A Social Norm Perspective on Distorted Information in China
研究发现中国与饮酒相关的社会规范会加剧企业盈余管理，并通过有毒酒精丑闻分析支持因果解释，揭示社会规范的外部性及其对市场制度的影响。
Abstract Can social norms give rise to distorted information in China? We observe that China’s leading social norm related to alcohol consumption and social drinking enhances earnings management. An analysis of toxic alcohol scandals supports a causal interpretation. Further evidence suggests that the influence of alcohol may come from the negative externality that it creates, which is propagated by corporate leaders and cannot be attenuated by market-oriented institutions. Our results reveal a social norm externality that may have important normative implications.