The impact of institutional investors' corporate site visits on corporate social responsibility |
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| Affiliation: | 1. School of Business, Beijing Technology and Business University, Beijing, China;2. School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing, China;1. Hamburg University, Department of Economics, Germany;2. Tallinn University of Technology, Department of Economics and Finance, Estonia;3. Halle Institute for Economic Research, Germany;1. Business School, Zhengzhou University, Zhengzhou, PR China;2. Lingnan College, Sun Yat-sen University, Guangzhou, PR China;3. School of Finance & Southern China Institute of Fortune Management Research, Guangdong University of Foreign Studies, Guangzhou, PR China;1. College of Business Administration, Capital University of Economics and Business, Zhangjialukou Road No.121, Fengtai District, Beijing, China;2. Department of Business and Information Technology, Missouri University of Science and Technology, 101 Fulton Hall, 301 W. 14th Street, 65409 Rolla, MO, USA;3. Nankai Business School, Nankai University, 94 Weijin Road, Tianjin, China;1. Energy Studies Institute, National University of Singapore;2. Xiamen University;1. School of Accountancy, Central University of Finance and Economics, Beijing 100081, China;2. Department of Accounting, University of Melbourne, Melbourne, VIC 3010, Australia |
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| Abstract: | Using the unique data of China, this paper finds that institutional investors' corporate site visits will promote firms' corporate social responsibility (CSR) performance, the main conclusions remain unchanged when we mitigate endogeneity concerns and consider a series of robust tests. Further, the mediation analyses confirm the mediating roles of internal control and information disclosure rating. We also conduct tests based on China's institutional settings and find that: (a) firms visited by institutions have better CSR performance after mandatory information disclosure, (b) firms visited by institutions have higher probability to disclose CSR reports voluntarily. |
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