子公司“自下而上”的制衡:实现路径、弱化因素与作用边界

如何有效约束大股东掏空行为是公司治理学术界与实践界共同关注的焦点问题。传统的委托代理框架遵循母子公司“自上而下”的单向治理逻辑,忽视了子公司的自主性及其“自下而上”的制衡能力,难以从根本上解决子公司及其中小股东利益保护问题。尽管单向治理范式已经受到学者的质疑,但子公司通过何种方式对母公司产生制衡亟需进一步探索。文章基于前景理论的核心观点,运用2012—2017年中国上市子公司的平衡面板数据,采用多元回归方法验证了子公司管理者异质性对大股东掏空行为的影响,阐释了子公司“自下而上”制衡作用的实现路径、弱化因素及其作用边界。研究结果表明：上市子公司拥有能力较强的管理团队能够显著抑制大股东掏空行为。一方面,能力较强的管理者可以为大股东带来更多的控制权共享收益,限制了其控制权私有收益的获取,另一方面,也能够更加有效地识别与监督大股东的掏空行为,进而起到对大股东“自下而上”的制衡作用。作为具有双重效应的情境变量,CEO声誉及CEO与母公司关联度在中国情境下的负面效应更为凸显,二者均会弱化管理者能力对大股东掏空行为的制衡作用,即在子公司CEO声誉水平较高、子公司CEO与母公司关联度较强的情境下,子公...     

消费者网络购买认可度影响因素分析

文章以具有网络购物行为的网民为样本,利用SPSS软件对影响网络购买认可度的相关因素进行了效度分析、信度分析和相关性检验;分析这些因素对于购物网站认可度的影响作用,并提出了提高网站购买认可度的措施。     

信用制度的民事法律保障机制研究

信用主体基于信用享有权利,但守信也是其基本义务,因而信用是权利与义务的结合。由于信用为广义上的商誉所包含,其权利内容难以把握,故信用权不是一项独立的民事权利,基于信用所产生的权利可纳入商誉权的保护范围。我国民法典应规定商誉权,对信用权宜采用间接保护方式。对欺诈、恶意的不履行合同行为,应适用惩罚性赔偿责任,以惩戒失信行为。信用被侵害常使受害人遭受间接损失,应由侵权人予以赔偿,以充分保护信用主体的利益。     

管理层权力、内部控制质量与盈余管理

文章对管理层权力、内部控制质量和两类盈余间关系进行检验.研究发现:内部控制质量与两类盈余显著负相关;结构权力对内部控制质量与应计盈余具有负向调节作用,总经理两职兼任会削弱内部控制对应计盈余的抑制作用;专家权力对内部控制质量与应计盈余之间具有正向调节作用,随着总经理任职时间延长,会增强内部控制质量对应计盈余的抑制作用;声誉权力会正向调节内控质量与应计盈余之间关系.     

客户公司产权性质、审计师声誉和会计稳健性

本文利用我国A股上市公司2008-2013年的数据,实证检验了审计师声誉对会计稳健性的影响,以及不同产权性质下审计师声誉对会计稳健性影响程度的差异.研究发现,总体上审计师声誉会显著提高公司的会计稳健性水平,区分产权性质后发现,国有企业会计稳健性相对于非国有企业较高,非国有公司聘请高声誉审计师对会计稳健性有正向影响,而国有公司聘请高声誉审计师对会计稳健性不明显,非国有公司聘请高声誉审计师对会计稳健性的效应较国有公司差异并不显著.文章的结论为进一步完善公司治理和审计师声誉建设提供了一定的实证数据.     

Media reputation in initial public offerings: A study of financial news coverage in Hong Kong

This study investigated media reputation in initial public offerings (IPOs) by proposing eight attributes of substantive media reputation from environmental and product-resource perspectives. A content analysis on financial news coverage (2281 newspaper articles from 2004 to 2010) in Hong Kong was conducted to examine how print media reported financial and nonfinancial information on 38 IPO firms in the sectors of financial, properties and construction, and consumer goods. Results from partial least squares analysis showed that, although substantive media reputation and recency of news coverage together only explained a small proportion of changes in IPO share price, substantive media reputation has a significant positive effect on changes in IPO share price. Apart from the significant positive effect from the presentation tone of environmental attributes, the tone of social attributes had a significant negative effect on substantive media reputation. With the increasing concern on measuring media reputation attributes in financial news coverage across different contexts, this study contributes to the applicability of environmental and product-resource attributes in the specific context of IPOs.     

Reputation in Rupture: Broken Alliances and Relational Politics in the Roosevelt-Taft Split

Under what circumstances do close allies sacrifice their unity? By what process do bonds break? Although it might be argued that political ruptures are determined by incommensurable ideas (policies, philosophies) or by contentious personalities (temperament, character), we argue that neither explanation is sociologically sufficient. Extending the theories of interpersonal ruptures of Diane Vaughan and Robert Emerson to political domains, we take a relational approach to politics by emphasizing the centrality of the availability of reputational information, networks of supporters, and public displays of antagonism in response to affronts within systems of institutional power. Our approach to public ruptures draws on a detailed case study: the broken alliance between presidents Theodore Roosevelt and William Howard Taft, a dramatic instance of changing master-protégé relationship. The transition from close interpersonal alliance to public distaste typically involves four stages that expand a relational breach to an irreparable rupture: (1) personal grievance, (2) substantive disagreement, (3) public awareness, and (4) network activity. While every detailed case has limits, we note comparable instances and contend that this model applies broadly to broken partnerships in politics or other public domains.     

Effects of data breaches from user-generated content: A corporate reputation analysis

A threat for a growing number of firms in various industries is the occurrence of different breaches of sensitive corporate data. These critical events represent vulnerability for firms' corporate reputations, whose multiple dimensions are affected by customers negative perceptions in various ways. Further, in the Industry 4.0 era, the redundancy of scandals on social media can exacerbate negative effects. This paper reports an investigation into the effects of data breaches on corporate reputation dimensions. In this context, the study conducted latent Dirichlet allocation analysis on social media user-generated content (UGC) for a sample of 35 firms in nine industries that suffered a data breach incident between 2013 and 2016. Incidents have been categorized into three categories: “intentional and internal,” “unintentional and internal,” and “intentional and external” data breaches. The aim of the study was to discover how reputational dimensions changed after these critical events and to identify the differences among the types of data breaches.Results reveal that after critical events, more reputational dimensions appear to be relevant. While before critical events, users typically discuss the “perceived quality” of a firm's offer, after all three types of data breaches, users also pay attention to “customer orientation” and “corporate performance” dimensions. Another key reputation dimension, especially after intentional and internal data breaches, is the “firm as employer,” particularly in the context of a lack of investment in training regarding these events.These findings provide key insights for academics and practitioners to understand large-scale data breaches effects and reputational drawbacks after such incidents.     

Organizational Reputation and the Securities and Exchange Commission's Failed Regulatory Revolution

When do regulatory innovations fail? I provide a novel organizations‐based answer to this question by developing an institutional‐reputational approach to regulatory politics. Regulators cannot hope to monitor the vast majority of market activities, so they must rely on the regulated to condition their behavior on the regulator's reputation: beliefs and expectations concerning the regulator's goals and capabilities. Regulators thus pursue daily activities while being mindful of how these activities will shape their reputation and thus their ability to achieve future goals. However, even long‐standing reputations are rendered fragile when rival actors use the organization's reputation to cross‐purposes. Thus, while reputation represents a major source of power, reputation also proves fragile when organizations face conflicting reputational demands. The fragility of reputations provides a novel explanation of an understudied phenomenon: failed regulatory revolutions. I develop this theory through the analysis of innovative Securities and Exchange Commission activity in disclosure law following the Watergate investigation.