强制性企业社会责任制度剥夺了竞争优势:利用 "大旗偏向效应 "理论对企业社会责任授权前和授权后的比较研究

IF 3.1 Q2 BUSINESS
T. Pathak, Ruchi Tewari, Samuel Drempetic
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引用次数: 0

摘要

目的随着企业社会责任(CSR)成为一种强制性责任,印度的一些企业被迫在企业社会责任上投入资源,而它们的业务战略和流程却没有做好有效开展企业社会责任活动的准备。有鉴于此,企业社会责任与其他业务职能之间的关系将发生改变。本研究使用汤姆森路透社从 2010 年到 2018 年(从规定前到规定后)的数据,旨在重新审视企业社会责任与财务业绩之间的关系。设计/方法/途径本研究以 "浪潮偏差效应 "理论为基础,使用印度企业的长期数据(2010-2018 年)。研究使用 Refinitiv Thomson Reuters ESG 评级来衡量企业社会责任,并使用财务绩效(FP)的会计计量来对强制性企业社会责任制度对企业绩效的影响进行事前事后分析。研究采用了加权面板回归法。研究结果企业社会责任与财务业绩之间的关系在企业自愿履行社会责任与法律强制履行社会责任的情况下有所不同。在自愿阶段,企业社会责任对财务状况有积极影响,但在强制阶段,这种积极关系减弱。企业社会责任对 FP 的影响减弱证明了 "跟风偏差 "效应的存在,这可以解释为由于企业社会责任法的强制规定,一些从事企业社会责任活动的公司纷纷加入。但强制推行企业社会责任的现象日益增多,因此本研究将进一步丰富相关知识。到目前为止,文献普遍认为企业社会责任绩效与财务自由之间存在正相关关系,但本研究表明,在不断变化的企业社会责任环境中,这种关系的方向会发生变化。带头偏好理论的使用为理论方法做出了贡献。从理论上讲,研究结果丰富了企业社会责任方面的文献,并为不断发展的影响测量和报告领域提供了动力。 实际意义研究结果为管理者提供了一个明确的指示,即在强制性企业社会责任环境下,如果他们希望获得对企业财务状况产生积极影响的工具性收益,就需要重新规划他们的企业社会责任活动。企业社会责任支出现在是一个平衡器,因此管理者可以像一些企业在自愿企业社会责任阶段所做的那样,超额完成 2% 的强制性支出,或者设计企业社会责任实施计划,以带来更具影响力的积极变化。除了向政府提交强制性报告之外,向有影响力的利益相关者宣传企业社会责任的影响也是管理者从企业社会责任活动中获益的另一种方式。此外,为了从企业社会责任活动中获得积极成果,企业可以考虑采用国际报告和基准标准,如全球报告倡议组织(GRI)和 ISO 26000。最后,政策制定者可以利用本研究的结果,指出企业社会责任法正在削弱企业的经济效益,因此,政策制定者也需要利用本研究的结果,指出企业社会责任法正在削弱企业的经济效益,因此,企业正在采取捷径,捐献所需的资金。但是,捐赠资金有违强制企业社会责任的真正目的--社会影响,因此,监管机构可能需要进行必要的改革,弥补企业社会责任法中的漏洞,以确保在精神上更好地遵守法律,并对实际活动产生真正的影响。 原创性/价值虽然企业社会责任与财务收益之间的关系已被广泛探讨,但在强制企业社会责任环境中探讨这种关系的研究却很有限,也没有其他研究对企业社会责任与财务收益之间的关系,即强制企业社会责任政策实施前后的关系进行比较。目前的研究是为数不多的研究强制性企业社会责任政策对企业财务状况影响的研究之一,也是唯一一项使用 "带头偏好效应"(bandwagon-bias effect)来解释企业社会责任对企业财务状况影响减弱现象的研究。随波逐流效应被用于研究消费者行为,即群体效应影响个人行为,而在强制性企业社会责任政策下,企业追随其他企业会导致挤入。企业社会责任学者对 "跟风偏好效应 "的关注有限,本研究利用了这一理论基础,从而丰富了企业社会责任文献。
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 regime strips the competitive advantage: a comparative study of pre-post CSR mandate using the Bandwagon-bias effect theory
Purpose With corporate social responsibility (CSR) becoming mandatory, several firms in India have been compelled into spending resources on CSR while their business strategy and processes were unprepared to take up CSR activities, effectively. In this light, the CSR relationship with other business functions would be altered. Using Thomson Reuters data from 2010 to 2018 (pre-mandate to post-mandate) this study aims to re-examine the relationship between CSR and financial performance. Design/methodology/approach The current study is rooted in the bandwagon-bias effect theory and uses a long-term data (2010–2018) of Indian firms. It uses Refinitiv Thomson Reuters ESG rating to measure CSR and accounting measures for financial performance (FP) to make a pre-post analysis of the impact that mandatory CSR regime has had on firms performance. The study uses the weighted panel regression method. Findings The relationship between CSR and FP is different when CSR was voluntary than when it has been mandated by Law. CSR has a positive effect over the FP during the voluntary phase but this positive relationship weakens during the mandatory phase. The waning effect of CSR over FP substantiates the presence of bandwagon bias effect which can be explained by the crowding-in of several companies engaged in CSR activities because of the mandatory CSR law. Research limitations/implicationsv Few countries have made CSR mandatory therefore CSR literature is limited. But mandating CSR is a growing phenomenon so this study augments to the body of knowledge. Until now literature generally converged on a positive relationship between CSR performance and FP but the current study shows altering directions to this relationship in a changing CSR environment. The use of the bandwagon-bias theory contributes to the theoretical approaches. Theoretically, the findings add to the body CSR literature and offer impetus to the evolving domain of impact measurement and reporting. Practical implications Results of the study offer a clear indication to managers that they need to re-strategise their CSR activities during the mandatory CSR environment if they wish to draw instrumental benefits of a positive impact on the FP of their firms. CSR expenditure is now a leveller so managers may either exceed the mandatory 2% expenditure as some firms did during the voluntary CSR phase or else design their CSR implementation plans to bring about a more impactful positive change. Communicating the impact of CSR to influential and powerful stakeholders beyond the mandatory reporting to the government is yet another way through which managers can draw benefits of CSR activities. Additionally to draw positive results from CSR activities firms may consider adopting international reporting and benchmarking standards such as the GRI and ISO 26000. Finally, the results of the study can be used by policymakers to make a note that the CSR law is causing a weakening of the financial benefits and therefore. Social implications The results of the study can be used by policymakers also need to make a note that the CSR law is causing a weakening of the financial benefits and therefore firms are adopting shortcuts, by donating the required amount of funds. But donation of funds defeats the real purpose of mandatory CSR which is social impact, therefore the regulators may want to make the necessary changes unplug the gaps in the CSR law to ensure better adherence to the law in spirit and a real impact on the ground activities. Originality/value While CSR–FP relationship has been extensively explored but limited studies have explored this relationship in a mandatory CSR environment and no other work presents a comparative view of the CSR–FP relationship, namely, before and after the mandatory CSR policy. The current study is one of the limited few studying the impact of mandatory CSR policy on FP, and the only one that uses the bandwagon-bias effect to explain the phenomenon of weakening impact of CSR on FP of firms. Bandwagon-bias effect has been used in studying consumer behaviour, where group effect impacts behaviour of individuals and with mandatory CSR policy, firms following the other firms leading to crowding in. Using the bandwagon-bias effect has found limited attention from the CSR scholars, the current study uses this theoretical basis and therefore augments the CSR literature.
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