内生性
企业社会责任
商业道德
新闻自由
激励
工具变量
业务
样品(材料)
公共关系
社会化媒体
媒体报道
社会学
生活质量研究
经济
政治学
市场经济
计量经济学
公共卫生
政治
医学
护理部
色谱法
化学
法学
媒体研究
作者
Sadok El Ghoul,Omrane Guedhami,Robert C. Nash,Ajay Patel
标识
DOI:10.1007/s10551-016-3354-9
摘要
Prior research suggests that the media plays an important information intermediary role in capital markets. We investigate the role of the media in influencing firms’ engagement in corporate social responsibility (CSR) activities. Using a large sample of 4396 unique firms from 42 countries over the period 2003–2012, we find strong evidence that firms engage in more CSR activities if located in countries where the media has more freedom. This relation is robust to using various proxies for media freedom, an alternative source of CSR data, and to applying the instrumental variables approach to address endogeneity. In additional analyses, we find that the positive relation between media freedom and CSR engagement is stronger for better governed firms and for larger firms. Since the media have the ability to impact reputational capital, we conclude that media freedom affects firms’ incentives to engage in costly CSR activities.
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