Abstract:
China, with a vast region and diverse culture, gives us a chance to study the relationship between culture and finance. In this paper, we empirically research the impact of cultural diversity on enterprises’ innovation, with the former measured by the number of dialects and their difference in a city. We find that more considerable cultural diversity leads to more innovation output in private high-tech enterprises. The result is still robust after adopting instrument variables method and controlling the difference in education. What’s more, a more significant effect would appear in cities where have bigger diversity in different dialects, more tolerant, more population inflow and better intellectual property protection. This paper contributes to the understanding of non-institutional factors behind the unbalanced development among cities in China, and provides evidence from a rich-culture, non-immigrant country for international research about “culture and finance”.
潘越, 肖金利, 戴亦一. 文化多样性与企业创新:基于方言视角的研究[J]. 金融研究, 2017, 448(10): 146-161.
PAN Yue, XIAO Jinli, DAI Yiyi. Cultural Diversity and Enterprises’ InnovationA Study Based on the Perspective of Dialects. Journal of Financial Research, 2017, 448(10): 146-161.
Adhikari, B. K. and Agrawal, A., 2016, “Religion, Gambling Attitudes and Corporate Innovation”, Journal of Corporate Finance, 37: 229~248.
Adhikari, B. K. and Agrawal, A., 2016, “Religion, Gambling Attitudes and Corporate Innovation”, Journal of Corporate Finance, 37: 229~248.
[13]
Chen, M. K., 2013, “The Effect of Language on Economic Behavior: Evidence From Savings Rates, Health Behaviors, and Retirement Assets”, American Economic Review, 103: 690~731.
Chen, M. K., 2013, “The Effect of Language on Economic Behavior: Evidence From Savings Rates, Health Behaviors, and Retirement Assets”, American Economic Review, 103: 690~731.
[14]
Dimaggio, P.,1997, “Culture and Cognition”, Annual review of Sociology, 23(1): 263~287.
Dimaggio, P.,1997, “Culture and Cognition”, Annual review of Sociology, 23(1): 263~287.
[15]
Florida ,R.,2002, “The Rise of the Creative Class”, Washington Monthly, 35(5): 593~596.
Florida ,R.,2002, “The Rise of the Creative Class”, Washington Monthly, 35(5): 593~596.
[16]
Mellander, C. and Florida R., 2011, “Creativity, Talent, and Regional Wages in Sweden”, Annals of Regional Science, 46(3SI): 637~660.
Mellander, C. and Florida R., 2011, “Creativity, Talent, and Regional Wages in Sweden”, Annals of Regional Science, 46(3SI): 637~660.
[17]
Nathan, M., 2014, “Same Difference? Minority Ethnic Inventors, Diversity and Innovation in the UK”, Journal of Economic Geography, 15(1): 130~168
Nathan, M., 2014, “Same Difference? Minority Ethnic Inventors, Diversity and Innovation in the UK”, Journal of Economic Geography, 15(1): 130~168
[18]
Ottaviano, G.I.P, and Peri, G., 2006, “The Economic Value of Cultural Diversity: Evidence from US Cities”, Journal of Economic geography, 6(1): 9~44.
Ottaviano, G.I.P, and Peri, G., 2006, “The Economic Value of Cultural Diversity: Evidence from US Cities”, Journal of Economic geography, 6(1): 9~44.
[19]
Ozgen, C., Nijkamp, P., Poot, J.,2011, “Immigration and Innovation in European Regions”, Ssrn working paper.
Ozgen, C., Nijkamp, P., Poot, J.,2011, “Immigration and Innovation in European Regions”, Ssrn working paper.
[20]
Page, S. E. ,2008,“The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies”, Princeton University Press, 11(4): 270~278.
Page, S. E. ,2008,“The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies”, Princeton University Press, 11(4): 270~278.
[21]
Peri, G. ,2005,“Determinants of Knowledge Flows and Their Effect on Innovation”, The Review of Economics and Statistics, 87(2): 308~322.
Peri, G. ,2005,“Determinants of Knowledge Flows and Their Effect on Innovation”, The Review of Economics and Statistics, 87(2): 308~322.
[22]
Qian, H., 2013, “Diversity Versus Tolerance: The Social Drivers of Innovation and Entrepreneurship in US Cities”, Urban Studies, 50(13): 2718~2735.
Qian, H., 2013, “Diversity Versus Tolerance: The Social Drivers of Innovation and Entrepreneurship in US Cities”, Urban Studies, 50(13): 2718~2735.
[23]
Qian, H. and Stough, R. R., 2011, “The Effect of Social Diversity on Regional Innovation: Measures and Empirical Evidence”, International Journal of Foresight Innovation Policy, 7 (1-3): 142~157.
Qian, H. and Stough, R. R., 2011, “The Effect of Social Diversity on Regional Innovation: Measures and Empirical Evidence”, International Journal of Foresight Innovation Policy, 7 (1-3): 142~157.
Simonen, J. and McCann P., 2008, “Firm Innovation: The Influence of R&D Cooperation and the Geography of Human Capital Inputs”, Journal of Urban Economics, 64(1): 146~154.
Simonen, J. and McCann P., 2008, “Firm Innovation: The Influence of R&D Cooperation and the Geography of Human Capital Inputs”, Journal of Urban Economics, 64(1): 146~154.
[26]
Talhelm, T., Zhang, X., Oishi, S., Shimin, C., Duan, D., Lan, X., et al, 2014, “Large-Scale Psychological Differences within China Explained by Rice Versus Wheat Agriculture”, Science, 344(6184): 603~608.
Talhelm, T., Zhang, X., Oishi, S., Shimin, C., Duan, D., Lan, X., et al, 2014, “Large-Scale Psychological Differences within China Explained by Rice Versus Wheat Agriculture”, Science, 344(6184): 603~608.