中国100强企业社会责任发展状况评价

本研究根据三重底线(Triple Bottom Line)和利益相关方理论(StakeholdersTheory)等经典的社会责任理论构建出一个责任管理、市场责任、社会责任、环境责任四位一体的理论模型,通过对标分析国际社会责任指数、国内社会责任倡议文件和世界500强企业社会责任报告构建出分行业的社会责任评价指标体系,以企业社会责任报告、企业年报、企业官方网站为信息来源,评价中国100强企业的社会责任管理体系建设现状和责任信息披露水平。评价结果显示:①约2/3的企业责任管理落后、责任信息披露不足;②企业责任管理显著落后于责任实践;③社会责任指数的企业性质差异明显,中央企业和国有金融企业的社会责任指数远远领先于民营企业、其他国有企业和外资企业;④企业规模与社会责任指数成正比,企业规模越大,社会责任指数越高;⑤社会责任指数的行业间差异明显,电网、电力行业处于领先者地位,多数行业处于参与者的阶段。     

日本企业社会责任研究

2003年是日本的CSR元年,日本大企业开始群体推进企业社会责任,探索出一条独特的企业社会责任发展之路。本文回顾了日本企业社会责任的历史背景和主要进展,重点研究日本企业推进社会责任的动机、模式和特点,并对中国的企业社会责任实践提出意见和建议。与先行一步的日本相比,中国仍处于企业社会责任的初级阶段,要建设企业社会责任推动体系和基本制度,并着力抓好社会责任培训工作。     

企业捐赠作用的综合解析

本文提出一个综合的理论解释框架,将捐赠作用划分为四类:合法保护——企业通过捐赠购买利益相关者的“伤害权,”提高组织的合法性,减少企业经营中的不确定性,维持企业正常运行;伤害保险——慈善捐赠将形成积极的道德资本,当企业经营活动伤害到利益相关者时,道德资本能降低受害者制裁/报复企业的强度,并减少企业关系资产的损失;间接增值——慈善捐赠可以通过改善企业与利益相关者的关系来间接提升企业绩效;直接增值——精心设计的战略性慈善捐赠可以改善企业经营环境,直接提升企业绩效。     

企业社会责任表现、报告质量与企业声誉——基于中国上市公司的实证研究

近年来,越来越多的企业通过发布企业社会责任（CSR）报告与利益相关者沟通CSR表现的情况。在CSR与企业声誉之间的关系备受关注的背景下,CSR报告质量在其中发挥着什么样的作用呢？梳理现有文献,将CSR表现划分成责任管理、市场责任、社会责任以及环境责任,通过实证检验,分别探讨各自与企业声誉之间的作用机理,并研究CSR报告质量在二者之间关系中的调节效应。研究结果显示CSR表现正向作用于企业声誉,相较于责任管理,责任实践的正向作用更强。同时CSR报告质量在二者之间的关系中具有调节效应,能够进一步提升企业声誉,并且对环境责任的调节效应最为明显。     

How Do Social Media Affect Analyst Stock Recommendations? Evidence from S&P 500 Electric Power Companies' Twitter Accounts

Research summary : The importance of firm‐stakeholder relationships is gaining increasing attention. Although a theory of the drivers and consequences of stakeholder pressure has been developing, it focuses on pressures from organized stakeholders such as shareholders, NGOs, and activists, and does not incorporate the emerging possibility that individual voices may matter. By exploring corporate Twitter, which facilitates movement of individual stakeholders such as customers to a higher stakeholder class by providing them with a greater sense of power and urgency, we study the circumstances under which customer voices significantly affect analyst stock recommendations. We find that favorable reactions to firm‐initiated messages matter, directly or indirectly, depending on the messages' growth implications. Customer‐initiated negative messages have a significant impact only with high volume and formal institutions that support customer opinions. Managerial summary : Social media is increasingly used by firms for disclosing information and engaging stakeholders. Yet, we know little about whether and how social media usage matters. We show how corporate Twitter usage may influence analyst stock recommendations. Our interviews of securities analysts suggest that social media is not institutionalized yet, but increasingly used as a source of channel checks, especially for vibes, validations, and so on. Our analyses of corporate Twitter accounts show that both firm‐initiated and customer‐initiated tweets can have significant impact on analyst recommendations under certain conditions. For firm‐initiated tweets, the extent of retweets is an important factor, along with the content of tweets, in particular, growth implications. For customer‐initiated tweets, negative tweets matter, but only with high volume and regulatory structure that supports customer protection. Copyright © 2017 John Wiley & Sons, Ltd.     

Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility

Research summary : We explore the effect of the interplay between a firm's external and internal actions on market value in the context of corporate social responsibility (CSR). Specifically, drawing from the neo‐institutional theory, we distinguish between external and internal CSR actions and argue that they jointly contribute to the accumulation of intangible firm resources and are therefore associated with better market value. Importantly, though, we find that, on average, firms undertake more internal than external CSR actions, and we theorize that a wider gap between external and internal actions is negatively associated with market value. We confirm our hypotheses empirically, using the market‐value equation and a sample comprising 1,492 firms in 33 countries from 2002 to 2008. Finally, we discuss implications for future research and practice. Managerial summary : Companies often accumulate intangible assets by taking internally and externally oriented CSR actions. Contrary to popular beliefs, the data show that they undertake more internal than external ones: firms do more and communicate less. How does a potential gap (i.e., a misalignment) between internal and external CSR actions affect a firm's market value? We find that although together (the sum of) internal and external actions are positively associated with market value, a wider gap has negative implications. In other words, firms do not realize the full benefits of their internal actions when such actions are not externally communicated to key stakeholders, and to the investment community in particular. This negative association with market value is particularly salient in CSR‐intensive and the natural resources and extractives industries. Copyright © 2015 John Wiley & Sons, Ltd.     

增强企业社会责任的着力点

社会责任问题在中国倍受关注。文章分析并阐述了增强企业社会责任必须明确的三大问题：何谓企业社会责任问题，为何要履行社会责任问题，以及怎样履行社会责任问题。     

全面社会责任管理:新的企业管理模式

全面社会责任管理作为一种社会价值目标管理模式,它与目前的股东利润目标管理模式在管理框架、管理目标、管理对象、管理价值和管理机制上都存在着本质区别。同时,相比于传统的企业社会责任管理,全面社会责任管理具有管理性质定位的全局性、管理责任内容的全面性、管理实施范围的全覆盖、管理体系建设的全融合以及管理预期目标的综合性等特征。全面社会责任管理在企业管理的基本假设、解决的核心问题以及解决核心问题的基本范式等本质层面上与现有的管理理论作出了完全不同的理解与探索,并在实践中不断得到检验,这必将推动世界管理理论与实践的根本性变革。本文还提出了全面社会责任管理的3C+3T模型,建立了全面社会责任管理的思想体系和实施体系。     

企业的环境保护、社会责任及其市场效应——基于紫金矿业环境污染事件的案例研究

本文以紫金矿业汀江污染事故为例,运用事件研究法分析了紫金矿业污染事件及其后两次罚款对紫金矿业及同行业公司股价的影响,以探讨不同类型环境事件的不同市场效应。实证结果表明,上市公司环保绩效能够在一定程度上影响投资者决策。A股和H股市场都能对重大环境污染事故做出显著负面反应;但A股市场基本不能对政府处罚、环境诉讼等负面环境事件做出有效反应;H股市场投资者整体上更加关注价值投资、企业的长远发展和社会责任,能够对环境事件导致的罚款做出负面反应。研究结果还表明投资者能够识别不同类型环境事件的信息含量:A股市场很少考虑企业的环境责任,更多关注与企业经营业绩相关的环境信息,H股市场则更多关注企业治理和企业价值相关的环境信息。     

The differential effects of CEO narcissism and hubris on corporate social responsibility

Research Summary: While prior studies have predominantly shown that CEO narcissism and hubris exhibit similar effects on various strategic decisions and outcomes, this study aims to explore the mechanisms underlying how narcissistic versus hubristic CEOs affect their firms differently. Specifically, we investigate how peer influence moderates the CEO narcissism/hubris—corporate social responsibility (CSR). With a sample of S&P 1500 firms for 2003–2010, we find that the positive relationship between CEO narcissism and CSR is strengthened (weakened) when board‐interlocked peer firms invest less (more) intensively in CSR than a CEO's own firm; the negative relationship between CEO hubris and CSR is strengthened when peer firms are engaged in less CSR than a CEO's own firm. Managerial Summary: Some CEOs are more narcissistic while others may be more hubristic, but these two groups of CEOs hold different attitudes toward the extent to which their firms should engage in corporate social responsibility (CSR). Our findings with a large sample of U.S. publically listed firms suggest that narcissistic CEOs care more about CSR, but hubristic CEOs care less. Interestingly, when narcissistic CEOs observe their peer firms engaging in more or less CSR than their own firms, they tend to respond in an opposite manner; in contrast, hubristic CEOs will only engage in even less CSR when their peers also do not emphasize CSR. Our findings point to a fundamental difference between CEO narcissism and hubris in terms of how they affect firms' CSR decisions based on their social comparison with peer firms.     

企业社会责任公众评价的影响因素分析——基于2015年中国工业与信息化领域公众调查数据

本文依据2015年中国工业和信息化领域企业社会责任在线公众调查数据,通过构建Ordered Probit模型研究了不同因素对企业社会责任公众评价的影响,并利用Probit模型研究不同所有制企业评价的影响因素。主要研究结论是：（1）公众对各项议题的重视程度显著影响其评价结果;（2）公众评价的影响因素具有地域差异性;（3）公众对不同所有制企业评价的影响因素具有差异性。     

Orchestrating corporate social responsibility in the multinational enterprise

Research Summary: Multinational enterprises (MNEs) invest significant resources in corporate social responsibility (CSR), but their attempts to build a global “social brand” may clash with the execution of operational strategies at a subsidiary level. Using a game-theoretic model, this research addresses the complex interplay of different contingencies that shape the coordination and control challenges facing MNEs when they implement global CSR strategies, including brand spillovers, the risk of public scandals caused by irresponsible behavior, the size of the MNE network, as well as the roles played by nongovernmental organizations and altruistic managers. Challenging the view of CSR as insurance against lapses of responsible conduct, our model shows that investment in social brands helps avoid irresponsible practices across the MNE network, thereby inducing subsidiaries to “walk the talk.” Managerial Summary: Global social brands are increasingly valuable to multinational enterprises (MNEs), which makes the control and coordination of responsible behavior across their network of foreign subsidiaries a relevant managerial challenge. Indeed, lapses of responsible conduct at the subsidiary level often generate reputational damage at the multinational level. This research explores several mechanisms that help MNEs manage this coordination and control challenge. First, it shows under what conditions MNEs can leverage their investments in social brands to induce responsible practices across their global network. Second, it illustrates how MNEs can exploit collaborations with nongovernmental organizations to reduce the costs of coordinating and controlling their subsidiaries. Finally, it identifies conditions under which MNEs benefit from hiring altruistic managers to run their subsidiaries.     

Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI)

Research Summary: Research exploring investor reactions to sustainability has substantial empirical limitations, which we address with a large‐scale longitudinal financial event study of the first global sustainability index, DJSI World. We examine investor reactions to firms from 27 countries over 17 years that are added, deleted, or continue on the index. We find that once relevant controls and comparisons to observationally equivalent firms beyond the index are included, DJSI events have only limited significance and/or materiality. Nonetheless, investors' valuation of sustainability around the world has evolved over time, involving diminishing reactions to U.S. firms and increasing benefits, particularly of continuation on the index, over time. The study highlights the importance of careful analysis and longitudinal global samples in making inferences about the financial effects of social performance. Managerial Summary: The debate about how investors perceive corporate social responsibility (CSR) predates Milton Friedman's famous statement that the only social responsibility of business is to increase profits. Although extensive research has studied whether sustainability contributes to financial performance, we have yet to understand whether investors believe it pays off. This financial event study of reactions to the addition, continuation, and deletion from DJSI World, the first global sustainability index, shows that investors care little about DJSI announcements. Nonetheless, there is some evidence that global assessments of sustainability are converging and that investors may increasingly be valuing continuation on the DJSI, suggesting that firms may gain at least limited benefits from reliable sustainability activities.     

Stakeholder theory and practice in Europe and North America: The key to success lies in a marketing approach

Corporate reputation in Europe and North America is increasingly seen as a function of how firms treat their stakeholders. In the United States, stakeholder theory has been touted as a paradigm of good management; yet despite enlightened stakeholder practice at home, US firms continue to run into problems in Europe. Wal-Mart, Microsoft, and GE have, in one way or another, all been caught off guard when doing business in Europe. This paper suggests that some of the stakeholder relations difficulties encountered by US corporations in Europe can be explained by fundamental cultural and philosophical differences between these regions that affect how stakeholders are viewed and how relations with those groups are managed. In this paper, we examine the historical and socio-political forces influencing stakeholder theory in the US and northern Europe and then use a business-to-business marketing approach to show how US firms might develop an approach to stakeholder relations that fits the northern European environment.     

Taking a hit to save the world? Employee participation in a corporate social initiative

Research Summary: Companies often justify their corporate social initiatives by citing talent management benefits. We examine the extent of, and the reasons for, employee interest in such an initiative in a global management consulting firm. We find a large fraction of employees to be interested in participation in the initiative even when participation requires a personal sacrifice in the form of a salary cut. However, this interest is driven not just by prosocial motivation: Expectations regarding private benefits, such as improved career prospects from new skills acquired, also play a role. Considerations of social impact and private benefits are equally salient when no salary cut is required, but private considerations become more prominent when participating employees are asked to accept a salary cut. Managerial Summary: Many companies are moving from stand‐alone corporate social responsibility (CSR) projects to social initiatives integrated into strategy. Providing employees with the opportunity to participate in such initiatives is said to help attract, motivate and retain talent. In this study, carried out in collaboration with a management consulting firm, we examine how much and why employees value participation in a corporate social initiative. Based on interviews and survey data, we find that employees are not only interested in, but often even willing to accept, a temporary salary cut for the opportunity. However, altruistic motivation is not the only driver of this interest: Employees also expect and value the possibility that the experience would lead to private benefits, such as developing skills likely to enhance their career prospects.     

Time‐use and well‐being impacts of travel‐to‐work and travel‐for‐work

This article contributes to our understanding of the complex patterns of travel‐to‐work and travel‐for‐work which increasingly characterise highly skilled employment, using 2015 data from a UK Midlands study comprising an online survey and follow‐up interviews. Travel‐to‐work essentially lengthens the working day, and is difficult to use productively, especially when commuting by car. Travel‐for‐work, by contrast, results in intense schedules especially when requiring overnight stays. Ownership of travel‐for‐work is ambiguous: it is employer driven, and travel time is often spent productively using mobile technologies, but is rarely rewarded with TOIL. While general dissatisfaction is reported with the commute, negative effects of travel‐for‐work (family, health, reduced leisure time) are mediated by positive impacts including experience of new working cultures, and infrequency of travel. Four factors appear central to the differing well‐being impacts: (1) frequency of travel; (2) ability to plan travel; (3) productive use of travel time, and; (4) reciprocal benefits of travel.