Confucianism, openness to the West, and corporate investment efficiency
研究发现儒家思想能显著提升中国上市公司的投资效率，主要通过减少过度投资实现，且财务报告质量是重要机制；但对西方的开放态度会削弱这一作用。
Abstract This study presents robust findings that Confucianism significantly improves investment efficiency of Chinese listed firms and that the improvement is achieved through decreasing overinvestment without inducing underinvestment. Financial reporting quality is found to be an important mechanism for the disciplinary effect of Confucianism to work. More importantly, we provide strong and consistent evidence that openness to the West neutralizes the role of the Confucianism in overinvestment. Against the backdrop of globalization, this paper offers valuable references to emerging markets that experience intensive interactions with developed economies.