中文目錄
1.控制系統(tǒng)與企業(yè)創(chuàng)新
2.產品市場創(chuàng)新與自愿企業(yè)社會責任披露
3.金錢不是萬能的：受過本地教育的高管薪酬
4.金融科技，融資約束與企業(yè)創(chuàng)新
5.商業(yè)態(tài)度與公司治理
6.信任與監(jiān)督

1.The Impact of Control Systems on Corporate Innovation（CAR2022）

This study examines the impact of control systems on corporate innovation. Innovation is key to firm performance and growth, allowing corporations to stay competitive in their industry. We expect control systems to improve information flows within the firm by allowing managers to better identify and patent their most valuable intellectual property. Despite our prediction that control systems positively impact innovation, a priori, this relation is unclear as these same control systems may create an overly restrictive bureaucratic environment that may mitigate the benefits of effective controls for innovation. Using various measures of control system quality, we find evidence that effective control systems are associated with more innovation. Overall, the results of our study suggest effective control systems are associated with the ability of a firm to leverage its innovative projects. Our results suggest that corporations with effective control systems are more likely to be able to react to market and technology changes by ensuring their best ideas are patented.

2.Product Market Competition and Voluntary Corporate Social Responsibility Disclosures（CAR2022）

This study examines whether and how firms' voluntary forward-looking nonfinancial disclosure, specifically their corporate social responsibility (CSR) disclosure, is associated with the intensity of product market competition (PMC). Despite the importance of the proprietary cost argument in explaining corporate disclosure incentives, there is little empirical evidence of the relationship between firms' proprietary cost concerns and their voluntary nonfinancial disclosure decisions. Using a reduction in industry-level import tariffs as an exogenous shock to competition intensity, we find that the likelihood, frequency, and length of stand-alone CSR reports decrease in response to heightened PMC. We also find that higher PMC intensity is associated with a reduced likelihood of CSR disclosure with external assurance, CSR disclosure in accordance with the Global Reporting Initiative guidelines, and CSR disclosure integrated with financial statements. Our results are robust to multiple alternative measures of PMC—namely, the level of nonprice competition, product similarity, and managers' perceptions of competition. Further analysis suggests that firms facing intense competition tend to commit more resources to advertising activities after reducing their CSR disclosure, presumably to mitigate the effect of this reduction. Overall, our findings suggest that proprietary cost concerns reduce firms' incentive to report their competition-sensitive CSR activities.

3.Money isn't everything: Compensation of locally educated executives（JCF2022）

We identify the location of an executive's undergraduate university education as a proxy for their geographic preference. Executives whose university education took place near a firm's headquarters are paid 4.40% to 11.01% less than their peers, suggesting the transparency of university education allows firms to use the location of their headquarters as a form of intangible compensation. This geographic preference discount persists across all levels of the C-Suite,?corporate governance?quality, time periods, and after controlling for opaque measures of where the executive grew up. Our study shows the location of an executive's undergraduate university is a consequential component of his or her geographic preference, and that such preference has meaningful implications for his or her compensation.

4.Fintech, financial constraints and innovation: Evidence from China（JCF2022）

We examine how fintech development affects corporate innovation. Using the city-level fintech index that includes 331 cities, which is constructed based on data from Ant Finance Service Group, we identify the economic mechanisms through which fintech development affects technological innovation. We show that firms that are more financially constrained exhibit a disproportionally higher innovation level in cities with better developed fintech services. We further find that fintech development promotes lending to firms and stimulates R&D investment because internet credit intensifies bank loan competition. Our paper provides new insights into the effects of fintech development on the real economy.

5.Attitudes towards business and corporate governance（JCF2022）

Attitudes towards business vary significantly across political lines, religious denominations, and ethnic groups. We utilize this variation to construct a measure of local business attitudes and show that firms in areas with stronger probusiness attitudes are less likely to incorporate in Delaware and adopt more management-friendly provisions in their corporate bylaws. These findings are further supported by an?instrumental variable estimation?utilizing data on immigration at the turn of the 19th century. The overall findings indicate that firms in probusiness areas are less likely to provide unconditional protection of their managers through incorporation in Delaware. Instead, they tend to provide protection through more flexible means, such as corporate bylaws.

6.Trust and monitoring（JBF2022）

We show that in countries with more societal trust shareholders cast fewer votes at?shareholder meetings?and are more supportive of management proposals. This result is confirmed by?instrumental variable regressions. It also holds at the U.S.-county level and for voting by U.S. institutional investors. Lower monitoring via voting relates less negatively to future firm performance in high-trust countries, suggesting that managers do not exploit greater discretion when trust is high. We also find a negative relation between trust and bond spreads. Our evidence supports theory arguing that trust substitutes for monitoring and has implications for investors’ optimal monitoring effort.