题目：Wealth and Corporate Social Responsibility 

主讲人：Xian Sun 博士 （Johns Hopkins University）

时间：2016年6月13日 14：30

地点：主楼409

主讲人介绍：

   Dr. Sun received her PhD in finance from Rensselaer Polytechnic Institute in 2006.  She worked for Office of Comptroller of Currency, the supervisor of US national banks, for 3 years after graduation, where she was promoted to the position of senior Financial Economist. Dr. Sun then joined Carey Business School of Johns Hopkins University as the tenure-tracked Assistant Professor in Finance. She has published in prestigious financial journals such as Journal of Financial Quantitative Analysis, Journal of Banking and Finance, Journal of International Money and Finance, and Journal of Corporate Finance.  Her research interests include emerging markets, cross-border M&As, creditor rights and CEO compensation.

内容介绍：

   Despite documented consequences, firms routinely engage in “socially disapproved” behavior. Studying one form of such behaviors, CSR concerns, we investigate an important reason: exogenous wealth changes. Our research suggests that firms see reducing or increasing their CSR concerns as an investment decision, and thus condition these concerns on the availability of economic resources. Thus, wealth gains reduce CSR concerns while wealth losses increase them. The relative impact of wealth on CSR concerns, however, depends on several organizational variables that influence the structure of a firm’s investment hierarchy (financial slack, political climate, corporate governance, and analyst coverage). Furthermore, based on prospect theory, we show that firm reactions to wealth gains and losses are not symmetric: wealth gains reduce CSR concerns, but wealth losses increase CSR concerns even more markedly. In addition to highlighting an important antecedent of CSR concerns, these results help to resolve complex theoretical dilemmas in the finance and management literature on CSR。

（承办：国际贸易与金融系，科研与学术交流中心）