企业社会责任
机构投资者
业务
中国
约束(计算机辅助设计)
透明度(行为)
会计
情感(语言学)
控制(管理)
国有
国家所有制
公司治理
货币经济学
财务
新兴市场
市场经济
经济
公共关系
政治学
法学
机械工程
语言学
哲学
管理
工程类
作者
Wanfang Xiong,Mengming Dong,Cheng Xu
标识
DOI:10.1080/1540496x.2022.2088351
摘要
In this paper, we examine the effect of institutional investors on corporate social responsibility (CSR). We use data on Chinese listed firms from 2010–2018 and find that (1) institutional investors significantly enhance CSR; (2) institutional investors are more inclined to affect CSR engagement through improving firms’ information transparency, internal control, and making more site visits; (3) this positive relationship is more profound for state-owned enterprises, politically connected firms, and firms with low financial constraint; and (4) only long-term institutional investors can drive CSR performance. We use three instrumental variables to address endogenous concerns and the results still hold. Overall, our findings indicate that institutional investors can have a social effect.
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