企业社会责任、机构投资者与股东价值

Corporate Social Responsibility,Institutional Investors and Shareholder Value

为了探究机构投资者参与下的企业社会责任活动对股东价值的影响,采用2010—2019年A股上市公司中25 592个公司年样本进行实证研究和回归分析。研究结果表明,机构投资者持股会提高企业社会责任水平,当管理者处于机构投资者合适的监管下,企业的社会责任活动会增加股东价值。

We study the impact of corporate social responsibility(CSR)on shareholder value with the participation of institutional investors.Empirical research and regression analysis are carried out based on the 25592 firm-year observations between 2010 to 2019,from A-share market in china,We argue that institutional investors will improve the level of corporate social responsibility.Especially corporate social responsibility activities do create shareholder value as long as managers are properly monitored by institutional investors.