企业社会责任的强制支出会影响公司价值吗?印度企业的经验证据

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY
Praveen Bhagawan, Jyoti Prasad Mukhopadhyay
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引用次数: 6

摘要

本研究的目的是考察印度企业社会责任(CSR)强制支出对企业价值的影响。本研究利用 2012-2017 年期间的企业级数据,采用差分法(DID)结合匹配技术,控制遵守《企业社会责任法》决策的潜在内生性,因为该法目前的形式是作为 "遵守或解释 "义务而适用。研究结果本研究的结果表明,企业社会责任强制支出对企业价值有积极的、统计上显著的影响。这些结果在采用其他计量经济学技术(如回归不连续设计(RDD)和随机推断检验)以及其他经验规格后仍然是稳健的。此外,该研究还表明,企业社会责任支出对企业价值的积极影响对于信息不对称问题较严重、机构持股较少的企业更为明显。 原创性/价值 该研究明确考虑了印度企业在最初两到三年内企业社会责任支出方面的 "遵守或解释 "灵活选择,并研究了企业社会责任支出是否有助于企业提升其企业价值。研究还发现,企业社会责任支出对公司价值的积极影响对于信息不对称问题较严重、机构持股较少的公司更为明显。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does mandatory expenditure on CSR affect firm value? Empirical evidence from Indian firms
PurposeThe purpose of this study is to examine the impact of mandatory corporate social responsibility (CSR) spending on firm value in the Indian context.Design/methodology/approachUsing firm-level data over the period 2012–2017, this study uses the difference-in-differences (DID) technique combined with matching to control for potential endogeneity of the decision to comply with the CSR Act since the Act in its current form is applicable as a comply-or-explain obligation.FindingsThe results of this study suggest that mandatory CSR spending has a positive and statistically significant impact on firm value. These results remain robust to alternative econometric techniques such as regression discontinuity design (RDD) and randomization inference test as well as to alternative empirical specifications. Furthermore, the study demonstrates that the positive effect of CSR spending on firm value is more pronounced for firms with higher information asymmetry problem and lower institutional holdings.Originality/valueThis study explicitly considers the “comply-or-explain” flexibility option, in terms of spending on CSR, provided to Indian firms for the initial two to three years and investigates whether spending on CSR helps firms enhance their firm value. The study also finds that the positive effect of CSR spending on firm value is more pronounced for firms with higher information asymmetry problems and lower institutional holdings.
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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