高管从军经历与企业道德行为--基于企业商业腐败行为的实证研究

Executives'Military Experience and Firms'Ethical Behaviors:Empirical Evidence from Corporate Business Corruption in China

由有从军经历的高管运营的企业是否会表现出更高的道德水平?在中国环境下,本文深入剖析了高管从军经历与企业商业腐败行为之间的逻辑关系。基于2010—2016年中国制造业上市公司的经验数据,本文发现:第一,当企业由具有从军经历的高管运营时,企业将更少地参与商业腐败行为。第二,随着行业竞争强度或行业国家垄断程度的提高,高管从军经历对企业商业腐败行为的抑制作用将减弱。第三,随着地区制度完善程度的提高,行业竞争强度在高管从军经历与企业商业腐败行为两者关系间的削弱效应会被弱化,但行业国家垄断程度在高管从军经历与企业商业腐败行为两者关系间的削弱效应未受到显著影响。随着反腐败力度的提高,行业竞争强度和行业国家垄断程度在高管从军经历与企业商业腐败行为两者关系间的削弱效应均会被弱化。

Do companies run by military experienced managers exhibit a higher level of morality?In the context of China,this paper explores the relationship between managers'military experience and corporate business corruption.Based on the empirical data of Chinese manufacturing listed companies from 2010 to 2016,this study found that:First of all,enterprises are less involved in business corruption when they are run by managers with military experience.Second,with the intensity of the industry competition or the improvement of the state monopoly of the industry,the inhibiting effect of manager's military experience on the business corruption of enterprises will be weakened.Thirdly,with the improvement of regional institution perfection,the inhibiting effect of the intensity of industry competition on the relationship between manager's military experience and business corrup-tion of enterprises will be weakened.However,the inhibiting effect of the state monopoly of the industry on the relationship between manager's military experience and business cor-ruption of enterprises has not been significantly affected.With the increase of anti-corruption efforts,the inhibiting effect of the intensity of industry competition and the degree of the state monopoly of the industry on the relationship between manager's military experience and business corruption of enterprises will be weakened.