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喜讯 | 经管学院路广利教授论文获CSEF-RCFS最佳论文奖
发布时间:2022-08-03浏览次数:283次

日前,香港中文大学(深圳)经管学院路广利教授的研究论文“Owner Culture and Pay Inequality within Firms”获CSEF-RCFS Conference on Finance, Labor, and Inequality最佳论文奖(“CSEF/UniCredit Foundation Best Paper Award”)。

关于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年创立,旨在促进经济和金融领域的研究与人才培养。The Review of Corporate Finance Studies (RCFS)旨在发表公司金融领域的高质量研究。

关于作者


路广利

香港中文大学(深圳)经管学院助理教授

研究领域

金融科技、公司融资、房地产融资、家庭金融

论文合著者

Jan Bena (University of British Columbia)

Iris Wang (University of British Columbia)  


关于研究论文

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

论文使用加拿大2001-2017年期间的一个独特的雇员-雇主匹配数据集,研究了国家文化在解释移民控股企业内部薪酬不平等方面的角色。论文发现,移民者从母国带来的文化是其公司内部薪酬不平等的一个重要经济决定因素。同时,霍夫斯泰德的个人主义是影响公司内部薪酬不平等的一个关键文化维度。当公司的所有者来自个人主义程度较强的国家,该公司的薪酬不平等程度更大。在因果推断中,论文基于所有权变更的公司样本进行双重差异分析,发现当公司被来自企业内部薪酬不平等程度较高的国家或来自个人主义程度较强的国家的移民所有者接管后,公司内部的薪酬不平等程度显著上升。其次,在控制了一些潜在的混杂效应之后,论文得到了相似的结果。因此,国家文化等非正式制度是收入不平等的重要决定性因素。