CEO声誉促进了企业社会责任承担吗?——双重代理成本的中介效应

Does CEO Reputation Promote Corporate Social Responsibility?The Mediating Effect of Dual Agency Costs

CEO声誉能够向外界传递一种良好的信号,而声誉机制在实践中也能够发挥对企业社会责任承担的促进效应。研究表明:高声誉CEO能够促进企业积极履行社会责任,在稳健性检验与内生性处理之后,该结论仍然成立;双重代理成本在CEO声誉与企业社会责任之间的关系中起到显著的中介作用,声誉能够激励代理人减少机会主义行为,降低第一类代理成本,同时也能够减少代理人与控股股东之间的合谋,降低第二类代理成本,继而使CEO更加关注全体利益相关者的诉求;分析师关注度与市场竞争强度作为外部压力能够强化CEO声誉对企业社会责任的正向作用,实现内外部治理因素的协同效应。

CEO reputation can convey a good signal to the outside world,and the reputation mechanism can also play a promoting effect on corporate social responsibility in practice.It is found that CEOs with high reputation will promote enterprises to actively fulfill social responsibility.This conclusion still holds after robustness test and endogeneity treatment.Dual agency costs play a significant mediating role in the relationship between CEO reputation and corporate social responsibility.Reputation can motivate agents to reduce opportunistic behaviors and reduce the first type of agency costs so as to strengthen their attention to social responsibility.At the same time,reputation can reduce the collusion between agents and controlling shareholders,reduce the second type of agency costs,and make CEOs pay more attention to the needs of all stakeholders;as external pressure factors,the degree of analysts concerns and the degree of market competition can strengthen the positive effect of CEO reputation on corporate social responsibility and realize the synergistic effect of internal and external governance factors.