Can cultural background affect corporate financial performance? An empirical analysis based on multiple regression model

摘要

The corporate financial performance determines the sustainable development ability, which directly affects the protection of investors' core interests and the operation of the capital market. Therefore, corporate financial performance has always been the focus of accounting research. In addition to formal institutions play an important role in corporate financial performance, informal institutions such as culture also have an important impact on a corporate financial performance. Based on the manually inquired Confucian cultural data, this paper takes Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2018 as the research object, and adopts the large-sample empirical test method to explore the influence of Confucianism on corporate financial performance. The results show that the influence of Confucianism on the location of listed companies significantly improves the financial performance of enterprises. The findings are robust to a range of robustness tests. This paper not only expands the research on the influencing factors of the corporate financial performance, but also helps the listed companies and investors understand the important role of informal institutions.