企业社会责任报告披露现状及启示

近年来,全球企业披露CSR报告的现象越来越多,报告质量也有了很大的提高。本文选取毕马威公布的《全球企业社会责任调查报告2011》中的部分数据,同时,结合我国的三家公司2011年企业社会责任(CSR)报告,对中外企业的CSR报告的披露情况进行现状分析,从中发现我国披露CSR报告中存在的如责任体系不完整、沟通质量差、标准不统一、第三方鉴证不完善等问题,进而提出相关的解决措施。     

企业社会责任对员工关系质量和关系结果的影响

在过去十年,企业社会责任(CSR)已经得到了越来越多的关注。本文首先探讨了企业社会责任的四个维度,以及员工和企业的关系质量和关系结果,并从员工的视角从企业社会责任的四个维度探讨CSR在员工关系质量与关系结果中的作用。     

战略性企业社会责任实施的基本依据、特征表现及路径选择

伴随着WTO的加入以及企业社会责任(CSR)运动的兴起,越来越多的企业愿意主动的、积极地承担CSR。然而,仍有部分企业仅仅把履行CSR作为一项"营业外支出",没有从战略角度上动态分析与权衡执行CSR可能带给企业的收益。基于此,本文结合具体实例,探讨了战略性CSR实施所需要的依据和表现特征,最后相应提出目前企业要实施战略性CSR需要经历的必要路径。     

企业管理绩效评价：可持续平衡计分卡

随着自然环境被日益破坏,社会环境的日趋恶化,企业社会责任(CSR)已越来越被众多企业和企业家视为企业可持续、健康良性发展的驱动因素,CSR已成为可持续管理企业绩效评价体系构建的重要基石,其可以克服目前企业常规管理体系中呈相对孤岛型环境和社会问题管理的不足,并与经济绩效形成了一个层次递进的架构一可持续平衡计分卡(SBSC).     

建立社会责任会计增强企业社会责任

一、社会责任会计 (一)什么是社会责任会计 所谓社会责任会计是研究如何更好地维护可持续发展,为企业管理当局、政府、社会公众等相关利益集团和个人的决策提供企业的社会责任履行情况的会计信息系统,是在传统会计模式上发展起来的一门新兴的会计分支科学.     

试论企业社会责任会计评价体系的构建

企业社会责任（CSR）之所以备受关注，是因为建设和谐社会、又好又快地发展我国经济需要企业履行社会责任．并要求其披露履行情况以便评价和管理。同时企业履行社会责任也对提高其自身的综合竞争力．从而能更好地面对国际国内的竞争有利。那些不履行社会责任的企业将受到越来越大的舆论压力．所以，企业主动承担社会责任也是一种战略选择。本文试图构建了一套企业社会责任会计的评价体系．希望能给企业评价其社会责任的履行情况提供一种有价值的参考，从而促进形成企业积极履行社会责任的氛围。     

企业社会责任理论研究综述

随着经济和社会的发展,企业的活动对社会产生的影响日益受到人们的关注,对企业社会责任(CSR)的研究也成为学者们研究和讨论焦点。本文通过对近年来国内外学者关于CSR的研究文献的回顾,将CSR的产生与初步发展、研究新进展及其实现机制等做了较为综合的介绍。学术界对CSR研究的深度和广度都在不断的深入,取得的重要研究成果为我国开展企业社会责任运动起到了积极而又广泛的推动作用。     

企业社会责任理论研究综述

随着经济和社会的发展,企业的活动对社会产生的影响日益受到人们的关注,对企业社会责任(CSR)的研究也成为学者们研究和讨论焦点。本文通过对近年来国内外学者关于CSR的研究文献的回顾,将CSR的产生与初步发展、研究新进展及其实现机制等做了较为综合的介绍。学术界对CSR研究的深度和广度都在不断的深入,取得的重要研究成果为我国开展企业社会责任运动起到了积极而又广泛的推动作用。     

产品负面报道冲击下资产负债表直接传染的预防——ERM-IF修正下管理层面探讨

为了预防产品负面报道引发的资产负债表直接传染之类风险,有必要引入企业社会责任(CSR)理念对《企业风险管理-整合框架》(ERM-IF)进行修正,基于此,从管理层面探讨了内部控制预防传染的着力点。     

CSR导向下的商业银行内部控制框架研究

商业银行践行社会责任不仅要将利润目标与社会责任结合起来,而且要求尽快建立与完善CSR（企业社会责任）导向下的内部控制框架。本文结合我国商业银行实际,运用案例研究方法,分析商业银行内部控制现状,提出企业社会责任导向下的内部控制框架设想。     

Socially Responsible Investment and Corporate Social and Environmental Reporting in the UK: An Exploratory Study

This exploratory study examines the relations between corporate social and environmental reporting (CSR) and the socially responsible investment (SRI) sector. The evidence presented, based upon the informed opinions of 14 experts within the SRI field, suggests that the field of CSR is on the verge of a major change towards a substantial and sustained improvement in quality and quantity. The SRI sector is undergoing radical changes. A wider social movement has already led to exponential growth, as more people become concerned with how their money is invested. Moreover, the Pensions Review has widened this concern to institutional investment. Representing 35% of the stock market, the potential impact of this regulation is anticipated to be significant. One possible outcome could be a marked increase in the size and power of the SRI sector, improving their ability to successfully influence corporate behaviour. Success is likely to increase further as corporations begin to see a business case, as well as, or as opposed to a moral case, for acting in a more responsible manner. The Turnbull report on the combined codes of corporate governance is a significant factor influencing this. For the first time, reputational risk, and hence how companies manage environmental, ethical and social reputations, is on the core corporate governance agenda. A more powerful outcome would be an increased interest from mainstream fund managers in SRI modes of corporate assessment. Preliminary evidence suggests that this will create a greater demand for CSR, and greater legitimacy of CSR within the accounting orthodoxy.     

Is corporate social responsibility sufficient enough to explain the investment by socially responsible funds?

I propose an explanation for investment decisions by socially responsible investment funds (SRI) on the firms with higher corporate social responsibility (CSR). Different from the previous literature, I use a unique and comprehensive measure that considers both firm CSR ratings and fund CSR perception. I show SRI mutual funds increase their ownership about 15 % for one unit increase in the firm CSR score when those funds are highly sensitive to CSR. This finding is more pronounced for employee relations and society areas of CSR. The results also hold for a broader range of mutual funds. While industry concentration does not have influence on the fund investment, SRI funds particularly choose socially responsible firms operating in construction, transportation, personal services, and financial sector. I show the funds with CSR sensitivity underperform the market in general and fail to improve their portfolio performance after they invest in the firms with high CSR.     

Managerial discourse and the link between theory and practice: From ROI to value-based management

Building on Thrift's (2005) concept of the cultural circuit of capitalism using critical discourse analysis, the paper investigates the influence of management accounting concepts on practice. The paper proposes that the way that academic theories in management accounting affect practice depends on the origin of the early texts, the extent to which the texts become discourses and the relative institutional support for the discourse. The approach is illustrated by focusing on three particular management accounting concepts: return on investment (ROI), value-based management (VBM) and strategic management accounting (SMA) and empirically contextualised through the case history of GEC/Marconi. The paper explains that, whilst ROI and VBM have, to varying degrees, become part of managerial discourse, SMA has remained a loose collection of academic texts and has had a negligible impact on managerial discourse and practice.     

A Corporate Social Responsibility Framework for Accounting Research

Over the past two decades, there has been growing interest in corporate social responsibility (CSR) among accounting scholars. As a testament to this growing interest, two review papers on CSR were published last year in accounting journals. Implicitly guiding hypothesis development in CSR studies is the notion of a conflict between shareholders and stakeholders. We define CSR in terms of a win-win situation for shareholders and stakeholders: a CSR framework for strategic business purposes. We provide evidence supporting this outlook for CSR using cases pertaining to specific companies and findings from archival empirical studies. According to our CSR framework, resources allocated for CSR activity also help propel business strategy; as such, it is difficult to isolate CSR inputs and/or outputs due to problems of non-separability and multidimensionality. While measurement is a challenge, our framework nonetheless opens up various promising avenues for future research.     

代理理论、经理层行为与管理会计研究——基于代理理论的管理会计研究综述

本文系统梳理了基于代理理论的管理会计研究经典文献及最新研究成果,这其中既包括代理理论对管理会计总体框架的影响,又包括其对管理会计体系中的预算管理、成本计算与管理、管理控制系统、业绩评价与激励等子系统的影响。作者认为,代理理论与管理会计研究的相互交融巩固了管理会计的经济学理论基础,转换了管理会计的研究视角,增进了管理会计的科学性及研究深度,进而指出未来研究中探讨代理理论各分支相互融合对管理会计的影响,以及关注模型的细节有效性方面,结合实地研究、心理学和行为学的研究成果将是该领域深化研究的重要方向。     

Accounting conservatism and corporate social responsibility

We examine the association between accounting conservatism, expressed in the form of asymmetric timeliness of recognition of economic gains and losses, and corporate social responsibility (CSR). We provide evidence that, under unfavorable macroeconomic conditions and financial constraints, as well as increased levels of outside pressure from debtholders and equity holders, catering for capital providers through conservative reporting becomes a managerial priority over engagement in CSR. Our results overall indicate that, for our whole sample period (starting in the early 2000s), higher levels of conservatism are negatively associated with a CSR orientation shown by firms; however, our analysis also indicates a significant reversing trend regarding the effect of conservatism on CSR, coinciding with the post-financial-crisis period. The findings are robust to a number of specifications and tests, including the use of an instrumental variable approach explicitly addressing endogeneity biases related to reverse causality concerns. Our study suggests that, under monitoring pressure from financial stakeholders, firms prioritize commitment to accounting conservatism over the needs of non-financial stakeholders and other interest groups.     

Payout Policy Relevance and Accounting‐based Valuation

DeAngelo and DeAngelo (2006) (D&D) argue ‘payout policy is not irrelevant and investment is not the sole determinant of value, even in frictionless markets’. Consistent with this view, we argue that the concept of a perfect capital market in Miller and Modigliani (1961) (M&M) and Fama and Miller (1972) can be extended to allow for managerial moral hazard if managers are assumed not to participate in securities trading. An updated version of the M&M valuation model is presented and the possibility of managerial free cash flow (FCF) retention through operating expense manipulation and sub‐optimal investment policies is discussed. Our analysis supports D&D's argument that payout policy is relevant and indicates that value relevance of payout depends on the quality of earnings measurement and the optimality of investment policy. Following this, we develop a framework for analyzing valuation and informational roles of payout in accounting‐based valuation models and apply this framework to the Ohlson (1995) and Feltham and Ohlson (1996) models. This analysis shows how these models permit payout valuation relevance due to managerial FCF retention but not payout informational relevance. Finally, we consider how the Feltham and Ohlson (1996) model can be extended to incorporate time variation in expected profitability of capital investment caused by time variation in managerial FCF retention activities and show that this explicitly affects payout value relevance. We conclude that the development of models where payout plays an explicit valuation role due to issues of moral hazard is an important direction for future research.     

Is there a Difference? The Performance Characteristics of SRI Equity Indices

Abstract:  This study analyses whether stock indices that represent socially responsible investments (SRI) exhibit a different performance compared to conventional benchmark indices. In contrast to other studies, the analysis concentrates on SRI indices and not on investment funds. This has several advantages, since transaction costs of funds, the timing activities and the skill of the fund management do not have to be considered. A direct measure of the performance effects of SRI screens is therefore examined. The 29 SRI stock indices are analysed by single-equation models as well as by multi-equation systems that exploit the information in the cross-section. SRI stock indices do not exhibit a different level of risk-adjusted return than conventional benchmarks. But many SRI indices have a higher risk relative to the benchmarks. The findings are robust to the use of different benchmark indices and apply to all common types of SRI screening.     

Integrating corporate social responsibility criteria into executive compensation and firm innovation: International evidence

Using a large sample of firms from 30 countries, we find that the integration of corporate social responsibility (CSR) criteria into executive compensation is associated with greater innovation output in countries around the world. We also find that this positive association is stronger in countries with weak stakeholder orientation, countries with weak legal environments, and countries without mandatory CSR reporting requirements. These findings suggest that CSR contracting can compensate for institutional voids and high stakeholder demand for CSR, and thereby foster firm innovation. The results of the channel analyses suggest that a greater level of employee innovation productivity, enhanced managerial risk-taking, and greater responsiveness of firms' R&D investment to their investment opportunities play a significant role in the association between CSR contracting and innovation. Overall, our study demonstrates in a global context the importance of linking executive compensation to nonfinancial criteria in addition to financial criteria, and it documents the heterogeneity in the effect of CSR contracting on firm innovation in different countries.