The Contemporary Significance of Revolutionary Culture:Evidence from the Suppression of Corporate Misconduct by the Long March Spirit
Revolutionary culture and spirit are powerful spiritual driving forces for the advancement of the Chinese people.However,few studies explore their impact on corporate activities and decisions.Focusing on the representative revolutionary culture of the Long March spirit,this paper constructs a natural experiment using a series of activities commemorating the 80th anniversary of the Long March victory.Using the difference-in-differences method,it finds that after 2016,there was a significant decrease in corporate misconduct at scenic Long March spots,indicating that the Long March spirit suppressed corporate misconduct.The mechanism test concludes that the Long March spirit mitigates corporate violations by guiding the construction of corporate culture and elevating the expectation of external stakeholders.Further examinations indicate that the type of violation,the age of the executive,the external supervision environment of the company,and the nature of property rights exert a heterogeneous impact on the documented effects.This study provides empirical evidence on the positive impact of the revolutionary culture of the Long March spirit on corporate activities and implications for adhering to a socialist cultural development path with Chinese characteristics.
revolutionary cultureLong March spiritcorporate misconductinternal control