Shaped by Confucius: The Cultural Origin of Corporate Behavior
研究儒家文化如何通过促进关系契约来替代正式法律框架，影响中国企业行为，发现文化暴露度高的企业更注重利益相关者关系，且该效应在正式制度弱的地区更强。
Abstract We examine how Confucian culture operates as an informal institution by fostering relational contracts that substitute for formal legal frameworks in shaping corporate behavior. Using data on historical Confucian academies near firms’ headquarters in China, we find that greater cultural exposure is associated with higher investment in stakeholder relationships—measured by social contribution, stakeholder protection, courtesy expenses, patenting, and trade credit. These effects persist after controlling for human capital and alternative cultural influences, and weaken in regions with stronger formal institutions. Our findings highlight the enduring role of culture in supporting trust-based governance when formal contracting is limited.