Does one hat fit all? The case of corporate leadership structure

Recent corporate scandals have led to renewed campaigns for governance reforms, including calls for the separation of CEO and chairman positions. This paper argues that this trend ignores the possibility that differences in firm characteristics determine the appropriateness of separating or combining the two positions. I propose and test hypotheses on the determinants of leadership structure using a sample of 1,883 firms. I find that organizational complexity, CEO reputation, and managerial ownership increase the probability of CEO duality. I also find that whether CEO duality benefits or hurts the firm is contingent on firm and CEO characteristics. These results suggest that firms do consider the costs and benefits of alternative leadership structures, and that requiring all firms to separate CEO and chairman duties may be counterproductive.

Does merger & acquisition (M&A) strategy matter? A contingency perspective

This paper takes a contingency approach to investigate whether there are market performance variations for different types of M&A. Eight different types of M&A are identified in a typology based upon the conjunction of three contextual dimensions: external environmental, acquiring firm level strategy and CEO motivation. Drawing upon a sample of 1,926 domestic UK deals we evaluate the typology to determine whether the financial markets distinguish between different types of M&A. Results indicate significant market and risk-adjusted performance differences by M&A type. These confirm that a contingency approach to M&A performance has merit. We suggest that the proposed integrated typology, that recognizes the importance of multiple aspects of strategic fit to M&A performance, addresses the paradox that M&A practitioners continue to pursue deals despite widespread acceptance that they result in high failure rates.     

CEO goal orientations,environmental dynamism and organizational ambidexterity: An investigation in SMEs

Scholars have suggested that we need to further investigate the antecedents of ambidexterity at the top executive level. We develop a motivational perspective on organizational ambidexterity proposing that the different types of Chief Executive Officer (CEO) goal orientations (learning, approach and avoidance) may facilitate or hinder ambidexterity, and that these effects are conditioned by the level of environmental dynamism. Using a sample of 156 small and medium-sized enterprises (SMEs), we find a positive effect of CEO learning goal orientation on ambidexterity, which is strengthened as environmental dynamism increases. Further, we show that CEO approach goal orientation negatively affects organizational ambidexterity and this effect increases in highly dynamic environments. Finally, CEO avoidance goal orientation is negatively related to ambidexterity only when environmental dynamism is high. These results have important implications for our understanding of CEOs’ motivational characteristics in relation to ambidexterity under diverse environmental conditions.     

综合创新：21世纪中国哲学的新生之路

当代中国的社会转型中,文化发展出现"离异"趋向,究其根源在于长时间中我们离开了马克思主义"原版"去理解和运用"马克思主义",对中国文化传统和民族的思维方式也有所背离,知识分子多成为"依附型",失去自我。我们只有走综合创新之路,才能在马克思主义基础上正确认识文化转型,并与时俱进,重现中国哲学的生机和活力。     

我国四法域接受与放弃继承制度比较研究

在现代继承法律制度中,继承人有权选择是否接受继承,以及接受什么类型的继承。我国大陆、香港、澳门和台湾四法域有关继承人接受与放弃继承的期限、方式和效力的法律规定存在一定差异。文章在比较四法域接受与放弃继承制度之异同的基础上,对完善大陆地区继承法提出相应的立法建议。     

人民群众是先进文化的创造主体

认真学习江泽民同志三个代表的思想,人民群众是先进文化的创造主体这一命题,是在新的历史条件下对马克思主义、毛泽东思想和邓小平理论的继承和发展,是建设社会主义先进文化的理论基石和根本前提。     

论后位继承制度的立法选择及法的构成

后位继承是遗产利益在继承过程中需要发生多次转移的产物 ,自罗马法的遗赠制度逐渐演化而来。后位继承法律关系是前位继承人与后位继承人之间基于后位继承权而产生的债权关系。后位继承权转化为既得继承权时对前位继承人的期待权亦同时产生。立法上应当大量采用推定的方式来弥补遗嘱人意思表示的不足     

论法定继承人范围和顺序的完善——以海峡两岸法定继承的对比分析为视角

《继承法》立法背景的变化,导致在法定继承人范围和顺序方面在现时代存在诸多不适,通过与港、澳、台地区相关立法的对比分析,主张：扩大法定继承人范围至三亲等亲属,增加法定继承顺序位阶并规定父母为第二顺序继承人,规定配偶继承零顺序并增加配偶先取权和用益权,采“固有权说”之代位继承。     

秦观词创作片论

秦观的词在转益多师的基础上自辟蹊径而成大家,并非只受柳永等人的影响,作为苏门四学士之一,秦观词的创作同样深得苏轼的指导、鼓励和提醒,他也继承了苏轼对词“雅化”和革新的成就,特别是过岭后的遭际使他的词作具有“严重高古”的特点,实现了新的突破。     

Fresh in the saddle: The influence of a new CEO's vision and origin,and CEO succession type on market actors' reactions

CEO succession is a critical event in the life of a company. How external stakeholders respond to it, can affect the company's valuation. This study investigates how securities analysts' and investors' reactions to CEO succession are affected by the interplay between the charisma of the new CEO's vision, the new CEO's origin (whether an insider or outsider), and the type of CEO succession (whether routine, dismissal or interim). Drawing on the literature on signaling, we suggest that because a charismatic vision emits a positive signal about the company's future performance, it will affect market actors' reactions by either weakening or strengthening the influence of the signals emitted by other succession context contingencies, namely, CEO origin and succession type. To test our predictions regarding analysts' and investors' reactions, we respectively analyze panel data and conduct an event study. The results support most of our predictions. We discuss the study's contributions and implications.