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The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance
The Impact of Logic (In)Compatibility: Green Investing, State Policy, and Corporate Environmental Performance
Environmental protection is widely perceived as a state responsibility, but market-based solutions such as green investing have emerged in the financial sector. Little research has addressed whether green investing can affect corporate environmental performance and how the state would moderate such an impact. Using an institutional logics perspective, we extend the literature on institutional complexity by exploring the factors leading to compatibility of logics and practices. We theorize that the success of green investing as a novel hybrid practice combining financial means and environmental goals depends on the legitimacy it achieves as an appropriate solution to the stated goal, and this legitimacy can be boosted or dampened by other hybrid practices in the field. Analyzing a panel dataset of 3,706 firms from 20 countries between 2002 and 2013, we find a positive relationship between the relative size of green investment in the economy and firm-level environmental performance in that country. This relationship is moderated by state policies: a strong environmental protection policy weakens the positive relationship between green investing and corporate environmental performance, and a strong shareholder protection policy strengthens the relationship. We contribute to research on institutional complexity, logic compatibility, and public–private cooperation in pursuing the common good.

Do Multinationals Transfer Culture? Evidence on Female Employment in China
Do Multinationals Transfer Culture? Evidence on Female Employment in China
We study the global diffusion of culture through multinationals, focusing on gender norms. Using data on manufacturing firms in China from 2004 to 2007, we find that foreign affiliates from countries with a more gender-equal culture tend to employ proportionally more women and appoint more female managers. They also generate cultural spillovers, as we find that domestic firms' female labor share increases with the prevalence of foreign affiliates in the same industry or city. Based on a multi-sector model that accounts for firm heterogeneity in productivity, gender bias, and learning, we perform counterfactual exercises. By hypothetically eliminating firms' gender biases, we observe a 5% increase in China's aggregate total factor productivity, 19% of which is due to spillovers from foreign affiliates.

Air Pollution, Behavioral Bias, and the Disposition Effect in China
Air Pollution, Behavioral Bias, and the Disposition Effect in China
Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism.

The Competition between Confucianism and Capitalism
The Competition between Confucianism and Capitalism
Since Max Weber, Confucianism has been widely viewed as being in opposition to capitalist or modern growth in historical China, especially in comparison with the rise of Western Europe after the Protestant Reformation. In pre-19th century China, the absence of industrialization or capitalism is partially attributed to the conservative nature of Confucian culture, particularly the emphasis on the ‘adjustment’ to the world and the depreciation of pursuing wealth, among others. And perhaps more importantly, the clan as a tangible organization of Confucianism restricted interpersonal cooperation to the family or lineage scope. Such ‘kinship-based morality’, in contrast to the ‘generalised morality’ enforced by market institutions in the West, paved the way for China’s divergent developmental path from the West. In a recent study, Zhiwu Chen, Andrew Sinclair and Chicheng Ma find another channel through which Confucianism inhibits capitalism: competition in financial markets.

Combining Computational Intelligence into marketing – Dr. Xi LI
Combining Computational Intelligence into marketing – Dr. Xi LI
The reputation of HKU and the faculty’s strong connection with the Asian-Pacific business community can definitely help marketing scholars to conduct research more effectively, which in turn enables scholars to deliver update knowledge to students, and nurture high quality talents for the society.

Professor Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world.
Professor Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world.
Congratulations! Our Chair of Strategy and International Business, Chung Hon-Dak Professor in Strategy and International Business Kevin Zheng Zhou is named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world.

Promoting inclusive growth with macroeconomics research – Dr. Lichen Zhang
Promoting inclusive growth with macroeconomics research – Dr. Lichen Zhang
I hope my research on the labour market could inspire students to strategise new ways to reduce the staggering income inequality in Hong Kong.

The Pros and Cons of the SPAC Tide
The Pros and Cons of the SPAC Tide
特殊目的收購公司(Special Purpose Acquisition Company;簡稱SPAC)早於1990年代已在美國出現。以SPAC融資 上市雖非主流,但對比傳統的首次公開招股(IPO),SPAC能提供更快捷的途徑進入公開市場,尤其便於初創公司。
The Prospect of the Sino-US Relationship: A Battle of Ideologies or Political Systems?
The Prospect of the Sino-US Relationship: A Battle of Ideologies or Political Systems?
中美對抗的前景:理念之爭還是體制之爭? 國家主席習近平最近與美國總統拜登舉行視像峰會。有人可能認為中美關係會出現新轉機,但有鑑雙方基本態勢依舊,中美戰略對抗的格局不會因為最高領導人之間的會面而產生重大改變。
Will the Northern Metropolis become the Pudong New Area in Hong Kong?
Will the Northern Metropolis become the Pudong New Area in Hong Kong?
特首林鄭月娥在10月發表了最新一份《施政報告》,其中大篇幅強調推動新界北的發展,並重點推出了「北部都會區」戰略。北部都會區包括元朗和北區兩個地方行政區,佔地約300平方公里,計劃落成後可容納250萬人居住。北部都會區的構想展現了香港政府少見的宏大格局。社會各界對此反應熱烈,很多評論指出北部都會區的建設,有助緩解香港當前面臨的諸多問題,例如土地供應長期不足、產業結構單一、創科發展緩慢、經濟活動過度集中在維港兩岸等。但也有分析人士持觀望態度,主要是質疑香港政府對於這樣一個宏大規劃的實際執行能力。
The Pros and Cons of the SPAC Tide
The Pros and Cons of the SPAC Tide
特殊目的收購公司(Special Purpose Acquisition Company;簡稱SPAC)早於1990年代已在美國出現。以SPAC融資 上市雖非主流,但對比傳統的首次公開招股(IPO),SPAC能提供更快捷的途徑進入公開市場,尤其便於初創公司。
HKU Listed Among World’s Top 50 Universities With The Most Highly Cited Researchers
HKU Listed Among World’s Top 50 Universities With The Most Highly Cited Researchers
Thirty one academics of the University of Hong Kong (HKU) have been named by Clarivate in its list of “Highly Cited Researchers 2021” as the most influential in the world. Their works have been highly cited by fellow academics and are hence making a significant impact in ongoing research in their respective fields of study. The number of world’s top researchers at HKU has more than doubled that of 2020’s, and remains to be the highest among universities in Hong Kong. It is also the first time that HKU is listed among the top 50 universities globally. Highly Cited Researchers are selected for their exceptional research performance, determined by production of multiple highly cited papers that rank in the top 1% by citations for field and year in Web of Science.

4商界領袖:港企未來 不能只求賺錢
4商界領袖:港企未來 不能只求賺錢
香港大學經管學院昨舉辦「陳坤耀傑出學人講座」,找來4位代表不同界別的未來領袖出席。幾位與會者不約而同強調,企業應考慮對持份者的影響,而不應單單是為股東帶來盈利,他們又分享了對科技、環保及企業社會責任等。