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。