企业社会责任强制披露、机构所有权与企业价值:来自中国的证据

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Syed Zulfiqar Ali Shah, Saeed Akbar, Xiaoyun Zhu
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引用次数: 0

摘要

摘要本研究旨在通过考察中国强制性企业社会责任披露的价值相关性,为相关的会计、公司治理和企业社会责任(CSR)文献做出贡献。使用差异中的差异(DID)研究设计和基于倾向得分匹配(PSM)的样本,我们的研究结果表明,强制性企业社会责任披露与企业价值观呈负相关。我们还发现,机构所有权和杠杆水平较高的公司,由于强制性的企业社会责任披露,公司价值的下降相对较小。这些发现对于替代抽样设计,使用市场账面价值作为公司基于市场的绩效的替代衡量标准,以及验证我们的DID分析的平行测试仍然是稳健的。我们的研究结果对管理者、监管者、政策制定者和其他利益相关者都有有益的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Mandatory CSR disclosure, institutional ownership and firm value: Evidence from China
Abstract This study aims to contribute to the relevant accounting, corporate governance, and corporate social responsibility (CSR) literature by examining the value relevance of mandatory CSR disclosures in China. Using a difference‐in‐differences (DID) research design and a sample based on propensity score matching (PSM) over the period from 2003 to 2020, our findings suggest that mandatory CSR disclosures are negatively associated with firm' values. We also find that firms with a high level of institutional ownership and leverage experience a relatively lower drop in firms' values as a result of the mandatory CSR disclosures. These findings remain robust to alternative sampling design, use of market to book value as an alternative measure of firms' market‐based performance, and a parallel test to validate our DID analysis. Our findings have useful implications for managers, regulators, policy makers and other stakeholders.
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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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