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China's Historical Imperial Examination System and Corporate Social Responsibility

Kung-Cheng, Ho and Xiaoran, Kong and Yan, Cheng (2022) 'China's Historical Imperial Examination System and Corporate Social Responsibility.' Pacific-Basin Finance Journal, 72. p. 101734. ISSN 0927-538X

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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.

Item Type: Article
Uncontrolled Keywords: Confucianism; Culture; Imperial Examination System; CSR; Business Ethics; Morality
Divisions: Faculty of Social Sciences
Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Finance Centre
SWORD Depositor: Elements
Depositing User: Elements
Date Deposited: 17 Feb 2022 11:22
Last Modified: 12 Aug 2022 16:38
URI: http://repository.essex.ac.uk/id/eprint/32325

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