IPO企业为什么会聘请科技专家型独立董事——同质相吸、战略需要与跟风模仿
|
摘要
为什么越来越多的IPO企业会聘请科技专家来担任企业的独立董事?文章以2011-2016年间在中小板和创业板上市的629家企业为样本,从团队构成、创新战略和制度压力等多个角度实证研究了IPO企业聘请科技专家型独董的原因。结果发现:首先,IPO企业选聘独董的过程中存在"同质相吸"的效应,科技专家型内部董事越多的企业越倾向于聘请更多的科技专家型独董;其次,IPO企业的创新战略决定了其对科技专家型独董的需要,企业的研发强度越高,越会聘请更多的科技专家型独董。同时,企业由于面临制度的压力,还会模仿同行业、同地区和同一年聘请独董的其他IPO企业聘请科技专家型独董的行为;最后,通过比较,文章发现IPO企业聘请科技专家型独董更多的是出于跟风式的模仿,尤其是会参照同地区其他企业的行为。
Why do more and more IPO firms employ technology experts(TEs)as their independent directors? Based on the sample of 629 firms listed in SME and GEM from 2011 to 2016,this paper empirically studied the reasons why IPO firms hire TE independent directors from multiple perspectives such as team composition,innovation strategy and institutional pressure.The results show that,firstly,there is a"similarity attraction"effect in the process of selecting and employing independent directors of IPO firms. Enterprises with more inside directors who are TEs are more likely to employ more TE independent directors. Secondly,the innovation strategy of IPO firms determines their demand for TE independent directors. The higher the R&D intensity of enterprises,the more TE independent directors they will hire. At the same time,due to pressure from institution,enterprises will also imitate other IPO firms' recruitment of TE independent directors that from the same industry,in the same area and employ independent directors in the same year. Finally,by comparing,this paper finds that the employment of TE independent directors by IPO firms is more due to the follow-up imitation,especially imitate the behavior of companies in the same region.
Why do more and more IPO firms employ technology experts(TEs)as their independent directors? Based on the sample of 629 firms listed in SME and GEM from 2011 to 2016,this paper empirically studied the reasons why IPO firms hire TE independent directors from multiple perspectives such as team composition,innovation strategy and institutional pressure.The results show that,firstly,there is a"similarity attraction"effect in the process of selecting and employing independent directors of IPO firms. Enterprises with more inside directors who are TEs are more likely to employ more TE independent directors. Secondly,the innovation strategy of IPO firms determines their demand for TE independent directors. The higher the R&D intensity of enterprises,the more TE independent directors they will hire. At the same time,due to pressure from institution,enterprises will also imitate other IPO firms' recruitment of TE independent directors that from the same industry,in the same area and employ independent directors in the same year. Finally,by comparing,this paper finds that the employment of TE independent directors by IPO firms is more due to the follow-up imitation,especially imitate the behavior of companies in the same region.
引文
[1]ROSENSTEIN S,WYATT J G.Inside directors,board effectiveness,and shareholder wealth[J].Journal of Financial Economics,1997,44(2):229-250.
[2]邓晓飞,辛宇,滕飞.官员独立董事强制辞职与政治关联丧失[J].中国工业经济,2016(2):130-145.
[3]刘浩,唐松,楼俊.独立董事:监督还是咨询?--银行背景独立董事对企业信贷融资影响研究[J].管理世界,2012,28(1):141-156.
[4]胡元木,纪端.董事技术专长,创新效率与企业绩效[J].南开管理评论,2017,17(3):40-52.
[5]CHEN G,HAMBRICK D C,POLLOCK T G.Puttin’on the Ritz:Pre-IPO enlistment of prestigious affiliates as deadline-induced remediation[J].Academy of Management Journal,2008,51(5):954-975.
[6],,姚小涛.求贤若渴:创业型IPO企业如何聘请到具有多重兼任的独立董事?[J].商业经济与管理,2018,38(6):44-60.
[7]HIGGINS M J,STEPHAN P E,THURSBY J G.Conveying quality and value in emerging industries:Star scientists and the role of signals in biotechnology[J].Research Policy,2011,40(4):605-617.
[8]LIEBERMAN M B,ASABA S.Why do firms imitate each other?[J].Academy of Management Review,2006,31(2):366-385.
[9]WHITE J T,WOIDTKE T,BLACK H A,et al.Appointments of academic directors[J].Journal of Corporate Finance,2014,28:135-151.
[10]胡元木.技术独立董事可以提高R&D产出效率吗?--来自中国证券市场的研究[J].南开管理评论,2012,15(2):136-142.
[11]LUO X R,KOPUT K W,POWELL W W.Intellectual capital or signal?The effects of scientists on alliance formation in knowledge-intensive industries[J].Research Policy,2009,38(8):1313-1325.
[12]AUDRETSCH D B,STEPHAN P E.Company-scientist locational links:The case of biotechnology[J].The American Economic Review,1996,86(3):641-652.
[13]GORE A K,MATSUNAGA S,ERIC YEUNG P.The role of technical expertise in firm governance structure:Evidence from chief financial officer contractual incentives[J].Strategic Management Journal,2011,32(7):771-786.
[14]汪延明,李维安.产业链董事会协同能力的影响因素研究[J].管理评论,2014,26(6):151-162.
[15]胡元木,刘佩,纪端.技术独立董事能有效抑制真实盈余管理吗?--基于可操控R&D费用视角[J].会计研究,2016,37(3):29-35.
[16]FULLER A W,ROTHAERMEL F T.When stars shine:The effects of faculty founders on new technology ventures[J].Strategic Entrepreneurship Journal,2012,6(3):220-235.
[17]WITHERS M C,HILLMAN A J,CANNELLA Jr A A.Amultidisciplinary review of the director selection literature[J].Journal of Management,2012,38(1):243-277.
[18]HILLMAN A J,DALZIEL T.Boards of directors and firm performance:Integrating agency and resource dependence perspectives[J].Academy of Management Review,2003,28(3):383-396.
[19]PEARCE J A,ZAHRA S A.Board composition from a strategic contingency perspective[J].Journal of Management Studies,1992,29(4):411-438.
[20]PENG M W,AU K Y,WANG D Y L.Interlocking directorates as corporate governance in Third World multinationals:Theory and evidence from Thailand[J].Asia Pacific Journal of Management,2001,18(2):161-181.
[21]WESTPHAL J D,ZAJAC E J.Who shall govern?CEO/board power,demographic similarity,and new director selection[J].Administrative Science Quarterly,1995,40(1):60-83.
[22]ZAJAC E J,WESTPHAL J D.Director reputation,CEO-board power,and the dynamics of board interlocks[J].Administrative Science Quarterly,1996,41(3):507-529.
[23]WESTPHAL J D,STERN I.Flattery will get you everywhere(especially if you are a male Caucasian):How ingratiation,boardroom behavior,and demographic minority status affect additional board appointments at US companies[J].Academy of Management Journal,2007,50(2):267-288.
[24]PUGLIESE A,BEZEMER P J,ZATTONI A,et al.Boards of directors’contribution to strategy:A literature review and research agenda[J].Corporate Governance:An International Review,2009,17(3):292-306.
[25]李培林.独立董事的独立性及其保障机制设计[J].经济经纬,2009,26(2):87-90.
[26]ELMS N,NICHOLSON G,PUGLIESE A.The importance of group-fit in new director selection[J].Management Decision,2015,53(6):1312-1328.
[27]STERN I,WESTPHAL J D.Stealthy footsteps to the boardroom:Executives’backgrounds,sophisticated interpersonal influence behavior,and board appointments[J].Administrative Science Quarterly,2010,55(2):278-319.
[28]MCPHERSON M,SMITH-LOVIN L,COOK J M.Birds of a feather:Homophily in social networks[J].Annual Review of Sociology,2001,27(1):415-444.
[29]BYRNE D.An overview(and underview)of research and theory within the attraction paradigm[J].Journal of Social and Personal Relationships,1997,14(3):417-431.
[30]BAZERMAN M H,SCHOORMAN F D.A limited rationality model of interlocking directorates[J].Academy of Management Review,1983,8(2):206-217.
[31]HOGG M A,TERRY D J,WHITE K M.A tale of two theories:A critical comparison of identity theory with social identity theory[J].Social Psychology Quarterly,1995,58(4):255-269.
[32]RHODES S R.Age-related differences in work attitudes and behavior:A review and conceptual analysis[J].Psychological Bulletin,1983,93(2):328-367.
[33]CHARITOU A,GEORGIOU I,SOTERIOU A.Corporate governance,board composition,director expertise,and value:The case of quality excellence[J].Multinational Finance Journal,2016,20(3):181-236.
[34]MARKARIAN G,PARBONETTI A.Firm complexity and board of director composition[J].Corporate Governance:An International Review,2007,15(6):1224-1243.
[35]CERTO S T.Influencing initial public offering investors with prestige:Signaling with board structures[J].Academy of Management Review,2003,28(3):432-446.
[36]HILLMAN A J,WITHERS M C,COLLINS B J.Resource dependence theory:A review[J].Journal of Management,2009,35(6):1404-1427.
[37]DIMAGGIO P,POWELL W W.The iron cage revisited:Collective rationality and institutional isomorphism in organizational fields[J].American Sociological Review,1983,48(2):147-160.
[38]SCOTT W R.Institutions and organizations:Ideas,interests,and identities[M].London:Sage Publications,2013:149-179.
[39]WESTPHAL J D,GULATI R,SHORTELL S M.Customization or conformity?An institutional and network perspective on the content and consequences of TQM adoption[J].Administrative Science Quarterly,1997,42(2):366-394.
[40]HAUNSCHILD P R.Interorganizational imitation:The impact of interlocks on corporate acquisition activity[J].Administrative Science Quarterly,1993,38(4):564-592.
[41]张斌,王跃堂.业务复杂度、独立董事行业专长与股价同步性[J].会计研究,2014,35(7):36-42.
[42]张平,黄智文,高小平.企业政治关联与创业企业创新能力的研究--高层管理团队特征的影响[J].科学学与科学技术管理,2014,34(3):117-125.
[43]BAKER M,GOMPERS P A.The determinants of board structure at the initial public offering[J].The Journal of Law and Economics,2003,46(2):569-598.
[44]O’BRIEN R M.A caution regarding rules of thumb for variance inflation factors.Quality&Quantity,2007,41(5):673-690.
[45]SCHIELZETH H.Simple means to improve the interpretability of regression coefficients.Methods in Ecology and Evolution,2010,1(2):103-113.
[2]邓晓飞,辛宇,滕飞.官员独立董事强制辞职与政治关联丧失[J].中国工业经济,2016(2):130-145.
[3]刘浩,唐松,楼俊.独立董事:监督还是咨询?--银行背景独立董事对企业信贷融资影响研究[J].管理世界,2012,28(1):141-156.
[4]胡元木,纪端.董事技术专长,创新效率与企业绩效[J].南开管理评论,2017,17(3):40-52.
[5]CHEN G,HAMBRICK D C,POLLOCK T G.Puttin’on the Ritz:Pre-IPO enlistment of prestigious affiliates as deadline-induced remediation[J].Academy of Management Journal,2008,51(5):954-975.
[6],,姚小涛.求贤若渴:创业型IPO企业如何聘请到具有多重兼任的独立董事?[J].商业经济与管理,2018,38(6):44-60.
[7]HIGGINS M J,STEPHAN P E,THURSBY J G.Conveying quality and value in emerging industries:Star scientists and the role of signals in biotechnology[J].Research Policy,2011,40(4):605-617.
[8]LIEBERMAN M B,ASABA S.Why do firms imitate each other?[J].Academy of Management Review,2006,31(2):366-385.
[9]WHITE J T,WOIDTKE T,BLACK H A,et al.Appointments of academic directors[J].Journal of Corporate Finance,2014,28:135-151.
[10]胡元木.技术独立董事可以提高R&D产出效率吗?--来自中国证券市场的研究[J].南开管理评论,2012,15(2):136-142.
[11]LUO X R,KOPUT K W,POWELL W W.Intellectual capital or signal?The effects of scientists on alliance formation in knowledge-intensive industries[J].Research Policy,2009,38(8):1313-1325.
[12]AUDRETSCH D B,STEPHAN P E.Company-scientist locational links:The case of biotechnology[J].The American Economic Review,1996,86(3):641-652.
[13]GORE A K,MATSUNAGA S,ERIC YEUNG P.The role of technical expertise in firm governance structure:Evidence from chief financial officer contractual incentives[J].Strategic Management Journal,2011,32(7):771-786.
[14]汪延明,李维安.产业链董事会协同能力的影响因素研究[J].管理评论,2014,26(6):151-162.
[15]胡元木,刘佩,纪端.技术独立董事能有效抑制真实盈余管理吗?--基于可操控R&D费用视角[J].会计研究,2016,37(3):29-35.
[16]FULLER A W,ROTHAERMEL F T.When stars shine:The effects of faculty founders on new technology ventures[J].Strategic Entrepreneurship Journal,2012,6(3):220-235.
[17]WITHERS M C,HILLMAN A J,CANNELLA Jr A A.Amultidisciplinary review of the director selection literature[J].Journal of Management,2012,38(1):243-277.
[18]HILLMAN A J,DALZIEL T.Boards of directors and firm performance:Integrating agency and resource dependence perspectives[J].Academy of Management Review,2003,28(3):383-396.
[19]PEARCE J A,ZAHRA S A.Board composition from a strategic contingency perspective[J].Journal of Management Studies,1992,29(4):411-438.
[20]PENG M W,AU K Y,WANG D Y L.Interlocking directorates as corporate governance in Third World multinationals:Theory and evidence from Thailand[J].Asia Pacific Journal of Management,2001,18(2):161-181.
[21]WESTPHAL J D,ZAJAC E J.Who shall govern?CEO/board power,demographic similarity,and new director selection[J].Administrative Science Quarterly,1995,40(1):60-83.
[22]ZAJAC E J,WESTPHAL J D.Director reputation,CEO-board power,and the dynamics of board interlocks[J].Administrative Science Quarterly,1996,41(3):507-529.
[23]WESTPHAL J D,STERN I.Flattery will get you everywhere(especially if you are a male Caucasian):How ingratiation,boardroom behavior,and demographic minority status affect additional board appointments at US companies[J].Academy of Management Journal,2007,50(2):267-288.
[24]PUGLIESE A,BEZEMER P J,ZATTONI A,et al.Boards of directors’contribution to strategy:A literature review and research agenda[J].Corporate Governance:An International Review,2009,17(3):292-306.
[25]李培林.独立董事的独立性及其保障机制设计[J].经济经纬,2009,26(2):87-90.
[26]ELMS N,NICHOLSON G,PUGLIESE A.The importance of group-fit in new director selection[J].Management Decision,2015,53(6):1312-1328.
[27]STERN I,WESTPHAL J D.Stealthy footsteps to the boardroom:Executives’backgrounds,sophisticated interpersonal influence behavior,and board appointments[J].Administrative Science Quarterly,2010,55(2):278-319.
[28]MCPHERSON M,SMITH-LOVIN L,COOK J M.Birds of a feather:Homophily in social networks[J].Annual Review of Sociology,2001,27(1):415-444.
[29]BYRNE D.An overview(and underview)of research and theory within the attraction paradigm[J].Journal of Social and Personal Relationships,1997,14(3):417-431.
[30]BAZERMAN M H,SCHOORMAN F D.A limited rationality model of interlocking directorates[J].Academy of Management Review,1983,8(2):206-217.
[31]HOGG M A,TERRY D J,WHITE K M.A tale of two theories:A critical comparison of identity theory with social identity theory[J].Social Psychology Quarterly,1995,58(4):255-269.
[32]RHODES S R.Age-related differences in work attitudes and behavior:A review and conceptual analysis[J].Psychological Bulletin,1983,93(2):328-367.
[33]CHARITOU A,GEORGIOU I,SOTERIOU A.Corporate governance,board composition,director expertise,and value:The case of quality excellence[J].Multinational Finance Journal,2016,20(3):181-236.
[34]MARKARIAN G,PARBONETTI A.Firm complexity and board of director composition[J].Corporate Governance:An International Review,2007,15(6):1224-1243.
[35]CERTO S T.Influencing initial public offering investors with prestige:Signaling with board structures[J].Academy of Management Review,2003,28(3):432-446.
[36]HILLMAN A J,WITHERS M C,COLLINS B J.Resource dependence theory:A review[J].Journal of Management,2009,35(6):1404-1427.
[37]DIMAGGIO P,POWELL W W.The iron cage revisited:Collective rationality and institutional isomorphism in organizational fields[J].American Sociological Review,1983,48(2):147-160.
[38]SCOTT W R.Institutions and organizations:Ideas,interests,and identities[M].London:Sage Publications,2013:149-179.
[39]WESTPHAL J D,GULATI R,SHORTELL S M.Customization or conformity?An institutional and network perspective on the content and consequences of TQM adoption[J].Administrative Science Quarterly,1997,42(2):366-394.
[40]HAUNSCHILD P R.Interorganizational imitation:The impact of interlocks on corporate acquisition activity[J].Administrative Science Quarterly,1993,38(4):564-592.
[41]张斌,王跃堂.业务复杂度、独立董事行业专长与股价同步性[J].会计研究,2014,35(7):36-42.
[42]张平,黄智文,高小平.企业政治关联与创业企业创新能力的研究--高层管理团队特征的影响[J].科学学与科学技术管理,2014,34(3):117-125.
[43]BAKER M,GOMPERS P A.The determinants of board structure at the initial public offering[J].The Journal of Law and Economics,2003,46(2):569-598.
[44]O’BRIEN R M.A caution regarding rules of thumb for variance inflation factors.Quality&Quantity,2007,41(5):673-690.
[45]SCHIELZETH H.Simple means to improve the interpretability of regression coefficients.Methods in Ecology and Evolution,2010,1(2):103-113.