喜訊 | 經(jīng)管學(xué)院路廣利教授論文獲CSEF-RCFS最佳論文獎(jiǎng)

2022-08-04 新聞

日前，香港中文大學(xué)（深圳）經(jīng)管學(xué)院路廣利教授的研究論文 “Owner Culture and Pay Inequality within Firms” 獲CSEF-RCFS Conference on Finance, Labor, and Inequality最佳論文獎(jiǎng)（“CSEF/UniCredit Foundation Best Paper Award”）。

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01 關(guān)于CSEF-RCFS

The Centre for Studies in Economics and Finance (CSEF)是由University of Naples Federico II, the University of Salerno和Bocconi University于1998年創(chuàng)立，旨在促進(jìn)經(jīng)濟(jì)和金融領(lǐng)域的研究與人才培養(yǎng)。The Review of Corporate Finance Studies(RCFS)旨在發(fā)表公司金融領(lǐng)域的高質(zhì)量研究。

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02?關(guān)于作者

路廣利

香港中文大學(xué)（深圳）經(jīng)管學(xué)院助理教授

研究領(lǐng)域

金融科技、公司融資、房地產(chǎn)融資、家庭金融

論文合著者

Jan Bena (University of British Columbia)

Iris Wang (University of British Columbia)??

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03 關(guān)于研究論文

Owner Culture and Pay?Inequality within Firms

Abstract

We study the role of national culture in explaining within-firm pay inequality in closely-held firms owned by immigrants using a unique employee-employer matched dataset linked with firm ownership and immigrant records in Canada over the 2001–2017 period. We find that culture that immigrant owners carry from their home countries is an economically significant determinant of pay inequality within their firms. We show that Hofstede’s individualism is a key cultural dimension affecting within-firm pay inequality: firms owned by individuals from more individualistic countries have larger pay inequality. We show that the impact of culture on within-firm pay inequality is causal. In a difference-in-differences setting using firms that undergo ownership changes, we find a significant increase in within-firm pay inequality after the firm was taken over by immigrant owners from a country with higher within-firm pay inequality or from a more individualistic country. We find similar results among employee stayers; among employee stayers in firms within a labor-intensive industry where production technology is comparable; when the owner changes were caused by deaths of prior owners. Overall, our findings suggest that informal institutions such as national culture are important determinants of income inequality.?

摘要

論文使用加拿大2001-2017年期間的一個(gè)獨(dú)特的雇員-雇主匹配數(shù)據(jù)集，研究了國(guó)家文化在解釋移民控股企業(yè)內(nèi)部薪酬不平等方面的角色。論文發(fā)現(xiàn)，移民者從母國(guó)帶來(lái)的文化是其公司內(nèi)部薪酬不平等的一個(gè)重要經(jīng)濟(jì)決定因素。同時(shí)，霍夫斯泰德的個(gè)人主義是影響公司內(nèi)部薪酬不平等的一個(gè)關(guān)鍵文化維度。當(dāng)公司的所有者來(lái)自個(gè)人主義程度較強(qiáng)的國(guó)家，該公司的薪酬不平等程度更大。在因果推斷中，論文基于所有權(quán)變更的公司樣本進(jìn)行雙重差異分析，發(fā)現(xiàn)當(dāng)公司被來(lái)自企業(yè)內(nèi)部薪酬不平等程度較高的國(guó)家或來(lái)自個(gè)人主義程度較強(qiáng)的國(guó)家的移民所有者接管后，公司內(nèi)部的薪酬不平等程度顯著上升。其次，在控制了一些潛在的混雜效應(yīng)之后，論文得到了相似的結(jié)果。因此，國(guó)家文化等非正式制度是收入不平等的重要決定性因素。

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文章轉(zhuǎn)自經(jīng)管學(xué)院微信公眾平臺(tái)，鏈接為https://mp.weixin.qq.com/s/NtEa8NBGbyZw9gJDf8s7FQ