社会责任的信号作用——基于中国市场的研究

doi:10.16381/j.cnki.issn1003-207x.2018.08.004

摘要/Abstract

摘要： 承担社会责任能否提升未来公司绩效一直是国内外学者关注的焦点，大部分研究认为履行社会责任有助于提升公司未来绩效，将社会责任视为一种价值投资。在控制了当期绩效因素对企业承担社会责任的影响后，本文发现：（1）承担社会责任不能提升公司未来财务绩效，仅能对企业未来股票回报产生正向影响；（2）当期经济绩效较好的企业，社会责任会对未来财务绩效产生正向影响，而当期经济绩效较差的企业，社会责任会对未来财务绩效产生负向影响。文章结果表明：当期绩效较差公司承担社会责任存在更大成本，当期绩效较好公司可以通过履行社会责任向市场传达信号使其与当期绩效较差公司区分，但此信号行为本身不对公司绩效存在影响。早期研究发现社会责任与未来公司财务绩效的正向关系很可能是因未考虑当期公司绩效同时正向影响当期公司社会责任履行程度和未来财务绩效而产生的伪相关关系。本文实证结果一定程度上对现有社会责任促进公司绩效的理论分析框架构成了挑战。

关键词: 企业社会责任, 信号, 公司财务绩效, 公司市场回报

Abstract: The question of whether undertaking corporate social responsibility (CSR) activities can improve firm performance has attracted increasing research attention. Most of prior research has documented a positive relation between CSR activities and firm performance. However, other literatures suggest that the relation between CSR activities and firm performance is negative, not related or different in different subsample being analyzed. Mixed results are found in prior works.
In this paper, this relation is re-examined by separating CSR score influenced by current period firm performance and clean CSR score using predicted and residual values from an OLS regression. CSR scores are obtained from Hexun.com Chinese listed firms' CSR evaluation results and accounting and stock market data are obtained from CSMAR database.After controlling the influence of firms' current period economic fundamentals to CSR performance, the regression analysis is applied on Chinese A-share market data from 2010 to 2014.
It is found that (1) undertaking CSR activities cannot increase firm's future financial performance but can generate positive stock market return, and that (2) investing in CSR activities can increase future financial performance only for firms with good current period financial performance, while for firms with bad current period financial performance, investing in CSR activities will deteriorate future performance.
Our results remain generally robust after various robustness tests are performed.Our results suggest that it is much costly for firms with bad performanceto undertake CSR activities than firms with good performance. Firms with good performance can use CSR as a signal to separate them from firms with bad performance, even if the signal (CSR) itself contributes no ways for improving firm performance.The positive relation between current period CSR activities and future financial performance documented by prior literatures may be subject to the problem of spurious regression.The empirical results of this paper impose challenges on current theoretical frameworks on issues concerning whether CSR activities improve firm performance and add to the literature on the economic consequences of CSR.

Key words: corporate social responsibility, signaling, future financial performance, future abnormal return

中图分类号:

F275
F270

王建玲, 李玥婷, 吴璇. 社会责任的信号作用——基于中国市场的研究[J]. 中国管理科学, 2018, 26(8): 31-41.

WANG Jian-ling, LI Yue-ting, WU Xuan. Corporate Social Responsibilityas the Signal of Firm Future Performance: Evidence from Chinese Market[J]. Chinese Journal of Management Science, 2018, 26(8): 31-41.

参考文献

[1] Carroll AB. A three-dimensional conceptual model of corporate social performance[J]. Academy of Management Review, 1979, 4(4):497-505.

[2] 毕楠. 企业社会责任价值创造的驱动因素与作用机理研究[J]. 当代经济研究, 2012, (7):50-56.

[3] 唐鹏程, 杨树旺. 企业社会责任投资模式研究:基于价值的判断标准[J]. 中国工业经济, 2016,(7):109-126.

[4] Lin C H, Yang H L, Liu D Y. The impact of corporate social responsibility on financial performance:Evidence from business in Taiwan[J]. Technology in Society, 2009, 31(1):56-63.

[5] 尹开国, 刘小芹, 陈华东. 基于内生性的企业社会责任与财务绩效关系研究——来自中国上市公司的经验数据[J]. 中国软科学, 2014, (6):98-108.

[6] Schadewit H, Niskala M. Communication via responsibility reporting and its effect on firm value in Finland[J]. Corporate Social Responsibility and Environmental Management, 2010, 17(2):96-106.

[7] Davis A K, Krull L K, Williams RM. Do socially responsible firms pay more taxes?[J]. The Accounting Review, 2016, 91(1):47-68.

[8] Ullman A. Data in search of a theory:A critical examination of the relationship among social performance, social disclosure, and economic performance[J]. Academic of Management Review, 1985, 10(3):540-577.

[9] Vasconcellos F C D, Freire F D S, Crisóstomo VL. Corporate social responsibility, firm value and financial performance in Brazil[J]. Social Responsibility Journal, 2011,7(7):295-309.

[10] 杨皖苏, 杨善林. 中国情境下企业社会责任与财务绩效关系的实证研究——基于大、中小型上市公司的对比分析[J]. 中国管理科学, 2016, 24(1):143-150.

[11] Servaes H, Tamayo A. The impact of corporate social responsibility on firm value:the role of customer awareness[J]. Management Science, 2013, 59(5):1045-1061.

[12] Lys T, Naughton J P, Wang C. Signaling through corporate accountability reporting[J]. Journal of Accounting and Economics, 2015, 60(1):56-72.

[13] Cornell B, Shapiro A C. Corporate stakeholders and corporate finance[J]. Financial Management, 1987, 16(1):5-14.

[14] Parker LD. Corporate social accountability through action:Contemporary insights from British industrial pioneers[J]. Accounting, Organizations and Society, 2014, 39(8):632-659.

[15] Jensen M C, Meckling W H. Theory of the firm:managerial behavior, agency costs, and capital structure[J]. Journal of Financial Economics, 1976, 3(4):305-360.

[16] Deng Xin, Kang J K, Low B S. Corporate social responsibility and stakeholder value maximization:Evidence from mergers[J]. Journal of Financial Economics, 2013, 110(1):87-109.

[17] 张兆国, 靳小翠, 李庚春. 企业社会责任与财务绩效之间交互跨期影响实证研究[J]. 会计研究, 2013, (8):32-39.

[18] Waddock S A, Graves S B. The corporate social performance financial performance link[J]. Strategic Management Journal, 1997, 18(4):303-319.

[19] Simpson G W, Kohers T. The link between corporate social and financial performance:Evidence from the bank industry[J]. Journal of Business Ethics, 2002, 35(2):97-110.

[20] Wagner M, Schaltegger S. The effect of corporate environmental strategy choice and environmental performance on competitiveness and economic performance:An empirical study of EU manufacturing[J]. European Management Journal, 2004, 22(5):557-572.

[21] Salzmann O, Lonescu-Somers A, Steger U. The business case for corporate sustainability:Literature review and research opinions[J]. European Management Journal, 2005, 23(1):27-36.

[22] Aguinis H. Organizational responsibility:Doing good and doing well[M]//Zedeck S, APA handbook of industrial and organizational psychology Washington, DC:American Psychological Association, 2011:855-879.

[23] 杨晋渝,刘斌, 张卫国. 国外盈余持续性研究动态及述评[J]. 预测,2014,33(3):75-80.

[24] Arrow K J. Higher education as a filter[J]. Journal of Public Economics, 1973, 2(3):193-216.

[25] Wang Maobin, Qiu Chun, Kong Dongmin. Corporate social responsibility, investor behaviors, and stock market returns:evidence from a natural experiment in China[J]. Journal of Business Ethics, 2011, 101(1):127-141.

[26] Faleye O, Trahan E A. Labor-friendly corporate practices:Is what is good for employees good for shareholders?[J]. Journal of Business Ethics, 2011, 101(1):1-27.

[27] Lackmann J, Ernstberger J, Stich M. Market reactions to increased reliability of sustainability information[J]. Journal of Business Ethics, 2012, 107(2):111-128.

[28] Gregory A, Whittaker J. Exploring the valuation of corporate social responsibility-A comparison of research methods[J]. Journal of Business Ethics, 2013, 116(1):1-20.

[29] Harjoto M A, Jo H. Legal vs. normative CSR:Differential impact on analyst dispersion, stock return volatility, cost of capital, and firm value[J]. Journal of Business Ethics, 2015, 128(1):1-20.

[30] Cordeiro J J, Manish T. Firm characteristics, industry context, and investor reactions to environmental CSR:A stakeholder theory approach[J]. Journal of Business Ethics, 2015, 130(4):833-849.

[31] 江炎骏,徐勇. 企业社会责任对负面事件发生时股东财富的影响[J]. 中大管理研究, 2012, 7(1):102-120.

[32] Chakravarthy J, deHaan Ed, Rajgopal S. Reputation repair after a serious restatement[J]. The Accounting Review, 2014, 89(4):1329-1363.

[33] Martin P R, Moser DV. Managers' green investment disclosures and investors' reaction[J]. Journal of Accounting and Economics, 2016, 61(1):239-254.

[34] 陈德萍, 曾智海. 资本结构与企业绩效的互动关系研究——基于创业板上市公司的实证检验[J]. 会计研究,2012, (8):66-71.

[35] 黄辉. 媒体负面报道、市场反应与企业绩效[J]. 中国软科学,2013, (8):104-116.