基地研究员何恭政副教授与合作者（Cheng Zhang, School of Economics, Nanjing University of Finance and Economics; Cheng Yan,  Essex Business School, Essex University; Yujing Gong, Wenlan School of Business, Zhongnan University of Economics and Law）的论文 "Societal trust and firm-level trust: Substitute or complement? An international evidence" 在重要学术期刊International Review of Financial Analysis在线发表。

        Abstract:

      Using an international sample of 30,060 observations of firms from 32 countries, covering the period from 2004 to 2018, combined with a country-level index for societal trust, this study provides evidence that societal trust is negatively associated with corporate social responsibility (CSR), which in turn is a proxy for firm-level corporate trust-building investment. Further analyses show that firms in low-trust countries tend to invest more in CSR when they are owned by large foreign shareholders originating from low-trust countries. The negative impact of societal trust on CSR is pronounced for firms located in less stable countries. Overall, the results suggest that societal trust acts as a substitute to firm-level trust. From the perspective of risk management, the results confirm this study's argument that the marginal benefits of CSR-as-insurance are more crucial for firms located in low-trust countries.

 Keywords：Societal trust; CSR; Social capital; Risk management

 链接：https://doi.org/10.1016/j.irfa.2023.102543

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance,   Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。