Historical institution and corporate Innovation: Evidence from China’s Civil-service Examination

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-11-07 DOI:10.1016/j.jcae.2023.100385
Ruilin Liu , Zheyuan Zhang , Dan Li
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Abstract

Previous research indicates that historical institutions are crucial to the functioning and development of an economy. However, little is known about whether and how a historical institution affects current entrepreneurial activities. In ancient China, the Civil-service Examination (CSE), also known as keju, was the most important institution for selecting scholar-officials and had long-lasting effects. Using the variation in the historical success in keju across prefectures, this paper empirically examines the impact of the CSE on local corporate innovation. We find that the density of jinshi, which is the highest achievement in keju, is positively correlated with the innovation productivity of local firms as measured by patent applications and citations. To determine causality, we employ an instrumental variable and a quasi-experiment in early Qing period. Further tests suggest that the CSE promotes corporate innovation by fostering a forward-looking stance in firms, enhancing firms’ human capital level, and increasing local social capital. Overall, our results indicate that the CSE has a real and long-lasting impact on today’s firm innovation.

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历史制度与企业创新:中国公务员考试的证据
以往的研究表明,历史制度对经济的运行和发展至关重要。然而,人们对历史制度是否以及如何影响当前的创业活动却知之甚少。在中国古代,文官考试(CSE),又称科举,是选拔士大夫的最重要的制度,其影响经久不衰。本文利用历史上各县科举成功率的差异,实证研究了科举考试对当地企业创新的影响。我们发现,作为科举最高成就的进士密度与以专利申请和引用为衡量标准的当地企业创新生产力呈正相关。为了确定因果关系,我们使用了工具变量和清初的准实验。进一步的检验表明,CSE 通过培养企业的前瞻性立场、提高企业的人力资本水平和增加当地的社会资本来促进企业创新。总之,我们的研究结果表明,CSE 对当今的企业创新具有真实而持久的影响。
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CiteScore
6.00
自引率
3.00%
发文量
24
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