時間：2021年12月17日（周五）   地點：騰訊會議

報告1

時間：8:30-9:30

報告：Corporate Taxes and Corporate Social Responsibility

報告人：金雅玲（新加坡南洋理工大學）

摘要：The paper examines the impact of corporate taxes on corporate social responsibility (CSR) by exploiting the staggered changes in corporate income tax rates across U.S. states as a quasi-natural experiment. Firms’ CSR performance significantly improves following tax cuts, suggesting that firms rely on internal funds for CSR investments. In contrast, tax increases have no significant effect on firms’ CSR performance, consistent with the rigidity of CSR. The impact of tax decreases on CSR is more pronounced for firms with more tax exposure, greater reliance on internal funds for investment, headquarters in more CSR-friendly states, more socially responsible institutional investors, more long-term oriented CEOs, or more fierce industry competition. Overall, our findings illustrate how public policies can drive sustainability and shape corporate social responsibility.

報告人簡介：金雅玲，新加坡南洋理工大學金融學博士研究生（2017年至今）。研究生畢業于對外經濟貿易大學，獲會計學碩士學位，本科畢業于對外經濟貿易大學，獲會計學學士學位。研究方向為公司金融、可持續金融、企業創新。

報告2

時間：9:30-10:30

報告：Public-Sector Information Transparency and Corporate Financial Misconduct: Evidence from State Freedom of Information Act

報告人：林心田（紐約城市大學巴魯克學院）

摘要：Exploiting the staggered state freedom of information act (FOIA) reform, I study how public-sector information transparency affects financial reporting in the private sector. I posit that the state FOIA reform curbs corporate financial misconduct through both its immediate information-transparency shock on government contracts, subsidy grants and government relation activities, and its long-term effect on local social norm. I find evidence consistent with the short-term impact of state FOIA reform for firms that depend more on government contracts. For other firms, the impact of state FOIA reform tends to be in the long run, especially for states dominated by Democrats, who are the advocates of open government. Overall, my study documents important externalities of public-sector information transparency on private-sector disclosure behavior.

報告人簡介：林心田，紐約城市大學巴魯克學院會計學博士研究生（2016年至今）。2015年本科畢業于廈門大學，獲會計學學士學位。研究方向為企業舞弊及違規行為，信息披露，以及與金融學、政治學的交叉研究。

報告3

時間：10:30-11:30

報告：The Impact of Cultural Diversity in Local Communities on Firm Value: Evidence from a quasi-natural experiment

報告人：玄宇豪（西南财經大學）

摘要：Using the staggered exogenous shocks across the U.S. of increasing cultural diversity in local communities, we find that the firm value of treatment firms (i.e., firms headquartered in communities whose cultural diversity is increasing) decreases significantly afterward. Investors’ discussions on Stocktwits also become pessimistic and distrustful after foreign culture enters, as natives’ backlash to the foreign culture. Our results are consistent with the argument that cultural diversity impedes firm value by reducing investors’ trust in firms, due to the natives’ backlash (e.g., xenophobia or nationalism). Furthermore, we find the cultural inclusiveness of local communities can alleviate the above adverse effect. That is, firms located in culturally inclusive communities are not affected significantly. Lastly, customers and employees are also adversely affected.

報告人簡介：玄宇豪，西南财經大學會計學院博士研究生（2017年至今）。2017年本科畢業于海南大學會計學專業，同年9月保送至西南财經大學會計學院攻讀博士項目。個人主要研究領域包括資本市場、行為金融與公司治理。研究成果發表于Journal of Financial Economics、《世界經濟》等國際、國内重要期刊。主研多項國家級與省部級課題。