董责险与企业社会责任报告语调操纵——基于上市公司的实证证据

D&O Insurance and CSR Narrative Tone Management——Empirical Evidencefrom Listed Companies

本文利用文本分析方法,探究了董事高管责任保险(董责险)对于企业社会责任报告(CSR报告)语调操纵行为的影响。研究发现,董责险与CSR报告异常积极语调之间具有显著的负相关关系,表明董责险在提高CSR报告信息披露质量方面发挥了重要作用。机制检验发现,董责险主要通过发挥外部监督作用来约束管理层的权力,以及发挥管理层激励作用吸引优秀的人力资本,来降低管理层的寻租空间与自利动机,从而抑制了CSR报告的语调操纵行为。拓展性分析的结果表明,企业的内部治理能力、外部监督机制与董责险的监督激励作用之间总体呈互补关系,共同约束了管理层对CSR报告的语调操纵。此外,异质性分析结果表明,董责险对CSR报告异常积极语调的抑制作用在CSR报告强制披露组中更加显著,而基于重污染行业的分组检验中并未发现有显著差异。本文为深入理解董责险对CSR报告语调操纵的治理作用提供了扎实的证据。

Using text analysis method,this paper explores the influence of Directors'and Officers'Liability Insurance(D&O insurance)on CSR report narrative tone management.The study finds that there is a significant negative correlation between D&O insurance and the abnormally positive tone of CSR reports,indicating that D&O insurance plays an important role in improving the quality of information disclosure in CSR reports.The mechanism test finds that D&O insurance mainly uses external supervision to restrain the power of the management,and exerts the incentive of the management to attract excellent human capital to reduce the rent-seeking space and self-interest motivation of the management,thereby inhibiting the behavior of CSR narrative tone management.The results of the extended analysis show that there is a complementary relationship between the internal governance capability of the enterprise,the external supervision mechanism and D&O insurance,which together restrain the management's manipulation of CSR report's narrative tone.In addition,the results of heterogeneity analysis show that the inhibitory effect of D&O insurance on CSR report narrative tone management is more significant in the mandatory disclosure group of CSR reports,while no significant difference is found in the group test based on heavily polluting industries.The paper provides solid evidence for in-depth understanding of the governance role of D&O insurance on narrative tone management of CSR reports.