The effect of board size on shareholder value: Evidence from bank mergers and acquisitions

This study examines the effect of board size on the economic impact of bank mergers and acquisitions (M&A) in the US. Using a hand-collected dataset of 508 M&A between 2012 and 2018, we find that board size is negatively related to acquirer excess returns. In an additional analysis, we show that large boards have positive value implications for banks that combine the CEO and chairman roles as well as for large banks. Our findings indicate that a “one-size-fits-all” approach to board size is not necessarily in the interests of shareholders; instead, a more flexible and proactive formulation is needed.     

When are organizations punished for organizational misconduct? A review and research agenda

Scholars have highlighted the use of punishment as a tool to defend laws and norms, deter deviance, and restore justice in the aftermath of organizational misconduct. However, current theory and research primarily draw on a micro-oriented lens to understand how punishment occurs in response to deviant actors within organizations, neglecting macro-oriented questions of whether and how organizations are punished for their misconduct. We review sociological and macro-organizational work that suggests punitive severity can vary with three key attributes of the organization: status, reputation, and embedded ties. We then develop a mezzo-lens framework motivated at the intersection of micro- and macro-perspectives on organizational misconduct to shed light on opportunities for theoretical expansion by crossing levels of analysis.     

属性集容量确定的夹挤式测度模式及其推算模型

迄今，为解决多属性偏好关联决策属性集容量判断指数复杂性难题所提出的λ模糊测度模式与k-可加模糊测度模式，以及建构在它们之上的属性集容量确定的推算模型，尚存在着适用性差的技术不足。为此，以平衡容量判断的可操作性和容量推算的准确性为视角，提出了一种新容量测度模式，即关于容量判断与推算的夹挤式测度模式，并在此基础上通过引入决策者较易判断给出的容量序信息构建了相应的容量推算模型。基于数值模拟的对比分析表明：新模式不仅在应用可行性上高于k-可加模糊测度模式，而且从容量推算的准确性上看也明显优于λ模糊测度模式和k-可加模糊测度模式，因而对实际决策具有更强的适用性。     

Entrenchment in publicly traded family firms: Evidence from the S&P 500

Family involvement in corporate governance through ownership, management, and board membership presents a unique dilemma for understanding the strategic impetus and costs of entrenchment decisions. The presence of shared family ties and the family-centered goals of firm principals call to question the applicability of extant agency arguments regarding the nature and antecedents of managerial entrenchment. Exploring this, we develop and test a model of family firm-specific determinants (i.e., family ownership and family's involvement in management and governance) of entrenchment in publicly traded firms by drawing upon principal-principal agency theory. Findings of the empirical analysis of family owned S&P 500 firms suggest family firms are motivated to entrench managers when doing so supports the pursuit of family-centric goals. However, the extent to which entrenchment supports such goals varies at different levels of family ownership.     

嵌套并联结构两阶段DEA下科技创新效率测度与分解

目前有许多研究将两阶段DEA模型应用到科技创新活动当中，一般将创新活动分为研发和转化两个阶段，为了进一步探讨不同转移转化方式下科技成果的转化效率以获得更多的详细信息，本文拓展了传统的两阶段DEA模型，考虑了嵌套并联结构的两阶段网络DEA模型，将科技创新活动分为科技成果研发阶段和科技成果转化阶段，并将科技成果转化阶段分为内部转化和外部转化两个并联子系统。本文选取14家中科院院属单位作为被评价对象，应用加权加法分解方法计算整体效率和各阶段子效率。通过将本文模型与传统两阶段模型进行对比发现，传统模型会低估科技成果转化效率。结果表明：整体科技创新效率均值偏低，科技成果研发效率均值高于科技成果转化效率均值，科技成果转化效率仍有很大的提升空间。科技成果转化阶段中内部转化效率普遍较高但是外部转化效率普遍较低，较低的外部转化效率是导致科技成果转化效率低下的主要原因。最后，本文将所有被评价单位分为四类机构，分析提高科技创新效率的实现路径，可以通过重点突破模式和渐进突破模式来实现整体效率的提高。     

The wisdom and madness of crowds: How information networks and board cognition help or hinder firm performance across the business cycle

We know little of why a minority of firms pursue counter-cyclical strategies and consequently outperform competitors during recessions. Based on the theory of institutional isomorphism, we hypothesize that these firms avoid the mimetic and normative pressures that promote strategic convergence during uncertainty. We demonstrate these effects at the board-level in a sample of 1,615 U.S. firms. Mimetic processes are evident, with firms' connectedness in board interlock networks attenuating profitability and decreasing firm value during recessions—a reversal of the positive effects during expansions. Normative pressures arise from homogeneity in directors’ educational and professional experience, with greater consequences for long-term performance. Overall, recessionary performance is improved when firms occupy relatively isolated positions in informational networks and appoint directors from a range of backgrounds.     

基于优先权拍卖的产能分配机制研究

本文考虑一个供应商和两个独立零售商构成的供应链系统。当供应商的产能受到约束时，零售商可能会竞争有限的产能。本文提出将“优先分配权”作为一个有价值的标的物进行拍卖，按照出价高低确定优先分配顺序。本文证明了优先权拍卖机制属于共同价值模型，并提出了两类拍卖机制：事先拍卖和事后拍卖。本文证明两类优先权拍卖机制均会促使零售商提交真实的需求作为订单量，并且满足收益等价定理。而就供应商期望利润而言，事后优先权拍卖机制要高于事先优先权拍卖机制。     

The role of human and social board capital in driving CSR reporting

The objective of this paper is to analyze the effect of the professional, technical and relational background (human and social capital) of outside directors on promoting firm CSR disclosure. Following the Hillman et al. (2000) taxonomy of board members, we classify outside directors as business experts, support specialists and community influential, and examine whether business and technical expertise or political ties in the boardroom affect CSR disclosure.This study confirms that not all outside directors are equally effective in improving CSR disclosure and that only certain kinds of outside directors, those classified as support specialists, help promote it. On the other hand, our findings also show that directors with previous experience as politicians affect CSR disclosure negatively, probably due to their interests in safeguarding their reputation within the company, in avoiding public scrutiny and in protecting their political connections. In addition, our set of analysis with interaction effects reveals that powerful CEOs have the incentive to promote CSR-related strategies and to convince business experts and support specialist directors to enhance profitable sustainability strategies and transparency in CSR disclosure. Nevertheless, the powerful CEO effect is not enough to compensate the negative role of political directors on CSR reporting. Therefore, this paper supports the theories in favor of analyzing the multiple configurations of corporate governance mechanisms by adopting a holistic approach, and the need to combine these configurations in order to analyze their impact on CSR behavior.     

From primacy to purpose commitment: How emerging profit-with-purpose corporations open new corporate governance avenues

This paper aims at contributing to corporate governance theory by developing a model of governance that takes into account a recent legal innovation: the introduction of purpose-driven legal business forms in the corporate law of several countries. Current debates in such theory oppose models that grant “primacy” (i.e., ultimate control rights) to different constituencies. The resulting uncertainty proves problematic in the face of new, urgent social and environmental stakes that are difficult to represent in traditional governance bodies. Newly adopted profit-with-purpose corporate forms' introduction of a “purpose” in corporate contracts renews these debates. We show that through the “purpose commitment” model it enables, the distribution of control rights in the governance system is decoupled from the objectives assigned to the corporation. This new approach renews the formal role of management, and corporations’ accountability to society. We explore the theoretical, practical, and political consequences of this new model.     

超竞争环境下企业困境并购定价与时机研究

在超竞争环境下企业面临的竞争环境越来越动荡，企业的竞争优势呈现出短期性与临时性的特点，为了快速发展，越来越多的企业选择并购。本文以超竞争环境为研究背景，运用期权博弈理论，分析并建立了存在竞争对手的企业困境并购定价与时机选择模型，通过模型求解得到并购中主并企业给予目标企业的最优价值以及主并企业的最佳并购时机；此外，通过数值模拟重点分析了三个超竞争特征因子（竞争强度、竞争不确定性、企业价值损失因子）、企业困境因子以及竞争对手的溢价水平对企业困境并购时机的影响。本文研究发现：（1）被并企业得到的价值补偿比例及主并企业最佳并购时机均受到各超竞争特征因子、企业困境因子以及竞争对手溢价水平的综合影响；（2）竞争对手的存在会使目标企业得到的价值补偿比例增加；（3）超竞争环境下企业困境并购中主并企业的最佳并购时机取决于并购双方的相对价值比；（4）随着可能导致双方谈判破裂因素、事件的增多以及企业财务困境程度的增加，主并企业提前进行并购的可能性增加；（5）随着竞争强度、竞争不确定性、竞争对手造成溢价水平的增加，主并企业推迟并购时机的可能性增大。