Scientific Disclosure and Corporate Misconduct

Abstract

This study investigates the impact of scientific disclosure on the occurrence of corporate misconduct. By analyzing databases encompassing core journal publications and misconduct cases, we establish a robust negative relationship between scientific disclosure and corporate misconduct. This association is particularly pronounced for firms that have articles published in English-language core journals. Our findings are supported by a battery of rigorous robustness tests, including change analyses, instrumental variable estimation, Heckman’s two-stage sample selection method, and difference-in-difference approach. Furthermore, our examination of potential mechanisms uncovers several pathways through which scientific disclosure can mitigate misconduct. These mechanisms include attracting high-quality talent, fostering technological innovation, establishing a positive reputation, receiving R&D subsidies, and deterring opportunistic corporate cultures. Overall, our results contribute to a deeper understanding of the role of corporate scientific disclosure in curbing misconduct and underscore the beneficial effects of corporate investment in scientific research.

Speaker Intro

赵奇锋，中国社会科学院数量经济与技术经济研究所副研究员，经济大数据与政策评估实验室副研究员。2020年7月于中国人民大学经济学院获得经济学博士学位，加州大学伯克利分校哈斯商学院(Haas School of Business)联合培养博士。主要关注中国企业的技术创新与基础研究，技术创新与资本市场之间的互动关系，以及数字化领域的发展和应用。目前已在《Research Policy》(FT50, ABS4星+, 2篇)《China Economic Review》(3篇)《世界经济》《中国工业经济》《财贸经济》《南开经济研究》(2篇)等中英文核心期刊发表论文四十余篇。主持国家自然科学基金一项，参与国家社科基金重大项目、中国社会科学院重大项目等多项研究课题。提交的政策报告获中办录用。为《Research Policy》《China Economic Review》《Journal of Banking and Finance》《世界经济》等国内外核心期刊审稿，并兼任《工信财经科技》责任编辑。