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以文化会影响经济绩效为理论预设,本文研究了儒家传统对公司绩效的影响。研究结果表明儒家传统为公司的逐利行为提供了合法性,因此有助于提升公司财务绩效。其次,儒家可以有效提升监督机制的效率,但削弱了激励机制对财务绩效的边际贡献。此外,研究结果表明儒家传统与法律制度存在显著的替代关系。本文为儒家传统影响公司绩效提供了经验证据,纠正了一些对中国儒家传统的偏见。
Taking culture as the basis for presupposing economic performance, this paper studies the impact of Confucian tradition on corporate performance. The findings suggest that Confucian traditions provided legitimacy to the company’s profit-making behavior and thus helped to improve the company’s financial performance. Second, Confucianism can effectively enhance the efficiency of oversight mechanisms, but it weakens the marginal contribution of incentive mechanisms to financial performance. In addition, the results of the study show that there is a significant alternative between the Confucian tradition and the legal system. This article provides empirical evidence that the Confucian tradition influenced company performance and corrected some of the prejudices against Chinese Confucian tradition.