公司社会责任履行对财务业绩的影响--基于发布企业社会责任报告下的研究

文章以2011～2012年披露企业社会责任报告的486家上市公司为样本,运用OLS回归方法,实证检验上市公司在发布企业社会责任报告的情况下,公司社会责任对财务业绩的影响。研究结果表明：上市公司多次发布企业社会责任报告能够促进公司财务业绩;公司履行社会责任能够直接促进公司财务业绩的提高;上市公司履行社会责任可以通过发布企业社会责任报告提高公司财务业绩。     

Mandatory Corporate Social Responsibility: The Indian experience

The question we raise is what to do when companies fail to keep pace with societal expectations with respect to their corporate social responsibility (CSR). The response of the Indian government was to make it mandatory for large corporations to spend funds on CSR activities. In this paper, we investigate the success of this legislation both for the companies and the intended beneficiaries. We find that the impact of the legislation has fallen short of expectations both in terms of the volume of CSR expenditure generated and the activities to which it has been directed. In particular, we find that the legislation has had a negative corporate profitability which can impact on the willingness of companies to spend in this area. We conclude that greater care must be taken when implementing mandatory CSR if it is to be effective.     

Political Views and Corporate Decision Making: The Case of Corporate Social Responsibility

This paper conducts an empirical analysis of the relationship between corporate social responsibility (CSR) and political beliefs in the United States. By analyzing the 2004 presidential election results of communities in which corporate headquarters are located, we establish a correlation between the political beliefs of corporate stakeholders and the CSR ratings of their firms. Companies with a high CSR rating tend to be located in Democratic, or “blue” states and counties, while companies with a low CSR rating tend to be located in Republican, or “red” states and counties.     

On the Foundations of Corporate Social Responsibility

Using corporate social responsibility (CSR) ratings for 23,000 companies from 114 countries, we find that a firm's CSR rating and its country's legal origin are strongly correlated. Legal origin is a stronger explanation than “doing good by doing well” factors or firm and country characteristics (ownership concentration, political institutions, and globalization): firms from common law countries have lower CSR than companies from civil law countries, with Scandinavian civil law firms having the highest CSR ratings. Evidence from quasi‐natural experiments such as scandals and natural disasters suggests that civil law firms are more responsive to CSR shocks than common law firms.     

企业社会责任信息披露问题的探讨

企业社会责任要求企业在追求经济效益的同时也要兼顾社会利益.为了使企业相关利益者了解企业是否履行了社会责任,企业必须披露有关社会责任信息.我国企业社会责任信息披露还处于初级阶段,缺乏企业社会责任信息披露的意识.因此,在进行企业社会责任信息披露时,应披露能源利用、环境保护、职工利益等方面的内容,并在年报附注中披露社会责任信息,编制企业社会责任白皮书等.     

个人投资者情绪对企业履行社会责任的影响

基于利益相关者理论,运用多元回归模型,依据2010-2018年度企业社会责任相关数据,将中国A股非金融类上市公司分为重污染企业和非重污染企业,考量个人投资者情绪对企业社会责任的影响.结果显示:个人投资者情绪越积极,企业社会责任履行状况越好;个人投资者情绪治理的效果会受污染异质性影响,相对于非重污染企业而言,个人投资者情绪对于重污染企业社会责任履行的影响更显著.鉴于此,应建立投资者情绪监测机制、鼓励社会责任投资等.     

政府信任关系、企业社会责任与企业竞争力

稳固的政府信任关系不仅能有效促进企业组织力的增强,还能够帮助企业优化治理结构,增强风险抵抗能力,提高组织韧性.保持深入的政府信任关系会使企业注重社会责任的履行,有助于企业形象的塑造,但同时也会占用企业有限的资源.以资源依赖理论、制度理论、信号传递理论、利益相关者理论为基础,选取529个A股上市公司2011-2018年连...     

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.     

读桑坦德银行的企业社会责任年报

近日,西班牙桑坦德银行(Grupo Santander)宣布将在中国启动“桑坦德大学项目”(Santander Universities),该项目是桑坦德银行企业社会责任全球计划的一个部分,将首先建立天津大学、哈尔滨师范大学,佳木斯大学等高校与巴西、墨西哥和阿根廷等拉美国家领先高校之间的联系与合作,今后还会把更多的中国高校纳入其中。中国是桑坦德银行实施这类项目所选择的第一个亚洲国家。     

基于企业社会责任的管理会计框架重构

企业社会责任(CSR)的概念是不断演进的。无论围绕风险管理关注CSR对企业价值的影响,还是投资者结合社会责任投资(SRI)再造投资管理新模式,以及结合CSR与SRI的相关性来重新定位公司治理的作用等,均需要完善管理会计系统,进而重构管理会计的新框架。当前,从CSR的伦理观考察管理会计的框架结构是一种比较现实的选择。     

嵌入社会责任与扩展公司财务理论

主流的公司财务理论是社会责任外生型的,其理论渊源是新古典范式的主流经济学。超越新古典范式,从嵌入性立场重新审视企业,则现代企业在性质上是一系列经济契约与社会契约的集合体,并且现代企业是独立于股东的实体而不是合法虚构。从公司实体假说出发,经典的代理理论需要重新解释,并且公司的财务目标函数需要重新修正。与修正的财务目标函数相匹配,公司财务理论需要在决策标准、分配理论和决策机制等方面进行适当地扩展。     

The Effect of Corporate Social Responsibility on Cost of Corporate Bond: Evidence from China

This article examines the link between corporate social responsibility(CSR) and cost of bond(COB) in China. We find that there exists a negative relationship between CSR and COB. In particular, when the bond issuer is a state-owned enterprise, or when the credit rating of bond is high, the negative association between CSR and COB is strengthened. The findings indicate that CSR plays a significant role in reducing the risk premium of corporate bonds through an insurance-like effect. Moreover, the effect of CSR on COB also depends on contextual factors such as firm ownership and bond credit rating.     

公司治理与企业社会责任:同源、分流与融合

对于公司治理与企业社会责任的融合这一颇具争议的话题,本文从理论溯源入手,指出现代企业的诞生是公司治理与企业社会责任共有的理论源头,责任概念是二者共有的理论内核,并对公司治理与企业社会责任在发展中出现的分流现象进行了分析。当前社会环境的变革与经济发展模式的变迁改变了二者分流发展的趋势,为二者的融合提供了外部条件,而二者共有的理论内核又为这一融合提供了内在必然性。     

公司治理与社会责任:被动回应还是主动嵌入

随着社会责任理论与实践的发展,将社会责任落实到公司治理机制中已是大势所趋,然而传统以委托代理关系为核心的公司治理理论体系无法为二者的融合提供坚实理论基础,导致实践中表现为公司治理对社会责任的 "被动回应"。在价值创造导向下重新审视公司治理理论体系,可以突破委托代理关系为核心的局限,将公司治理界定为服务于企业价值创造目标的制度安排,而在价值创造过程中,企业社会责任又是一种日益重要的因素,因此,公司治理与社会责任之间便具有了严格的内在逻辑关系,公司治理应将社会责任 "内生嵌入"于其理论和实践体系中。     

Corporate Governance,Social Responsibility,and Data Breaches

We study whether corporate governance and social responsibility are related to data breaches. We find that socially responsible companies with smaller boards and greater financial expertise are less likely to be breached. The financial impact of a breach is visible in the long term. Specifically, data‐breach firms have –3.5% one‐year buy‐and‐hold abnormal returns. Additionally, banks with breaches have significant declines in deposits and nonbanks have significant declines in sales in the long run. Finally, we find that following a data breach, companies are more likely to replace their chief executive officer and chief technology officer as well as improve their governance and social responsibility.     

Corporate Social Responsibility: The Link Between Sustainability Disclosure and Sustainability Performance

This paper explores the relation between sustainability performance and sustainability disclosure within the Australian extractive industries. The study utilizes Ullmann's (1985) stakeholder framework, which depicts sustainability disclosure and performance as two components of management strategy for dealing with stakeholder demands. Consistent with this framework, we predict a positive performance–disclosure relation. Extending prior research that has utilized problematic environmental performance indices such as CEP indices or toxic emissions levels, we develop a sustainability performance index based on the International Finance Corporation's Measuring Sustainability Framework (2001). Using data from 339 mining and energy firms listed on the Australian Securities Exchange in 2006, we find that corporate sustainability performance is strongly associated with disclosure as expected. Sustainability disclosure is also greater for firms with a proactive communication strategy as manifested through press release activity. Finally, asset age and firm size are both positively associated with sustainability, consistent with predictions from the stakeholder framework.     

Corporate Social Responsibility,Shariah-Compliance,and Earnings Quality

This study examines the effect of two potential sources of ethical principles on earnings quality: corporate social responsibility (CSR) and membership in a Shariah index. We define membership in a Shariah index as the adherence to an ethical code that relates to Islam. Our sample comprises firms in ten European Union countries for the period from 2003 to 2013. The empirical results show that firms with a high degree of CSR are less likely to manage earnings. In contrast, membership in a Shariah index leads to earnings manipulation. Our results are robust after using several alternative quality metrics for earnings. Furthermore, our empirical results indicate that highly rated CSR firms that are not Shariah-compliant are less likely to engage in earnings manipulation. Further, institutional factors are also important in determining the link between CSR, Shariah-compliance, and the quality of financial reporting.     

企业社会责任报告传递信息效度研究

通过分析国内上市公司2012年发布的社会责任报告与公司社会绩效的相关性来揭示社会责任报告反映信息的有效性,从而考察上市公司社会责任报告的质量水平。实证结果表明：上市公司社会责任报告与社会绩效之间存在显著关系,但社会绩效变量对社会责任报告水平解释能力较弱,表明上市公司社会责任报告存在一定的虚构内容。政府部门应加强监管,使企业社会责任行为落到实处。为认识我国上市公司履行社会责任提供了新的视角和经验证据,对于促进上市公司提高社会责任信息披露水平、积极履行社会责任具有现实意义。     

论公司社会责任强制性的规范体系建构

公司社会责任的立法模式设计首先应从哲学理论基础上明晰其行为法基本定位,肯定其法律化意义以及弹性化设计机理。公司社会责任一般性条款当然应具有行为法的属性,而非仅具有宣示性的作用。从社会整体性、多元性、动态性视角来看,公司社会责任立法设计应采综合立法模式,一方面应当规定一般性条款,另一方面需要设计多层结构以满足社会复杂多元需求等。相应地,《民法典》第86条（《公司法》第5条）作为一般条款,发挥裁判法功能的方式既有借助现有条文进行说理论证,同时也当为行政规章、规范性政策文件乃至行业规则等提供效力支撑。尤为重要的是,公司社会责任的立法内容完善应不断凸显组织法特点,加强公司内部治理,进一步明确责任主体。