 China's historical imperial examination system and corporate social responsibilityXiaoran Kong, Xueying Zhang, Cheng Yan and Kung-Cheng Ho Pacific-Basin Finance Journal, 2022, vol. 72, issue C Abstract: Using the sample of China's A-share listed companies from 2010 to 2019 and the index of jinshi density to measure the historical imperial examination system, we empirically test the influence of the imperial examination system on corporate social responsibility. We find that the imperial examination system can encourage firms to improve their Corporate Social Responsibility (CSR) level. The results are robust to using the instrumental variable method, propensity score matching method, Heckman two-step regression, and a series of other tests. The mechanism analysis shows that regional education level and corporate social capital play a mediating role in the promotion of corporate social responsibility by the imperial examination system. Further analysis shows that the characteristics of the board of directors, external supervision pressure, and the shareholding ratio of institutional investors are important factors affecting the positive correlation. We further explore the role of the informal institution in corporate governance. Keywords: Confucianism; Culture; Imperial examination system; CSR; Business ethics; Morality (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:72:y:2022:i:c:s0927538x22000294 DOI: 10.1016/j.pacfin.2022.101734 Access Statistics for this article Pacific-Basin Finance Journal is currently edited by K. Chan and S. Ghon Rhee More articles in Pacific-Basin Finance Journal from Elsevier |
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