报 告 人：柳春
题 目：Religious belief, risk aversion and guanxi investment: Evidence from China’s private enterprises
作 者：Chun Liu, Jinhe Center for Economic Research, Xi’an Jiaotong University, Xi’an, China 710049, E-mail: firstname.lastname@example.org
Yi Zhang, Jinhe Center for Economic Research, Xi’an Jiaotong University, Xi’an, China 710049, E-mail: email@example.com
论文摘要： Motivated by the extant research on the link between religion and risk aversion, this study examines how religious beliefs affect corporate guanxi investment when the market-supporting institutions are imperfect. Using a nationwide sample of private enterprises in China, we find that religious entrepreneurs significantly spend more pecuniary costs and allocate larger proportions of their working time on social networking and public relation building activities. The sensitivity of guanxi investment to religiosity is reduced and becomes statistically insignificant when the business environment is more favorable, and when the entrepreneur has political connections or prior management experience. Moreover, these patterns are robust to the use of several sub-samples and to the control for potential endogeneity issues. Our findings suggest that the lack of well-established market-supporting institutions induces more efforts of religious entrepreneurs on guanxi activities.