产品市场竞争公司治理与企业绩效pdf

∗51ISTP4197620∗--03JZD00181∗1996∗--03JZD001823200342004IncentiveAlignmentArgumentMurphy1985Mehran1995JensenMurphy(1990)CEO77%HallLiebman199815OswaldJahera1991200019985200320012003200120042002itKitLititAKLYββ=itYititLitKitAititA1λ6iαitεitεitititKitLititklyyεαλβλβλλ+−+−+−+=−)1()1()1(122iαitititKitLititklyyεαλβλβλλ∆+∆−+∆−+∆−+∆=∆−)1()1()1(13iα∆RENTtCORGOVOWNERSHIPDIRECTOREXECUTIVEitititititCORGOVRENTCORGOVRENT⋅++=∆−−13211βββα4345itititjititititititEXECUTIVEDIRECTOROWNERSHIPRENTCORGOVRENTklyyεββββββ∆++++∆+∆+∆=∆−−−)(*15143211557219999601720031658671.72538858025219993434.7200220033227.6326019992003200128Product()96017164203111895227366114782216215131883244529165867323687K()5388510930859727148454768583214239726182064710802522036822EMPLOY3434.7340903296.363978.611326540893227.574122.36032604286RENT.23801.176263.22664.252174.22861.14541.22404.189666.22055.141347ra_top1()49.2817.2848.0917.2247.1116.9945.2117.9444.4716.97RA_TM().005.0243.016.2587.035.538.0821.0688.1411.2897NUM_DIR9.243.7259.242.9289.262.5879.772.3709.802.096ra_outdir.02.167.02.139.06.106.24.106.32.099ra_nopaydir.400.3870.420.383.435.332.309.365.218.423yearsal43145143868256838258428327764441315251933809979976912151051145161ra_m().0209.095.034.480.058.739.1371.639.3042.799199949.28%200048.09%200344.47%19990.005%20030.141%19990.209%0.304%199920009.2420039.8199920002%2002200324%32%199940%200321.8%199943145120031215105535351413131%10%199920039135%IVIVIIIXVI(XII)(XIII)1%320%50%1%(IV)(VI)20%50%1%Januszewski2002Grosfeld200245.21%49.28%4U(VIII)(X)5%(VII)(X)1%104(IX)(X)1%5199940%200321.8%(IX)(X)(XI)(XIV)1%1%GMM51120%50%20%50%U12(VI))1(−∆tiy0.7389***(0.0789)0.7018***(0.0770)-0.0253(0.0392)0.7059***(0.0771)0.7451***(0.0795)0.7114***(0.0766))1(−∆tik-0.9436***(0.0767)-0.9155***(0.0751)0.0773*(0.0402)-0.9142***(0.0750)-0.9441***(0.0771)-0.9173***)1(−∆til-0.3701***(0.0570)-0.3432***(0.0561)-0.0682**(0.0323)-0.3511***(0.0560)-0.3791***(0.0579)-0.3322***)1(Re−tint-0.1627(0.2409)-0.1940(0.2361)-0.2276*(0.1327)-0.1877(0.2365)-0.1569(0.2423)0.4130*(0.2454)0.1561(0.1760)0.1174(0.1776)0.3755***(0.0826)0.3350***(0.0736)-0.3570***(0.0805)-0.6810***0.0000(0.0000))1(Re−tint-0.4491(0.5426))1(Re−tint-1.1566***(0.2507))1(Re−tint1.3989***(0.2615))1(Re−tint0.0000(0.0000)0.0289(0.0293)0.0715***(0.0163)0.0300(0.0293)0.0273(0.0301)0.0340******1%5%10%WaldSarganPP13(VIII)(IX)(X))1(−∆tiy0.7051***(0.0770)0.7041***(0.0769)0.6965***(0.0757)0.6947***(0.0756))1(−∆tik-0.8909***(0.0746)-0.8922***(0.0746)-0.8873***(0.0734)-0.8868***(0.0733))1(−∆til-0.3561***(0.0557)-0.3585***(0.0558)-0.3324***(0.0546)-0.3336***(0.0547))1(Re−tint-0.1964(0.2346)-0.1254(0.2423)0.0176**(0.0315)0.0175(0.0314)0.0412(0.0314)0.0422(0.0314)0.0036(0.0017)0.0036**(0.0017)0.0038**(0.0017)0.0038**(0.0017)0.7785***(0.2270)0.7831***(0.2269)1.3526***(0.3617)1.3630***(0.3607)-0.0071(0.1087)-0.0026(0.1087)-0.8359***(0.1722)-0.8361***(0.1721))1(Re−tint-0.1325***(0.0397)-0.1379***(0.0407))1(Re−tint-2.9355**(1.3432)-2.9751**(1.3393))1(Re−tint3.5141***(0.5926)3.5183***(0.5925)-0.0132(0.0305)-0.0135(0.0305)-0.0004(0.0299)-0.0006(0.0299)()******1%5%10%WaldSarganPP14(XI)(XII)(XIII)(XIV))1(−∆tiy0.6061***(0.0995)0.6209***(0.0992)0.6078***(0.0991)0.5874***(0.0978))1(−∆tik-0.6940***(0.0925)-0.6772***(0.0911)-0.6653***(0.0908)-0.6654***(0.0907))1(−∆til-0.3906***(0.0723)-0.3574***(0.0714)-0.3543***(0.0708)-0.3711***(0.0707))1(Re−tint1.7243***(0.3740)1.2360***(0.3895)0.6302***(0.0563)0.6607***(0.0562)0.6890***(0.0569)0.6849***(0.0568)-29.2447(25.5512)-32.8912(25.3260)77.5617(128.5866)84.9191(128.4652)38.9298(39.4250)45.5969(39.0795)-123.5667(217.5437)-139.5568(217.3293))1(Re−tint-0.0724***(0.0244)-0.1070***(0.0233))1(Re−tint-336.4634(395.5823)-355.3948(395.2341))1(Re−tint521.5522(659.3816)561.1605(658.7902)-0.0315(0.0482)-0.0480(0.0480)-0.0468-0.0369(0.0472)270.08(10)()2.03(0.8444)0.6246******1%5%10%WaldSarganPP151.Agrawal,A.,Knoeber,C.,1996,FirmPerformanceandMechanismtoControlAgencyProblemsBetweenManagersandShareholders,JournalofFinanceandQuantitativeAnalysis,31(3),377-397.2.Allen,F.,Gale,D.,1999,CorporateGovernanceandCompetition,researchpaperofTheWhartonFinancialInstitutionsCenter,No.,99-28.3.Arellano,M.,Bond,S.,1991,SomeTestsofSpecificationforPanelData:MonteCarloEvidenceandApplicationtoEmploymentEquation,ReviewofEconomicStudies,58,277-297.4.Baysinger,B.,Butler,H.,1985,CorporateGovernanceandtheBoardofDirectors:PerformanceEffectsofChangesinBoardComposition,JournalofLaw,Economics&Organization,1015.Berle,A.A.,Means,G.C.,1932,TheModernCorporationandPrivateProperty,NewYork,World.Inc.6.Bhagat,Sanjai;Black,Bernard,1999,TheUncertainRelationshipBetweenBoardCompositionandFirmPerformance,BusinessLaw,54(3),921-963.7.Bianco,M.,Casavola,P.,1999,ItalianCorporateGovernance:EffectsonFinancialStructureandFirmPerformance,EuropeanEconomicReview,43,1057-1069.8.Blanchard,O.,Kremer,M.,1997,Disorganization,QuarterlyJournalofEconomics,112(4),1091-11269.Blundell,R.,Griffith,R,.andReenen,J.V.,1995,ADynamicCountDataModelofTechnologicalInnovation,EconomicJournal,105,333-3