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ABSTRACTThis paper examines, in the presence of random shock, how changes in reversibility of investment affect a firm's optimal investment strategies including the investment timing (trigger) and quantity. Existing results do not consider random shock, where the quantity is independent of the degree of reversibility and the investment trigger is always decreasing with the degree of reversibility. In contrast, we show that with random shock, the quantity exhibits an inverse U‐shape, and the investment trigger is not always monotonically decreasing with the degree of reversibility. Additionally, we show that the firm undertakes a smaller quantity with random shock than without random shock for any degree of reversibility. Finally, we find that the presence of random shock decreases firm value, which implies that random shock is costly for firms.

AbstractEmploying an interim CEO is one of the key strategies organizations use to address urgent changes in leadership, yet there is a notable lack of attention in existing corporate governance literature regarding their impact on non‐market strategic behaviors. In an effort to bridge this gap, our study integrates institutional theory with impression management literature. Based on unbalanced panel data from Chinese non‐state‐owned listed companies from 2010 to 2019, the study finds that the succession of an interim CEO is associated with a simultaneous reduction in both corporate social responsibility (CSR) and corporate social irresponsibility (CSI) activities. The negative relationship between interim CEO and CSI activities is weaken in the context of high institutional voids. Mechanism analysis reveals that interim CEOs tend to focus more on the present and allocate more attention toward external stakeholder management strategies and low‐cost and efficiency strategies. Additional analysis indicates that in the face of negative financial performance aspirations, interim CEOs are more likely to reduce CSR activities. Similarly, when confronted with negative social performance aspirations, interim CEOs tend to decrease CSI activities to a greater extent.

L'énigme chinoise, c'est qu'à partir de 1950, la Chine a pu rembourser ses dettes et consacrer ses moyens à sa propre croissance. C'est le monde rural qui a absorbé les crises cycliques liées à la présence du pays sur le marché mondial. D'où le renouveau d'intérêt du gouvernement pour les zones rurales dans le contexte de crise mondiale et l'investissement dans le bien-être de la population dans son ensemble.