北航经管学院“融实论坛”系列讲座
（2023年第12期，总第53期）
讲座题目：The impact of family-based human capital on corporate innovation: Evidence fromsibling-chairpersonsin China
讲座时间：2023.9.26（周二）10:00-11:30
讲座地点：学院路校区新主楼A618
讲座嘉宾：陈锦全教授
讲座嘉宾简介
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、金融教育、绿色金融、内部控制等方面的研究。在Accounting, Organizations, and Society,Business Strategy and the Environment、Contemporary Accounting Research,European Accounting Review,Family Business Review, Financial Management,Journal of Accounting, Auditing, and Finance, Journal of Accounting and Public Policy,Journal of Banking and Finance,Journal of Business Ethics,Journal of Business Finance and Accounting, Journal of Corporate Finance(14),Journal of Financial Markets,Journal of International Business Studies,Management Science,Real Estate Economics等学术期刊发表论文300篇。
主持人：部慧副教授
讲座概要
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, Tobin’s Q, and merger and acquisition performance. Overall, family-based human capital from siblings positively contributes to corporate innovation.
