喜訊 | 經管學院路廣利教授論文獲CSEF-RCFS最佳論文獎

2022-08-04 新聞

日前，香港中文大學（深圳）經管學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（“CSEF/UniCredit Foundation Best Paper Award”）。

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01 關于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年創立，旨在促進經濟和金融領域的研究與人才培養。The Review of Corporate Finance Studies(RCFS)旨在發表公司金融領域的高質量研究。

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02?關于作者

路廣利

香港中文大學（深圳）經管學院助理教授

研究領域

金融科技、公司融資、房地產融資、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年期間的一個獨特的雇員-雇主匹配數據集，研究了國家文化在解釋移民控股企業內部薪酬不平等方面的角色。論文發現，移民者從母國帶來的文化是其公司內部薪酬不平等的一個重要經濟決定因素。同時，霍夫斯泰德的個人主義是影響公司內部薪酬不平等的一個關鍵文化維度。當公司的所有者來自個人主義程度較強的國家，該公司的薪酬不平等程度更大。在因果推斷中，論文基于所有權變更的公司樣本進行雙重差異分析，發現當公司被來自企業內部薪酬不平等程度較高的國家或來自個人主義程度較強的國家的移民所有者接管后，公司內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之后，論文得到了相似的結果。因此，國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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文章轉自經管學院微信公眾平臺，鏈接為https://mp.weixin.qq.com/s/NtEa8NBGbyZw9gJDf8s7FQ