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中财-蒂尔堡项目博士生论坛第27期

[发布日期]:2022-12-08  [浏览次数]:

一、主讲学生与论文题目:

1. 喻曾2018级博士生):The effect of relative performance evaluation contracts on accounting conservatism

2. 宋媛媛(2016级博士生):Does Party Organization promote corporate social responsibility investments?

二、时间:20221210日(周六)下午14:00-16:00

三、地点:腾讯会议

四、点评与讨论教师:

王盈 中央财经大学LD乐动体育官方欢迎您的加入 副教授

陈宇子 中央财经大学LD乐动体育官方欢迎您的加入 助理教授

夏聪 中央财经大学LD乐动体育官方欢迎您的加入 助理教授

五、主持人:王盈 中央财经大学LD乐动体育官方欢迎您的加入 副教授

六、论文摘要

1. The effect of relative performance evaluation contracts on accounting conservatism

Using a sample of US firms from 2006 to 2018, we discover that using relative performance evaluation (RPE) contracts has a positive causal impact on the level of accounting conservatism (proxied by firm-year conservatism measurement C-score). To establish causal relation and avoid estimation bias from the self-selection problem, we introduce a valid firm-specific and time-variant exogenous variable Z (Similar_Firm) based on the Mahalanobis Distance calculation, and employ Heckman’s treatment effects model to control unobserved factors. Furthermore, in the heterogeneity test, we discover the demand for accounting conservatism is lower for RPE-adopted firms with characteristics of bigger size, or higher leverage ratio, or higher market-to-book ratio, or lower firm age, or low information asymmetry.

2. Does Party Organization promote corporate social responsibility investments?

We study the effect of party organization on corporate social responsibility (CSR) investments. Using about a sample of 17000 Chinese private enterprises, we find that private enterprises which set primary-level Party organization are more inclined to implement CSR investment. After setting Party organization in enterprises, we also find that the welfare of enterprises’ employees has been improved. We find no evidence that the short-term value of enterprises has been reduced.

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