时 间:11月1日下午15:00
地 点:九里校区零号楼0218室
题 目:Government initiated CSR and corporate governance: theoretical and empirical analysis
内 容:Corporate social responsibility (CSR) and corporate political activity (CPA) are both important corporate strategies. We examine the impact of a government-initiated CSR project, which integrate CSR and CPA, on corporate governance using the unique setting of China’s Targeted Poverty Alleviation (TPA) program. The difference-in-differences estimates show that firms participating in TPA have better financial performance, fewer misconduct activities, lower crash risk, and better innovation performance than do their counterparties. This finding is robust to the parallel trends test, the placebo test, alternative regression specifications, alternative research designs, the reverse causality analysis. Further analysis shows that TPA participation enhances external monitoring of financial professionals by stimulating the dissemination of TPA-related incremental information, thereby contributing to the better corporate governance. The cross-sectional heterogeneity analysis shows that the impact of TPA participation on corporate governance is more pronounced in firms with higher information asymmetry, with weaker political connections, and with weaker internal governance.