报告题目：In family we trust: Clan culture and family ownership in China
主 讲 人：林曙 (The Chinese University of Hong Kong, Associate Professor)
主 持 人：才国伟（中山大学岭南学院 教授）
时 间 ：2018年10月12日（周五）下午 14:30-16:00
地 点 ：岭南堂林植宣会议室
To identify the effects of clan culture on family ownership, we construct a genealogy-based measure of local clan culture strength at the Chinese prefecture level. In a sample of private enterprises, we show that clan culture has a positive causal effect on the concentration of family ownership through an enhanced family value and a short-radius trust attitude. Moreover, this effect is more pronounced for small firms, firms with large control potentials, or in weak legal or financial environments. Finally, in a sample of listed family firms, we resort to the presence of movers to separate the inherited and environmental components of clan culture and to demonstrate further that our results are not driven by omitted variables by controlling for prefecture fixed effects.