The Determinants and Effects of Board Nomination Committees*

This article assesses the corporate governance-related antecedents of nomination committee adoption, and the impact of nomination committees’ existence and their composition on board independence and board demographic diversity. We conducted a longitudinal study of board composition amongst 210 Swiss public companies from January 2001 through December 2003, a period during which the Swiss (Stock) Exchange (SWX) introduced new corporate governance-related disclosure guidelines. We find firms with nomination committees are more likely to have a higher number of independent and foreign directors, but not more likely to have a higher number of female board members. Further, the existence of nomination committees is associated with a higher degree of nationality diversity but is not related to board educational diversity. We also find that nomination committee composition matters in the nomination of independent and foreign, but not of female directors. Our results suggest that understanding different board roles and composition require a multi-theoretical approach, and that agency theory, resource-dependence theory and group effectiveness theory help to explain different aspects of board composition and effectiveness. Finally, the article discusses the concept of diversity and appropriate ways to study diversity in a boardroom context. * The Editor acknowledges that Hans van Ees, Morten Huse, and Jonas Gabrielsson – convenors of the EURAM (European Academy of Management) Corporate Governance track in 2004 – acted as Co-Editors on this paper.     

关于我国股利政策的探讨

从我国上市公司的股利分配形式、股利支付率、股利政策的稳定性等现状出发 ,通过与西方发达国家股利政策实施的对比 ,客观地揭示了我国上市公司股利政策方面存在的问题 ,并从经济制度、股权结构、融资渠道、市场环境等方面剖析了产生这些现象的原因。针对我国股利政策的不规范现状 ,借鉴西方发达国家的经验 ,提出了转变政府对证券市场的指导思想 ,改变上市公司的股权结构 ,转变上市公司的经营理念 ,改善我国的法律环境 ,允许股票回购等建议 ,以达到规范我国股利政策的目的     

中国近代股票的债券性--再论"官利"制度

中国近代民众在股票投资方面的债券性要求,是近代经济手段同传统经营理念嫁接的结果,其典型表现就是股票的“官利”规定,促使这项制度推广应用的重要原因是近代早期股票市场的巨大风险和官方相关商政的不良影响。晚清与民国时期,虽然渐有改革“官利”之举,但这一陋习终未消除。由此,也折射出培养社会良性投资理念对公司制度建设的重要意义及其艰巨性。     

The Changing Socio‐Demographic Composition of Poverty in Australia: 1982 to 2004

The extent of income poverty and its socio‐demographic composition are examined using all ABS income surveys conducted over the period 1982 to 2004. There has been some increase in the proportion of the population in poverty, particularly since 1997, but of more note are the substantial changes in the socio‐demographic composition of those in poverty. Compared with the start of the sample period, persons in poverty at the end of the period were much more likely to be older, in families without dependent children, holding post‐school qualifications and/or foreign‐born. In part, these changes reflect broader changes in the composition of the population. However, changes in the risks of poverty associated with different characteristics have also produced large changes in the composition of the poor, and have in some cases counteracted or reversed effects of demographic change. Specifically, the risk of poverty has increased for the elderly, non‐dependent youth, single people, foreign‐born persons and those without post‐school qualifications, and it has decreased for sole parent families and residents of Queensland, the ACT and the Northern Territory.     

我国创业板上市公司现金股利影响因素分析

上市公司股利政策一直是相关利益各方关注的焦点,特别是现金股利政策对公司股东产生直接影响。以2009年创业板上市公司的财务数据为样本,采用多元回归分析方法对其现金股利政策影响因素进行实证分析。研究发现,上市公司发放现金股利与每股收益、每股经营净现金流量成正相关,与公司规模成负相关,与资产负债率、第一大股东与第二大股东持股之比、营业务收入增长率影响不显著。     

辽宁省人口转变效应分析——基于人口红利理论的研究

近年来,人口年龄结构变化对经济发展的影响成为理论界关注的热点问题。根据人口红利理论,使用辽宁省相关数据,对人口转变引起的产出效应、消费效应和储蓄效应进行分析,结果表明,辽宁省人口年龄结构的变化对经济发展产生了重要影响,辽宁省居民消费与人口抚养比之间存在长期协整关系,人口出生率的下降是引起辽宁省储蓄率上升的主要原因。     

人口红利与河南经济发展

对人口红利理论发展的轨迹进行了梳理,结合人口红利期的判断标准对河南省人口红利期进行了界定,通过计算劳动力对经济增长的贡献率,提出人口红利对河南经济增长有较大的推动作用。在分析河南省经济发展面临的机遇和挑战的基础上。提出充分实现河南省人口红利的途径。     

产业结构对经济增长的贡献效应研究——以陕西为例

目前,中国的产业结构初步实现合理化,但整体经济水平较低,要进一步实现产业结构升级仍面临着诸多问题。以陕西为例,采用2005—2008年陕西下辖的11个市(区)的面板数据,对产业结构与经济增长之间的关系进行GLS回归,结果表明:陕西经济增长主要由第二产业拉动。但是,从三次产业相互依赖的关系来看,三次产业之间的协调推进对陕西经济增长也有较大贡献。从陕西的产业结构现状和发展经验可看出:"十二五"期间,中国的产业结构调整战略也应由比例关系调整转向功能性调整,从产业间调整深入到产业内部。     

西南山地民族人口生态文化及其价值

西南山地是我国地貌特殊而又多民族聚居的区域。区域内各民族在漫长的历史长河中,创造了包括人口生态文化在内的灿烂而又丰富的文化。文章在对生态文化、人口生态文化概念予以厘定的基础上,概括总结了西南山地民族人口生态文化的内容,进而从人口再生产、生态环境保护、人和自然协调发展、生态文化素质培养等方面讨论分析了西南山地民族人口生态文化的意义和价值。     

浅析我国的贸易顺差问题——从人口角度分析

运用生命周期假说对中国两次"婴儿潮"进行分析,探讨中国人口相关因素对于储蓄的影响,以及储蓄增加与中国净出口之间的关联.在此基础上,实证分析投资、政府支出、储蓄与净出口的关系.基本的结论是:应正视中国人口增长所带来的内部矛盾,从内部解决矛盾,而不是通过外部的不平衡来平衡内部矛盾.