中文摘要
我们利用中国1978年前后从毛泽东思想向邓小平理论转变这一独特的意识形态不连续情境，提供关于政治家意识形态如何塑造经济结果的企业层面证据。我们发现，政治家在成年早期所经历的意识形态熏陶，对其所在城市的当代企业政策具有持久影响。与由“邓小平式市长”主政的企业相比，由“毛泽东式市长”主政的企业表现出更高的利益相关者支出、更低的薪酬不平等以及更低的国际化程度。进一步证据表明，政治家的意识形态通过非政策渠道影响企业行为，且这些结果无法由选择性偏误、内生匹配或市长年龄完全解释。本文获Will Cong（金融领域）接受。资助：本项研究获得东南亚国家联盟商业研究倡议[新加坡管理大学与长江商学院资助号G17C20406]的资助，资助方为新加坡管理大学与中欧国际工商学院。补充材料：在线附录与数据文件可在https://doi.org/10.1287/mnsc.2022.01745获取。
Abstract
We provide firm-level evidence on how politicians’ ideologies shape economic outcomes, using a unique setting of ideological discontinuity in China, transitioning from Maoism to Dengism around 1978. We find that ideological exposure during a politician’s early adulthood has a lasting impact on contemporary firm policies in their city. Firms governed by “Maoist mayors” show greater stakeholder spending, lower pay inequality, and less internationalization compared with those governed by “Dengist mayors.” Further evidence suggests that politicians’ ideologies influence corporate behaviors through nonpolicy channels, and these results cannot be fully explained by selection bias, endogenous matching, or the age of the mayor. This paper was accepted by Will Cong, finance. Funding: This work was supported by the Association of Southeast Asian Nations Business Research Initiative [Grant G17C20406 from SMU and CKGSB] from the Singapore Management University and the China Europe International Business School. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.01745 .