精准扶贫与慈善捐赠——一个比较研究

精准扶贫与慈善捐赠是企业履行社会责任的重要方式,精准扶贫强调行政引导,慈善捐赠依靠市场自觉,其共性与个性是否产生经济后果差异有待进一步研究。本文以2016-2020年沪深A股非金融上市公司为样本,对企业精准扶贫与慈善捐赠的情况进行比较分析。研究发现,从企业特征出发,国有企业更加倾向于精准扶贫,非国有企业更加倾向于慈善捐赠;在经济动机方面,企业参与精准扶贫或慈善捐赠主要基于形象塑造、产业关联、政策压力和战略发展等动机;关于经济后果,相比于慈善捐赠,精准扶贫能够帮助企业获得更多更持续的长期贷款、媒体关注和广告效应,并且该效应在非国有企业更加显著。本文研究补充了自愿性社会责任与强制性社会责任差异等方面的文献,同时也表明精准扶贫是一项社会效应与经济效应“共赢”的战略部署。     

服务动机、感知公平与金融精准扶贫绩效——基于湖北省红山镇网格化服务模式的实证研究

本文基于湖北省红山镇金融精准扶贫工作者的129份问卷,运用多元回归方法分析了金融精准扶贫工作者服务动机对金融精准扶贫绩效的影响机理及其感知公平的中介作用机制。研究发现,受访金融精准扶贫工作者在服务动机与感知公平方面处于偏低水平;金融精准扶贫绩效可分为覆盖共建绩效、配套绩效和示范绩效三方面,且三种绩效水平均相对较低;良好的服务动机可以显著提升金融精准扶贫绩效水平,而感知公平是服务动机与金融精准扶贫绩效的关键中介机制。     

企业参与精准扶贫与高管薪酬契约有效性

本文以2016—2020年A股上市公司为样本，检验了企业参与精准扶贫对高管薪酬契约有效性的影响。研究结果显示，企业参与精准扶贫显著提高了高管薪酬-业绩敏感性，提升了薪酬契约有效性。这一结论经过一系列内生性和稳健性检验后依然成立。机制分析表明，参与精准扶贫降低了信息不对称水平并吸引了媒体关注，从而提高了高管薪酬契约有效性。异质性分析发现，参与精准扶贫对高管薪酬契约的治理效应存在于非国有企业。进一步研究发现，企业参与精准扶贫能够显著抑制高管薪酬粘性，且参与后续乡村振兴工作同样可以提高高管薪酬契约有效性。本文为全面理解参与精准扶贫对企业的治理效应提供了重要参考依据，也为进一步引导企业参与乡村振兴提供了经验证据。     

企业精准扶贫行为影响企业风险吗？

精准扶贫是一项国家战略,企业精准扶贫是打赢脱贫攻坚战的重要环节。本文以2016-2018年A股市场参与精准扶贫的非金融类上市公司为样本,研究精准扶贫参与水平对企业风险的影响。研究发现:(1)企业精准扶贫的参与水平越高,其股票市场风险越低;(2)企业信息透明度越低,参与精准扶贫对企业风险的降低作用越强;(3)制度环境越薄弱的地区,参与精准扶贫对企业风险的降低程度越大;(4)进一步分析发现,企业精准扶贫提高了企业声誉、资源获取能力和生产效率,降低了信息不对称,从而有助于降低企业风险。本文研究了企业精准扶贫对企业风险的影响及作用机理,经验证据表明,上市公司积极参与精准扶贫既响应国家号召,为打赢脱贫攻坚战贡献力量,又有利于降低企业风险,能够获得承担社会责任与规避风险的“双赢”结果。     

产业政策、银行关联与企业债务融资--基于A股上市公司的实证研究北大核心CSSCISSCI

本文从产业政策的视角研究了企业聘请具有商业银行背景的人士担任公司董事(银行关联)的动机及其对债务融资的影响。本文发现,不属于产业政策支持行业的企业更有动机去建立银行关联。本文还发现,企业建立银行关联能够显著增加企业的银行借款总额和长期借款,体现出银行关联的资源效应和信息效应。但对于不属于产业政策支持行业的企业而言,建立银行关联会显著减少其长期借款水平,并降低长期借款的波动性,以应对产业政策对长期债务融资的限制,体现出银行关联的管理效应。进一步的分析表明,对于不属于产业政策支持行业的企业而言,银行关联与政治关联发挥互补作用;对于属于产业政策支持行业的企业而言,银行关联与政治关联发挥替代作用。     

企业参与精准扶贫能促进企业创新吗?

本文以2013-2019年中国A股上市公司为样本,研究企业参与精准扶贫对企业创新的影响.研究发现,企业参与精准扶贫能显著提高企业创新绩效.通过机制检验发现,企业参与精准扶贫能通过财政补贴、税收优惠、银行贷款、股权融资四种渠道来缓解企业融资约束,进而促进企业创新.进一步就企业扶贫方式对企业创新绩效的影响研究发现,企业产业扶贫对企业创新绩效的促进作用最强,教育扶贫次之.本研究能够为企业在后扶贫时代制定扶贫策略和创新发展战略提供参考依据.     

企业精准扶贫决策分析——基于同群效应的视角

企业精准扶贫行为具有社会责任履行与经营动机的双重属性,同时还可能受到行业与省份同群企业投资行为的影响。本文选取2016—2019年A股上市公司数据作为研究样本,对企业精准扶贫投资行为是否存在同群效应及其同群动因进行了分析,结果表明:第一,企业精准扶贫投资受到同行业、同省份企业行为影响;第二,信息不对称下,观察式模仿为企业精准扶贫的主要动因,竞争性动机并不明显;第三,精准扶贫行为自身会降低崩盘风险,而同群动因下企业精准扶贫行为对崩盘风险的降低作用有所减弱。     

绿色并购的绿色创新效应：策略逢迎还是实质转型

随着国家生态文明战略的推进,绿色并购成为重污染企业实现转型升级的重要方式,但企业实施绿色并购的真实目的仍需验证。本文基于2008—2020年沪深A股中国上市公司数据考察绿色并购对重污染企业绿色创新的影响,借此探究企业实施绿色并购的真正动机。研究发现：绿色并购能够促进实质性绿色创新,且具有持续性;从作用机制来看,绿色并购行为有助于企业获得政府资金扶持,从而缓解绿色创新所面临的融资约束。进一步研究发现：对非国有企业、环境执法强度较低地区的企业以及绿色发展水平较高地区的企业而言,绿色并购对实质性绿色创新的促进作用更强。本文从并购动机角度丰富了绿色并购经济后果相关领域的研究,可以为重污染企业转型发展的战略选择提供有益参考。     

地区减贫压力与企业避税

《省级党委和政府扶贫开发工作成效考核办法》的实施促成了中西部地区省级党政领导人关于减贫成效的动态排名机制,形成地区减贫压力。基于2016-2019年A股上市公司数据,本文考察地区减贫压力对企业避税行为的影响。研究发现,地区减贫压力能够有效抑制企业避税,这种关系主要存在于非国有、未参与扶贫以及处于省会的企业中。路径分析表明,地区减贫压力通过提高税收征管强度来抑制企业的利润转移和资本弱化两类避税行为。最后,拓展性检验表明,在地区减贫压力下参与精准扶贫的企业能够以低成本获取更多信贷资金,建立产品市场竞争优势。本文的研究揭示了减贫压力下地方政府行为与企业税负的关系,有助于增进对中国减贫实践的理解,对税收治理工作也具有启示意义。     

稳定客户关系抑制了企业精准扶贫行为吗? ——基于中国A股上市公司的实证研究

"十三五"期间,精准扶贫逐渐成为中国企业履行社会责任的重要途径.以2016—2019年间中国A股上市公司为样本,实证检验了供应商—客户关系对企业精准扶贫行为的影响.研究发现,稳定客户关系会显著加剧企业的经营风险与财务风险,进而显著抑制企业精准扶贫行为,这一结论经过一系列稳健性检验与机制检验后依然成立.进一步区分不同类别精准扶贫行为发现,稳定的供应商—客户关系更有可能抑制企业的社会公益扶贫以及教育扶贫行为.进一步横截面分组检验发现,当产品市场竞争强度较高、政府补助水平较低以及管理层风险承担水平较低时,稳定客户关系对企业精准扶贫行为的抑制效应更加显著.     

Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic

The debate over how firm stakeholder engagement is tied to preserving shareholder wealth has received growing attention in recent years, especially in the wake of the COVID-19 crisis. Against this backdrop, we examine the relation between corporate social responsibility (CSR) and stock market returns during the COVID-19 pandemic-induced market crash and the post-crash recovery. Using a sample of 1750 U.S. firms and two major sources of CSR ratings, we find no evidence that CSR affected stock returns during the crash period. This result is robust to various sensitivity tests. In additional cross-sectional analysis, we find some supporting evidence, albeit weak, that the relation between CSR and stock returns during the pandemic-related crisis is more positive when CSR is congruent with a firm's institutional environment. We also find that Business Roundtable companies, which committed to protecting stakeholder interests prior to the pandemic, do not outperform during the pandemic crisis. We conclude that pre-crisis CSR is not effective at shielding shareholder wealth from the adverse effects of a crisis, suggesting a potential disconnect between firms' CSR orientation (ratings) and actual actions. Our evidence suggests that investors can distinguish between genuine CSR and firms engaging in cheap talk.     

Corporate socially responsible investments: CEO altruism,reputation, and shareholder interests

Corporate managers often invest in activities that are deemed to be socially responsible. In some instances, these investments enhance shareholder value. However, in other cases, altruistic managers or managers who privately benefit from the positive attention arising from these activities may choose to make socially responsible investments even if they are not value enhancing. Given this backdrop, we investigate the various factors that motivate firm managers to make socially responsible investments. We find that larger firms, firms with greater free cash flow, and higher advertising outlays demonstrate higher levels of corporate social responsibility (CSR). We also find that companies with stronger institutional ownership are less likely to invest in CSR — which casts doubt on the argument that these investments are designed to promote shareholder value. Consistent with the literature that explores how CEO personal attributes influence corporate decision making, we find that female CEOs, younger CEOs, and managers who donate to both Republican and Democratic parties are significantly more likely to invest in CSR. This latter result suggests that CSR investments may not be driven solely for altruistic reasons, but instead may be part of a broader strategy to create goodwill and/or help maintain good political relations. Finally, we find a strong positive connection between the level of media scrutiny surrounding the firm and its CEO, and the level of CSR investment. This finding suggests that media attention helps induce firms to make socially responsible investments.     

家族企业社会责任的社会情感财富动因分析

家族企业社会责任行为动因是家族企业社会责任研究中的重要问题。社会情感财富理论为这一问题的研究提供了最新视角，家族企业履行更多的社会责任往往是为了建立或维护家族企业的形象和声誉，从而保护和提升他们的社会情感财富。这一研究成果对中国本土家族企业社会责任的研究提供了一定启示。     

Managerial ability,corporate social culture,and M&As

We investigate the predictive power of corporate social culture, as measured by corporate social responsibility (CSR) intensity, on shareholder wealth when mergers and acquisitions (M&As) are carried out by managers with different traits. We find acquiring firms with talented managers are more inclined to engage in CSR activities to shape corporate social culture, thereby realizing larger short- and long-term gains than their counterparts. We also document that acquiring firms with higher levels of CSR commitment led by talented managers tend to acquire targets of similar corporate social culture and experience significantly positive post-merger returns, suggesting that corporate cultural similarity constitutes an important source of M&A synergies. These findings suggest that corporate culture built through stakeholder relations acts as a differentiation strategy that pays off when skilled managers engage in M&As, which typically prompt information asymmetries between managers and outsiders.     

Stakeholders and the stock price crash risk: What matters in corporate social performance?

This study provides evidence for the differential impacts of corporate social responsibility (CSR) initiatives targeting different stakeholder groups on stock price crash risk. In particular, it highlights CSR's role in mitigating risk and creating shareholder value. Our results reveal that managerial bad news hoarding and the resultant stock crashes are largely determined by the social CSR dimension, and this effect is predominantly seen in undervalued firms. Moreover, social CSR subcategories aimed at specific stakeholder groups (such as the community, employees, or customers) tend to mitigate future crashes. In contrast, firms' environmental initiatives and governance characteristics seem to have trivial effects on stock crashes. Using a quasi-natural experiment, we find that the mitigating effect of social CSR dimension on crash risk is likely to be causal.     

Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective

Recent literature suggests that some socially responsible corporate actions benefit shareholders while others do not. We study differences in policy toward corporate social responsibility (CSR) between family and non-family firms, using environmental performance as the proxy for CSR. We show that family firms are more responsible to shareholders than non-family firms in making environmental investments. When shareholder interests and societal interests coincide, i.e., when it comes to alleviating environmental concerns that have potential to harm society and elevate the firm's risk exposure, family firms do at least as well as non-family firms in protecting shareholder interests. However, when shareholder and societal interests diverge, i.e., when it comes to making environmental investments that might benefit society but do not benefit shareholders, family firms protect shareholder interests by undertaking a significantly lower level of such investments than non-family firms. Our findings suggest that lack of diversification by controlling families creates strong incentives for them to act in the financial interest of all shareholders, which more than overcomes any noneconomic benefits families may derive from engaging in social causes that do not benefit non-controlling shareholders.     

Does Corporate Social Responsibility (CSR) Create Shareholder Value? Evidence from the Indian Companies Act 2013

In 2013, a new law required Indian firms, which satisfy certain profitability, net worth, and size thresholds, to spend at least 2% of their net income on corporate social responsibility (CSR). We exploit this regulatory change to isolate the shareholder value implications of CSR activities. Using an event study approach coupled with a regression discontinuity design, we find that the law, on average, caused a 4.1% drop in the stock price of firms forced to spend money on CSR. However, firms that spend more on advertising are not negatively affected by the mandatory CSR rule. These results suggest that firms voluntarily choose CSR to maximize shareholder value. Therefore, forcing a firm to spend on CSR is likely to be sub‐optimal for the firm with a consequent negative impact on shareholder value.     

Voluntary CSR disclosure,institutional environment,and independent audit demand

Using a sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges, this study examines the impact of voluntary corporate social responsibility (CSR) disclosure on independent audit demand in different institutional environments. The sample covers the 2008–2016 period and excludes firms that are required to disclose CSR information. The findings show that compared with companies that choose to not disclose such information, companies that voluntarily disclose CSR information prefer to employ “small” accounting firms for auditing services, although the auditing fees are much higher. However, as the institutional environment improves, this preference is weakened. Further analyses show that this preference is stronger in enterprises where CSR disclosure is driven by strong political motivations and managerial self-interest motivations. Legitimate motivations and economic motivations do not significantly impact the preference for “small” audit firms. Furthermore, this preference is more obvious in enterprises with poor operational performance and low information disclosure quality, and it increases as CSR disclosure level decreases. The study enriches our understanding of the economic consequences of voluntary CSR disclosure and the factors that influence independent audit demand. The results also have implications for the construction and regulation of China’s system for supervising CSR information disclosure in the transitional phase.     

The Role of ESOPs in Takeover Contests

This article examines both the shareholder wealth effects of employee stock ownership plans (ESOPs) announced by firms subject to takeover pressure and the takeover incidence of targets with and without ESOPs. Although we do not find that defensive ESOPs significantly reduce shareholder wealth on average, we identify two factors—the change in managerial and employee ownership due to the ESOP and the simultaneous announcement of other defensive tactics—that are associated with negative stock price reactions. We find that ESOPs are strong deterrents to takeover. ESOP targets that are acquired earn higher returns than targets without ESOPs, but the difference is not statistically significant.     

A comprehensive examination of the wealth effects of recent stock repurchase announcements

The main purpose of this paper is to examine the wealth effect of stock repurchase announcements using a sample of 11,862 repurchase programs announced during 1994–2007. The results of several recent industry surveys indicate that managerial motivations for repurchasing shares may have changed in recent years. To better understand the reasons for repurchasing shares we classify our sample in various ways—by year, by the method used for repurchasing shares, and by the stated purpose of the program. We find that the median size of firms repurchasing shares has increased dramatically recently, and concomitantly, the announcement returns have declined. Signaling undervaluation of share prices appears to become less important than previously assumed. While smaller firms signal undervaluation using open market repurchases, tender offers are chosen to enhance shareholder values by other means.