股东至上还是利益相关者多元化?环保股东提案及董事会回应

IF 4.6 3区 管理学 Q1 BUSINESS, FINANCE
Melissa Carlisle, Melanie I. Millar, Jacqueline Jarosz Wukich
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引用次数: 0

摘要

本研究考察股东和董事会在企业社会责任(CSR)方面的动机,以了解董事会对环境问题的管理方法。通过内容分析,作者将2013年至2017年《财富》250强公司的所有环保股东提案和董事会回应中的企业社会责任动机从“少做”(股东至上视角)到“多做”(利益相关者多元化视角)进行了分类。作者计算了每个提议-回应对(谈话差距)的动机失调,并使用聚类分析来观察董事会管理和随后的环境披露和绩效(ED&P)变化的证据。董事会对管理职责的解释并不统一,它们经常延伸到股东以外的利益相关者,最常见的是包括以利润为导向的利益相关者(例如员工和客户)。当股东在企业社会责任激励方面勉强领先董事会,要么要求行动和信息,要么只要求信息时,ed&p变化最大。作者观察到,当股东要求采取行动时,ed&p变化较弱,股东与董事会之间的不协调更大。当股东没有动力为企业社会责任做什么时,即使董事会表现出更多元的动机,公司绩效变化也是微弱的。研究的局限性/启示研究结果表明,董事会在企业社会责任中发挥重要作用,并可能帮助激进股东决定如何最好地在企业社会责任行动中产生变化。原创性/价值本研究首次提供了董事会在提议-回应层面管理的证据。它衡量了股东和董事会的企业社会责任动机,引入了谈话差距,并研究了提案特征、谈话差距和随后的ed&p变化之间的关系,以更好地理解董事会对环境问题的管理。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Shareholder primacy or stakeholder pluralism? Environmental shareholder proposals and board responses
Purpose This study examines shareholder and board motivations regarding corporate social responsibility (CSR) to understand boards' stewardship approaches to environmental issues. Design/methodology/approach Using content analysis, the authors classify CSR motivations in all environmental shareholder proposals and board responses of Fortune 250 companies from 2013 to 2017 from do little (a shareholder primacy perspective) to do much (a stakeholder pluralism perspective). The authors calculate the motivational dissonance for each proposal-response pair (the Talk Gap) and use cluster analysis to observe evidence of board stewardship and subsequent environmental disclosure and performance (ED&P) changes. Findings Board interpretations of stewardship are not uniform, and they regularly extend to stakeholders beyond shareholders, most frequently including profit-oriented stakeholders (e.g. employees and customers). ED&P changes are highest when shareholders narrowly lead boards in CSR motivation and either request both action and information or information only. The authors observe weaker ED&P changes when shareholders request action and the dissonance between shareholders and boards is larger. When shareholders are motivated to do little for CSR, ED&P changes are weak, even when boards express more pluralistic motivations. Research limitations/implications The results show the important role that boards play in CSR and may aid activist shareholders in determining how best to generate change in corporate CSR actions. Originality/value This study provides the first evidence of board stewardship at the proposal-response level. It measures shareholder and board CSR motivations, introduces the Talk Gap, and examines relationships among proposal characteristics, the Talk Gap, and subsequent ED&P change to better understand board stewardship of environmental issues.
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来源期刊
CiteScore
9.50
自引率
14.30%
发文量
77
期刊介绍: Dedicated to the advancement of accounting knowledge, the Accounting, Auditing & Accountability Journal publishes high quality manuscripts concerning the interaction between accounting/auditing and their socio-economic and political environments, encouraging critical analysis of policy and practice in these areas. The journal also seeks to encourage debate about the philosophies and traditions which underpin the accounting profession, the implications of new policy alternatives and the impact of accountancy on the socio-economic and political environment.
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