喻园管理论坛2023年第38期(总第861期)
演讲主题: 家族成员人力资本与企业创新：来自中国家族企业执掌人手足（兄弟姐妹）的证据
The impact of family-based human capital on corporate innovation: Evidence from sibling-chairpersons in China
主 讲 人: 陈锦全，上海商学院教授
主 持 人: 后青松，管理学院会计系副主任、副教授
活动时间: 2023年5月19日（周五）10:00-12:00
活动地点: 管理大楼121教室
主讲人简介：
陈锦全 (Johnny Chan)，上海商学院特聘教授、学科带头人。美国阿拉巴马大学金融学博士；特许金融分析师(CFA)；富布赖特学者。长期从事首次公开募股(IPO)、分析师行为、绿色金融、内部控制等方面研究。在Management Science，Journal of International Business Studies， Contemporary Accounting Research，Accounting, Organizations, and Society，Journal of Business Ethics，Business Strategy and the Environment，Journal of Banking and Finance，Journal of Corporate Finance ，Journal of Accounting and Public Policy，European Accounting Review， Family Business Review, Financial Management，Journal of Accounting, Auditing, and Finance, Journal of Business Finance and Accounting,， Journal of Financial Markets等学术期刊发表论文300篇。
活动简介：
We examine the impact of family-based human capital stemming from a chairperson’s having siblings vis-à-vis not having siblings on corporate innovation in Chinese family firms. Using hand-collected data, we document that when a firm has a sibling-chairperson, it holds more patents, receives more total citations to its patents, and has greater innovation efficiency and innovation quality than an otherwise equivalent firm with a chairperson having no siblings. The results are economically significant and robust to a battery of robustness checks. Specifically, the findings remain intact after using China’s one-child policy as an exogenous shock to apply a regression discontinuity research design to mitigate endogeneity. Additional analyses suggest that the mechanisms behind the impact of siblings on innovation are consistent with family-based human capital embedded in the sibling relationships such as competition, knowledge spillover, and family firm succession effect among siblings. Furthermore, we show that sibling co-management and sibling gender diversity matter in corporate innovation. In addition, sibling effect enhances corporate investment efficiency, stock returns, and merger and acquisition performance. Overall, family-based human capital from siblings positively contributes to corporate innovation.
