报告：Corporate Taxes and Corporate Social Responsibility
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.
报告：Public-Sector Information Transparency and Corporate Financial Misconduct: Evidence from State Freedom of Information Act
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.
报告：The Impact of Cultural Diversity in Local Communities on Firm Value: Evidence from a quasi-natural experiment
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.
报告人简介：玄宇豪，西南财经大学亚搏足球线上博士研究生（2017年至今）。2017年本科毕业于海南大学会计学专业，同年9月保送至西南财经大学亚搏足球线上攻读博士项目。个人主要研究领域包括资本市场、行为金融与公司治理。研究成果发表于Journal of Financial Economics、《世界经济》等国际、国内重要期刊。主研多项国家级与省部级课题。