公司累积投票制度的理论与实践

累积投票制度作为股东选择公司管理者的一种表决权制度,最早起源于美国伊利诺伊州《宪法》的规定。累积投票制度保护了中小投资者的投资热情,符合资本社会化的原则。公司股东选任董事或者监事时,实行累积投票制度对保护中小股东的利益,特别是对完善我国公司治理结构具有独特的价值。     

The political context and Duverger's theory: Evidence at the district level

A central tenet of electoral systems' research is that more parties should get votes in districts with large magnitudes than in districts with smaller magnitudes. This proposition is largely untested at the district level, even though that is the level at which relevant pressures are expected to work. At the aggregate level, research has found that there are systematic deviations from Duverger's law related to incentives from ethnolinguistic fragmentation, institutions, and strategic voting. This analysis confirms that many of these results hold at the district level, which is the most appropriate level for testing Duverger's law. District level party-system fragmentation patterns in 44 countries support Duverger's basic hypotheses. The effect of electoral institutions is contingent, however, upon the presence of social cleavages that generate pressures for additional parties, the establishment of patterns of party-system competition that help voters evaluate contenders' viability, and the absence of competing incentives generated by districts of varying magnitudes. These effects are robust to different specifications of social heterogeneity. However, we find no evidence that institutional features like federalism or presidentialism reduce the strategic effects of district level factors.     

Austerity and niche parties: The electoral consequences of fiscal reforms

Austerity policies — policies of sharp reductions of a government's budget deficint involving spending cuts and tax increases — are claimed to boost support for radical political parties. We argue, counter to popular claims, that austerity measures actually reduce support for radical and niche parties. Austerity policies force traditional left-right politics to the forefront of political debate with the traditional mainstream parties having a stronger ownership over those issues. We systematically explore the impact of austerity measures on the electoral fortunes of niche parties in 16 developed countries over a 35-year period, while controlling for a number of socio-economic variables. We find that austerity policies that rely on tax increases affect radical parties on the left and the right in different ways than fiscal adjustments based on spending cuts.     

Issue cross-pressures and time of voting decision

Undecided voters are often regarded by political parties and candidates as the group that determines the outcome of an election. This paper discusses the concept and measurement of issue cross-pressures and explores to what extent they influence the time of voting decision in different political systems. Using survey data from national election studies in the Netherlands (1994–2012), Germany (1994–2013) and the United Kingdom (1992–2010), this study finds that issue cross-pressures do influence the time of voting decision regardless of voters' personal consideration set size, demographic background and political attribute. The effect of issue cross-pressures in the Netherlands is most pronounced. In the United Kingdom it is more moderate, while it is least prevalent in Germany. This partially demonstrates that party systems may constrain the role of issue cross-pressures.     

First-time boost beats experience: The effect of past eligibility on turnout

Recent findings from the US indicate a clear positive causal effect of past eligibility on voting in subsequent elections. Based on individual-level register data from four elections held in Denmark and Finland, we find that past eligibility either decreases voting propensity or has a zero effect among young voters. The hype associated with the first elections thus appears to cancel out the habit among young adults in countries where the institutional barriers against voting are weak. Moreover, differences across the types of elections can be noted. The negative effect of past eligibility is strongest in elections characterized by low saliency, implying that high-salient elections mobilize all voters equally and therefore narrow the gap between first and second-time eligible voters.     

Electoral effects of candidate valence

Ideological proximity is not the sole determinant of electoral choices. Voters frequently select candidates whose policy profiles do not exhibit the closest match with their own policy preferences. Instead, non-spatial factors can govern the vote. The empirical literature has struggled to assess the effect of candidate valence on electoral outcomes due to the challenge of estimating a comprehensive indicator of candidate valence. This paper investigates the effect of non-spatial factors on candidates’ electoral results by estimating candidate valences from a vote advice application. A conservative estimate based on an analysis of the two-tiered German federal election system suggests a surplus of several percentage points for high-valence candidates over low-valence competitors – even for competitors from minor parties.     

Moderate,extreme, or both? How voters respond to ideologically unpredictable candidates

Candidates and parties often face a choice between endorsing policies that appeal to their core constituencies or generate support from more diverse groups of voters. While the latter strategy may make overtures to a wider set of citizens, existing literature says little about how the overall mix of issue positions affects electoral support. We argue that candidates who endorse diverse sets of policy positions appear unpredictable to voters and incur subsequent electoral penalties. Using data from the 2006 congressional elections, we find that ideological predictability substantially increases electoral support at both the individual and aggregate levels and that voters perceive greater ideological congruence from more predictable candidates. Our results have important implications for candidate and party strategies and suggest that voters are responsive to the mean and the variance of candidates’ policy stances.     

完善中小股东权益保护立法之我见

完善公司法人治理结构 ,保护股东合法权益是现代公司制度中的重要内容。我国公司立法对股东会的法律地位及其职能等作出了规定 ,但在实践中仍然暴露了法律适用中的若干不足。面对大股东操纵股东大会通过有利于自己而损害中小股东权益的决议 ,中小股东常因现行公司立法相关规定之空白而无能为力。因此有必要尽快完善相关立法 ,为现代公司制度的发展提供强有力的法律保障。     

Sophisticated Behavior under Majoritarian and Non-Majoritarian Voting Procedures

This study addresses the issue of sincere and sophisticated voting under majoritarian and non-majoritarian voting procedures. By conducting experimental voting games, we compared a common majoritarian procedure, Plurality Voting (PV) with a non-majoritarian procedure, Sequential Voting by Veto (SVV). We focused on two different aspects of the subject: the likelihood of sophisticated voting under each one of the voting procedures and the conditions that foster sincere and sophisticated voting under these procedures. The results highlighted the significant differences between majoritarian and non-majoritarian voting procedures as a key factor in determining the tendency of voters to use sincere or sophisticated voting. Clearly, the sincere model was dominant in SVV games while sophisticated voting dominated the PV games. The extent of sophisticated voting ran counter to the group size, a tendency that was stronger under SVV than under PV. By demonstrating the advantages of the minority principle, when voters are small in number, we hope to encourage the development of a solution that will enable the use of SVV in general elections.     

A Tale of Three Cities: Electoral Accountability in Indonesian Local Politics

In Indonesia, local government is endowed with important policy prerogatives and local politics is key to advance social welfare. The literature on Indonesian local politics has convincingly exposed serious limitations in local democratic practices, and it has questioned the ability of local democracy to promote genuine political change. This work, however, predominantly focuses on elite politics and specific forms of accountability based on patronage and clientelism. In this paper, we study democratic accountability in Indonesia from a different perspective. Drawing from the comparative literature on voting behavior, we hypothesize that Indonesian voters evaluate local politicians for their performance, and that they vote to reward or punish them for what they do in office. The analysis of three original surveys conducted in the cities of Medan, Samarinda and Surabaya offers partial support for this argument. While there is a positive relationship between evaluations of local government performance and support for incumbents, the strength of this link varies substantially across individuals and cities. The results shed new light on voter-politician linkages in Indonesia, suggesting that forms of accountability different from clientelism may emerge in this large and diverse country.