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会计学术联盟

East,West,Home’sBest:DoLocalCEOsBehaveLessMyopically?

TheAccountingReview,Vol.95,No.2,March:-.

ShufangLai

SouthernUniversityofScienceandTechnology

ZengquanLi

ShanghaiUniversityofFinanceandEconomics-SchoolofAccountancy

YongGeorgeYang

TheChineseUniversityofHongKong(CUHK)-FacultyofBusinessAdministration

DateWritten:October3,

Abstract

WetestwhetherCEOsworkingneartheirchildhoodhomes(i.e.,localCEOs)arelesslikelythannonlocalCEOstomakemyopicinvestmentdecisions.Placeattachmenttheoriessuggestthatpeopledevelopmutualcaretakingrelationshipswiththeirbirthplaces.Inaddition,executivelabormarketsfacelessinformationasymmetryaboutlocalCEOs,resultinglowerpressureonlocalCEOsforquickprofits.Consistentwiththeprediction,wefindthatlocalCEOsarelesslikelytocutRDexpendituresforbeatinganalystforecastsoravoidingearningsdecreases.TheseresultsarecorroboratedbythefindingthatintheirlastyearofofficelocalCEOsaresignificantlylesslikelytocutRDthannonlocalCEOs.TheCEOlocalityeffectisstrongerwhenmorelocalbusinessinterestsareembeddedinthefirm,i.e.,whenthefirm’sbusinessismoreconcentratedintheCEO’sbirthstateandtheresidentsoftheCEO’sbirthstatehaveahigherinclinationtoinvestinlocalfirms.TheeffectisalsomoresignificantwhentheresidentsoftheCEO’sbirthstatehavestrongerlocalsocialbond,i.e.,whenthestatehaslowerpopulationmobilityandmoresocialcapital.LocalCEOs’longerhorizonsareconsistentlymanifestedintheirotherdecisionssuchaspayingmorestatetaxandbeingmoresociallyresponsibleinbusinessoperation.

Keywords:LocalCEO,CorporateMyopia,Short-Termism

JELClassification:G00,G30,M41

InformationDisseminationThroughEmbeddedFinancialAnalysts:EvidencefromChinaTheAccountingReview,Vol.95,No.2,March:-.ZengquanLi

ShanghaiUniversityofFinanceandEconomics-SchoolofAccountancy

T.J.Wong

UniversityofSothernCalifornia

GwenYu

UniversityofMichigan

DateWritten:June20,

Abstract

Whenemergingmarketfirmsdiscloserelationship-basedtransactions,theyfaceatradeoffinwhichgreatertransparencymayhelplowertheircostofcapitalatthecostofrevealingproprietaryinformation.Wefindthatfirmsover 　　近年来为本科生开设的《新兴市场中的公司治理》课程以产权经济学理论为基础，从会计和财务视角解读新兴市场中的公司治理。本课程旨在培养学生的思辨能力和跨学科思维能力，尤其注重培养学生运用理论体系分析中国企业的会计与财务模式的能力；长期为博士研究生开设的《经济组织与治理》课程旨在引入一套分析和研究中国企业和市场治理问题的理论体系，聚焦中国制度特征对企业和市场治理模式的影响。本课程授课内容包括文献讲解、案例分析与理论总结，注重通过对实践的分析解读理论要义，以培养学生运用科学方法针对中国会计与财务问题的研究能力。

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