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This study investigates the differences between zombie firms and non-zombie firms in corporate social responsibility activities such as reporting, disclosure and fulfillment. Using Chinese listing company data collected from 2009 to 2016, we apply a three stage model with a double Heckman correction to deal with potential self-selection/endogeneity bias and to measure the differences consistently. We found that zombie firms are less willing to release standalone corporate social responsibility reports than non-zombie firms. Among companies that release standalone corporate social responsibility reports, the corporate social responsibility disclosure of zombie firms is at least not worse than non-zombie firms, but the corporate social responsibility fulfillment is significantly lower. We conclude from this gap between disclosure and fulfillment to the hypocritical behavior of zombie firms, due to the absence of control in corporate social responsibility. We suggest that government should enhance supervision over zombie firms' corporate social responsibility activities and subsidies towards them in order to lower their economic damage. Supplementary analyses provide some clues concerning the heterogeneity of inconsistence in term of external support characteristics, ownership and censorship which require further studies.

Entrepreneurship is a key factor of ecological civilization construction, which is closely related to the government regulation. Based on the panel data of 30 provinces in China from 2012 to 2016, this paper empirically examines relationship between entrepreneurship and performance of ecological civilization construction, as well as the regulatory effect of institutional environment on the relationship. The result shows that the development of innovation entrepreneurship and venture entrepreneurship can significantly improve the performance of ecological civilization construction respectively, government regulation has negative impact on the relationship. Therefore, in the new stage of China's economic development, reducing government regulation is very important to promote entrepreneurship and improve the performance of ecological civilization construction.

Abstract. As one of the three major "puzzles" in finance, dividend distribution policies are financing decisions on profit retaining which have far-reaching influence on both the development strategy and image of a listed company. In the paper, analysis was carried out on the theories related to the dividend distribution policies for listed companies in China and some changes in the policies in recent two decades. It can be observed that national macro economy policies, securities market maturity, and equity structure and profitability of listed company are important factors influencing the dividend distribution policies for listed companies in China. Listed companies should gradually standardize and rationalize dividend distribution by following more strengthened law systems and regulations, optimizing equity structure, improving information disclosure quality, and enhancing profitability, thereby promoting long-term stable development.