While the existing literature finds that corporate social responsibility (CSR) can provide insurance-like protection in negative events, it remains unclear how CSR buffers firms from market penalties for negative events. To address this concern, we conduct event studies and regressions using data from the environmental violations by Chinese publicly traded companies and their interlocked companies from 2009 to 2021. Our results show that the market reacts negatively to environmental violations. The market penalty diffuses through director networks and leads to the (...) collective punishment of interlocked firms. CSR has an insurance-like effect that buffers market penalties and collective punishment for environmental violations. Long-term CSR has a stronger insurance-like effect than short-term CSR. Additionally, the insurance-like effect of CSR still exists during repeated environmental violation events. This paper contributes to the literature on the insurance-like effect of CSR and provides a reference for corporate CSR practice and investors' CSR decisions. (shrink)

This study aims to examine the neural correlates of cognitive shifting during the Dimensional Change Card Sort Task task with functional near-infrared spectroscopy. Altogether 49 children completed the DCCS tasks, and 25 children passing all items were classified into the Switch group. Twenty children committing more than one perseverative errors were grouped into the Perseverate group. The Switch group had Brodmann Area 9 and 10 activated in the pre-switch period and BA 6, 9, 10, 40, and 44 in the post-switch (...) period. In contrast, the Perseverate group had BA 9 and 10 activated in the pre-switch period and BA 8, 9, 10 in the post-switch period. The general linear model results afford strong support to the “V-shape curve” hypothesis by identifying a significant decrease–increase cycle in BA 9 and 44, the neural correlations of cognitive shifting. (shrink)

This study explored the differentiated neural correlates of mental rotation in preschoolers with high and low working memory capacity using functional near-infrared spectroscopy. Altogether 38 Chinese preschoolers completed the Working Memory Capacity test, the Mental Rotation, and its Control tasks. They were divided into High-WMC and Low-WMC groups based on the WMC scores. The behavioral and fNIRS results indicated that: there were no significant differences in MR task performance between the High-WMC and Low-WMC group ; the Low-WMC group activated BA6, (...) BA8, BA 9, and BA 44, whereas the High-WMC group activated BA8, BA10 and BA 44 during mental rotation; significant differences were found in the activation of BA44 and BA9 between the High-WMC and Low-WMC groups during mental rotation; and the High-WMC and Low-WMC groups differed significantly in the activation of BA 9 and BA10 during the control tasks, indicating that both areas might be responsible for the group differences in working memory. (shrink)