基于幂律型分布的动态VaR模型及实证研究

针对金融资产回报时间序列的尖峰厚尾性和波动集聚性,提出了基于AR(1)-GARCH(1,1)模型与幂律型分布相结合计算VaR的方法。用GARCH模型对时间序列建模刻画波动集聚性,用基于幂律型分布的扩展形式拟合GARCH模型的残差分布尾部,刻画回报时间序列的厚尾特征,二者结合更好地描述回报时序的动态波动现象。对上证综指进行实证分析,结果表明本文提出的方法比基于正态分布的GARCH模型和静态幂律尾法更精确。     

家族企业网络化成长模式的主要影响因素及机制:基于中国东西部地区的实证研究

本文利用浙江、重庆等东西部省市家族企业的调查数据,实证检验了资源/战略需求、关系治理、权力结构、企业家特质对家族企业网络化成长模式的影响及机制,结果发现,资源需求对二级网络持久度有显著的负向影响,对二级网络开放度有显著的正向影响;合作机会对网络范围、二级网络强度有显著的正向影响;关系管理对一级网络强度、二级网络开放度有显著的正向影响;家族所有权对一级网络范围有显著的正向影响,对二级网络强度有显著的负向影响,家族管理权对一级网络范围有显著的正向影响;企业家年龄对一级网络强度有显著的负向影响,企业家行业工作经验对二级网络范围、网络持久度有显著的正向影响,企业家文化程度为大学本科的家族企业二级网络强度、二级网络开放度明显大于其它类型家族企业。研究结论对中国家族企业成长实践有重要指导意义。     

营销渠道成员行为的整合模型

合作、权力和冲突以及它们之间的关系历来为国外营销学者所关注。本文将着重介绍几个行为模型来加深对营销渠道系统管理的认识。合作、权力和冲突都是有助于加深理解营销渠道管理的概念,这三个概念和它们之间的关系为制定渠道管理策略和解决渠道中的问题提供了理论框架。本文首先通过对渠道中的合作、权力和冲突进行详细的阐述,进而推导出渠道成员整合的行为模型,在此基础上着手规划垂直渠道系统的营销策略。     

管理层权力、在职消费与产权效率——来自中国上市公司的证据

国外近年大量研究表明,薪酬激励并不必然解决代理问题,薪酬的制定与执行机制可能使其成为代理问题的一部分。具体而言,管理层可能利用其权力影响甚至自定薪酬,从而寻租最终降低了薪酬的激励效用,中国的制度背景也为上述现象提供了可能。本文利用2001-2004年我国上市公司数据实证检验了管理层权力对于作为隐性薪酬的在职消费以及企业绩效的影响。从董事长总经理两职兼任、股权分散和高管长期在位视角构建了管理层权力的综合计量指标,研究中运用了普通最小二乘法和广义矩估计方法,并进行了稳健性检验。本文的研究结果表明,管理层权力是影响薪酬激励及其绩效的重要因素,我国要重视管理层权力及其引起的过度职务消费的治理问题,民营控股企业的内部权力治理不容忽视。     

对我国民法典中应否设定第三类民事主体的思考

民法典中应否设立第三类民事主体,立法和理论研究中都存在不同的观点。本文主要观点:一是设立第三类民事主体是有意义的,它可以弥补一些特殊主体因法律没有明确规定其人格地位而形成的主体缺位漏洞,使法律关系难以调整的问题得到解决;二是应纠正现有民法主体理论中存在对权利能力认识的错误,消除“主体间权利能力不平等”的理论悖论;三是应通过立法解决因设立第三类民事主体而引起的矛盾。     

The dysfunctions of power in teams: A review and emergent conflict perspective

We review the new and growing body of work on power in teams and use this review to develop an emergent theory of how power impacts team outcomes. Our paper offers three primary contributions. First, our review highlights potentially incorrect assumptions that have arisen around the topic of power in teams and documents the areas and findings that appear most robust in explaining the effects of power on teams. Second, we contrast the findings of this review with what is known about the effects of power on individuals and highlight the directionally oppositional effects of power that emerge across different levels of analysis. Third, we integrate findings across levels of analysis into an emergent theory which explains why and when the benefits of power for individuals may paradoxically explain the potentially negative effects of power on team outcomes. We elaborate on how individual social comparisons within teams where at least one member has power increase intra-team power sensitivity, which we define as a state in which team members are excessively perceptive of, affected by, and responsive to resources. We theorize that when power-sensitized teams experience resource threats (either stemming from external threats or personal threats within the team), these threats will ignite internal power sensitivities and set into play performance-detracting intra-team power struggles. This conflict account of power in teams integrates and organizes past findings in this area to explain why and when power negatively affects team-level outcomes, and opens the door for future research to better understand why and when power may benefit team outcomes when power’s dark side for teams is removed.     

Employees’ voice behavior in response to corporate social irresponsibility (CSI): The role of organizational identification,issue perceptions,and power distance culture

While extensive literature has examined the role of employees in corporate social responsibility (CSR), little is known about employees’ role in corporate social irresponsibility (CSI). The current study aims to examine the voice behaviors of employees generated around the issue of CSI. Two online surveys were administered to full-time employees by using two different scenarios involving CSI situations: environmental and diversity issues. The results of the study identified employees’ pre-established organizational identification as a critical cross-situational factor that influenced their CSI perceptions. In addition, employees’ situational perceptions of CSI – how they perceive CSI as a serious problem, their sense of connection to the situation, and their perceived constraints in solving the situation – played critical roles in motivating them to engage in voice behavior. Furthermore, the level of power distance culture within an organization significantly moderated the relationship between employees’ CSI perceptions and voice behavior. By incorporating organizational identification literature and public relations theory in the context of CSI communication and management, this study provides theoretical and practical implications.     

Power and inequality in global value chains: Advancing the research agenda

Power is a central, but largely undertheorized, concept for scholars of global value chains (GVCs). In this introduction to a special issue on power and inequality in GVCs, the authors summarize the key insights from the articles gathered here and explain how the collection advances our understanding of the types and forms of power operating in GVCs and their effect on different dimensions of inequality.