讲座题目：The impact of family-based human capital on corporate innovation: Evidence from siblings-chairpersons in China
陈锦全 (Johnny Chan)，上海商学院特聘教授、学科带头人。美国阿拉巴马大学金融学博士；特许金融分析师(CFA)；富布赖特学者。长期从事首次公开募股(IPO)、分析师行为、绿色金融、内部控制等方面研究。在Management Science，Contemporary Accounting Research，Journal of Business Ethics，Journal of Banking and Finance，Journal of Corporate Finance等国际顶尖学术期刊发表论文300篇。
We examine the impact of family-based human capital stemming from a chairperson’s having siblings vis-à-vis not having siblings on corporate innovation in Chinese family firms. Using hand-collected data, we document that when a firm has a sibling-chairperson, it holds more patents, receives more total citations to their patents, and has greater innovation efficiency and innovation quality than an otherwise equivalent firm with a chairperson with no siblings. The results are economically significant and robust to a battery of alternative methods. Specifically, the findings remain intact after using China’s one-child policy as an exogenous shock to apply a regression discontinuity research design to mitigate endogeneity. Additional analysis suggests that the mechanisms behind the impact of siblings on innovation are consistent with family-based human capital embedded in the sibling relationships such as competition and knowledge spillover among siblings. Furthermore, we show that sibling co-management, sibling gender diversity, and siblings’ collaborative behavior matter in corporate innovation. Overall, family-based human capital from siblings impacts corporate innovation.