External tournament incentives and corporate social irresponsibility

IF 3.4 3区 管理学 Q2 MANAGEMENT
Xi Zhong, Weihong Chen, Ge Ren
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引用次数: 0

Abstract

We integrate the perspectives of tournament and agency theories to examine whether, how, and when external tournament incentives influence firms' corporate social irresponsibility (CSI). Using data on Chinese listed companies from 2003 to 2020, we show that external tournament incentives positively affect firms' CSI. Essentially, CEOs can use CSI to rapidly improve the firm's short-term performance and thus increase their chances of winning external tournaments. Therefore, CEOs have an incentive to push companies to implement more CSI in response to external tournament incentives. Meanwhile, we find that good external corporate governance mechanisms (short-selling pressure, marketization, and social trust) inhibit CEOs' opportunistic tendency to use CSI in response to external tournament incentives, thus attenuating the positive impact of external tournament incentives on CSI. This study extends the literature on external tournament incentives and CSI and provides important insights for shareholders and policymakers to effectively curb CSI.

外部锦标赛激励和企业社会不负责任
我们整合了赛事和代理理论的观点来研究外部赛事激励是否、如何以及何时影响公司的企业社会不负责任(CSI)。利用2003 - 2020年中国上市公司的数据,我们发现外部赛事激励对公司CSI有正向影响。从本质上讲,ceo们可以利用CSI快速改善公司的短期业绩,从而增加他们赢得外部比赛的机会。因此,ceo有动力推动公司实施更多CSI,以应对外部赛事激励。同时,我们发现良好的外部公司治理机制(卖空压力、市场化和社会信任)抑制了ceo利用CSI来应对外部赛事激励的机会主义倾向,从而减弱了外部赛事激励对CSI的积极影响。本研究拓展了外部赛事激励与CSI的相关文献,为股东和决策者有效抑制CSI提供了重要的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.20
自引率
13.50%
发文量
52
期刊介绍: The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.
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