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论文

社会责任的信号作用——基于中国市场的研究

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  • 1. 西安交通大学管理学院, 陕西 西安 710049;
    2. 香港城市大学商学院, 香港 999077
李玥婷(1991-),女(汉族),陕西西安人,西安交通大学管理学院会计与财务系和香港城市大学商学院会计学系联合培养博士研究生,研究方向:公司治理,E-mail:liyueting0915@163.com.

收稿日期: 2017-01-21

  修回日期: 2017-08-02

  网络出版日期: 2018-10-22

基金资助

教育部人文社科基金资助项目(16YJA630052);陕西省软科学研究计划项目(2018KRM173)

Corporate Social Responsibilityas the Signal of Firm Future Performance: Evidence from Chinese Market

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  • 1. School of Management, Xi'an Jiaotong University, Xi'an 710049, China;
    2. College of Business, City University of Hong Kong, Hong Kong 999077, China

Received date: 2017-01-21

  Revised date: 2017-08-02

  Online published: 2018-10-22

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。

本文引用格式

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

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.

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