文化蓝图：揭示商会文化如何塑造企业创新

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-17 DOI:10.1016/j.frl.2025.107804

Xiaoliang Zhang, Jinjin Jiang, Zuxian Liu, Lijun Chen

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引用次数: 0

摘要

本研究探讨商会精神影响企业创新活动的渠道。在手工整理明清10个商会历史记录的基础上，我们开发了一个基于距离的商会文化度量。研究结果表明，商会文化与企业创新之间存在正相关关系。机制分析表明，这种影响来自于减少第二类代理问题、缓解财务约束和促进合作关系。值得注意的是，这种影响在山西和惠州的商会、非国有企业、受外国文化影响较少的企业以及知识产权制度较弱的地区更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Cultural Blueprint: Uncovering How Merchant Guild Culture Shapes Corporate Innovation

This study investigates the channels through which the ethos of merchant guilds influences firm innovative activities. Based on manually compiled historical records of 10 Ming-Qing merchant guilds, we develop a distance-based metric of merchant guild culture. The findings reveal a positive association between merchant guild culture and corporate innovation. Mechanism analysis suggests the impact arises from reducing Type II agency issues, easing financial constraints, and fostering collaborative ties. Notably, the impact is more pronounced in Shanxi and Huizhou merchant guilds, non-state-owned firms, firms less exposed to foreign cultures, and regions with weaker intellectual property rights regimes.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance