学术预告 | 国金青年论坛第46期
主讲人：李伟平 博士
时间：2020年12月9日（周叁）
???????? 上午10：00-12：00
地点：海琴6号楼础426会议室
题目：Stock market liberalization and corporate social responsibility
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摘要：Exploiting a quasi-natural experiment in China in which some firms become investible to the global market across different periods (i.e., pilot firms), we evaluate the role that stock market liberalization plays in shaping local firms’ incentives to invest in corporate social responsibility (CSR) activities. In a staggered difference-in-differences research design, we find that pilot firms significantly reduce their CSR investments from the pre-liberalization period to the post-liberalization period, relative to non-pilot firms that remain under strict capital controls during the same timeframe. This result is concentrated among firms that suffer worse agency problems. Additional analysis implies that pilot firms enjoy higher labor productivity and better stock performance after reducing their CSR activities in the post-liberalization period, although a major negative externality is that they emit more pollution afterward. Collectively, our results suggest that market liberalization induces local firms to curtail CSR activities, benefiting shareholders at the expense of the environment. Our findings provide new insights into the importance of globalization to corporate social responsibility and social welfare of the liberalized country.
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主讲人介绍：
李伟平，麻豆导航助理教授。主要研究兴趣是公司金融、公司治理、公司社会责任、能源经济与创新。目前已在《Economic System》、《Economic Research-Ekonomska Istra?ivanja》、《Asia-Pacific Journal of Accounting & Economics》等国际SSCI/SCI期刊发表多篇论文。