管理者信心与公司治理的有效性——基于我国上市公司管理者变更的经验证据
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财经研究 2011 年 第 37 卷第 01 期, 页码：39 - 48
摘要
参考文献
摘要
及时更换不称职的管理者是公司治理制度有效的重要标志。文章以2006-2008年沪深两市上市公司为研究对象,采用实证研究方法检验了公司治理参与主体的心理因素,管理者信心对其职位变更的影响。研究发现:管理者自信程度与因公司业绩欠佳导致的离职显著负相关,但在国有上市公司中,二者之间的关系并不显著;当公司所在地外部治理环境较差时,自信程度愈高的管理者愈可规避因业绩欠佳带来的离职风险。
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[4]Fan D K,Lan C M,Young M.Is China’s corporate governance beginning to come of age?The case of CEO turnover[J].Paciffic-Basin Finance Journal,2007,(2):105-120.
[5]Gibbons R,Murphy K.Optimal incentive contracts in the presence of career concern:Theory and evidence[J].Journal of Political Economy,1992,100:468-505.
[6]Goel A M,Thakor A V.Overconfidence,CEO selection,and corporategovernance[J].The Journal of Finance,2008,(6):2737-2784.
[7]Grusky O.Managerial succession and organizational effectiveness[J].American Journalof Sociology,1963,(1):21-31.
[8]Hall K,Looking beneath the surface:The impact of psychology on corporate decisionmaking[R].SSRN Working Paper,2000.
[9]Heaton J B.Managerial optimism and corporate finance[J].Financial Management,2002,31:3-45.
[10]Hermalin B,Weisbach M.Endogenously chosen boards of directors and their monito-ring of the CEO[J].American Economics Review,1998,88:96-118.
[11]Jensen M C,Murphy K J.Performance pay and top-management incentives[J].Jour-nal of Political Economy,1990,98:225-264.
[12]Langervoort D.Organized illusions:A behavioral theory of why corporations mislead stockmarket investors[J].University of Pennsylvania’Law Review,1998,146:101-172.
[13]Malmendier U,Tate G.CEO overconfidence and corporate investment[J].The Jour-nal of Finance,2005,(6):2661-2700.
[14]Morck.Behavioral finance in corporate governance-independent directors and non-ex-ecutive chairs[R].SSRN Working Paper,2007.
[15]Roll R.The hubris hypothesis of corporate takeover[J].Journal of Business,1986,59:197-216.
[16]Tversky A,Kahnman D.Judgment under uncertainty:Heuristics and biases[J].Sci-ence,1974,185:1124-1131.
[17]Warner J B,Watts R L,Wrcck K H.Stock prices and top management changes[J].Journal of Financial Economies,1988,20:461-492.
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文芳. 管理者信心与公司治理的有效性——基于我国上市公司管理者变更的经验证据[J]. 财经研究, 2011, 37(1): 39–48.
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