共同机构所有权是否会提升企业社会责任表现?

Will Common Institutional Ownership Improve the Corporate Social Responsibility?

基于我国2010—2020年的上市公司样本数据,从企业社会责任视角,实证检验共同机构所有权是否会提升我国上市公司的社会责任表现,以及背后的作用机理。研究结果表明,共同机构所有权会显著提高企业社会责任表现。在一系列稳健性检验后,结论依然成立。机制分析表明,共同机构所有权通过机构协同和监督治理效应改善企业社会责任表现。进一步讨论发现,在长期持股、非成熟期企业、资本市场处于“熊市”阶段、非国有企业中,共同机构所有权对企业社会责任表现提升作用更明显。

Based on the sample data of listed companies in China from 2010 to 2020,and on the perspective of corporate social responsibility,this paper discusses the influence of common institutional ownership on listed companies and its mechanism.The results show that common institutional ownership can significantly improve the performance of CSR.After a series of robustness tests,the conclusion still holds.Mechanism analysis shows that common institutional ownership improves corporate social responsibility performance through institutional synergy and supervisory governance effects.Further discussion shows that common institutional ownership plays a more significant role in promoting CSR performance in long-term shareholding,immature enterprises,capital market in the“bear market”stage,non-state-owned enterprises and manufacturing enterprises.