Economic Theory and Business Management ›› 2023, Vol. 43 ›› Issue (4): 53-68.

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PUNISHMENT ANNOUNCEMENT，CORPORATE PERFORMANCE AND EXECUTIVE TURNOVER：AN EXPLANATION FROM THE PERSPECTIVE OF CORPORATE REPUTATION

  

  1. 1School of Economics，Renmin University of China；
    2College of Economics and Management，Beijing University of Technology；
    3Department of Public and International Affairs，City University of Hong Kong
  • Online:2023-05-15 Published:2023-04-16

处罚公告、企业绩效与高管变更：一个组织声誉的研究视角

  

  1. 1   中国人民大学经济学院；    2   北京工业大学经济与管理学院；    3   香港城市大学公共及国际事务学系。
  • 基金资助:
    本文得到中国人民大学2022年度中央高校建设世界一流大学（学科）和特色发展引导专项资金、中国博士后科学基金（2022M720335）的资助。

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Abstract: In the modernized economy，reputation is closely related to business performanceWith the punishment to the enterprise violation regarded as the negative impact on its reputation，a large number of empirical facts show that the punishment announcement will significantly reduce the enterprise performanceHowever，the findings of this paper are that，enterprises can alleviate the impact of negative reputation on enterprise performance through executive turnoverIn a sense，this mitigation effect means that it will reduce the regulatory efficiency for enterprise violationThe above findings reveal the internal relationship between organizational reputation and executive turnover decisionmaking，and also provide some possible enlightenments for understanding and improving the regulation and punishment mechanism on listed companies

Key words: punishment announcement, reputation mechanism, executive turnover, mitigation effect

摘要： 在现代化经济体系中，声誉的好坏与企业经营绩效的高低密切相关。若把对企业的违规行为进行处罚作为其声誉的负面冲击，现实中大量的经验事实都说明，处罚公告将显著降低企业的各项绩效。然而，本文研究发现，面临这种情形，企业可通过变更高管来缓解负面声誉对企业经营绩效的降低。这种缓解效应意味着对企业违规处罚的力度被减轻，削弱了政策的有效性。从某种意义上，上述发现揭示了组织声誉与企业变更高管决策的内在联系，为理解和完善对上市公司的监管与处罚机制提供了一些启示。

关键词: 处罚公告, 声誉机制, 变更高管, 缓解效应