机构投资者促进公司承担社会责任的三重动机——基于英国视角分析

机构投资者在世界范围内已经成为不可忽视的力量,他们不但热衷于资本的运作和利润的追逐,而且也注重公司社会责任的承担和商业与社会关系的改善.但是,近年来的研究并没有能够系统地分析是何种动机驱动机构投资者积极关注并促进公司承担社会责任的行为,而这却是研究机构投资者在公司治理实践中的角色与作用不可逾越的重要课题.对于这个课题的研究,西方学者基于商业伦理和组织心理学研究而提出的三重动机分析模型可作为一种有效的研究平台,英国公司治理环境下的机构投资者的表现可作为研究例证,用以分析和阐释机构投资者积极促进公司承担社会责任的真实原因.分析结果表明,机构投资者是在手段性动机、相关性动机和道德性动机的共同驱动下积极促进公司承担社会责任的.

Three Motives of Institutional Investors for Corporate Social Responsibility——from a UK Perspective

Institutional investors have become an essential force for promoting good corporate governance practices around the world. They are not only interested in pursuing financial interests through capital operation, but also in urging portfolio companies to take corporate social responsibilities （CSR） and improving the relationship between business and society. However, recent research did not systematically analyze what motives actually force institutional investors to engage in CSR activities, and also require their portfolio companies to participate in such activities. Thus, this paper will examine why institutional investors are more likely to do this, by using three-dimension-model of motives deriving from business ethics and organizational psychology as a platform, and practices of institutional investors in the UK corporate governance context as an example. The result shows that institutional investors which engage in CSR activities are simultaneously driven by instrumental motives, relational motives and moral motives.