高管声誉是公司治理研究领域的一个重要议题,近年来累积了诸多有价值的研究成果,但并未取得一致性结论。高管声誉究竟能够给予高管动力,还是成为负担?本文通过对高管声誉及其治理效用研究文献的回顾与梳理,概括了高管声誉内涵界定的贡献观、能力观与综合观三种观点,厘清了影响高管声誉形成的多种因素。继而阐释了有效契约假说与寻租效应假说及其理论基础,并以高管声誉所具有的长期性、约束性、内隐性、易损性等独特属性出发揭示了高管声誉“双刃剑”效用产生的原因,构建了高管声誉效用研究的理论框架。基于此,针对高管声誉对公司绩效、盈余管理、高管报酬、利益相关者行为、公司战略决策、资源获取等因变量的双重效用以及影响其治理效用强弱的情境因素进行了梳理。最后对尚待研究的前沿问题予以展望,以期为后续研究及企业实践提供有益参考。
动力抑或负担?——高管声誉双重治理效用研究述评与展望
摘要
参考文献
7 张维迎. 产权、激励与公司治理[M]. 北京: 经济科学出版社, 2005.
8 Anderson C, Shirako A. Are individuals’ reputations related to their history of behavior?[J]. Journal of Personality and Social Psychology, 2008, 94(2): 320–333. DOI:10.1037/0022-3514.94.2.320
9 Bailey F G. Gifts and poison: The politics of reputation[M]. Oxford: Blackwell, 1971.
10 Bebchuk L A, Fried J M. Executive compensation as an agency problem[J]. Journal of Economic Perspectives, 2003, 17(3): 71–92. DOI:10.1257/089533003769204362
11 Bednar M K, Love E G, Kraatz M. Paying the price? The impact of controversial governance practices on managerial reputation[J]. Academy of Management Journal, 2015, 58(6): 1740–1760. DOI:10.5465/amj.2012.1091
12 Bernile G, Bhagwat V, Rau P R. What doesn’t kill you will only make you more risk-Loving: early-life disasters and CEO behavior[J]. Journal of Finance, 2017, 72(1): 167–206. DOI:10.1111/jofi.2017.72.issue-1
13 Boivie S, Graffin S, Gentry R. Understanding the direction, magnitude, and joint effects of reputation when multiple actors’ reputations collide[J]. Academy of Management Journal, 2016, 59(1): 188–206. DOI:10.5465/amj.2014.0521
14 Cambini C, Rondi L, De Masi S. Incentive compensation in energy firms: does regulation matter?[J]. Corporate Governance: An International Review, 2015, 23(4): 378–395. DOI:10.1111/corg.12114
15 Cianci A M, Kaplan S E. The effect of CEO reputation and explanations for poor performance on investors’ judgments about the company’s future performance and management[J]. Accounting, Organizations and Society, 2010, 35(4): 478–495. DOI:10.1016/j.aos.2009.12.002
16 Cho S Y, Arthurs J D, Townsend D M, et al. Performance deviations and acquisition premiums: The impact of CEO celebrity on managerial risk-taking[J]. Strategic Management Journal, 2016, 37(13): 2677–2694. DOI:10.1002/smj.2016.37.issue-13
17 Fama E F. Agency problems and the theory of the firm[J]. Journal of Political Economy, 1980, 88(2): 288–307. DOI:10.1086/260866
18 Fetscherin M. The CEO branding mix[J]. Journal of Business Strategy, 2015, 36(6): 22–28. DOI:10.1108/JBS-01-2015-0004
19 Fombrun C J. Reputation: realizing value from the corporate image[M]. Boston: Harvard Business School Press, 1996.
20 Francis J, Huang A H, Rajgopal S, et al. CEO reputation and earnings quality[J]. Contemporary Accounting Research, 2008, 25(1): 109–147. DOI:10.1506/car.25.1.4
21 Gaines-Ross L. CEO Reputation: a key factor in shareholder value[J]. Corporate Reputation Review, 2000, 3(4): 366–370. DOI:10.1057/palgrave.crr.1540127
22 Graham J R, Harvey C R, Rajgopal S. The economic implications of corporate financial reporting[J]. Journal of Accounting & Economics, 2004, 40(1–3): 3–73.
23 Graffin S D, Ward A J. Certifications and reputation: Determining the standard of desirability amidst uncertainty[J]. Organization Science, 2010, 21(2): 331–346. DOI:10.1287/orsc.1080.0400
24 Graffin S D, Wade J B, Porac J F, et al. The impact of CEO status diffusion on the economic outcomes of other senior managers[J]. Organization Science, 2008, 19(3): 457–474. DOI:10.1287/orsc.1080.0354
25 Hayward M L A, Rindova V P, Pollock T G. Believing one’s own press: The causes and consequences of CEO celebrity[J]. Strategic Management Journal, 2004, 25(7): 637–653. DOI:10.1002/(ISSN)1097-0266
26 Holmström B. Managerial incentive problems: a dynamic perspective[J]. Review of Economic Studies, 1999, 66(1): 169–182. DOI:10.1111/roes.1999.66.issue-1
27 Jensen M C, Meckling W H. Theory of the firm: Managerial behavior, agency costs and ownership structure[J]. Journal of financial economics, 1976, 3(4): 305–360. DOI:10.1016/0304-405X(76)90026-X
28 Jian M, Lee K W. Does CEO reputation matter for capital investments?[J]. Journal of Corporate Finance, 2011, 17(4): 929–946. DOI:10.1016/j.jcorpfin.2011.04.004
29 Johnson W B, Young S M, Welker M. Managerial reputation and the informativeness of accounting and market measures of performance[J]. Contemporary Accounting Research, 1993, 10(1): 305–332. DOI:10.1111/care.1993.10.issue-1
30 Kaplan S E, Samuels J A, Cohen J. An examination of the effect of CEO social ties and CEO reputation on nonprofessional investors’ Say-on-pay judgments[J]. Journal of Business Ethics, 2015, 126(1): 103–117. DOI:10.1007/s10551-013-1995-5
31 Ketchen D J Jr, Adams G L, Shook C L. Understanding and managing CEO celebrity[J]. Business Horizons, 2008, 51(6): 529–534. DOI:10.1016/j.bushor.2008.06.003
32 Koh K. Value or glamour? An empirical investigation of the effect of celebrity CEOs on financial reporting practices and firm performance[J]. Accounting & Finance, 2011, 51(2): 517–547.
33 Lafond R. Discussion of " CEO reputation and earnings quality”[J]. Contemporary Accounting Research, 2008, 25(1): 149–156. DOI:10.1506/car.25.1.5
34 Malmendier U, Tate G. Superstar CEOs[J]. Quarterly Journal of Economics, 2009, 124(4): 1593–1638. DOI:10.1162/qjec.2009.124.4.1593
35 Milbourn T T. CEO Reputation and Stock-based Compensation[J]. Journal of Financial Economics, 2003, 68(2): 233–262. DOI:10.1016/S0304-405X(03)00066-7
36 Miller G S. The press as a watchdog for accounting fraud[J]. Journal of Accounting Research, 2006, 44(5): 1001–1033. DOI:10.1111/joar.2006.44.issue-5
37 Milgrom P, Roberts J. Predation, reputation and entry deterrence[J]. Journal of Economic Theory, 1982, 27(2): 280–312. DOI:10.1016/0022-0531(82)90031-X
38 Park J H, Kim C, Sung Y D. Whom to Dismiss? CEO celebrity and management dismissal[J]. Journal of Business Research, 2014, 67(11): 2346–2355. DOI:10.1016/j.jbusres.2014.01.010
39 Radner R. Monitoring cooperative agreements in a repeated principal-agent relationship[J]. Economitrica, 1981, 49(5): 1127–1148. DOI:10.2307/1912747
40 Ranft A L, Zinko R, Ferris G R, et al. Marketing the image of management: the costs and benefits of CEO reputation[J]. Organizational Dynamics, 2006, 35(3): 279–290. DOI:10.1016/j.orgdyn.2006.05.003
41 Rosen S. Authority, control, and the distribution of earnings[J]. Bell Journal of Economics, 1982, 13(2): 311–323. DOI:10.2307/3003456
42 Sanchez-Marin G, Baixauli-Soler J S. CEO reputation and top management team compensation: The moderating role of corporate governance[J]. Management Decision, 2014, 52(3): 540–558. DOI:10.1108/MD-09-2013-0453
43 Sohn Y J, Lariscy R. Resource-based crisis management: the important role of the CEO’s reputation[J]. Journal of Public Relations Research, 2012, 24(4): 318–337. DOI:10.1080/1062726X.2012.689899
44 Stern I, Dukerich J M, Zajac E. Unmixed signals: How reputation and status affect alliance formation[J]. Strategic Management Journal, 2014, 35(4): 512–531. DOI:10.1002/smj.2116
45 Sunder J, Sunder S V, Zhang J J. Pilot CEOs and corporate innovation[J]. Journal of Financial Economics, 2017, 123(1): 209–224. DOI:10.1016/j.jfineco.2016.11.002
46 Tadelis S. What’s in a Name? Reputation as a tradeable asset[J]. The American Economic Review, 1998, 89(3): 548–563.
47 Wade J B, Porac J F, Pollock T G, et al. The burden of celebrity: the impact of CEO certification contests on CEO pay and performance[J]. Academy of Management Journal, 2006, 49(4): 643–660. DOI:10.5465/AMJ.2006.22083021
48 Walker K. A systematic review of the corporate reputation literature: Definition, measurement, and theory[J]. Corporate Reputation Review, 2010, 2(4): 357–387.
49 Weng P S, Chen W Y. Doing good or choosing well? Corporate reputation, CEO reputation, and corporate financial performance[J]. The North American Journal of Economics and Finance, 2017, 39: 223–240. DOI:10.1016/j.najef.2016.10.008
50 Wong S S, Boh, W F. Leveraging the ties of others to build a reputation for trustworthiness among peers[J]. Academy of Management Journal, 2010, 53(1): 129–148. DOI:10.5465/AMJ.2010.48037265
51 Zavyalova A, Pfarrer M, Reger R K, et al. Reputation as a benefit and a burden? how stakeholders’ organizational identification affects the role of reputation following a negative event[J]. Academy of Management Journal, 2016, 59(1): 253–276. DOI:10.5465/amj.2013.0611
引用本文
徐宁, 吴皞玉, 王帅. 动力抑或负担?——高管声誉双重治理效用研究述评与展望[J]. 外国经济与管理, 2017, 39(10): 102–113.
导出参考文献,格式为: