Moral mentor of the company? Multifaceted influence of sustainable and responsible funds on corporate social responsibility disclosure in China

IF 4.9 2区管理学 Q1 MANAGEMENT

Asia Pacific Journal of Management Pub Date : 2023-07-24 DOI:10.1007/s10490-023-09900-w

Weian Li, Yupei Liu, Lixiang Wang

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Abstract

This study investigates whether sustainable and responsible investment (SRI) funds can serve as “social responsibility mentors” of focal firms in a Chinese context. On this basis, we posit that firms’ greenwashing motives may lead to a bias between information disclosure and actual performance in corporate social responsibility (CSR). Using data from China’s publicly listed companies, we find a U-shaped relationship between SRI fund ownership and CSR disclosure quality; intrinsic and extrinsic greenwashing motives can weaken this curvilinear relationship. Furthermore, we examine the influence mechanism and prove that SRI funds use social screening strategies as an indirect channel to affect CSR disclosure. This mechanism is also verified when we consider SRI funds’ number and investment portfolio. We conclude that SRI funds have a multifaceted influence on the CSR disclosure of focal firms, enriching the understanding of SRI funds and corporate sustainability in the capital markets of emerging economies.

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公司的道德导师？可持续责任基金对我国企业社会责任披露的多方面影响

本研究探讨可持续责任投资（SRI）基金能否在中国背景下作为焦点企业的“社会责任导师”。在此基础上，我们假设企业的洗绿动机可能导致信息披露与企业社会责任（CSR）实际绩效之间的偏差。利用中国上市公司的数据，我们发现SRI基金所有权与CSR披露质量之间呈u型关系；内在和外在的洗绿动机会削弱这种曲线关系。在此基础上，研究了社会责任基金对企业社会责任披露的影响机制，证明社会责任基金通过社会筛选策略间接影响企业社会责任披露。当我们考虑SRI基金的数量和投资组合时，也验证了这一机制。我们得出结论，SRI基金对焦点企业的社会责任披露具有多方面的影响，丰富了对新兴经济体资本市场中SRI基金与企业可持续性的理解。

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来源期刊

Asia Pacific Journal of Management MANAGEMENT-

CiteScore

9.70

自引率

9.30%

发文量

期刊介绍： The Asia Pacific Journal of Management publishes original manuscripts on management and organizational research in the Asia Pacific region, encompassing Pacific Rim countries and mainland Asia. APJM focuses on the extent to which each manuscript addresses matters that pertain to the most fundamental question: “What determines organization success?” The major academic disciplines that we cover include entrepreneurship, human resource management, international business, organizational behavior, and strategic management. However, manuscripts that belong to other well-established disciplines such as accounting, economics, finance, marketing, and operations generally do not fall into the scope of APJM. We endeavor to be the major vehicle for exchange of ideas and research among management scholars within or interested in the broadly defined Asia Pacific region.Key features include: Rigor - maintained through strict review processes, high quality global reviewers, and Editorial Advisory and Review Boards comprising prominent researchers from many countries. Relevance - maintained by its focus on key management and organizational trends in the region. Uniqueness - being the first and most prominent management journal published in and about the fastest growing region in the world. Official affiliation - Asia Academy of ManagementFor more information, visit the AAOM website:www.baf.cuhk.edu.hk/asia-aom/ Officially cited as: Asia Pac J Manag