時間：2020年12月15日（周二上午），10:00-11:00  

地點：騰訊APP會議（會議号：請有意向參加的博士生和老師聯系趙瑩老師獲取）

研讨會詳細議程：10:00-11:00  

報告：Are executives more socially responsible when raised with siblings? Evidence from Chinese family firms  

報告人：謝蓉蓉

摘要：Using hand-collected data on siblings of chairpersons in Chinese family firms, we examine the impact of the chairperson having siblings on the corporate social responsibility (CSR) of their firm. The findings suggest that when a firm has a siblings-chairperson, the firm has a better CSR rating than firms with a chairperson without siblings. Specifically, a firm with a siblings-chairperson, on average, has a CSR rating approximately 7.96% higher than a median firm’s rating. The conclusions are robust to a battery of robustness checks including a regression discontinuity research design, alternative measures of CSR, exogenous shocks caused by a sibling’s death, a propensity score matching sample, placebo tests, and different estimation methods. Additional analysis suggests that the mechanisms behind siblings and CSR are consistent with both competition and altruistic effects among siblings. Further analysis suggests that the positive impact of a siblings-chairperson on the CSR rating of firms is more salient when the local familism culture is stronger, when government official career advancement incentives are lower, or when the siblings are directors or CEOs of other firms. Finally, firms with a siblings-chairperson are also pro-shareholder because they consume less perquisites than firms without a siblings-chairperson. Collectively, the findings are consistent with the notion that, by having at least one sibling, a chairperson is more competitive and altruistic than a chairperson without siblings, and such behavior enhances CSR. Family structure matters in corporate practices.

報告人簡介：

謝蓉蓉，中國人民大學商學院财務與金融系博士研究生，曾赴美國德克薩斯大學達拉斯分校訪學1年。研究方向為公司治理、公司财務與會計、家族企業傳承、資本市場分析師行為。研究成果被《經濟研究》等期刊錄用。