我国上市公司社会责任信息披露的动因及对策

随着经济的发展,企业的社会责任的履行情况一直都备受关注,尤其是近年来发生的一系列企业社会责任事件,说明我国企业社会责任的履行情况比较不尽如人意。文章根据当前我国企业社会责任的履行现状,分析影响企业社会责任信息披露的因素,并提出改善信息披露的几点拙见。     

Are environmentally responsible firms less vulnerable when investing abroad? The role of reputation

Globalization allows multinational firms to locate strategically the polluting activities in lax countries. This paper revisits the empirical evidence by exploiting heterogeneity in firms’ environmental image. While locating in countries with weak environmental standards is likely to be detrimental for a firm’s image and reputation, investing in corporate environmental responsibility can help firms to convince consumers that they have good environmental practices, even when investing in the “dirty” countries. Exploiting an original database that records an index of environmental responsibility for large European firms, we find that the firms viewed as environment-friendly are more often than others located in countries with weak environmental regulations. We show that our findings are not likely to be driven by omitted variables bias, specific sectors nor particular countries. Interestingly, this relationship is observed only among the firms with a well-established reputation for environmental responsibility.     

Who you are or whom you know? Consumption interdependences in social networks

This paper presents an analysis of whether a consumer's decision to switch from one mobile phone provider to another is driven by individual consumer characteristics or by actions of other consumers in her social network. Such consumption interdependences are estimated using a unique dataset, which contains transaction data based on anonymized call records from a large European mobile phone carrier to approximate a consumer's social network. Results show that network effects have an important impact on consumers’ switching decisions: switching decisions are interdependent between consumers who interact with each other and this interdependence increases in the closeness between two consumers as measured by the calling data. In other words, if a subscriber switches carriers, she is also affecting the switching probabilities of other individuals in her social circle. The paper argues that such an approach is of high relevance to both switching of providers and to the adoption of new products.     

绿色低碳产品消费市场活力激发研究——基于绿色家电产品的演化博弈

激发绿色低碳产品消费市场活性,对拉动上游企业低碳减排,促进低碳供应链发展具有重要作用。基于演化博弈理论,构建了政府、家电企业、消费者三方博弈模型,探索各主体策略选择及演化稳定路径,并以实际数据进行验证。研究结果表明:政府低碳决策主要受家电企业低碳决策影响,家电企业低碳决策主要受消费者低碳决策影响,消费者低碳决策受政府及家电企业决策共同影响;家电企业低碳成本、政府不监管时消费者选择低碳消费带来的家电企业额外收益、绿色家电与非绿色家电价格差、消费者低碳消费环境保护效用是促进模型向政府不用监管、家电企业积极提供绿色家电、消费者主动选择低碳消费的理想稳定状态演化的重要决定因素。为此,政府应对企业减排成本合理补贴并加强宣传教育,家电企业应扩大低碳产品供给,提高低碳产品性价比,消费者应进一步提升低碳环保意识,树立低碳消费理念,践行低碳消费。     

Ownership and corporate wage policy: the signal and its strength

We argue that identification and proper specification of ownership links among firms is an important factor and is affecting firm performance on different dimensions. We focus on the corporate wage policy, where we show that firms with same stockholders have similar average labour costs after controlling for standard factors of the wage equation. Moreover, we propose new measures of stockholders’ ability to influence firms’ decision; signal and its strength. The signal measures stockholder’s preferences over a given corporate policy, while the strength function describes stockholder’s ability to influence a firms’ corporate policy.     

What to do in globalised economies if global governance is missing? The vicarious role of competition in social responsibility

In this article, we present a model that seeks to illustrate mechanisms that have fostered the diffusion of socially responsible corporate practices with specific reference to Fair Trade. We do so with a simple standard Hotelling approach of competition on product differentiation between a profit-maximising producer (PMP) and a “socially responsible” not for profit “fair trader” (FT) over prices and (costly) “socially and environmentally responsible” features of their products. We show that, under reasonable conditions concerning consumers’ costs of ethical distance, the fair trader’s entry into the market triggers the partial adoption of socially responsible practices by the profit-maximising competitor. We finally compare the ethical choices of the two players with the optimal ones of a domestic benevolent planner. Our findings show that competition between the fair trader and the PMP leads to a level of transfers to marginalised producers in the South, which is above the optimal level fixed by a planner maximising the welfare of the consumers in the North. This finding shows that the competition in social responsibility triggered by fair traders partially compensates for the lack of global governance and global institutions properly representing marginalised producers.     

Corporate social responsibility and market entry

Is the decision of firms to pursue social interest and promote social progress philanthropic or motivated by strategic reasons? Using a simple Spence–Dixit entry model game with homogeneous goods, this paper studies the possible anticompetitive effect of the adoption of corporate social responsibility (CSR) in the form of “consumer friendliness” (i.e., firms’ attention to the welfare of consumers). It is shown that, when the market becomes contestable, the incumbent can select to adopt CSR to hamper to a greater extent the potential entrant, regardless of its choice to engage in CSR activities. In other words, CSR can become a strategic barrier to entry.     

Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China

This article investigates effects of corporate governance on the decision to voluntarily disclose corporate social responsibility (CSR) reports. By using a unique longitude data set of Chinese publicly traded manufacturing firms from 2010 to 2016, this study finds that ownership structure and board characteristics are significantly associated with firms’ decisions to voluntarily disclose CSR reports. In particular, our study finds that state ownership, institutional ownership, managerial ownership and board size are positively and significantly associated with the decision to voluntarily disclose CSR reports. However, board independence is not related to the decision. We also find CEO duality is negatively and significantly related to the decision. Our findings highlight the role of corporate governance in firms’ transparency by influencing the voluntary disclosure of additional information on firms’ CSR activities.     

Firm value in commonly uncertain times: the divergent effects of corporate governance and CSR

Economic uncertainty disrupts firms’ ability to create value. Most related literature examines how various organizational characteristics affect value under extreme conditions – the global financial crisis. However, recent work in quantifying economic uncertainty now makes it possible to take a more nuanced approach in investigating the conditions under which this value reduction can be mitigated during more ‘commonly uncertain’ periods. In this paper we analyze the effects of corporate governance mechanisms and social responsibility investments on Tobin’s q across 13 years and 40 countries. Evidence suggests that shareholder-centric corporate governance policies restrict board and executive flexibility during uncertain times, and therefore stifle their ability to react effectively to adverse macroeconomic changes. We also find that CSR initiatives serve as insurance in that they preserve value under uncertainty by acting as a reservoir of social capital.     

平台企业社会责任:逻辑起点与实践范式

本文沿着“认知—行为—评价”的基本思路,基于平台属性与平台情境的异质性,通过推演出四个核心命题厘清平台企业社会责任的一般性与特殊性,实现平台企业社会责任逻辑起点的正本清源。在此基础上,从“目的属性—内容嵌入”和“组织情境—主体选择”两种视角解构了传统社会责任实践范式的内容构面,并基于“情境选择—战略导向—平台基础”三维框架,将平台企业社会责任实践范式归结为“平台嵌入式”“平台嫁接式”“平台撬动式”与“平台新创式”四种类型。本文的研究为重新认识平台企业社会责任提供了一种新的逻辑框架,为平台企业更好地开展社会责任实践提供了新的范式选择思路。     

食品企业社会责任的影响因素及食品安全治理政策——基于扎根理论的探索

食品企业社会责任的缺失是食品安全事件频发的前因。以沪深股市58家食品饮料业上市公司为样本,采用扎根理论探索构建食品企业社会责任的影响因素及其作用机制模型,显示企业文化是企业社会责任的内在前置驱动因素,质量改进和经济绩效是调节“文化-责任”关系的内部情境因素,企业荣誉是调节“文化-责任”关系的外部情境因素。     

消费者的企业社会责任认知研究

本文在对企业社会责任(CSR)相关文献分析、研究的基础上,从消费者的视角出发构建企业社会责任构成模型,研究消费者认知CSR的维度。通过对问卷数据的分析,发现产品自身质量、售后服务、商业道德、危机事件的处理、公益行为及管理层社会形象这6个方面构成了消费者对企业社会责任的认知,这对企业树立良好的社会形象、增加企业的知名度与美誉度具有重要的指导意义。     

中央企业的社会责任与财务管理目标探讨

企业承担社会责任与实现财务目标具有紧密的联系,企业在实现财务目标的同时,也应履行相应的社会责任,这对提升公司价值是有益处的。第一部分首先探讨了企业社会责任的相关企业社会责任的内涵、中央企业社会责任的特殊性及其履行方式;第二部分对企业的财务管理目标和社会责任的关系进行了分析,指出了在三种方式的驱动下二者的一致性,得出＂相关者利益最大化＂是中央企业财务目标的最佳选择;最后从财务目标和企业社会责任的角度,分析了二者之间的联系及其协调过程,强调了利益相关者各方利益的协调,而且提出了协调的方法,认为企业实现财务目标的过程就是将企业承担社会责任与实现财务目标契合,在承担社会责任的过程中实现财务目标,在实现财务目标的过程中承担社会责任。     

企业社会责任管理与实践能力对公司绩效的影响

本文以2014—2017年沪深股市11个行业的上市公司为样本,对企业社会责任管理能力、实践能力及其协同作用对公司绩效(财务绩效与市场绩效)的影响进行了理论分析与实证检验.通过固定效应模型分析发现:企业社会责任管理能力对财务绩效具有显著的负向影响且具有滞后性,但与市场绩效不相关;企业社会责任实践能力与财务绩效存在当期正相关和滞后负相关关系,并与市场绩效负相关;企业社会责任管理与实践能力对财务绩效与市场绩效均具有长期协同促进作用.研究结论为我国上市公司协同推进社会责任管理与实践提供了经验证据.     

企业数字化转型对环境社会责任的影响研究—“末端治理”还是“源头控制”？

本文基于2006-2020年我国A股上市企业数据,考察企业数字化转型对企业环境社会责任的影响及机制。研究发现：企业数字化转型对企业“源头控制”环境社会责任有显著正向影响,对“末端治理”环境社会责任有显著负向影响,并实现了企业从“末端治理”向“源头控制”的转变。实证结论在经一系列稳健性检验与内生性处理后依然成立。机制分析发现,数字化转型能通过员工绿色行为、企业环境社会关注意愿及全要素生产率影响企业的环境社会责任。调节效应发现,公司治理与融资成本能进一步调节数字化转型对两种环境社会责任的影响。异质性分析发现,数字化转型对非国有、高环境规制及高学历高管在承担“源头控制”环境社会责任上有着更显著的影响。动机分析发现,企业之所以从“末端治理”向“源头控制”环境社会责任的转变,其动机在于后者对企业价值有着更为显著的正向影响,而数字化转型在其中会进一步强化这一影响。     

Income security. Do it yourself

Washington--and Americans--are at a crossroads between the collective approach to social security and medicare and the corporate trend toward self-reliance. Workers may become more prudent consumers as they assume responsibility for retirement and health care costs, but the disadvantaged may find it difficult to provide for their own needs.     

消费者视野中的企业社会责任--关于企业社会责任的消费者调研

消费者愿意对哪些企业的社会责任行为给予更多的支持，是企业界所关心的热点问题。本文揭示了目前中国消费者对企业社会责任的认识，希望能为企业构建社会负责形象提供一点参考。     

基于可持续发展视角的企业社会责任思考

企业社会责任问题是企业发展必须面对的重要问题。急功近利的短期行为不利于企业的可持续发展。履行相应的社会责任既是企业实现持续发展的途径,也是构成企业可持续发展的重要内容。企业承担社会责任有助于实现经济利益和社会利益的统一,有助于提升其社会地位和竞争力。发挥政府的引导作用,健全相关法律制度,完善公司治理结构,增强社会的监督作用,建立统一的社会责任标准体系,是强化企业社会责任的重要选择。     

State-enterprise relation,local economic priority,and corporate environmental responsibility

This paper empirically investigates how the state-enterprise relation and local government’s economic priority affect corporate environmental responsibility in a sample of Chinese polluting enterprises during 2009–2013. We find that firms appointing politically connected directors fail to fulfil their obligations in environmental responsibility, characterized by a poor enforcement of discharge fees. Besides, firms contributing a large share of industrial output to the local economy are with a smaller magnitude of discharge levies. In addition, the enforcement of discharge fees is poorer in the most polluted regions, while tourism activity and the local government’s incentive to disclose environmental information increase discharge fees.     

On the paradoxical case of a consumer-based environmental subsidy policy

We apply an environmentally differentiated duopoly model to the analysis of environmental policy involving consumer subsidies based on the emission levels of the products consumers purchase. More specifically, we consider the environmental and welfare effects of subsidizing consumers who purchase environmentally friendly goods in the case of a partially covered market with a Cournot duopoly. We show that, paradoxically, the subsidy policy degrades the environment, and that the optimal policy depends on the degree of marginal social valuation of environmental damage. That is, if the marginal social valuation of environmental damage is larger than a certain value, a consumer-based environmental subsidy policy is not socially optimal.