹性与真实活动操控程度之间存在此消彼长的关系,得出了会计弹性大的公司较少利用真实活动操控盈余．会计弹性小的公司则更多利用真实活动操控盈余的结论,拓展和丰富了盈余管理的研究方向和内容。     

盈余管理对上市公司未来经营业绩的影响研究——基于应计盈余管理与真实盈余管理比较视角

本文对比分析了应计盈余管理与真实盈余管理对我国上市公司未来经营业绩的不同影响。研究结果表明,应计与真实盈余管理都会对公司未来经营业绩产生负面影响,且应计盈余管理对公司短期经营业绩的负面影响更大,真实盈余管理对公司长期经营业绩的负面影响更大;公司管理层会使用应计盈余管理或真实盈余管理来满足"盈余阈值";满足"盈余阈值"的真实盈余管理对公司未来经营业绩具有显著负效应,而满足"盈余阈值"的应计盈余管理对公司未来经营业绩具有显著正效应;仅通过应计盈余管理满足"盈余阈值"的公司比仅通过真实盈余管理满足"盈余阈值"的公司具有更优的未来经营业绩。本文研究结论有助于深化利益相关者对盈余管理经济后果的理解。     

上市公司盈余管理问题探讨

国内外研究学者发现,各个国家的上市公司都存在盈余管管理问题,上市公司在披露有负债契约违约情况的上一年度,内部人员作出了调增盈余的盈余管理行为,而在违约发生年度,上市公司预期有调减盈余行为。此文中笔者结合我国上市公司盈余管理问题,分析我国上市公司的现状,提出了治理和规范上市公司盈余管理的对策与建议。     

非经常性损益、会计准则变更与ST公司盈余管理

会计准则作为盈余管理借用的工具,上市公司是否会借会计准则变更之际进行盈余管理?2007年我国实施新的企业会计准则,为研究这个论题提供机会。本文以异常非经常性损益比重作为盈余管理的代理变量,研究结果表明:我国上市公司在会计准则变更之际有较强的盈余管理的动机,在会计准则变更之际进行盈余管理的上市公司中,ST公司具有更强的盈余管理动机;进一步研究发现,上市公司在会计准则变更之前的盈利状况和上市公司风险警示显著地影响会计准则变更年度的盈余管理方向和大小,连续亏损的上市公司和为降低风险警示的上市公司,通过非经常性损益进行盈余管理的动机显著;另外,研究发现,证券监管部门通过风险警示的方法对上市公司利用会计准则变更之际进行盈余管理的行为实施了有效监管。     

Educational Landscapes and Urban Development. Contextual and Spatial Interfaces and Linkages

In the broad sociopolitical discussion on education quality within the last decade, it has become apparent that education is gaining importance for urban development, as well as space and the urban context are important dimensions of education. This becomes particularly evident in concepts for local educational landscapes (Ger. Bildungslandschaften). The young field of research on educational landscapes is currently lacking empirical research from spatial and planning sciences. In the paper, the current state of scientific research on educational landscapes in Germany and Europe and first insights to contextual and spatial interfaces and linkages between education and urban development in general are presented.     

Inventory Models with Continuous and Poisson Demands and Discounted and Average Costs

We develop a new, unified approach to treating continuous‐time stochastic inventory problems with both the average and discounted cost criteria. The approach involves the development of an adjusted discounted cycle cost formula, which has an appealing intuitive interpretation. We show for the first time that an (s, S) policy is optimal in the case of demand having a compound Poisson component as well as a constant rate component. Our demand structure simultaneously generalizes the classical EOQ model and the inventory models with Poisson demand, and we indicate the reasons why this task has been a difficult one. We do not require the surplus cost function to be convex or quasi‐convex as has been assumed in the literature. Finally, we show that the optimal s is unique, but we do not know if optimal S is unique.     

E-governance and Corruption-developments and Issues in Ethiopia

This paper reports the results of a survey of 400 respondents in Ethiopia about factors generating corruption and the potential of e-Governance to mitigate corruption. It is suggested that e-Governance can help not only in weeding out corruption but also in the establishment of sounder government citizen relationships in Ethiopia. While e-Governance cannot cure all the structural factors that breed corruption in the society, strategic implementation of e-Governance can help improve the critical variable in combating corruption-government citizen relationships. It is argued that while e-Governance initiatives can make important contributions to improving public services they can best do so by helping improve overall relationships between governments and citizens.

CEO and Chairperson characteristics and firm performance

This paper focuses on the relationship between Chief Executive Officer (CEO) and Chairperson characteristics and firm performance. Specifically, the study examines the association between the characteristics of the CEO and the Chairperson of the board and firm performance. Using a sample of S&P 500 firms, the evidence found suggests that demographic and experience-related characteristics may be associated with the market valuation and financial performance of the firm. In particular, the reported results indicate a positive relationship between the presence of female CEOs or Chairs and firm performance, thus suggesting that gender-based differences may affect the CEO’s/Chairperson’s success. Moreover, the findings concerning the age of the CEO or Chair are mixed, while their experience and quality appear positively related to firm performance. Interestingly, a CEO or Chairperson holding multiple board seats is negatively associated with firm performance, whereas CEO duality has a positive relationship with Tobin’s Q and the return on assets (ROA) of the firm.     

David and Goliath: causes and effects of coopetition between start-ups and corporates

Coopetition (collaboration between competitors) among young firms (i.e. start-ups) and larger, more established firms (i.e. corporates) may be beneficial for both partners as each party typically has something to offer that is missing in the other. Start-ups often develop innovative ideas, are flexible and agile, willing to take risks, and aspire to achieve high growth, but they tend to lack the required resources, capabilities, and knowledge due to their newness and smallness. Corporates have resources, routines, and experience that enable them to work efficiently but lack a certain innovation capability. Research has suggested that coopetition represents an opportunity for start-ups facing restrictions in resources, while corporates benefit from start-ups’ innovative ideas. However, it is yet unknown whether start-ups and corporates engage in coopetition with each other and, if so, how and why they do this. This study seeks to fill this void by exploring the motives of coopeting start-ups and corporates, how they manage their coopetitive relationship, and what implications occur including potential benefits and risks. We present a multiple case study based on qualitative data collected through 70 interviews with Austrian-based start-ups and corporates representing 35 coopetitive partnerships. Discussing the findings based on our data, we propose relationships concerning coopetition and its role to enlarge resource- and technology-bases as well as its role in the development of dynamic capabilities.     

Career orientations and career success among research,and development and engineering professionals

Managing the careers of research, development and engineering (RD&E) professionals is important to the strategic use of RD&E in the economy. Appropriate mechanisms for motivating RD&E professionals will probably emerge as a critical success factor for organizations that want to compete in world markets. This study examines dimensions and levels of career orientation and their correlations with individual and work-related outcome variables among 78 RD&E professionals. The findings reveal a rich diversity of career orientation in RD&E professionals. The data strongly suggest that RD&E professionals are service, lifestyle and security oriented. However, they scored low on technical orientation and entrepreneurship. This paper suggests that the dual career ladder is not an effective device for managing RD&E professionals. Organizations must be careful to provide career paths that retain and motivate workers and, more importantly, find matches between organizational needs and individuals' needs, and restructure jobs accordingly. The authors offer suggestions for future research and identify implications for management.     

Modeling Pathology Workload and Complexity to Manage Risks and Improve Patient Quality and Safety

Anatomic pathology (AP) laboratories provide critical diagnostic information that help determine patient treatments and outcomes, but the risks of AP operations and their impact on patient safety and quality of care remain poorly recognized and undermanaged. Hospital-based laboratories face an operational and risk management challenge because clinical work of unknown quantity and complexity arrives with little advance notice, which results in fluctuations in workload that can push operations beyond planned capacity, leading to diagnostic delays and potential errors. Modeling the dynamics of workload and complexity in AP offers the opportunity to better use available information to manage risks. We developed a stock-and-flow model of a typical AP laboratory operation and identified key exogenous inputs that drive AP work. To test the model, we generated training and validations data sets by combining data from the electronic medical records and laboratory information systems over multiple years. We demonstrate the implementation of 10-day AP work forecast generated on a daily basis, and show its performance in comparison with actual work. Although the model somewhat underpredicts work as currently implemented, it provides a framework for prospective management of resources to ensure quality during workload surges. Although full implementation requires additional model development, we show that AP workload largely depends on few and accessible clinical inputs. Recognizing that level loading of work in a hospital is not practical, predictive modeling of work can empower laboratories to triage, schedule, or mobilize resources more effectively and better manage risks that reduce the quality or timeliness of diagnostic information.     

Work and shopping overflow — Consequences and differentiation among selected psychological and demographic characteristics

Contemporary individuals are forced to deal with excessive stimulation, which causes an overload in the cognitive and emotional areas. The purpose of this paper is to investigate the possible factors differentiating the perceived level of work and shopping overflow experienced by individuals and consequences of these states. Two psychological variables: cognitive control and sensation seeking, are chosen as potential factors differentiating the perceived levels of overflow. We assume that individuals with high cognitive control and sensation seeking will report lower levels of both types of examined overflows. Experiencing low overflow levels may manifest in the search for additional stimuli, rather than in the desire to limit them. Two indexes of behavior connected to seeking extra stimulation are selected: one belonging to the area of consumer behavior (readiness to participate in the experience economy) and one belonging to vocational behavior (choosing a boundaryless career). The quantitative study is conducted on a sample of 297 management students who are currently employed. The research results support the relation between cognitive control and perceived level of work and shopping overflow. Individuals who can cognitively control the situation and the incoming stimuli report lower levels of overflow. No significant relationship between sensation seeking and the level of overflow is found. The demographic variables that influence the perceived overflow are age and salary for work overflow and age for shopping overflow. As far as consequences of overflow are concerned, a low level of shopping overflow is related to readiness to participate in the experience economy. However, there is no link between work overflow and preferred career pattern. The managerial implications for human resource management and marketing strategy design are discussed.     

Review and reappraisal of modelling and predicting mental workload in single- and multi-task environments

The concept of mental workload has long been recognized as an important factor in individual performance within complex systems. It is documented that either overload or underload may degrade performance, and further affect the efficiency of the whole system. Therefore, systems designers need some explicit models to predict the mental workload imposed on individuals by the system at an early design phase so that alternative system designs can be evaluated. In examining mental-workload literature, it is found that few predictive mental-workload models have considered factors specific to individuals. This research aims to develop a practical framework for predicting mental workload in both single- and multi-task environments considering such individual factors. In order to describe mental workload more precisely and more completely, a framework for mentalworkload definitions, which contains instantaneous workload, average workload, accumulated workload, peak workload and overall workload, is proposed. In order to model individual factors, two new variables, i.e. effective workload and ineffective workload, are introduced to model the taskgenerated workload and individual-generated workload. The extension of the model to multi-task environments is also discussed. The proposed conceptual models are domain-independent and could be used to guide the development of operational models for different specific tasks.