高管本地任职与企业价值:基于家乡认同视角

Local Executives and Corporate Value:An Analysis from the Perspective of Hometown Attachment

在中国,家乡认同是具有代表性的传统文化,也是一种重要的非正式制度,但目前鲜有文献关注其在公司经营中的作用,本文以2003~2019年中国沪深A股上市公司作为研究样本对高管的家乡认同在企业价值创造中的作用进行实证检验。研究发现,高管本地任职有利于公司价值增长,这主要是由家乡认同驱动的,而非社会资本,并且这种关系在民营企业、有本地大客户的企业、流动性较弱和宗族观念强的地区更加显著。本文直接从家乡认同这一角度揭示了本地高管对公司价值的影响,为这一独特情感在高管决策以及企业经营中的作用提供了实证证据,对上市公司选择高管具有启发意义。

In China,hometown attachment is a traditional representative culture and an essential informal institution,but there is little literature on its role in micro company management.Taking A-share listed companies in Shanghai and Shenzhen from 2003 to 2019 as a research sample,this paper empirically tests the role of local executives’hometown attachment in corporate value.This paper finds that local executives can promote corporate value,which is mainly driven by hometown attachment rather than social capital,and this relationship is more significant in private enterprises and areas with weak population mobility.Further analysis shows that self-interest behavior,social responsibility,and risk-taking play an intermediary role in the relationship between local executives and corporate value.This paper direcdy reveals the impact of local executives on firm value from the perspective of hometown attachment,and explores the potential impact path,which provides empirical evidence for the role of this unique emotion in executives’decision-making and enterprise operation,and has important enlightenment for shareholders of listed companies to choose executives.