企业社会责任
业务
价值(数学)
企业价值
社会责任
利益相关者理论
声誉
利益相关者
事件研究
会计
公共关系
政治学
机器学习
计算机科学
古生物学
社会科学
背景(考古学)
社会学
生物
作者
Zhe Ouyang,Ruixue Lv,Yang Liu
摘要
Abstract This study examines how corporate social responsibility and critical stakeholder (media and analyst) attention affect firm value when an environmental violation occurs. We discover that corporate social responsibility acts as a buffer in influencing firm value by analyzing 224 environmental violation events that occurred in China's publicly traded manufacturing industry firms between 2015 and 2020. Moreover, we find that the corporate social responsibility buffering effect is more substantial when media and analyst attention is high (vs. low). By studying the effects of corporate social responsibility on firm value at the onset of an environmental violation event, this study offers further support for the risk management and reputation insurance theory of corporate social responsibility. It also enriches our understanding of the relationship between corporate social responsibility and financial performance.
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