基于“Meta分析”视角的企业社会绩效与企业财务绩效之间的关系研究

随着企业社会责任理论体系逐步的发展与完善,国内外学者开始关注企业社会绩效(CSP)与企业财务绩效(CFP)之间的关系,但是其中大量有关的研究结果却是互相矛盾的。本研究首先提出了一个理论模型以及相关研究假设,以国内外有关的实证研究文献作为研究对象,采用Meta分析方法对各项独立研究结果进行综合统计分析。其研究结果表明:企业社会绩效常常与企业财务绩效是直接地相互作用和相互影响的;企业管理能力和企业声誉作为中介变量对CSP与CFP关系有着正向的影响,其中企业声誉有着高度的影响;大多数CSP测量方法与CFP测量方法之间有着显著的正向关系,其中CSP声誉排名测量方法与CFP测量方法之间显示出相当高的正向关系,而以市场基础和会计基础CFP测量方法与CSP测量方法之间的关系要低于感知(调查)CFP测量方法的。最后,将其研究结果与相关文献的研究结果进行了比较,并提出了研究结论和相关启示。     

Rethinking the Corporate Financial–Social Performance Relationship: Examining the Complex,Multistakeholder Notion of Corporate Social Performance

The corporate financial performance (CFP)–corporate social performance (CSP) relationship has been investigated many times over the past few decades, yet the notion of CSP has generally been understood to be a single, monolithic aspect of corporate strategy. This article examines the common CFP–CSP understanding in three distinct ways: (1) by extending the evaluation of CSP as a complex, multistakeholder notion; (2) by analyzing CSP's relationship with the firm's financial performance at a given point in time as a lead (independent) variable in the relationship and as a lag (dependent) variable in the relationship; and (3) for both positive and negative stakeholder relationships. The results indicate that the employee emerges as the stakeholder group most strongly linked to CFP, followed by the consumer stakeholder. The natural environment and the community stakeholder group are minimally associated with CFP. General support is found for a CFP–CSP relationship at a given point in time, with some support found for CSP as a lead (independent) variable. When used as a measure of financial performance, return on assets is more often correlated with CSP than is return on equity. These results and their implications are discussed.     

Revisiting the Corporate Social and Financial Performance Link: A Contingency Approach

This study draws on and extends contingency theory, in relation to stakeholder theory to understand the corporate social performance (CSP) and financial performance (CFP) link, by evaluating under what circumstances CSP influences CFP. Contingencies include stakeholder configurations/salience and crisis conditions. Using differentiated measures of CSP, this study examined financial effects of various specific stakeholder facing activities pre‐ and post‐crisis in the food/beverage and pharmaceutical industries, and in firms selling search versus experience goods. The results indicate that pre‐crisis CSP is related to post‐crisis financial effects, but the relationships are dependent on the interactions among the contingencies studied, so investments in certain social areas improve CFP, whereas others may hurt it. This confirms that a finer grained approach should be taken to the examination of CSP and CFP. On a practical basis, it shows that deep stakeholder knowledge and attention to complementary factors to CSP, such as advertising, must be understood, so CSP activities are of benefit to the firm.     

The Effects of “Going Private” Using Private Equity: The Newly Private Corporation and the Dimensions of Corporate Performance

The trend toward private ownership of corporations prompts a reexamination of the dimensions of corporate performance under a governance system that includes powerful owners and a reduced public presence. Using insights from corporate social responsibility and stakeholder theories and informed by agency theory, we develop a model regarding the performance implications of public corporations going private through the use of private equity. We put forth that in general going private tends to result in greater emphasis on corporate financial performance and in lesser emphasis on corporate social performance (CSP). Yet several variables, including the firm's capitalization, its post‐going‐private exit strategy, and its managerial discretion, are proposed to moderate the negative relationship between going private and CSP.     

机构投资者持股偏好、筛选策略与企业社会绩效

以中国上市公司为研究对象,采用最小二乘法和两阶段最小二乘法,借助EViews工具,检验中国机构投资者持股与企业社会绩效的关系,以考察机构投资者基于企业社会绩效的持股偏好和筛选策略,选取2005年至2009年沪深两市918家上市公司为样本进行实证检验。研究结果表明,机构投资者表现出对企业社会绩效的持股偏好,在制定持股决策时会考虑企业社会绩效,尤其是近两年的企业社会绩效。进一步对机构投资者进行分类研究表明,各类机构投资者持股与企业社会绩效关系的差异性较大,仅有基金表现出类似的持股偏好。机构投资者整体和基金的持股偏好是源于筛选策略的介入,正面筛选策略比负面筛选策略对持股偏好的影响程度更大,即机构投资者制定投资决策时以正面筛选策略为主要手段,负面筛选策略为辅。     

企业社会责任信息披露、媒体关注度与企业财务绩效关系研究

基于我国A股上市公司发布的企业社会责任报告,在探究中国情境下企业社会责任信息披露、媒体关注度与企业财务绩效的相互关系后,发现企业社会责任信息披露与企业财务绩效之间存在相互制约和相互促进的关系。此外,验证了媒体关注度在社会责任信息披露和企业财务绩效的交互关系中存在中介效应。     

媒体关注下的CSR信息披露与企业财务绩效关系研究及启示——基于我国A股上市公司CSR报告的实证研究

企业社会责任(CSR)及信息披露已成为当前社会各界共同关注的热点问题。本文利用独立机构发布的我国A股上市公司CSR报告的评级数据,验证了当前时代背景下我国企业社会责任信息披露与企业财务绩效的关系,以及作为信息传递媒介和"公众日程设置者"的媒体的关注对于二者关系的影响作用。研究发现,高水平披露社会责任信息的企业的绩效明显高于低水平企业,但是这种作用关系是在媒体关注度这一变量的完全中介作用之下实现的。这一新发现不仅丰富和拓展了企业社会责任及信息披露的理论研究框架,对于基于战略性CSR思维制定相关战略的企业管理者也深具启发意义。     

Doing Well by Reporting Good: Reporting Corporate Responsibility and Corporate Performance

This article aimed to examine the impacts of reporting‐type corporate responsibility activities (CRA‐R) on corporate social and financial performance. Academic research has explored how varying attributes of markets, industry sectors and firms might shape corporate social and financial performance, but includes little effort to examine the impacts of different kinds of CRA on corporate performance. We build on debate about the value of firms' reporting activities related to corporate responsibility. Recent literature suggests that CRA‐R is superficial marketing or “greenwashing.” Despite this viewpoint, corporate reporting activities related to responsibility are rising. In order to solve this puzzle, this article explores the impact of CRA‐R on corporate performance. First, drawing from the institutional perspective, we propose that CRA‐R will positively impact corporate social performance (CSP) oriented toward secondary stakeholders. Second, combining the stakeholder–agency perspective and corporate responsibility literature, we motivate the hypotheses that CRA‐R positively influences corporate financial performance (CFP). Empirical testing with a unique dataset of large US corporations selected in the Fortune 500 support the proposed hypotheses. In particular, both corporate social responsibility and Global Reporting Initiative (GRI) activities positively influence corporate environmental performance, and financial performance. In particular, GRI reporting is a strong indicator to impact both social and financial performance. Our findings indicate that CRA‐R should not simply reflect shallow motivations, but deliver value to noninvestor stakeholders as well as investors.     

Measuring Corporate Social Performance: A Review

This paper reviews the literature on corporate social performance (CSP) measurement and sets that literature into a theoretical context. Following a review of CSP theory development and the literature on relationships between CSP and corporate financial performance, Wood's CSP model ( Wood, D.J. (1991 ). Corporate social performance revisited. Academy of Management Review , 16, pp. 691–718) is used as an organizing device to present and discuss studies that use particular measures of CSP. Conclusions emphasize the need for CSP scholars to refocus on stakeholders and society, and to incorporate relevant literatures from other scholarly domains.     

Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance

Despite the tremendous number of publications concerned with the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP), inconsistent empirical findings persist and the overall picture remains vague. Drawing on a hybrid theoretical framework (combining the theoretical reasoning of the natural-resource-based view (NRBV) with instrumental stakeholder and slack resources arguments), we address the apparent lack of consensus by meta-analytically integrating the findings of 149 studies. We pay particular attention to two highly material issues: the direction of causality and the multidimensionality of the focal constructs. Meta-analytic results indicate that there is a positive and partially bidirectional relationship between CEP and CFP. In addition, our findings suggest that the relationship is stronger when the strategic approach underlying CEP is proactive rather than reactive. Furthermore, we reveal moderation effects of methodological artifacts, which may provide explanations for the inconsistency of the results of previous studies. Based on our findings, we discuss the implications and outline avenues for further research.     

Beyond Association: How Employees Want to Participate in Their Firms' Corporate Social Performance

Although many studies have found a positive relationship between corporate social performance and employer attractiveness, few have examined how different forms of responsibility might mediate that attraction, particularly when those social practices afford different degrees of employee participation. The current study undertook this line of inquiry by examining prospective employees’ attraction to three common approaches to corporate social performance (CSP) that offer increasing levels of participation: donation, volunteerism, and operational integration. Unexpectedly, findings from an empirical investigation challenged the study's main hypothesis; that is, prospective employees were least attracted to firms that integrated their social and financial goals. Consequently, important implications and questions remain for both employers and business educators.     

The impact of corporate sustainability performance on information asymmetry: the role of institutional differences

This paper empirically investigates whether corporate sustainability performance (CSP) affects information asymmetry (IA) for European firms listed in the STOXX Europe 600 from 2002 to 2013. We find a significantly negative effect of CSP on IA. By exploiting institutional differences between the European countries, we determine that the negative effect of CSP on IA is more pronounced in liberal market economies compared to coordinated market economies, thus pointing to a substitutive effect of CSP and economic coordination. Further, the impact is greater in countries with stricter disclosure requirements. In such countries, there is generally a greater appetite for company-specific information. However, disclosure requirements fulfil this need only partially because they concentrate on the corporate governance dimension of corporate sustainability. Hence, information on the social pillar especially matters to investors in a complementary manner and drives the overall effect. Our study contributes to the literature on the positive capital market effects of CSP by showing the proposed effect in European capital markets and the institutional determinants of its strength.     

企业社会责任一致性对财务绩效的影响研究

基于工具性利益相关者理论,以A股上市公司为研究对象,考察了企业社会责任时间和结构这两类一致性对财务绩效的影响,并检验了信任因素在该过程的中介作用,以及企业社会责任水平和不同利益相关者关注的调节效应。研究表明:企业持续地承担社会责任(时间一致性)有助于提升财务绩效,而公平地承担社会责任(结构一致性)则对财务绩效有负面影响;信任因素是一致性和财务绩效之间的中介机制,“时间/结构一致性—信任—财务绩效”是社会责任发挥作用的逻辑路径之一;企业社会责任整体水平的提升将强化结构一致性的负面作用,而外部利益相关者中分析师的关注会强化时间一致性的积极影响;对于结构一致性而言,包括公众和分析师在内的外部利益相关者的关注会强化其负面影响,而内部独立董事的关注则有助于缓和这一负面影响。     

The impact of corporate social performance on the cost of debt and access to debt financing for listed European non-financial firms

This study addresses the controversial issue of how non-financial performance affects the cost of debt capital and access to it. The relationship between corporate social performance and two measures of debt cost (accounting-based and market-based) and the measure of debt access are analysed by means of a multi-theoretical framework combining economics with social theories. By observing a sample of listed European non-financial firms over an 8-year period from 2005 to 2012, we find a negative relationship between corporate social performance and interest rate. Consistent with this result, we find a positive relationship between corporate social performance and debt rating. Thus, corporate social performance has a positive role in reducing the cost of debt capital. Moreover, firms with better corporate social performance are more attractive to lenders in terms of leverage allowance. Overall, our findings provide deeper insight into the reasons why companies should improve their corporate social performance.     

中国情境下企业社会责任与财务绩效关系的实证研究——基于大、中小型上市公司的对比分析

本文以2012年发布的中国500强且在沪深上市的企业为大型企业样本,以中小板上市企业为中小型企业样本,选取各企业2010-2012年会计年报数据,运用结构化方程模型和多元回归分析方法,分别实证检验了大型企业、中小型企业承担社会责任对企业短期财务绩效和长期财务绩效的影响。研究结果表明:(1)无论是大型企业还是中小型企业,承担社会责任都不会引起其短期财务状况的恶化。(2)大型企业和中小型企业的社会责任与长期财务绩效关系的表现不完全相同,大型企业多呈正向关系,中小型企业则负向关系较多。(3)特别值得关注的是,无论大型企业还是中小型企业,对员工和顾客的社会责任与长期财务绩效都呈负相关关系。本文研究揭示了在当前中国情境下企业履行社会责任不容乐观的现状,同时研究结果对于引导企业履行社会责任,促进我国经济社会的健康和谐发展,也具有重要的借鉴价值。     

Measuring Corporate Social Performance: An Efficiency Perspective

Aggregation of corporate social performance (CSP) metrics poses a major challenge to researchers and practitioners. This study provides a critical evaluation of current aggregation approaches and proposes a new methodology based on data envelopment analysis (DEA) to compute a CSP index. DEA is independent of subjective weight specifications and provides an efficiency index to benchmark the CSP of firms. Using CSP data from 2190 firms in three major industries from the Kinder, Lydenberg, and Domini, Inc. database in 2007, our study presents the first application of the DEA model for CSP and ordinal data and opens up a new path for future empirical CSP research.     

企业融资约束与创新绩效:人力资本社会网络的视角

企业融资约束对创新绩效具有重要的影响作用。现有相关研究对企业融资约束与创新绩效之间可能存在的、更为复杂的非线性关系考虑不足，同时偏重从企业外部宏观的角度提出缓解二者之间消极关系的方法，不利于企业能动性的发挥。本文通过结合领英（LinkedIn）在线简历大数据和国泰安（CSMAR）上市企业相关数据，实证研究了我国上市企业融资约束与创新绩效之间存在的复杂关系以及人力资本社会网络在其中发挥的重要作用。研究结果表明，企业融资约束与创新绩效之间存在显著的倒U型关联，企业中高层管理者、科技人才的流动所形成的人力资本社会网络对企业融资约束与创新绩效之间的关系存在显著的积极调节作用。研究结论延续和深化了企业融资约束与创新的相关研究，并进一步丰富与拓展了人力资本社会网络在企业行为研究中的应用。     

高管团队职能异质性与企业绩效关系研究:基于管理者认知和团队冲突的中介分析

高管团队的职能特征如何反映到企业绩效中一直是管理领域研究的重点,但是其实证检验结果呈现出复杂化的特征,一致性的结论尚未达成。本文从高阶梯理论和信息处理理论出发,较为全面地探索高管团队职能异质性如何影响企业绩效。研究结果表明:(1)高管团队职能异质性对企业绩效水平有负向的影响;(2)高管团队职能异质性会显著促进管理者认知集中性和复杂性的提高;(3)管理者认知集中性和复杂性的提高会进一步促进绩效水平的提高;(4)管理者认知是高管团队职能异质性影响企业绩效水平的中介机制;(5)高管团队职能异质性的提高会显著促进团队冲突的提高;(6)团队冲突的增强会抑制企业绩效水平的提高;(7)团队冲突是职能异质性影响企业绩效水平的中介机制。     

The type and quantity of corporate social disclosures of German ‘Universal’ banks

Grounded in legitimacy theory and deductive in nature, this paper uses content analysis of annual report social disclosures of 169 German ‘universal’ banks belonging to three different categories (credit, saving, and cooperative) to report on the type and quantity of social disclosure by these banks, and to test seven hypotheses related to the nature of their social disclosures and their association with size, financial performance, corporate form, and other selected variables. The findings provide evidence of the importance of social disclosure for the German banking sector as a means to legitimize their business and relay to the society the extent of their fulfillment of social obligations. Greater importance is attributed to product and customers as well as human resource disclosures. In addition, a strong positive association is found between these disclosures and the size variables as well as the number of apprentices, whereas ROE and net profits as financial performance proxies provide evidence of a significant relationship. Furthermore, the findings indicate that the quantity of social disclosure varies with bank category, corporate form and listing status, but seems to be almost unrelated to bank age and overseas presence. These promising findings could be used to inform corporate social responsibility policies and practices of German banks; nevertheless, further longitudinal analysis to validate them over time is warranted.     

The Mirror Effect: Corporate Social Responsibility,Corporate Social Irresponsibility and Firm Performance in Coordinated Market Economies and Liberal Market Economies

We investigate the classic management debate of agency versus institutional pressures through the application of the varieties of capitalism literature. In particular, we examine corporate social responsibility (CSR), corporate social irresponsibility (CSiR) and their relationships with firm performance in two types of capitalist systems: coordinated market economies (CMEs) and liberal market economies (LMEs). We note that while the CSR literature has tended to develop a balanced view on the influence of agency and institutional pressures, the CSiR literature has tended to emphasize the influence of agency. The latter appears to be a result of the fundamental attribution bias, where irresponsible corporate behaviours are attributed to individual managers or organizations, rather than the institutional environment. Our results, which include five years of data across 16 countries, show significantly greater CSR and significantly lower CSiR in CMEs compared with LMEs. Further, we find a positive relationship between CSR and firm performance in CMEs but not LMEs, and a negative relationship between CSiR and firm performance in LMEs but not CMEs. Overall, our results demonstrate the influence of the institutional environment, suggesting that corporate behaviours mirror the external environment.