religious atmosphere agency conflict over

  本文关键词：宗教氛围与投资中的代理冲突——基于上市公司附近寺庙数的实证研究，由笔耕文化传播整理发布。

宗教氛围与投资中的代理冲突——基于上市公司附近寺庙数的实证研究

Religious Atmosphere and Agency Conflicts in Corporate Investment：An Empirical Study Based on the Number of Temples around Listed Companies

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Zeng Quan, Pei Hongmei （School of Management, X iamen University, Fuj ian Xiamen 361005, China）

厦门大学管理学院,福建厦门361005

文章摘要：经济运行依托于特定的社会制度，然而中国经济的高速增长难以从正式制度的角度理解。因而，文章旨在探索宗教作为非正式制度安排对微观经济运行所发挥的作用，并进一步研究了非正式制度与正式制度之间的交互作用对公司行为的影响。文章手工收集了2001年至2012年A股上市公司注册地附近重点寺庙的个数，并采用自由现金流对过度投资的反应系数衡量投资活动的代理冲突，，检验了宗教氛围是否影响了公司投资活动中所有者与管理者之间的代理冲突。结果显示公司的宗教氛围与代理冲突之间存在显著的负相关关系，说明宗教氛围有助于抑制投资的代理冲突；研究还发现正式的制度环境负向调节了宗教氛围对代理冲突的抑制作用。

Abstr：Economic operation relies on specific social institutions, but it is difficult to explain the rapid development of Chinese economy from the perspective of formal systems. Therefore, this paper explores the role of religion as an informal system in mieroeconomic operation, and further investigates the effects of the interaction of informal and formal systems on corporate be- havior. Using the hand-collected data of the number of temples around listed firms from 2001 to 2012, this paper takes the coefficient of the response of free cash flow to over-investment as a proxy of agency conflicts in corporate investment, and examines whether religious atmosphere af- fects agency conflicts between owners and managers in corporate investment. It finds that reli- gious atmosphere is significantly negatively associated with agency conflicts, suggesting that reli- gious atmosphere is conducive to the mitigation of agency conflicts in corporate investment. Mo- reover, it also shows that formal systems attenuate the negative association between religious at- mosphere and agency conflicts.

文章关键词：

Keyword：:religious atmosphere agency conflict over-investment free cash flow

  本文关键词：宗教氛围与投资中的代理冲突——基于上市公司附近寺庙数的实证研究，由笔耕文化传播整理发布。