CEO利益诉求需要借口吗？——媒体声誉的正名作用

财经论丛 ›› 2017, Vol. 33 ›› Issue (10): 71-80.

CEO利益诉求需要借口吗？——媒体声誉的正名作用

纪炀^1,2, 周二华³

1.西安交通大学管理学院,陕西西安 710049
2.湖北经济学院,湖北武汉 430205
3.华中科技大学管理学院,湖北武汉 430074

收稿日期:2017-03-07 出版日期:2017-10-10 发布日期:2017-10-10
作者简介:纪炀(1984),男,湖北十堰人,西安交通大学管理学院博士后,湖北经济学院中国改革试点探索与评估协同创新中心湖北分中心研究员
周二华(1972),女,安徽合肥人,华中科技大学管理学院教授
基金资助:
国家自然科学基金重点项目(71232001);国家自然科学基金面上资助项目(71671060)

Does CEOs Need a Pretext When Claiming His Interests?——The Defending Role of Media Reputation

JI Yang^1,2, ZHOU Erhua³

1.School of Management, Xi'an Jiaotong University, Xi'an 710049, China
2.Hubei Universityof Economics, Wuhan 430205, China
3.School of Management, Huazhong Universityof Science and Technology, Wuhan 430074, China

Received:2017-03-07 Online:2017-10-10 Published:2017-10-10

摘要/Abstract

摘要： 本文从“取财有道”“名正言顺”的传统文化视角和社会身份理论出发探讨媒体声誉作为CEO利益诉求“名头”的合理性,以2008~2014年A股上市公司为样本,运用bootstrap方法实证检验表明:媒体声誉越高的企业,其CEO越有可能实施利益诉求行为,进而会促进企业绩效的提升;媒体声誉对CEO利益诉求的影响程度会因企业所有制而不同,非国有企业CEO更有可能凭借高媒体声誉进行利益诉求。本文研究首次从实证角度考察CEO利益诉求行为,并提出了基于随机前沿的CEO利益诉求量化方法,为后续研究和管理实践提供了新洞见。

关键词: 媒体声誉, CEO利益诉求, 社会身份, 企业所有制, 企业绩效

Abstract: The paper explores whether media reputation will be taken as a pretext when a CEO is to claim his interests based on the theory of social status and Chinese traditional culture characterized by “making money morally” and “justifying perfectly”. We derive the following conclusions through empirical analysis by way of bootstrap methods. Firstly,it is proved that the higher media reputation about a firm is,the more possible its CEO is to claim his interests,which in turn will boost firm performance. Secondly,the influence of media reputation on CEO's interests claim varies among different ownership. Compared to state-owned firms,CEO is more prone to claim his interests on the pretext of high media reputation in non-state-owned firms. The present study first investigates CEO's interests claim empirically and then constructes a quantitative method to measure CEO's interests claim based on stochastic frontier model,which provides a new insight for future research and management activities.

Key words: Media Reputation, CEO's Interests Claim, Social Status, Firm Ownership, Firm Performance

中图分类号:

纪炀, 周二华. CEO利益诉求需要借口吗？——媒体声誉的正名作用[J]. 财经论丛, 2017, 33(10): 71-80.

JI Yang, ZHOU Erhua. Does CEOs Need a Pretext When Claiming His Interests?——The Defending Role of Media Reputation[J]. , 2017, 33(10): 71-80.

参考文献

[1] 王佐发.高管薪酬制度的反思与重构[J].法学论坛,2009,24(2):106-112.
[2] 朱志胜.高管薪酬存在租金攫取吗?——来自中国民营上市公司的证据[J].南大商学评论,2016,33(4):75-96.
[3] 蒋建湘.国企高管薪酬法律规制研究[J].中国法学,2012,(1):117-128.
[4] 杨明辉.试论“君子爱财,取之有道”的现代意蕴[J].江苏大学学报(社会科学版),2016,18(1):55-59.
[5] 谢德仁,林乐,陈运森.薪酬委员会独立性与更高的经理人报酬—业绩敏感度——基于薪酬辩护假说的分析和检验[J].管理世界,2012,(1):121-140.
[6] 罗宏,宛玲羽,刘宝华.国企高管薪酬契约操纵研究——基于业绩评价指标选择的视角[J].财经研究,2014,40(4):79-89.
[7] 徐细雄,谭瑾.高管薪酬契约、参照点效应及其治理效果:基于行为经济学的理论解释与经验证据[J].南开管理评论,2014,(4):36-45.
[8] 陈微波.员工利益表达:一个研究企业劳动关系的新视角[J].华东经济管理,2012,(8):88-90.
[9] Bergh,D.D.,Ketchen Jr.,D.J.,Boyd,B.K.,Bergh,J. New Frontiers of the Reputation-performance Relationship:Insights From Multiple Theories[J]. Journal of Management,2010,Vol.36,No.3:620-632.
[10] Deephouse,D.L. Media Reputation As a Strategic Resource:An Integration of Mass Communication and Resource-based Theories[J]. Journal of Management,2000,Vol.26,No.6:1091-1112.
[11] Graffin,S.D.,Wade,J.B.,Porac,J.F.,McNamee,R.C. The Impact of CEO Status Diffusion on the Economic Outcomes of Other senior Managers[J]. Organization Science,2008,Vol.19,No.3:457-474.
[12] Henry,P.J. Low-status Compensation:A Theory for Understanding the Role of Status in Cultures of Honor[J]. Journal of Personality & Social Psychology,2009,Vol.97,No.3:451-466.
[13] 李茜,张建君.高管特点,所有制与企业行为[J].经济与管理研究,2011,(6):86-100.
[14] 尹泓翔.国有企业改革中员工利益要求及其实现机制研究——对广州和深圳三十家企业的实证研究[D].杭州:浙江大学硕士学位论文,2004.
[15] 俞秀宝,Rich,T.企业利益相关者利益与煤炭企业效益实证研究[J].山东科技大学学报(自然科学版),2001,20(2):71-76.
[16] 倪文斌.雇佣关系双方及其利益诉求分析[J].管理学刊,2012,(4):38-42.
[17] 吴育辉,吴世农.企业高管自利行为及其影响因素研究[J].管理世界,2010,(5):141-149.
[18] Firth,M.,Fung,P.M.Y.,Rui,O.M. Corporate Performance and CEO Compensation in China[J]. Journal of Corporate Finance,2006,Vol.12,No.4:693-714.
[19] Pandher,G.,Currie,R. CEO Compensation:A Resource Advantage and Stakeholder-bargaining Perspective[J]. Strategic Management Journal,2012,Vol.34,No.1:22-41.
[20] Weber,M. Economy and Society:An Outline of Interpretive Sociology (G. Roth & C. Wittich,Eds.)[M]. Berkeley:University of California Press,1978.
[21] 王红领.决定国企高管薪酬水平的制度分析[J].现代经济探讨,2006,(1):13-19.
[22] Hirsch,F. Social Limits to Growth[M]. Cambridge:Harvard University Press,1976.
[23] Cutcher-Gershenfeld,J. The Impact on Economic Performance of A Transformation in Workplace Relations[J]. Industrial and Labor Relations Review,1991,Vol.44,No.2:241-260.
[24] Gittell,J.H.,Nordenflycht,A.V.,Kochan,T.A. Mutual Gains or Zero Sum? Labor Relations and Firm Performance in The Airline Industry[J]. Industrial and Labor Relations Review,2004,Vol.57,No.2:163-180.
[25] Alexandre,M. Pay,Reference Points and Police Performance[J]. Quarterly Journal of Economics,2006,Vol.121,No.3:783-821.
[26] 谢义忠,萧爱玲,任孝鹏,时勘.程序公平对工作满意度、组织承诺的影响:工作不安全感的中介作用[J].中国临床心理学杂志,2007,15(2):138-141.
[27] Zapata-Phelan,C.P.,Colquitt,J.A.,Scott,B.A.,Livingston,B. Procedural Justice,Interactional Justice,and Task Performance:The Mediating Role of Intrinsic Motivation[J]. Organizational Behavior and Human Decision Processes,2009,Vol.108,No.1:93-105.
[28] Elbers,N.A.,Akkermans,A.J.,Cuijpers,P.,Bruinvels,D.J. Procedural Justice and Quality of Life in Compensation Processes[J]. Injury,2013,Vol.44,No.11:1431-1436.
[29] 杨建君,杨慧军,马婷.集体主义文化与个人主义文化对技术创新方式的影响[J].管理科学,2013,26(6):1-11.
[30] 陈炳,高猛.“面子”文化与管理之道——中国式管理的文化生态学视角[J].管理学报,2010,7(6):797-803.
[31] 崔明,鲁珍珍,黄越慈.国有企业与民营企业文化的差异及影响因素研究[J].华东经济管理,2009,23(2):112-115.
[32] Bednar,M.K. Watchdog or Lapdog? A Behavioral View of The Media As a Corporate Governance Mechanism[J]. Academy of Management Journal. 2012,Vol.55,No.1:131-150.
[33] 温忠麟,叶宝娟.有调节的中介模型检验方法:竞争还是替补?[J].心理学报,2014,46(5):714-726.
[34] Baron,R.M.,Kenny,D.A. The Moderator-mediator Variable Distinction in Social Psychological Research:Conceptual,Strategic,and Statistical Considerations[J]. Journal of Personality and Social Psychology,1986,Vol.51,No.6:1173-1182.
[35] 缪毅,胡奕明.薪酬谈判中的经理议价能力研究——基于管理权力视角的实证检验[J].经济管理,2014,36(2):55-64.
[36] Huberman,G.,Regev,T. Contagious Speculation and a Cure for Cancer:A Nonevent That Made Stock Prices Soar[J]. Journal of Finance,2001,Vol.56,No.1:387-396.
[37] 权小锋,吴世农.媒体关注的治理效应及其治理机制研究[J].财贸经济,2012,33(5):59-67.
[38] 冯根福,冯祥英,刘志勇.我国上市公司CEO薪酬存在租金攫取吗?[J].经济管理,2011,(1):29-37.
[39] Valkenburg,P.M.,Peter,J. The Differential Susceptibility to Media Effects Model[J]. Journal of Communication,2013,Vol.63,No.2:221-243.