高管政治关联与企业社会责任——基于中国上市公司的实证分析

The Relationship between Political Connection of Top Managers and Corporate Social Responsibility——An Empirical Study of Chinese Listed Companies

本文基于制度理论视角,研究高管政治关联对企业社会责任的影响。采用固定效应模型多元回归方法,对182家中国上市公司连续4年数据构成的平衡面板数据进行实证检验。研究结果表明:高管政治关联对企业社会责任存在显著的正向影响;企业所在地区市场化发展水平越高,高管政治关联对企业社会责任的正向影响越强。高管政治关联通过两方面对企业社会责任产生作用:一方面,高管政治关联能够起到传递政府等利益相关者对企业施加压力的渠道作用;另一方面,高管政治关联的特征差异导致企业受到相关利益相关者压力的程度存在差异。本文最后提出如何通过发挥高管政治关联作用推动企业承担社会责任的建议。

This paper analyzes the influence of political connection of top managers on corporate social responsibility based on institutional theory. To examine the hypotheses,the paper carries on an empirical research by using a balanced panel data composed of cominuous four years data of 182 Chinese listed companies,with fixed effect model multiple regression. The results show that political connection has positive impact on CSR. Meanwhile,the higher the level of regional market develops,the stronger the positive influence of political association on CSR will be. The research then proposes that political association influence CSR through two aspects. On the one hand,political association can play the role of transferring pressure to firms from govermnem and other stakeholders. On the other hand,political connections differ in pressure from stakeholders. This paper finally puts forward some suggestions on how to improve the acconlplishmem of corporate social responsibility through making full use of political connections.