This study takes advantage of the Forbes Rich List as an external shock to examine its effect on internal control quality in China's Mainland.Using the difference-in-differences(DiD)method for a large sample of 17...This study takes advantage of the Forbes Rich List as an external shock to examine its effect on internal control quality in China's Mainland.Using the difference-in-differences(DiD)method for a large sample of 17,910 firm-year observations from 2000 to 2014,we find that firms controlled by entrepreneurs included in the Forbes Rich List tend to have higher internal control quality than firms not controlled by entrepreneurs in the list.The listed entrepreneurs improve their firms’internal control quality by means of reducing the information asymmetry between the firms and outsiders.Further tests show that the event effect is more pronounced when firms have higher misreporting costs and when listed entrepreneurs hold chairman positions than in other situations.Our results remain robust after applying the propensity score matching method,stacked DiD estimation,and an alternative measure of internal control quality.These findings enrich the literature on the effect of the Rich List and the determinants of internal control quality in emerging markets.展开更多
福布斯最新发布的＂亚洲地区30位30岁以下领袖榜＂（Forbes 30 Under 30 Asia）中,来自上海热巢网络科技有限公司（下称＂热巢＂）的两位创始人——穆青与他的德国小伙伴Fabian von Heimburg当选广告与传媒领域青年领袖。对穆青来说,这...福布斯最新发布的＂亚洲地区30位30岁以下领袖榜＂（Forbes 30 Under 30 Asia）中,来自上海热巢网络科技有限公司（下称＂热巢＂）的两位创始人——穆青与他的德国小伙伴Fabian von Heimburg当选广告与传媒领域青年领袖。对穆青来说,这份荣誉来得并不突然。早在2016年10月,德国总理默克尔访华期间与李克强总理共同讨论德国工业4.0和中国制造2025时,热巢作为唯一中德创新创业企业被邀请参加。这让穆青引以为豪。展开更多
在《福布斯》杂志(Forbes)公布的2011年美国大学排行榜中,有三所美国军事院校名列前二十,其中名列第三的是西点军校(United States Military Academy,即美国军校),排名比哈佛大学还要高(名列第六);紧随在名列第九的麻省理工学院之后的...在《福布斯》杂志(Forbes)公布的2011年美国大学排行榜中,有三所美国军事院校名列前二十,其中名列第三的是西点军校(United States Military Academy,即美国军校),排名比哈佛大学还要高(名列第六);紧随在名列第九的麻省理工学院之后的是排名第十的美国空军军校(United States Air Force Academy);展开更多
文摘This study takes advantage of the Forbes Rich List as an external shock to examine its effect on internal control quality in China's Mainland.Using the difference-in-differences(DiD)method for a large sample of 17,910 firm-year observations from 2000 to 2014,we find that firms controlled by entrepreneurs included in the Forbes Rich List tend to have higher internal control quality than firms not controlled by entrepreneurs in the list.The listed entrepreneurs improve their firms’internal control quality by means of reducing the information asymmetry between the firms and outsiders.Further tests show that the event effect is more pronounced when firms have higher misreporting costs and when listed entrepreneurs hold chairman positions than in other situations.Our results remain robust after applying the propensity score matching method,stacked DiD estimation,and an alternative measure of internal control quality.These findings enrich the literature on the effect of the Rich List and the determinants of internal control quality in emerging markets.
文摘福布斯最新发布的＂亚洲地区30位30岁以下领袖榜＂（Forbes 30 Under 30 Asia）中,来自上海热巢网络科技有限公司（下称＂热巢＂）的两位创始人——穆青与他的德国小伙伴Fabian von Heimburg当选广告与传媒领域青年领袖。对穆青来说,这份荣誉来得并不突然。早在2016年10月,德国总理默克尔访华期间与李克强总理共同讨论德国工业4.0和中国制造2025时,热巢作为唯一中德创新创业企业被邀请参加。这让穆青引以为豪。
文摘在《福布斯》杂志(Forbes)公布的2011年美国大学排行榜中,有三所美国军事院校名列前二十,其中名列第三的是西点军校(United States Military Academy,即美国军校),排名比哈佛大学还要高(名列第六);紧随在名列第九的麻省理工学院之后的是排名第十的美国空军军校(United States Air Force Academy);
