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.

主讲人简介：何枫，管理学博士（天津大学），经济学博士（法国巴黎一大），首都经济贸易大学金融学院教授、博士生导师、金融系主任，天津市“131”创新型人才；主要研究方向为绿色金融，ESG，公司金融，金融科技与风险管理，衍生品市场。担任International Review of Financial Analysis、International Journal of Finance and Economics、International Review of Economics and Finance副主编，中国系统工程学会金融系统工程专业委员会理事，中国系统工程学会社会经济系统工程专业委员会理事，中国衍生品青年论坛副秘书长，中国优选法统筹法与经济数学研究会青年工作委员会委员。近5年来，在中英文高水平期刊发表文章60余篇，包括《数量经济技术经济研究》《金融研究》《系统工程理论与实践》、EE、JIFMIM、EL、IJFE、IRFA、QF、JFM等国内外知名期刊。主持完成国家社科基金一般项目、国家自然科学基金青年项目；天津市青年教师教学竞赛文科组三等奖，北京市高校教师教学创新大赛优秀奖。

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