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主讲人简介：
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林曙，经济学博士。现任香港中文大学经济系副教授。曾任复旦大学经济学院金融学教授，国际金融系系主任。林曙教授是孙冶方金融创新奖得主。研究领域包括国际金融、货币政策、中国经济和公司金融。研究成果发表于Review of Financial Studies, Journal of Monetary Economics, Review of Economics and Statistics, Journal of International Economics, Journal of Development Economics, Review of Economic Dynamics 等国际顶尖期刊。
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讲座简介：
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To identify the effects of clan culture on family ownership, we construct a genealogy-based measure of local clan culture strength at the Chinese prefecture level. In a sample of private enterprises, we show that clan culture has a positive causal effect on the concentration of family ownership through an enhanced family value and a short-radius trust attitude. Moreover, this effect is more pronounced for small firms, firms with large control potentials, or in weak legal or financial environments. Finally, in a sample of listed family firms, we resort to the presence of movers to separate the inherited and environmental components of clan culture and to demonstrate further that our results are not driven by omitted variables by controlling for prefecture fixed effects. |
