监管后企业社会责任对印度公司价值和股票波动的影响:经验证据

IF 0.7 Q4 BUSINESS
Keerat Bhurjee, Ankur Paliwal
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引用次数: 0

摘要

我们研究了2013年一项外生法规的后果,该法规强制要求企业履行企业社会责任(CSR)。利用190家强制性履行企业社会责任的公司的数据集,我们实证研究了印度等新兴市场企业社会责任、企业绩效和波动性之间的关系。在解释上述关系时,我们还考察了企业规模和行业的调节作用。我们记录了监管对短期和长期公司盈利能力的积极影响。我们没有发现令人信服的证据证明企业社会责任对公司波动性的影响,尽管公司的年龄和规模在解释公司层面的波动性方面发挥了积极的调节作用。最后,我们还发现,与服务业企业相比,制造业企业在企业社会责任活动方面更具社会责任。我们的总体结果为企业社会责任活动的潜在收益提供了实证支持。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Post regulatory impact of CSR on firm value and stock volatility in India: an empirical evidence
We study the consequences of an exogenous regulation in 2013 making it mandatory for firms to contribute towards corporate social responsibility (CSR). Using a data set of 190 companies contributing mandatorily towards CSR, we empirically investigate the relationship between CSR, firm performance and volatility in an emerging market such as India. We also examine the moderating effects of firm size and industry in explaining the above relationship. We document a positive impact on short-and long-term firm profitability following the regulation. We do not find compelling evidence for the impact of CSR on the firms' volatility although the firm age and size plays a positive moderating role in explaining the volatility at the firm level. Finally, we also find that manufacturing firms are more socially responsible in terms of their CSR activities as compared to service sector firms. Our overall results provide empirical support for the potential benefits accruing to the CSR activities.
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