How does mandatory CSR disclosure affect labor investment decisions?

IF 3.8 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2026-06-01 Epub Date: 2026-02-26 DOI:10.1016/j.jbankfin.2026.107674

Min Bai , Mingwei Sun , Alfred Yawson

引用次数: 0

Abstract

This paper investigates the impact of the 2008 mandatory CSR disclosure in China on the labor investment efficiency of the disclosing firms. Using a difference-in-difference approach, we find that the disclosing firms improved labor investment efficiency compared with non-disclosing firms, particularly in the overinvested group. The efficiency gain is more prominent in companies facing greater employee retention challenges and higher labor adjustment costs. The overinvested firms face higher spending on staff protection and public relations, reflecting greater societal and political pressure to “do good” and compelling them to curb overinvestment. Our results suggest that the improved labor efficiency is a considered response by the overinvested firms to alleviate the financial burden imposed by the mandate.

查看原文本刊更多论文

强制性企业社会责任披露如何影响劳动力投资决策？

本文考察了2008年中国企业社会责任强制披露对披露企业劳动投资效率的影响。运用差异中的差异分析方法，我们发现披露企业比未披露企业提高了劳动投资效率，特别是在过度投资群体中。在面临更大的员工保留挑战和更高的劳动力调整成本的公司中，效率收益更为突出。过度投资的公司在员工保护和公共关系方面面临更高的支出，这反映了更大的社会和政治压力，要求他们“做好事”，并迫使他们遏制过度投资。我们的研究结果表明，劳动效率的提高是过度投资企业为了减轻授权所带来的财务负担而做出的一种深思熟虑的反应。

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

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.