企业管理系学术讲座系列2022年第8讲

主 题：Pay for Greenness: How Credit Stakeholders Respond to CSR-contingent Executive Compensation

主讲人: 唐翌（香港大学商学院副教授）

时 间：2022-04-21 10:00

地 点：线上会议室

语 言：中英文

讲座摘要：

With the rise of a novel governance practice of CSR-contingent executive compensation, the field has devoted keen discussion to its implications on firms. Nevertheless, how stakeholders respond to such a relatively recent practice has received scarce attention. This study focuses on an important while largely less attended group of stakeholders, credit stakeholders, and examines their response to the adoption of pay-for-CSR scheme in firms. With an international sample of publicly-listed firms during 2002 to 2019, we find that bank loans to firms adopting the practice of CSR-contingent executive compensation tend to incur a higher cost of debt and to be more concentratedly syndicated, largely due to the higher default risk perceived by lenders. We further find that these effects become weaker when the firm has corporate governance that can curb agency problems, when the firm is in an industry that is subject to a stricter scrutiny of CSR, when the firm is from a country/region that emphasizes CSR, and when the lender has a strong preference for CSR. Implications to executive compensation and CSR research are discussed.

主讲人简介：

唐翌博士现任香港大学商学院战略管理领域的副教授（终身职）。在此之前，他是香港浸会大学和香港理工大学的副教授。唐翌的研究领域涉及战略领导力、企业创新、企业社会责任等，并且专注于结合最前沿的战略管理理论来研究企业高管的心智模式如何影响企业决策和绩效。

唐翌的研究成果发表于国际顶级期刊Academy of Management Journal, Strategic Management Journal, Organization Science, Journal of Management, Journal of Business Venturing等，以及《管理世界》、《管理学季刊》、《南开管理评论》、《经济科学》、《中国工业经济》、《外国经济与管理》等中文权威期刊。他也是《清华管理评论》的长期撰稿人。

唐博士目前是Journal of Management Studies, Long Range Planning, Family Business Review的客座主编，同时担任Strategic Management Journal, Journal of International Business Studies, Journal of Management, Academy of Management Discovery的编委。同时担任《管理学季刊》的领域编辑。

唐博士积极参与学者社群的组织和建设工作。他是Academy of Management, Strategic Management Society的资深会员，还担任IACMR的亚太区代表，并积极参与组织全球华人管理学者社群（CMSC）各项年度活动。