题 目：Are executives more socially responsible when raised with siblings? Evidence from Chinese family firms
会议室：腾讯会议ID：831 303 700
许年行，现任中国人民大学商学院财务与金融系主任，教授、博士生导师。获得国家自然科学基金“优秀青年基金项目”（2016），全国优秀博士学位论文（2009）。耶鲁大学访问学者。主要研究领域：公司财务与资本市场。先后在Journal of Financial Economics, Management Science, Contemporary Accounting Research及《经济研究》、《管理世界》和《经济学》（季刊）等国内外高水平期刊发表论文30多篇。学术成果先后获得中国高校人文社会科学研究优秀成果一等奖和三等奖、全美华人金融协会（TCFA）最佳论文奖、中国金融国际年会（CICF）、中国金融学年会等知名国内外财务学会议最佳论文奖。
Using hand-collected data on siblings of chairpersons in Chinese family firms, we examine the impact of the chairperson having siblings on the corporate social responsibility (CSR) of their firm. The findings suggest that when a firm has a siblings-chairperson, the firm has a better CSR rating than firms with a chairperson without siblings. Specifically, a firm with a siblings-chairperson, on average, has a CSR rating approximately 7.96% higher than a median firm’s rating. Additional analysis suggests that the mechanisms behind siblings and CSR are consistent with both competition and altruistic effects among siblings. Further analysis suggests that the positive impact of a siblings-chairperson on the CSR rating of firms is more salient when the local familism culture is stronger, when government official career advancement incentives are lower, or when the siblings are directors or CEOs of other firms. Finally, firms with a siblings-chairperson are also pro-shareholder because they consume less perquisites than firms without a siblings-chairperson. Collectively, the findings are consistent with the notion that, by having at least one sibling, a chairperson is more competitive and altruistic than a chairperson without siblings, and such behavior enhances CSR.