最大化收益还是最小化损失?CEO调节焦点的影响因素——基于香港证券交易所中资上市公司的实证分析

摘要/Abstract

摘要： 聚焦于高层管理者的重要动机特征之一——调节焦点（包括促进焦点和防御焦点），本文探讨了影响CEO调节焦点形成的因素。以122家在香港证券交易所上市的中国房地产行业和金融行业的企业作为研究样本，对这些企业2011—2014年公布的年报中致股东的一封信进行了编码分析，测量出CEO的调节焦点，并结合其他客观数据进行了实证分析。研究结果表明：CEO任期与CEO促进焦点呈倒U型关系；CEO年龄对促进焦点有负向影响；绩效薪酬对CEO的促进焦点有正向影响；CEO的持股比例对其防御焦点有正向影响；相比于其他所有制企业的CEO，国有企业的CEO具有更高水平的促进焦点和防御焦点；企业过往绩效对CEO促进焦点有正向影响，而对其防御焦点有负向影响。

关键词: 调节焦点, 公司治理, 上层梯队理论

Abstract: The current research focuses on one of the motivation based and strategic important individual attributes of CEOs-regulatory foci (including promotion focus and prevention focus), and investigates their antecedents. We choose 122 financial and real estate firms listed on the Stock Exchange of Hong Kong as samples. CEOs' promotion focus and prevention focus are measured via content analysis based on "letters to shareholders" during the period from 2011 to 2014. Combining the results of content analysis with objective data from firms' annual report and WIND database, the study finds the following results. CEO tenure has an inverted U-shaped relationship with CEO promotion focus; CEO age is negatively related to CEO promotion focus; CEO incentive pay is positively related to promotion focus; CEO stock ownership is positively related to prevention focus; compared to CEOs of other firms, CEOs of stated-owned enterprises have higher level of promotion focus and prevention focus; firms' past performance is positively related to promotion focus, but negatively related to prevention focus.

Key words: regulatory focus, corporate governance, upper echelon theory

郎艺, 王辉. 最大化收益还是最小化损失?CEO调节焦点的影响因素——基于香港证券交易所中资上市公司的实证分析[J]. 管理评论, 2022, 34(5): 218-234.

Lang Yi, Wang Hui. To Maximize Gains or Minimize Losses? Antecedents of CEO Regulatory Focus: An Empirical Study on the Chinese Listed Firms[J]. Management Review, 2022, 34(5): 218-234.

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