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Corporate Governance in Extreme Institutional Environments 极端制度环境下的公司治理
Pub Date : 2021-09-03 DOI: 10.2139/ssrn.3917137
Douglas J. Cumming, C. Girardone, M. Śliwa
This paper reviews the literature on corporate governance in extreme institutional environments, including both formal and informal institutions. We focus on three main areas of research: corporate governance in an international context, banking and corporate governance, and governance in entrepreneurship and innovation. We document some classic papers in each of these areas and explain how the papers in this special issue contribute to the development of these areas of research. We discuss recommendations for policy and practice and offer suggestions for future research.
本文回顾了极端制度环境下公司治理的相关文献,包括正式制度和非正式制度。我们专注于三个主要研究领域:国际背景下的公司治理、银行与公司治理、创业与创新中的公司治理。我们记录了这些领域的一些经典论文,并解释了本期特刊中的论文如何对这些研究领域的发展做出贡献。讨论了政策和实践建议,并对今后的研究提出了建议。
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引用次数: 12
Financial Performance Analysis of Selected Automobile Companies in India 印度选定汽车公司的财务绩效分析
Pub Date : 2021-07-23 DOI: 10.2139/ssrn.3892284
Samita Mahapatra
The automobile market in India is the fourth largest in the world. According to the Automobile Mission Plan 2016-2026 it is projected to be third largest, contributing 12% to the GDP. Under the automatic route, 100% FDI is permitted along with full de-licensing (www.makeinindia.com). It is one of the core sectors and has rapidly grown post reforms. The demand for vehicles has grown leaps and bounds. The automobile sector in India experienced a slow down due to prolonged
lockdown due to COVID-19. There was a 51% decline in the domestic sale of passenger vehicles according to the Society of Indian Automobile Manufacturers. The trend of slowdown was observed in this industry before lockdown also. After the announcement of phase-wise unlocking this sector experience a sharp rise in the demand. In this paper, the researchers are making an attempt to analyze the growth and financial performance of selected automobile companies. Based on the
secondary data, the trend in growth quarterly sales, revenue and market cap has been studied. For financial performance, the selected ratios are been calculated and compared. The reasons for growth and financial performance has been identified and discussed by the researchers.
印度的汽车市场是世界第四大。根据《2016-2026年汽车使命规划》,预计将成为第三大汽车产业,对GDP的贡献率为12%。在自动路线下,允许100%的外国直接投资以及完全取消许可(www.makeinindia.com)。它是改革后发展迅速的核心行业之一。对汽车的需求突飞猛进。受新型冠状病毒感染症(COVID-19)的影响,印度汽车行业长期处于封锁状态,因此出现了低迷。印度汽车制造商协会(Society of Indian Automobile Manufacturers)的数据显示,乘用车的国内销量下降了51%。在封锁之前,该行业也出现了放缓的趋势。在宣布分阶段解锁后,该行业的需求急剧上升。在本文中,研究人员试图分析选定的汽车公司的成长和财务绩效。在二手数据的基础上,研究了季度销售额、收入和市值的增长趋势。对于财务业绩,计算和比较选定的比率。研究人员已经确定并讨论了增长和财务绩效的原因。
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引用次数: 0
Legal Perception and Finance: The Case of IPO Firm Value 法律认知与金融:IPO公司价值案例
Pub Date : 2021-05-15 DOI: 10.2139/ssrn.3846913
Gerhard Schnyder, Anna Grosman, Kun Fu, M. Siems, Ruth V. Aguilera
In this paper, we contribute to the literature on institutional determinants of IPO valuation. We introduce the concept of ‘legal signaling,’ which focuses on the perception of the quality of law and thus complements the existing institutional approaches to IPO valuation which consider the quality of the positive law (‘standard view’) and firm-level corporate governance practices (‘firm signaling view’). Our approach explicitly models the difference between the effect of the positive law and the effect of the perception of law on IPO value. Based on a worldwide longitudinal dataset of IPO performance across a large number of countries, we find strong support for the claim that the perception of the quality of law is more important than its actual quality to explain post-IPO firm value. This effect holds regardless of whether the law’s quality is correctly perceived or misperceived. Overall, our findings underscore the need for a more sophisticated theorization of the ways in which law affects entrepreneurial finance.
在本文中,我们贡献了关于IPO估值的制度决定因素的文献。我们引入了“法律信号”的概念,它侧重于对法律质量的感知,从而补充了现有的IPO估值制度方法,这些方法考虑了成文法的质量(“标准观点”)和公司层面的公司治理实践(“公司信号观点”)。我们的方法明确地模拟了实证法和法律感知对IPO价值的影响之间的差异。基于全球范围内许多国家的IPO业绩纵向数据集,我们发现,在解释IPO后公司价值时,法律质量的感知比其实际质量更重要,这一说法得到了强有力的支持。无论法律的性质是被正确理解还是被误解,这种效应都是成立的。总的来说,我们的研究结果强调了对法律影响创业融资的方式进行更复杂的理论化的必要性。
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引用次数: 6
The Political Duality: On the Advantages and Disadvantages of Ex-Politicians and Former Government Officials Serving on Boards of Directors 政治二元性:论前政治家和前政府官员担任董事会的利与弊
Pub Date : 2020-09-11 DOI: 10.22495/cbv16i3art1
Mark Fuller, C. Bart
In this study, we examine two key issues situated at the intersection of corporate governance and corporate political activity literature. The first is whether the presence of ex-politicians or former government officials on a corporate board provides a competitive advantage for the firm. A second, related question is whether the presence of these outside directors on the board of directors is perceived as desirable by their fellow directors. While some have characterized the study of board processes as a black box (Leblanc, 2003; Pugliese et al., 2009) due to the difficulty in acquiring data, we circumvented this challenge by directly surveying 82 Canadian board members, then delved deeper with ten directors using supplemental qualitative interviews. The results were examined via the lens of strategic positioning theory in contrast to the well-worn use of agency and resource dependency theories in the literature. Our findings suggest that heterogeneous benefits may accrue depending upon the industry involved, and the political experience of the director(s) in question. However, a majority of current directors expressed significant reservations concerning the appointment of a political director. These findings, combined with the understudied Canadian context and the use of qualitative research methods, contribute to the extant literature.
在本研究中,我们研究了位于公司治理和公司政治活动文献交叉点的两个关键问题。第一个问题是,前政治家或前政府官员进入公司董事会是否能为公司带来竞争优势。第二个与此相关的问题是,这些外部董事进入董事会是否会被其他董事认为是可取的。虽然有些人将董事会流程的研究描述为黑盒子(Leblanc, 2003;Pugliese et al., 2009)由于难以获取数据,我们通过直接调查82名加拿大董事会成员来规避这一挑战,然后使用补充定性访谈对10名董事进行更深入的研究。研究结果是通过战略定位理论的视角来检验的,而不是文献中老生常谈的代理和资源依赖理论。我们的研究结果表明,根据所涉及的行业和相关董事的政治经验,异质性利益可能会产生。但是,大多数现任董事对任命一名政治董事表示重大保留。这些发现,结合未充分研究的加拿大背景和定性研究方法的使用,为现有文献做出了贡献。
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引用次数: 0
Can Changing His Management Style Help Shahid Khan Win a Super Bowl? 改变他的管理风格能帮助沙希德·汗赢得超级碗吗?
Pub Date : 2020-05-02 DOI: 10.2139/ssrn.3590901
Dallas Glenn
The Jacksonville Jaguars’ have greatly improved as a company since Shahid Khan purchased the team. Before he purchased the franchise, less than 1% of NFL viewers claimed that the Jaguars were their favorite team. This time period also saw the Jaguars being identified as the least valuable team in the NFL at well under $800 million USD. This daunting challenge did not phase Khan, as his off-the-field activities saved the Jaguars’ reputation as a business and led to the club becoming more valuable than a quarter of the NFL. In addition to this, the franchise has been able to improve the power and value of its branding by playing games in London, England, United Kingdom every season. However, the franchise’s on-field performance has been abysmal, and the same managerial style that Khan uses to improve the Jaguars as a company has led to it failing as an NFL football team that is rarely in postseason contention. This paper will compare Khan’s management style to that of Jerry Jones, a Hall of Fame owner that has been able to turn the Dallas Cowboys into a multi-billion dollar business and a consistent playoff contender. Since Jones has been able to balance both sides of the NFL coin, this paper will ask whether or not Khan could ever do the same.
自从沙希德·汗买下杰克逊维尔美洲虎队后,这家公司已经有了很大的进步。在他购买特许经营权之前,只有不到1%的NFL观众声称美洲虎是他们最喜欢的球队。在此期间,美洲虎队也被认为是NFL中最没有价值的球队,价值远低于8亿美元。这一艰巨的挑战并没有阻止汗,因为他的场外活动挽救了美洲虎队的声誉,并使该俱乐部的价值超过了美国国家橄榄球联盟(NFL)的四分之一。除此之外,通过每个赛季在英国伦敦举办的比赛,该特许经营已经能够提高其品牌的力量和价值。然而,球队在球场上的表现非常糟糕,汗用来改善美洲虎公司的管理风格也导致了这支NFL球队的失败,这支球队很少进入季后赛。本文将把汗的管理风格与杰里·琼斯的管理风格进行比较。杰里·琼斯是名人堂老板,他把达拉斯牛仔队变成了一个价值数十亿美元的企业,并一直是季后赛的有力竞争者。由于琼斯能够平衡NFL硬币的两面,本文将询问汗是否也能做到这一点。
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引用次数: 0
A Research Proposal to Examine Entrepreneurship in Family Business 家族企业企业家精神研究方案
Pub Date : 2012-01-19 DOI: 10.7341/2012834
J. Duran-Encalada, Juan Manuel San Martín-Reyna, Héctor Montiel-Campos
This paper builds on existing theoretical and empirical studies in the areas of family business and entrepreneurship. It uses Dubin´s theory building framework to propose a model for conducting research of family businesses and its linkage to entrepreneurial activities in Mexico. This works starts by describing the concepts of family business and explains the importance that these definitions can have on the variables to be included in the research. After that, the paper explains how the concept of “familiness” relates to the essence definition of family business. Using the resource-based view (RBV), agency theory, and social capital theories we describe how social capital resources are the basis for building firm capabilities and competitive advantages that influence firm’s performances. Based on this perspective, a theoretical model, laws of interaction, a set of propositions and suggestions for further research are provided.
本文建立在家族企业和创业领域现有的理论和实证研究的基础上。本文利用杜宾的理论构建框架,提出了一个研究墨西哥家族企业及其与创业活动联系的模型。本文首先描述了家族企业的概念,并解释了这些定义对研究中包含的变量的重要性。接着,本文阐述了“家族性”概念与家族企业本质定义的关系。利用资源基础理论、代理理论和社会资本理论,我们描述了社会资本资源如何成为构建影响企业绩效的企业能力和竞争优势的基础。在此基础上,提出了理论模型、相互作用规律、进一步研究的命题和建议。
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引用次数: 8
Venture Capitalists’ Managerial Involvement in Entrepreneurships: Is Too Much of a Good Thing Bad? 风险资本家对创业的管理参与:好事太多是坏事吗?
Pub Date : 2010-08-02 DOI: 10.2139/ssrn.1337110
April M. Knill
Venture capitalists are investors that provide valuable hand-holding for the companies in which they invest. A venture capitalist chooses the level of involvement with his portfolio companies. Involvement spans from a very relaxed, limited communication ‘laisse faire’ approach to a very involved, almost stifling, ‘hands on’ approach. If venture capitalist involvement is valuable, is more involvement better, or is too much of a good thing bad? The answer to this question lies in the nature of the relationship between venture capitalist managerial involvement and portfolio company performance; specifically, whether it is linear or nonlinear. Using data from Thomson Reuters VentureXpert, I find that there exists a nonlinear relationship between the level of VC involvement for both PC performance and outcome. Results suggest that extreme levels of VC involvement should be avoided.
风险资本家是为他们投资的公司提供有价值的指导的投资者。风险资本家选择与他的投资组合公司的参与程度。参与的范围从一种非常放松、有限的沟通方式“自由放任”到一种非常参与、几乎令人窒息的“动手”方式。如果风险资本的参与是有价值的,那么更多的参与是更好的,还是好事太多是坏事?这个问题的答案在于风险资本家管理参与与投资组合公司绩效之间关系的本质;具体来说,是线性的还是非线性的。使用汤森路透VentureXpert的数据,我发现在个人电脑绩效和结果中,风险投资参与水平之间存在非线性关系。结果表明,应避免极端程度的VC受累。
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引用次数: 0
The Role of Board of Directors in the Internationalisation Process of Small and Medium Sized Family Businesses 董事会在中小家族企业国际化进程中的作用
Pub Date : 2009-12-10 DOI: 10.1504/IJGSB.2009.032259
A. Calabrò, Donata Mussolino, M. Huse
Internationalisation is one of the biggest challenges for family businesses. Although prosperous locally, many of these firms often face several difficulties in entering foreign markets. To date, there are contrasting results with respect to the internationalisation behaviour of family businesses and the role of boards of directors in this process. Adopting the resource-based view of the firm, the paper focuses on the determinants of the internationalisation pathways taken by family businesses. Basing on a sample of 146 small and medium sized Norwegian family businesses, we find that the board is an important strategic resource contributing to their international expansion. The results highlight the existence of various relationships between board member characteristics, board tasks performance and the export intensity. In particular, we find that family businesses with higher levels of non-family board members are more likely to be international. Moreover, we find that boards' involvement in advisory tasks contributes positively to the export intensity. The implications for theory and practice and future research directions are discussed.
国际化是家族企业面临的最大挑战之一。尽管这些公司在当地很繁荣,但在进入国外市场时往往面临一些困难。迄今为止,关于家族企业的国际化行为和董事会在这一过程中的作用,有截然不同的结果。本文采用企业资源基础的观点,重点研究家族企业国际化路径的决定因素。基于对146家挪威中小家族企业的样本分析,我们发现董事会是促进其国际扩张的重要战略资源。结果表明,董事会成员特征、董事会任务绩效与出口强度之间存在多种关系。特别是,我们发现非家族董事会成员比例较高的家族企业更有可能国际化。此外,我们发现董事会参与咨询任务对出口强度有积极的贡献。最后对理论与实践意义及未来的研究方向进行了讨论。
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引用次数: 71
Complexity and Chaos in Management Sciences Towards Ecologies of Value 面向价值生态的管理科学的复杂性与混沌性
Pub Date : 2008-11-02 DOI: 10.2139/SSRN.1293770
L. Pilotti
The main aim of that paper is to rethinking the connections between complexity and management provoking questions among managers and entrepreneurs, moreover between specialists about consolidated practices of control, governance and predictability. Which compatibility of those practices with emergent complexity of the world. A world where knowledge assume a central role to generate value in a different manner respect to /fordism/ and post-fordism. How to facing permanent innovation and change? Which form of new firm able to match a new global environment? Ecologies of value is a first answer to those great questions, not the sole but probably a good start in particular with an application to local production system and relationship between economic space and complexity about Italian district.
这篇论文的主要目的是重新思考复杂性和管理之间的联系,引发了管理者和企业家之间的问题,以及专家之间关于控制、治理和可预测性的综合实践的问题。这些实践与世界的复杂性的兼容性。在这个世界里,知识扮演着核心角色,以一种不同的方式创造价值,尊重福特主义和后福特主义。如何面对永恒的创新和变化?哪种形式的新公司能够适应新的全球环境?价值生态是这些重大问题的第一个答案,不是唯一的,但可能是一个很好的开始,特别是应用于当地生产系统和经济空间与意大利地区复杂性之间的关系。
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引用次数: 0
On a Short Leash? Young Organizations, Strategic Change, and Venture Capital 被束缚?青年组织、战略变革和风险投资
Pub Date : 2008-08-01 DOI: 10.2139/ssrn.1441611
M. Marx
The article discusses technological innovations and their impact on organizations and industries. It is noted that experimentation is needed to establish technical standardization and to determine ...
本文讨论了技术创新及其对组织和行业的影响。值得注意的是,建立技术标准化和确定……需要实验。
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引用次数: 1
期刊
CGN: Entrepreneurship (Management) (Topic)
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