Economic policy uncertainty and imitation behaviors of corporate social responsibility practices: Evidence from China |
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| Institution: | 1. School of Management, Xi''an Jiaotong University, 28 Xianning W Rd, Xi''an, Shaanxi, China;1. School of Accountancy, Shanghai University of Finance and Economics, China;2. Department of Finance, Huazhong University of Science and Technology, 1037 Louyu Road, Wuhan 430074, China;3. Department of Accounting, School of Management, Jinan University, China;1. Department of Quantitative Finance, College of Technology Management, National Tsing Hua University, Taiwan;2. Anfu Institute for Financial Engineering, National Tsing Hua University, Taiwan;2. School of Economics, Hainan University, Haikou, China;3. School of Tourism, Hainan University, Haikou, China;1. School of Mathematics, Southwest Jiaotong University, Chengdu, China;2. School of Finance, Renmin University of China, Beijing, China;3. School of Finance, Nanjing University of Finance and Economics, Nanjing, China |
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| Abstract: | In this paper, we examine whether firms facing higher economic policy uncertainty (EPU) are more likely to show similar corporate social responsibility (CSR) practices compared with their peer firms. Drawing upon institutional theory, in response to uncertainty under complex circumstances, managers tend to imitate peer firms' strategic actions to acquire legitimacy. Consistent with our theoretical expectations, we find that EPU increases the likelihood that a focal firm will show CSR practices similar to its peer firms. Such a likelihood is amplified for firms that (1) bear more negative media coverage, (2) have higher industry competition intensity, (3) belong to heavy-polluting industries, and (4) for the first-time disclosures. Our results hold when we employ a series of endogeneity tests and robustness checks. |
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