企业社会责任与公司风险的实证分析

Empirical study on corporate social responsibility and corporate risk

探究了企业社会责任活动与公司风险之间的关系.以国泰安2008~2012年近万所上市公司作为对象,应用Stata软件进行回归分析,检验有关上市公司从事企业社会责任活动可降低自身公司风险的假说是否成立.测试后发现,目前上市公司从事企业社会责任活动将增加自身公司的风险,且上市公司高管对于公司风险可进一步把控及优化.

In the paper,we examine the relation between corporate social responsibility and corporate risk.Employing the samples during the 2008-2012 period from CSMAR,and applying regressing analysis with Stata software,we find that CSR engagement is inversely associated with corporate risk after taking into account various corporate characteristics.To deal with endogeneity issue,by adopting a system equation approach and difference regressions,we further find that CSR engagement positively affects corporate risk.These findings support the notion that the top management of Chinese firms is,in general,risk-averse and that their CSR engagement is worth their risk management efforts.