个人投资者情绪对企业履行社会责任的影响

The Impact of Individual Investor Sentiment on Corporate Social Responsibility

基于利益相关者理论,运用多元回归模型,依据2010-2018年度企业社会责任相关数据,将中国A股非金融类上市公司分为重污染企业和非重污染企业,考量个人投资者情绪对企业社会责任的影响。结果显示:个人投资者情绪越积极,企业社会责任履行状况越好;个人投资者情绪治理的效果会受污染异质性影响,相对于非重污染企业而言,个人投资者情绪对于重污染企业社会责任履行的影响更显著。鉴于此,应建立投资者情绪监测机制、鼓励社会责任投资等。

According to the degree of pollution,Chinese A-share non-financial listed companies are divided into heavy polluting enterprises and non-heavy polluting enterprises.Based on the 2010-2018 corporate social responsibility data,we use multiple regression model to study the impact of individual investor sentiment on corporate social responsibility.The results show that the more positive the individual investors are,the better the performance of corporate social responsibility is;the effect of individual investor sentiment governance will be affected by the heterogeneity of pollution.For non-heavily polluting enterprises,the impact of individual investor sentiment on the performance of corporate social responsibility is more significant.