社会责任信息披露影响因素实证研究

本文以深交所2006年475家A股上市公司作为样本,检验了企业披露社会责任信息的影响因素.实证研究得出、公司规模、盈利能力与社会责任信息披露正相关,负债比率与社会责任信息披露负相关等一些结论.     

民营企业政治网络战略与社会责任信息披露——来自中国上市公司社会责任报告的经验证据

目前,有关企业社会责任信息披露的文献,对企业政治网络战略与社会责任信息披露行为的关系探讨很少。文章选取2009-2012年A股民营上市公司自愿披露的社会责任报告作为研究样本,实证分析民营企业政治网络战略对社会责任信息披露的影响。在控制了民营企业的组织因素及企业家个体人力资本控制变量后发现,政治关系网络、协会关系网络均对民营企业社会责任报告披露倾向和社会责任信息披露水平有显著的正向影响。文章一方面为理解转型经济情景下民营企业社会责任信息披露的动机提供了新的视角,另一方面为政府引导民营企业履行社会责任提供了启示。     

我国化工行业上市公司环境绩效信息披露现状分析——基于2006~2012年社会责任报告

在化工行业191家上市公司中,搜集到46家公司2006~2012年度社会责任报告155份,总披露率24.08%。7年间环境绩效信息披露在数量上有所提升,但在质量上没有显著提升,且市场间和公司间差异显著。30项环境绩效信息指标中,每份社会责任报告报告平均披露仅6.5项,其中份均披露定量指标1.7项、定性指标4.8项,两者的平均披露比重分别为14.17%和26.67%。样本公司的环境绩效信息披露数量和质量尚有很大提升空间。     

社会责任信息披露质量与债务成本实证研究——以金属冶炼及压延加工行业为例

文章以沪深两市披露的独立社会责任报告的金属冶炼及压延加工行业为研究对象,研究了该行业社会责任信息披露质量与债务成本之间的关系。实证结果表明,在控制了企业规模、资产净利率、流动比率等变量后,此行业的社会责任信息披露质量与债务成本呈显著的负相关关系,即社会责任信息披露质量越高,企业债务成本越低。     

我国企业社会责任信息披露研究及体系建设

在我国构建和谐社会和树立科学发展观的背景下,企业社会责任的履行受到了越来越多的关注,企业社会责任披露的现实意义显得尤为重要。但是目前我国企业社会责任信息披露总体水平较低,因此文章探讨了我国企业社会责任信息的披露现状及当前存在的问题,然后探求各因素对企业社会责任信息披露的影响,最后从政府、企业、社会公众三个方面对企业社会责任信息披露提出政策建议。     

公司治理与社会责任报告披露--基于合法性理论下的实证研究

本文根据合法性理论基础，从理论上探讨了我国上市公司社会责任信息披露的动机，并实证研究了公司治理的结构对社会责任报告披露动机的影响。研究结果表明，公司治理中的股权结构、董事规模都会对社会责任信息的披露产生影响，并相应增大或减少信息发布的可能性。根据实证检验结果，启示我国应进一步完善信息披露法律体系、国有企业责任监督评价制度和社会群体价值引导机制。     

企业社会责任信息披露现状及对策研究

目前,企业社会责任信息披露问题已经引起世界各国的密切关注。发达国家的企业已将履行社会责任作为企业重要的竞争策略,披露企业社会责任信息已成为近年来发达国家公司及跨国公司的主流趋势。但纵观我国企业社会责任信息披露现状,还存在严重的不足之处,本文就我国企业社会责任信息披露现状做出分析,进而针对问题提出了一些措施,希望对我国企业社会责任信息披露的政策制定者及企业提供有益的借鉴。     

农副食品加工业社会责任信息披露的案例研究

随着民众对食品安全问题关注,农副食品加工业的社会责任信息披露尤为重要。选择两个农副食品加工业上市公司为案例研究对象,对其企业社会责任报告中披露的信息进行分析,从利益相关者的角度探究其履行社会责任以及披露状况,并针对两个公司的社会责任披露情况和财务情况对比分析总结,最后给出行业社会责任披露的政策建议。     

企业社会责任信息披露影响因素及经济后果研究述评

20世纪70年代以来,企业社会责任信息披露一直是资本市场实证研究的热点问题之一。本文首先对社会责任信息披露测量方法进行了归纳与评析,然后围绕着社会责任信息披露实证研究中所关注的两个核心问题,即企业社会责任信息披露的影响因素及经济后果,系统梳理了国内外实证研究的主要成果。最后提出现有实证研究的局限,以及未来该领域的研究方向。     

ESG信息披露、媒体监督与企业融资约束

ESG信息披露包含企业环境保护、社会责任履行和公司治理状况等内容,关乎企业的可持续发展。ESG信息披露能否有效缓解企业融资约束难题,媒体监督对两者关系是否存在调节效应是值得研究的主题。文章在理论分析了ESG信息披露对企业融资约束的影响,以及媒体监督在其中调节作用基础上,运用2011-2020年度中国上市公司的相关数据,基于媒体监督视角实证检验了ESG信息披露与企业融资约束间的关系。研究发现：ESG信息披露能显著缓解企业融资约束,媒体监督能进一步缓解ESG信息披露与企业融资约束间的关系,媒体积极报道能够提升 ESG信息披露对企业融资约束的缓解效应;进一步异质性分析表明,ESG信息披露的融资约束缓解效应在非国有企业、处于成长期或成熟期的企业、新《环保法》实施后、自愿披露社会责任的企业中表现得更加显著。     

How Disclosure Features of Corporate Social Responsibility Reports Interact with Investor Numeracy to Influence Investor Judgments

Firms’ Corporate Social Responsibility (CSR) reports typically frame their strategies in terms of either community or global efforts (i.e., “strategy frame”). Further, the style used to depict CSR performance in reports often highlights either pictures or words (i.e., “presentation style”). These two prominent disclosure features of CSR reports promote a natural fit or misfit in the focus (relatively low‐level or high‐level focus) investors adopt when thinking about the firm and its CSR efforts. Further, these disclosure features likely have different effects on investors depending on their numeracy or, in other words, the way that they naturally process numerical information. In this study, we predict and find that a fit between the strategy frame and the presentation style of a firm's CSR report causes less numerate investors to be more willing to invest than when a fit is not present. Specifically, we find that a fit leads less numerate investors to experience subjective feelings of processing fluency and, in turn, positive affect that serves as a cue that the positive CSR performance information can be relied upon, which positively influences willingness to invest. Our results have implications for both CSR reports as well as other types of firm disclosures that increasingly vary along similar disclosure characteristics. Our results also contribute to both the growing literature on presentation effects in accounting, as well as the broader business literature on CSR reporting.     

我国商业银行社会责任报告披露探析

履行企业社会责任(CSR)已经成为全球性潮流,越来越多的企业将其视为一种长期发展战略的需要。作为服务大众、经营信用、传导政策、调配资源的商业银行也应履行相应的社会责任。我国商业银行与国外商业银行相比,在信息披露尤其是社会责任报告披露方面存在较大差距。本文通过对国内外商业银行社会责任报告框架和评估标准的差异分析,找出了我国商业银行社会责任披露中存在的问题,并对完善我国商业银行社会责任报告的披露提出了建议。     

企业社会责任能降低股价同步性吗？——基于强制披露企业社会责任报告的准自然实验

中国2008 年沪深证券交易所强制披露社会责任报告政策为笔者研究其政策效应提供了准 自然实验,文章以2006-2011 年中国A 股上市公司为样本,分别从信息不对称和代理成本两条路 径研究强制披露社会责任报告对股价同步性的影响。运用PSM-DID 双重差分模型研究发现: 强制 披露社会责任报告与股价同步性呈现显著负相关关系,说明强制披露社会责任报告有助于降低股 价同步性,在通过安慰剂实验、变量替换和平行效应检验等稳健性检验后,以上结论仍成立。对 影响路径的分析发现,强制披露社会责任报告通过降低信息不对称和代理成本影响未来股价同步 性。     

Accounting Policy Disclosures and Analysts' Forecasts

Using an international sample, I investigate whether the extent of firms' disclosure of their accounting policies in the annual report is associated with properties of analysts' earnings forecasts. Controlling for firm‐ and country‐level variables, I find that the level of accounting policy disclosure is significantly negatively related to forecast dispersion and forecast error. In particular, I find that accounting policy disclosures are incrementally useful to analysts over and above all other annual report disclosures. These findings suggest that accounting policy disclosures reduce uncertainty about forecasted earnings. I find univariate but not multivariate support for the hypothesis that accounting policy disclosures are especially helpful to analysts in environments where firms can choose among a larger set of accounting methods.     

企业产权、社会责任与权益资本成本

企业社会责任是否是企业为社会利益而牺牲自身利润的行为一直是学术界争论的焦点,文章尝试从资本市场参与者的角度出发,通过考察我国上市公司的社会责任履行情况对权益资本成本的影响来回答这个问题。研究发现：（1）良好的社会责任表现确实能显著降低企业的权益资本成本,其中改善企业对投资者的责任起到的作用最为突出;（2）与非国有企业相比,目前国有企业的社会责任履行情况更好且权益资本成本更低,但是积极的社会责任行为在非国有样本中更能发挥降低权益资本成本的作用。     

Endogeneity and the Dynamics of Voluntary Disclosure Quality: Is there Really an Effect on the Cost of Equity Capital?*

Research on the effects of voluntary disclosure quality on the cost of equity capital is often plagued by endogeneity concerns. In this paper, I use a dynamic panel system GMM estimator, which provides internal instruments from the firm's history that directly address endogeneity arising from unobserved heterogeneity and simultaneity. By using hand-collected voluntary disclosure scores for firms listed in the Swiss stock exchange, I examine the dynamic relation between voluntary disclosure quality and the cost of equity capital in a panel over a period of 10 years. The results suggest that the relation between voluntary disclosure quality and the cost of equity capital becomes insignificant after controlling adequately for potential dynamic endogeneity, simultaneity, and unobserved heterogeneity.     

Corporate Social Responsibility,Firm Value and Corporate Governance Code Revisions: The Asian Evidence*

The present study examines the relationship between corporate social responsibility (CSR) and firm value, and the effects of corporate governance code revisions on the relationship. We examine this relationship for: (i) a high‐income country, Japan; (ii) middle‐income countries China, Malaysia and Thailand; and (iii) low‐income countries India and Indonesia. We use the Heckman two‐stage sample selection bias approach for the empirical analysis. We find that Japanese stakeholder CSR and environmental CSR have a smaller positive effect on firm value compared to the middle‐income countries, but we do not find any statistically significant association for the low‐income countries. In addition, we find that only Japanese corporate governance code revisions significantly contribute to the positive relationship between CSR and firm value, which concurs with the new recommendations documented in the revised codes of corporate governance. The present study reveals that foreign major shareholders matter to the value creation of CSR in Japan and the middle‐income countries of China, Malaysia and Thailand.     

环保督察与企业信息披露——来自上市公司的证据

对于经济活动监管的效能取决于监管者能否获得充分的信息。文章研究中央政府的环保督察如何影响企业的负面信息披露。借鉴公司金融领域经典文献,文章利用股价数据构造了上市公司的负面信息披露指标。利用双重差分分析,研究发现受到环保督察影响省份的上市公司相对于未受督察影响的公司显著减少了信息披露,而公司财务指标则不受环保督察的显著影响。与地方政府具有政治联系的公司在督察期间更加显著地减少了信息披露。上述结果表明,环保部门、地方政府、企业和金融市场监管者之间的联动机制是决定监管政策有效性的一个重要维度。     

Motives for Corporate Social Responsibility

In this article we analyze the motives of executives to take responsibility for the labor, environmental and social aspects of their business. We distinguish three motives: one extrinsic (financial) and two intrinsic (ethical and altruistic) motives and empirically investigate the influences of these motives on Corporate Social Responsibility (CSR) by means of a sample of 473 executives. The estimation results show that for social aspects of CSR, executives are significantly more driven by intrinsic motives than by the extrinsic motive. But also for environmental aspects of CSR intrinsic motives provide stronger stimulus than the extrinsic motive.     

The Influence of Corporate Social Responsibility Measures on Investors' Judgments when Integrated in a Financial Report versus Presented in a Separate Report

This study examines the effect on investors' judgments of corporate social responsibility (CSR) measures when integrated with financial information in a single report versus when presented in a separate CSR report. Advocates for integrated reports argue that CSR information will be perceived as more relevant and have a greater impact on users when observed in an integrated report. However, we provide experimental evidence that CSR measures have greater influence on investors' judgments when investors observe the CSR information and financial information depicted in separate reports. We also provide evidence that this greater influence of CSR measures is caused by investors' evaluations taking on a “multidimensional perspective” that includes both a social responsibility and a financial dimension, which is triggered by observing the separate CSR report. Activating a social responsibility dimension elevates the perceived relevance of CSR measures, increasing their influence on investors' judgments. Our study contributes to practice by highlighting a potential unintended consequence of issuing integrated versus separate CSR reports: that investors incorporate CSR information less when it is integrated with financial information versus separately reported.