［1］ Porter M E. Capital disadvantage: America’s failing capital investment system［J］. Harvard Business Review, 1992,70(5): 65-82.
［2］ Useem M. Investor capitalism: how money managers are changing the face of corporate America［M］. New York: Basic Books, 1996.
［3］ 高雷, 张杰. 公司治理,机构投资者与盈余管理［J］. 会计研究, 2008(9):64-72.Gao Lei, Zhang Jie. Corporate governance, institutional investors and earning management［J］. Accounting Research, 2008(9):64-72.
［4］ 李争光,赵西卜,曹丰,等.机构投资者异质性与会计稳健性——来自中国上市公司的经验证据［J］.南开管理评论,2015,18(3):111-121.Li Zhengguang, Zhao Xibu, Cao Feng, et al. Institutional investor heterogeneity and accounting robustness: Empirical evidence from Chinese listed companies［J］. Nankai Management Review,2015,18(3):111-121.
［5］ 李争光, 赵西卜, 曹丰,等. 机构投资者异质性与企业绩效——来自中国上市公司的经验证据［J］. 审计与经济研究, 2014, 29(5): 77-87.Li Zhengguang, Zhao Xibu, Cao Feng, et al. Institutional investor heterogeneity and firm performance: empirical evidence from Chinese listed firms［J］. Audit and Economic Research, 2014, 29(5): 77-87.
［6］ 高喜兰, 陈沉. 机构投资者异质性与盈余管理——来自应计盈余管理和真实盈余管理的经验证据［J］. 云南财经大学学报, 2017, 33(3): 124-131.Gao Xilan, Chen Chen. Institutional investor heterogeneity and earning management: empirical evidence from accrual earning management and real surplus management［J］. Journal of Yunnan University of Finance and Economics, 2017, 33(3): 124-131.
［7］ Mahon J.F. Corporate reputation research agenda using strategy and stakeholder literature［J］. Business & Society, 2013,41(4): 415-445.
［8］ Fombrun C J, Van Riel C B M. The reputational landscape［J］. Corporate Reputation Review, 1997,1(1): 5-13.
［9］ Turban D B, Greening D W. Corporate social performance and organizational attractiveness to prospective employees［J］. Academy of Management Journal, 1997,40(3): 658-672.
［10］ Keck N, Giessner S R, Venus M. Practice as you preach: corporate social performance and organizational attractiveness［J］. Academy of Management Annual Meeting Proceedings, 2015(1):19059-19059.
［11］ Tillman R. Reputations and corporate malfeasance: collusive networks in financial statement fraud［J］. Crime Law & Social Change, 2009, 51(3): 365-382.
［12］ Wright P, Kroll M, Elenkov D. Acquisition returns, increase in firm size, and chief executive officer compensation: the moderating role of monitoring［J］. Academy of Management Journal, 2002(45): 599-608
［13］ Neubaum D O. Institutional ownership and corporate social performance: the moderating effects of investment horizon, activism, and coordination［J］. Journal of Management, 2006, 32(1):108-131.
［14］ Aaker D A, Keller K L. Consumer evaluations of brand extension. Journal of Marketing［J］ 1990, 54(1): 27-41.
［15］ Roberts P W, Dowling, G R. Corporate reputation and sustained superior financial performance［J］. Strategic Management Journal, 2002, 23(12):1077-1093.
［16］ 王谨乐, 史永东. 机构投资者、代理成本与公司价值——基于随机前沿模型及门槛回归的实证分析［J］. 中国管理科学, 2016, 24(7): 155-162.Wang Jinle, Shi Yongdong. Institutional investors, agency costs and firm value: an empirical analysis based on stochastic frontier model and threshold regression［J］. China Management Science, 2016, 24(7): 155-162.
［17］ 管考磊, 张蕊. 企业声誉与盈余管理:有效契约观还是寻租观［J］. 会计研究, 2019(1): 59-64.Guan Kaolei, Zhang Rui. Corporate reputation and surplus management: an effective contractual view or a rent-seeking view［J］. Accounting Research, 2019(1): 59-64.
［18］ Smith M P. Shareholder activism by institutional investors: evidence from CalPERS［J］. Journal of Finance, 2012, 51(1):227-252.
［19］ Edmans A, Manso G. Governance through trading and intervention: a theory of multiple blockholders［J］. Social Science Electronic Publishing, 2011, 24(7):2395-2428.
［20］ Agle B R, Mitchell R K, Sonnenfeld J A. Who matters to CEOs? An investigation of stakeholder attributes and salience, corporate performance, and CEO values［J］. Academy of Management Journal, 1999,5(42): 507-525.
［21］ Brickley J A，Lease R C，Smith C J. Structure and voting on antitakeover amendments［J］. Journal of Financial Economics, 1988, 20(1-2):267-291.
［22］ Chen Xia, Harford J, Li Kai. Monitoring: which institutions matter?［J］. Journal of Financial Economics, 2007, 86(2):279-305.
［23］ 李维安, 郝臣, 崔光耀,等. 公司治理研究40年：脉络与展望［J］. 外国经济与管理, 2019, 41(12): 161-185.Li Weian, Hao Chen, Cui Guangyao, et al. Forty years of corporate governance research: the lineage and outlook［J］. Foreign Economics and Management, 2019, 41(12): 161-185.
［24］ Jackson A R. Trade generation, reputation, and sell-side analysts［J］. Journal of Finance, 2005, 60(2):673-717.
［25］ Boone A L, White J T. The effect of institutional ownership on firm transparency and information production［J］. Journal of Financial Economics, 2015,117(3): 508-533.
［26］ Coffee J. Liquidity versus control: the institutional investor voice［J］. Columbia Law Review, 1991, 91(6):1277-1338.
［27］ Ioannou I, Serafeim G. The impact of corporate social responsibility on investment recommendations: analysts’ perceptions and shifting institutional logics［J］. Social Science Electronic Publishing, 2015, 36(7):1053-1081.
［28］ 刘岚, 王倩. 企业社会责任、政治关联与非效率投资——基于企业社会责任的治理效应［J］. 中国管理科学, 2016, 24(S1): 398-404.Liu Lan, Wang Qian. Corporate social responsibility, political affiliation and inefficient investment: governance effects based on corporate social responsibility［J］. China Management Science,2016, 24(S1): 398-404.
［29］ 刘龙峰, 杜勇. 机构投资者持股行为:动机、影响因素与经济后果［J］. 财会月刊, 2018(2): 118-123.Liu Longfeng, Du Yong. Institutional investors’ shareholding behavior: motivations, influencing factors and economic consequences［J］. Finance and Accounting Monthly, 2018(2): 118-123.
［30］ 冯照桢, 宋林. 异质机构、企业性质与企业社会责任信息披露［J］. 山西财经大学学报, 2013, 35(12): 84-92.Feng Zhaozhen, Song Lin. Heterogeneous institutions, corporate nature and CSR information disclosure［J］. Journal of Shanxi University of Finance and Economics, 2013, 35(12): 84-92.
［31］ Maug E. Large shareholders as monitors: is there a trade-off between liquidity and control?［J］. The Journal of Finance, 1998, 53(1):65-98.
［32］ Breaugh J A, Starke M. Research on employee recruitment: so many studies, so many remaining questions［J］. Journal of Management, 2000, 26(3):405-434.
［33］ 王垒, 曲晶, 赵忠超,等. 组织绩效期望差距与异质机构投资者行为选择：双重委托代理视角［J］. 管理世界, 2020, 36(7): 132-153.Wang Lei, Qu Jing, Zhao Zhongchao, et al. Organizational performance expectation gap and behavioral choices of heterogeneous institutional investors: a dual principal-agent perspective［J］. Management World, 2020, 36(7): 132-153.
［34］ 宋岩,方蓓蓓,孙晓妍.CEO自信程度、研发投入与企业社会责任履行——基于门槛效应的实证分析［J］.重庆社会科学,2019(7):38-52.Song Yan, Fang Beibei, Sun Xiaoyan. CEO confidence level, R&D investment and CSR fulfillment: an empirical analysis based on threshold effect［J］. Chongqing Social Science, 2019(7):38-52.
［35］ Lewis A, Mackenzie C. Morals, money, ethical investing and economic psychology［J］. Human Relations, 2000, 53(2):179-191.
［36］ Sparkes R, Cowton C J. The maturing of socially responsible investment: a review of the developing link with corporate social responsibility［J］. Journal of Business Ethics, 2004, 52(1): 45-57.
［37］ 朱乃平,朱丽,孔玉生,等.技术创新投入、社会责任承担对财务绩效的协同影响研究［J］.会计研究,2014(2):57-63+95.Zhu Naiping, Zhu Li, Kong Yusheng, et al. A study on the synergistic impact of technological innovation investment, social responsibility commitment on financial performance［J］. Accounting Research, 2014(2):57-63+95.
［38］ 温军, 冯根福. 异质机构、企业性质与自主创新［J］. 经济研究, 2012, 47(3): 53-64.Wen Jun, Feng Genfu. Heterogeneous institutions, firm nature and independent innovation［J］. Economic Research, 2012, 47(3): 53-64.
［39］ 邢洋, 戚开元. 境外机构投资者持股对战略性新兴产业融资约束的影响——基于生命周期异质性视角［J］. 投资研究, 2019, 38(7): 131-146.Xing Yang, Qi Kaiyuan. The impact of foreign institutional investors’ shareholding on financing constraints in strategic emerging industries: a life-cycle heterogeneity perspective［J］. Investment Research, 2019, 38(7): 131-146.
［40］ 邓川, 孙金金. QFII持股、产权性质与企业融资约束［J］. 管理世界, 2014(5): 180-181.Deng Chuan, Sun Jinjin. QFII shareholding, nature of property rights and corporate financing constraints［J］. Management World, 2014(5): 180-181.
［41］ 王玉. 机构投资者持股对企业绩效的影响研究：基于研发投入的中介效应［D］.南昌: 南昌大学, 2018.Wang Yu. Research on the impact of institutional investors’ shareholding on firm performance: mediating effect based on R&D investment［D］. Nanchang: Nanchang University, 2018.
［42］ 王海妹, 吕晓静, 林晚发. 外资参股和高管、机构持股对企业社会责任的影响——基于中国A股上市公司的实证研究［J］. 会计研究, 2014(8): 81-87+97.Wang Haimei, Lv Xiaojing, Lin Wanfa. Impact of foreign equity participation and executive and institutional shareholding on corporate social responsibility: an empirical study based on Chinese A-share listed companies［J］. Accounting Research, 2014(8): 81-87+97.
［43］ 蒋红芸, 李思. 内部控制、机构投资者异质性与非效率投资［J］. 财会通讯, 2019(6): 109-118.Jiang Hongyun, Li Si. Internal control, institutional investor heterogeneity and inefficient investment［J］. Finance and Accounting Newsletter, 2019(6): 109-118.
［44］ Brammer S J, Pavelin S. Corporate reputation and social performance: the importance of fit［J］. Journal of Management Studies, 2010, 43(3):435-455.
［45］ 廉春慧, 王跃堂. 企业社会责任信息、企业声誉与投资意向的实证研究［J］. 东南大学学报(哲学社会科学版), 2018, 20(3): 53-59+147.Lian Chunhui, Wang Yuetang. An empirical study of corporate social responsibility information, corporate reputation and investment intention［J］. Journal of Southeast University (Philosophy and Social Science Edition), 2018, 20(3): 53-59+147.
［46］ 李海芹, 张子刚. CSR对企业声誉及顾客忠诚影响的实证研究［J］. 南开管理评论, 2010, 13(1): 90-98.Li Haiqin, Zhang Zigang. An empirical study on the impact of CSR on corporate reputation and customer loyalty［J］. Nankai Management Review, 2010, 13(1): 90-98.
［47］ Cox P, Brammer S, Millington A. An empirical examination of institutional investor preferences for corporate social performance［J］. Journal of Business Ethics, 2004, 52(1):27-43.
［48］ Greening D W, Johnson R A. The effects of corporate governance and institutional ownership types on corporate social performance［J］. Academy of Management Journal, 1999, 42(5):564-576.
［49］ Cox P, Wicks P G. Institutional interest in corporate responsibility: Portfolio evidence and ethical explanation［J］. Journal of Business Ethics, 2011, 103(1):143-165.
［50］ Cheng Inghao, Hong Harrison, Shue Kelly. Do managers do good with other people’s money?［R］. Working Paper, National Bureau of Economic Research, 2013.
［51］ Cronqvist H, Yu Frank. Shaped by their daughters: Executives, female socialization, and corporate social responsibility［J］. Journal of Financial Economics, 2017, 126(3): 543-562.
［52］ Barnea A, Rubin A. Corporate social responsibility as a conflict between shareholders［J］. Journal of Business Ethics, 2010, 97(1):71-86.
［53］ Bushee B J. Institutional investors, long-term investment, and earnings management［D］. Detroit: University of Michigan. 1997.
［54］ Connelly B L, Tihanyi L, Certo S T, et al. Marching to the beat of different drummers: the influence of institutional owners on competitive actions［J］. The Academy of Management Journal, 2012, 2(53): 723-742.
［55］ 黎文靖, 路晓燕. 机构投资者关注企业的环境绩效吗?——来自我国重污染行业上市公司的经验证据［J］. 金融研究, 2015(12): 97-112.Li Wenjing, Lu Xiaoyan. Do institutional investors care about the environmental performance of firms? Empirical evidence from listed companies in China’s heavily polluting industries［J］. Financial Research, 2015(12): 97-112.
［56］ Barnett M L, Jermier J M, Lafferty B A. Corporate reputation: the definitional landscape［J］. Corporate Reputation Review, 2006, 9(1):26-38.
［57］ Fombrun R C J. Constructing competitive advantage: the role of firm-constituent interactions［J］. Strategic Management Journal, 1999, 20(8): 691-710.
［58］ 缪荣, 茅宁. 中国公司声誉测量指标构建的实证研究［J］. 南开管理评论, 2007(1): 91-98.Miao Rong, Mao Ning. An empirical study on the construction of corporate reputation measurement indicators in China［J］. Nankai Management Review, 2007(1): 91-98.
［59］ Mcguire J W, Richman M L, Jorjani D S. The efficient production of reputation by prestige research universities in the United States［J］. The Journal of Higher Education, 1988, 59(4):365-389.
［60］ Fombrun C, Shanley M. What's in a Name? Reputation building and corporate strategy［J］. Academy of Management Journal, 1990, 33(2):233-258.
［61］ 晁罡, 石杜丽, 申传泉,等. 新媒体时代企业社会责任对声誉修复的影响研究［J］. 管理学报, 2015, 12(11): 1678-1686.Chao Gang, Shi Duli, Shen Chuanquan, et al. Research on the impact of corporate social responsibility on reputation repair in the new media era［J］. Journal of Management, 2015, 12(11): 1678-1686.
［62］ 宝贡敏,徐碧祥.国外企业声誉理论研究述评［J］.科研管理,2007(3):98-107.Bao Gongmin, Xu Bixiang. A review of foreign corporate reputation theory［J］. Scientific Research Management, 2007(3):98-107.
［63］ 贺康, 万丽梅. 政治关联与管理层语调操纵——声誉约束观还是资源支持观?［J］. 中南财经政法大学学报, 2020(5): 17-27+158-159.He Kang, Wan Limei. Political affiliation and management tone manipulation: a reputation-bound or resource-supporting view?［J］. Journal of Zhongnan University of Economics and Law, 2020(5): 17-27+158-159.
［64］ 潘俊, 王亚星. 战略差异影响企业税收激进程度吗?——基于“账税差异”的检验［J］. 中南财经政法大学学报, 2019(6): 52-60+159-160.Pan Jun, Wang Yaxing. Do strategic differences affect the degree of corporate tax aggressiveness? A test based on ‘tax differences in accounts’［J］. Journal of Zhongnan University of Economics and Law, 2019(6): 52-60+159-160.
［65］ Fama E F. Efficient capital markets: a review of theory and empirical work［J］. The Journal of Finance, 1970, 25(2): 383-417.
［66］ 温忠麟, 叶宝娟. 中介效应分析:方法和模型发展［J］. 心理科学进展, 2014, 22(5): 731-745.Wen Zhonglin, Ye Baojuan. Mediated effects analysis: methods and model development［J］. Advances in Psychological Science, 2014, 22(5): 731-745.
［67］ 李涛, 陈晴. 异质机构投资者、企业性质与科技创新［J］. 工业技术经济, 2020, 39(3): 30-39.Li Tao, Chen Qing. Heterogeneous institutional investors, firm nature and technological innovation［J］. Industrial Technology Economics, 2020, 39(3): 30-39.
