主讲人：常鑫

讲座摘要：We document that firms with higher stock liquidity have lower corporate social responsibility (CSR) ratings. To substantiate the causal effect, we use the decimalization of stock trading as an exogenous shock to stock liquidity.  The negative effect of stock liquidity on CSR is more pronounced when firms’ institutional investors have shorter time horizons, when managers are more prone to myopia and are more likely to meet or beat short-term earnings targets , but weaker when firms are headquartered in more pro-CSR states and when analyst perceptions and investor sentiment toward CSR are more positive. These findings suggest that high stock liquidity induces managerial short termism and thus discourages firms from engaging in CSR activities, which inherently require long term perspectives. Overall, our analysis highlights the important role of financial markets in shaping CSR practices and influencing the welfare of companies’ stakeholders. We document that firms with higher stock liquidity have lower corporate social responsibility (CSR) ratings. To substantiate the causal effect, we use the decimalization of stock trading as an exogenous shock to stock liquidity. The negative effect of stock liquidity on CSR is more pronounced when firms’ institutional investors have shorter time horizons, when managers are more prone to myopia and are more likely to meet or beat short-term earnings targets , but weaker when firms are headquartered in more pro-CSR states and when analyst perceptions and investor sentiment toward CSR are more positive. These findings suggest that high stock liquidity induces managerial short termism and thus discourages firms from engaging in CSR activities, which inherently require long term perspectives. Overall, our analysis highlights the important role of financial markets in shaping CSR practices and influencing the welfare of companies’ stakeholders.

讲座时间：4月28日（星期一），15：00-16：30

讲座地点：学院南路校区实验楼303会议室

主讲人简介：常鑫教授是南洋理工大学南洋商学院副院长和银行与金融系终身教授，研究领域涵盖公司金融，资产定价，会计研究。具体研究方向包括资本结构、企业创新，企业社会责任，企业并购重组，政治腐败，公司治理，财务报告，信息披露等。常鑫教授已在国际顶级英文学术期刊发表论文十余篇，其中包括四大国际顶尖金融学术期刊（JF, JFE, RFS, and JFQA）及会计顶级学术期刊（JAR, TAR and CAR）。常鑫教授还担任International Review of Finance和Asia-Pacific Journal of Financial Studies两家SSCI学术期刊的副主编, 以及Risk Sciences，the International Journal of Theoretical and Applied Finance，Journal of Internet and Digital Economics的主编。

主办：中国互联网经济研究院

此次讲座获“高等学校学科创新引智基地资助”（B20094）和“中央财经大学科研创新团队支持计划资助”，特此致谢。

撰稿：黄冰雁      排版：王昱洁

初审：孙宝文      复审：王立勇