流动性和企业社会责任:一个先有鸡还是先有蛋的故事

IF 3.1 Q2 BUSINESS
Ali Uyar, Muath Abdelqader, C. Kuzey, Abdullah S. Karaman
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引用次数: 4

摘要

目的借鉴金融闲置资源理论、利益相关者理论和信号传导理论,以现金转换周期(CCC)为流动性代理,以企业社会责任综合指标和个体指标,探讨流动性与企业社会责任之间的双向因果关系。设计/方法/方法数据从汤森路透Eikon数据库中检索,涵盖2013年至2019年至20016年期间的公司年度观察,涉及10个商业部门和60个国家。实证部分进行了固定效应面板回归分析。研究结果表明,CCC越短,流动性越大的企业参与的CSR越大。他们还表明,CCC所代表的流动性更强的公司并没有同等看待环境和社会绩效的所有维度;他们确实歧视他们。在环境支柱方面,企业将从较短的CCC中获得的资金分别用于生态创新和资源利用,但不用于减排。在社会支柱方面,较高的流动性分别促进了社区和人权层面,但没有促进劳动力和产品质量。这些结果在很大程度上对替代CSR测量、替代抽样和内生性问题是稳健的。反向因果关系证实了CSR促进了更高的流动性(更短的CCC)。因此,企业社会责任与流动性之间的双向关系得到了证实。研究局限性/含义尽管作者希望考虑更长的研究期,但他们不得不选择2013年作为开始期,因为特别是CCC数据以及环境、社会和治理(ESG)数据在早期是不可用的。实际含义在环境指标中,以更大的流动性推动生态创新表明企业为其长期增长和合法性做出了战略选择。此外,更大的流动性会促进社区发展和对人权的更多尊重,而不是投资于劳动力和产品质量。尽管这可能是实现深思熟虑的战略的结果,对社会有益,但不投资于劳动力和产品质量可能会损害公司的长期生存和长期市场竞争地位。反向因果关系的含义是,客户购买对生态和社区有益的公司的产品和服务,他们向这些公司支付的费用更快。社会含义这项研究强调,流动性管理和企业社会责任密切相关,证实了一个鸡和蛋的故事。流动性管理较好的公司更有可能关心环境和社区。此外,为社会做好事的回报形式是提高公司流动性,引发客户同情。独创性/价值本研究通过考察企业社会责任绩效与流动性之间的双向因果关系,提供了新的见解,这有助于突出企业社会责任业绩对公司现金管理能力的影响,以及高流动性对增强公司对社会和环境的关注的好处。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Liquidity and CSR: a chicken and egg story
Purpose Drawing on financial slack resources theory, stakeholder theory and signaling theory, the purpose of this study is to explore the two-way causality between liquidity and corporate social responsibility (CSR) by using the cash conversion cycle (CCC) as liquidity proxy and composite and individual CSR metrics. Design/methodology/approach The data were retrieved from the Thomson Reuters Eikon database covering the period between 2013 and 2019 and 20,016 firm-year observations affiliated with ten business sectors and 60 countries. The fixed-effects panel regression analysis is executed in the empirical part. Findings The results indicate that firms with greater liquidity proxied by shorter CCC engage with greater CSR initiatives. They also reveal that firms with greater liquidity proxied by CCC do not regard all the dimensions of environmental and social performance equivalently; they do discriminate them. In the environmental pillar, firms funnel their cash derived from shorter CCC toward eco-innovation and resource use, respectively, but not to emissions reduction. In the social pillar, higher liquidity fosters community and human rights dimensions, respectively, but not workforce and product quality. These outcomes are largely robust to alternative CSR measurement, alternative sampling and endogeneity concerns. The reverse causality confirmed that CSR promotes higher liquidity (shorter CCC). Thus, the bidirectional relationship between CSR and liquidity is confirmed. Research limitations/implications Although the authors wanted to consider a longer study period, they were obliged to choose 2013 as the starting period because particularly CCC data together with environmental, social and governance (ESG) data were not available in the earlier years. Practical implications Among environmental indicators, fueling eco-innovation most with greater liquidity shows that firms make a strategic choice for their long-term growth and legitimacy. Besides, greater liquidity induces greater community development and more respect for human rights rather than investing in workforce and product quality. Although this might be an outcome of the realization of a deliberate strategy and good for the society, not investing in the workforce and product quality may impair the long-term survival and competitive position of the firm in the long-run in the marketplace. The implication of reverse causality is that customers purchase products and services of firms that do good for the ecology and the community and they pay faster to those companies. Social implications This study highlights that liquidity management and CSR are closely interrelated confirming a chicken and egg story. Firms with better liquidity management are more likely to care environment and community. Besides, doing good for society pays back in the form of enhanced firm liquidity triggering customer sympathy. Originality/value This research provides new insight by examining the two-way causality of the relationship between CSR performance and liquidity, which helps highlight the impact of CSR performance on the company’s ability to manage its cash and the benefits of having high liquidity on enhancing the company’s concern about the society and environment.
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CiteScore
5.60
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18.80%
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