基地研究员何恭政副教授与合作者（Xiaoran Kong, School of Finance, Shandong University of Finance and Economics; Xueying Zhang, School of Finance, Shandong University of Finance and Economics; Cheng Yan, Essex Business School, Essex University, Colchester）的论文“China’s historical imperial examination system and corporate social responsibility” 在重要学术期刊Pacific-Basin Finance Journal在线发表。

Abstract:

Using the sample of China’s A-share listed companies from 2010 to 2019 and the index of jinshi density to measure the historical imperial examination system, we empirically test the influence of the imperial examination system on corporate social responsibility. We find that the imperial examination system can encourage firms to improve their Corporate Social Responsibility (CSR) level. The results are robust to using the instrumental variable method, propensity score matching method, Heckman two-step regression, and a series of other tests. The mechanism analysis shows that regional education level and corporate social capital play a mediating role in the promotion of corporate social responsibility by the imperial examination system. Further analysis shows that the characteristics of the board of directors, external supervision pressure, and the shareholding ratio of institutional investors are important factors affecting the positive correlation. We further explore the role of the informal institution in corporate governance.

Keywords: Confucianism, Culture, Imperial examination system, CSR, Business ethics, Morality

链接: https://doi.org/10.1016/j.pacfin.2022.101734

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance,   Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association,   European Finance Association, Europe Financial Management Association,   Financial Management Association, Taiwan Management Institute, Western   Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An   International Review, Economic Modelling, Emerging Markets Finance and Trade,   Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。