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Can the construction of confucian academies reduce the moral risk of executives? An analysis based on the intermediary effect of violations by listed companies

Author

Listed:
  • Xu, Jing
  • Liu, Yanfang
  • Yao, Chaoxia

Abstract

This paper uses a sample of listed companies from China's Shanghai and Shenzhen A-shares from 2012 to 2023 to systematically explore the impact, mechanisms, and differences of Confucian academy construction on the moral risk of corporate executives. The study finds that constructing Confucian academies can effectively reduce the moral risk of corporate executives; violations by listed companies play an intermediary role in the relationship between the construction of Confucian academies and the moral risk of corporate executives; the impact of Confucian academy construction on the moral risk of corporate executives shows heterogeneity between state-owned enterprises (SOEs) and private enterprises (PEs); and it also displays heterogeneity between profitable and unprofitable enterprises.

Suggested Citation

  • Xu, Jing & Liu, Yanfang & Yao, Chaoxia, 2026. "Can the construction of confucian academies reduce the moral risk of executives? An analysis based on the intermediary effect of violations by listed companies," Finance Research Letters, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:finlet:v:93:y:2026:i:c:s1544612326001303
    DOI: 10.1016/j.frl.2026.109599
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    References listed on IDEAS

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