利用企业社会责任应对产品危害危机:股市反应有何影响?

Zhe Ouyang, Xiaojiao Wang, Yang Liu
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引用次数: 0

摘要

股票市场对产品危害危机的最初反应是促使企业履行企业社会责任(CSR)的一个重要因素。通过分析 2009 年至 2019 年中国上市公司产品危害危机的事件数据,我们发现了与危机相关的异常回报与企业社会责任的后续增长存在显著负相关的证据。重要的是,我们发现这种负相关关系对于那些更需要恢复道德合法性的企业尤为明显,比如那些获得媒体高度青睐和分析师积极推荐的企业。这些发现从合法性的角度为企业在产品危害危机后增加企业社会责任投资的动机提供了新的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The use of corporate social responsibility in response to product‐harm crisis: How do stock market reactions matter?
The initial stock market reaction to a product‐harm crisis is an important factor motivating firms to engage in corporate social responsibility (CSR). By analyzing event data on product‐harm crises in Chinese listed companies spanning from 2009 to 2019, we uncover evidence that crisis‐related abnormal returns have a significant negative association with the subsequent growth of CSR. Importantly, we find that this negative relationship is especially pronounced for firms that have a greater need to restore moral legitimacy, such as those receiving high levels of media favorability and positive analyst recommendations. These findings offer novel insights into the motivations behind firms' increased investment in CSR following product‐harm crises from a legitimacy perspective.
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