地区腐败对企业社会责任履行的影响研究

The Effect of Local Corruption on Corporate Social Responsibility:Evidence from A-Share Listed Companies

地区腐败作为上市公司所处的外部环境,是否会影响企业社会责任的履行?本文以A股上市公司为样本,探讨地区腐败对企业社会责任履行的影响。(1)总体上,地区腐败越严重,所在地区上市公司社会责任履行越弱;(2)对于不同产权性质的上市公司,地区腐败对非国有上市公司社会责任履行的负面影响更严重;(3)在非国有上市公司中,地区腐败对有政治关联的非国有上市公司社会责任履行有更强的阻碍作用;(4)路径分析显示,地区腐败通过增加上市公司管理层自利倾向和寻租支出来对企业社会责任履行产生负面影响;(5)通过利用十八大反腐败行动作为准自然实验采用双重差分(DID)和工具变量法(Ⅳ-2SLS)解决内生性问题,以及一系列稳健性检验后,本文的结果依然存在且稳健。本文既拓展了外部环境对企业社会责任履行影响的研究,同时也加深了地区腐败对社会责任危害的认识,对市场监管、投资者决策也具有一定的参考与借鉴价值。

Does local corruption,as an external environment of companies,influence the performance of their corporate social responsibility(CSR)?Using data of A-share listed companies,results show that CSR performance is negatively correlated with local corruption.This relation is more pronounced for the non-state-owned firms with political connections.Path analysis shows that the negative impact of local corruption on CSR performance is validated by increasing rent-seeking and self-interest.Further,we use DID and IV-2SLS model to address potential endogeneity and alternative measures to avoid measurement error.Our findings remain robust after a series of robustness checks.This paper introduces a novel role of local corruption in the firms’CSR outcomes.