The spillover effect of a CSR mandate for China’s state-owned enterprises on mutual funds’ responsible investment

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-10-01 DOI:10.1016/j.frl.2025.108615

Zhuang Zhuang , Wei Cui , Ganghua Wang

引用次数: 0

Abstract

Whether government-mandated corporate social responsibility (CSR) initiatives foster meaningful CSR practices is a widely debated issue. Using a difference-in-differences approach and a sample of 38,684 fund observations from 2010 to 2021, we provide empirical evidence that a CSR mandate targeting Chinese state-owned enterprises (SOEs) has generated a positive spillover effect—manifested in enhanced socially responsible investment by mutual funds. Specifically, mutual funds affiliated with controlling state-owned capital shareholders increased their responsible investment following the implementation of the mandate, compared to funds without such affiliations. We further find that this spillover effect is statistically significant only among funds dominated by retail investors. Our findings suggest that government-led CSR policies targeting SOEs can meaningfully influence the asset management sector by guiding investment decisions and promoting more socially responsible investing.

查看原文本刊更多论文

中国国有企业社会责任授权对共同基金责任投资的溢出效应

政府授权的企业社会责任（CSR）倡议是否能促进有意义的企业社会责任实践是一个广泛争论的问题。利用差异中的差异方法和2010年至2021年38,684个基金观察样本，我们提供了实证证据，证明针对中国国有企业的社会责任授权产生了积极的溢出效应，这表现在共同基金的社会责任投资增强。具体而言，与没有国有控股股东关联的共同基金相比，国有控股股东关联的共同基金在执行任务后增加了责任投资。我们进一步发现，这种溢出效应仅在以散户投资者为主的基金中具有统计学意义。我们的研究结果表明，政府主导的针对国有企业的企业社会责任政策可以通过指导投资决策和促进更多的社会责任投资来对资产管理行业产生有意义的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance