高管政治连带提高企业社会责任绩效了吗?——来自倾向得分匹配方法(PSM)的新证据

Does Executive's Political Connection Improve Corporate Social Responsibility?New Evidence from Propensity Score Matching Method

文章在分析了高管政治连带、企业社会责任及其相互关系的理论基础上,基于反事实框架,运用倾向得分匹配方法,使用2011—2016年披露企业社会责任评分的上市公司数据分析了高管政治连带对企业社会责任绩效的效用。实证结果表明:高管建立政治连带使企业的社会责任评分平均高出4.548分,表现出较强的年度异质性,且企业社会责任绩效存在所有制的差别,非国有企业政治连带的促进作用强于国有企业。

In view of the analysis of the theory of political connection,corporate social responsibility and the correlation between them,based on the counterfactual framework,using Propensity Score Matching Method,the role of political connection on the performance of corporate social responsibility is examined with data of listed companies who revealed corporate social responsibility score in the year of 2011—2016.The result shows that political connection increases corporate social responsibility score by 4.548 points on average,which demonstrates strong annual heterogeneity.And corporate social responsibility performance differs in property rights,the promotion effect caused by political connetion of non-state owned enterprises is stronger than that of state-owned enterprises.