{"title":"投资者将强制性企业社会责任视为一项公共政策：印度《2013 年公司法》第 135 条案例","authors":"LeRoy Tim Ruhupatty, Melisa Ann Ruhupatty","doi":"10.1002/app5.397","DOIUrl":null,"url":null,"abstract":"<p>We investigate investor sentiment regarding mandatory corporate social responsibility (CSR) as a public policy. Using the event study methodology, we analysed the cumulative abnormal returns (AR) of companies impacted by Section 135 of the Indian Companies Act 2013. Our findings suggest that setting a CSR expenditure threshold may lead companies lagging in CSR to over-invest, potentially hindering value maximisation. Specifically, we observed that the cumulative AR for companies lagging in CSR are lower than those leading in CSR. Therefore, mandating CSR practices may be counterproductive for value creation. This event study is one of the first to evaluate the impact of mandatory CSR as public policy on CSR-leading and lagging firms.</p>","PeriodicalId":45839,"journal":{"name":"Asia & the Pacific Policy Studies","volume":"11 3","pages":""},"PeriodicalIF":1.4000,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/app5.397","citationCount":"0","resultStr":"{\"title\":\"Investorsʼ view of mandatory corporate social responsibility as a public policy: The case of section 135 of the Indian Companies Act 2013\",\"authors\":\"LeRoy Tim Ruhupatty, Melisa Ann Ruhupatty\",\"doi\":\"10.1002/app5.397\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We investigate investor sentiment regarding mandatory corporate social responsibility (CSR) as a public policy. Using the event study methodology, we analysed the cumulative abnormal returns (AR) of companies impacted by Section 135 of the Indian Companies Act 2013. Our findings suggest that setting a CSR expenditure threshold may lead companies lagging in CSR to over-invest, potentially hindering value maximisation. Specifically, we observed that the cumulative AR for companies lagging in CSR are lower than those leading in CSR. Therefore, mandating CSR practices may be counterproductive for value creation. This event study is one of the first to evaluate the impact of mandatory CSR as public policy on CSR-leading and lagging firms.</p>\",\"PeriodicalId\":45839,\"journal\":{\"name\":\"Asia & the Pacific Policy Studies\",\"volume\":\"11 3\",\"pages\":\"\"},\"PeriodicalIF\":1.4000,\"publicationDate\":\"2024-06-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1002/app5.397\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Asia & the Pacific Policy Studies\",\"FirstCategoryId\":\"90\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/app5.397\",\"RegionNum\":3,\"RegionCategory\":\"社会学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"AREA STUDIES\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia & the Pacific Policy Studies","FirstCategoryId":"90","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/app5.397","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"AREA STUDIES","Score":null,"Total":0}
引用次数: 0
摘要
我们调查了投资者对作为公共政策的强制性企业社会责任（CSR）的看法。利用事件研究方法，我们分析了受印度《2013 年公司法》第 135 条影响的公司的累计异常回报 (AR)。我们的研究结果表明，设定企业社会责任支出门槛可能会导致在企业社会责任方面落后的公司过度投资，从而有可能阻碍价值最大化。具体而言，我们观察到，企业社会责任落后公司的累计 AR 值低于企业社会责任领先公司。因此，强制企业社会责任实践可能会对价值创造产生反作用。这项事件研究是首次评估作为公共政策的强制性企业社会责任对企业社会责任领先企业和落后企业影响的研究之一。
Investorsʼ view of mandatory corporate social responsibility as a public policy: The case of section 135 of the Indian Companies Act 2013
We investigate investor sentiment regarding mandatory corporate social responsibility (CSR) as a public policy. Using the event study methodology, we analysed the cumulative abnormal returns (AR) of companies impacted by Section 135 of the Indian Companies Act 2013. Our findings suggest that setting a CSR expenditure threshold may lead companies lagging in CSR to over-invest, potentially hindering value maximisation. Specifically, we observed that the cumulative AR for companies lagging in CSR are lower than those leading in CSR. Therefore, mandating CSR practices may be counterproductive for value creation. This event study is one of the first to evaluate the impact of mandatory CSR as public policy on CSR-leading and lagging firms.
期刊介绍：
Asia & the Pacific Policy Studies is the flagship journal of the Crawford School of Public Policy at The Australian National University. It is a peer-reviewed journal that targets research in policy studies in Australia, Asia and the Pacific, across a discipline focus that includes economics, political science, governance, development and the environment. Specific themes of recent interest include health and education, aid, migration, inequality, poverty reduction, energy, climate and the environment, food policy, public administration, the role of the private sector in public policy, trade, foreign policy, natural resource management and development policy. Papers on a range of topics that speak to various disciplines, the region and policy makers are encouraged. The goal of the journal is to break down barriers across disciplines, and generate policy impact. Submissions will be reviewed on the basis of content, policy relevance and readability.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
