中国上市旅游企业社会责任对违规行为的影响——不同经济发展阶段的异质性作用

The Influence of Corporate Social Responsibility on the Violation Behavior of Listed Tourism Companies in China:Heterogeneous Effects of Economic Development in Different Stages

本文基于利益相关者理论和企业文化理论,利用沪深A股30家旅游上市公司2011-2019年数据,研究了企业社会责任对公司违规行为的影响。在解决了变量间可能存在的内生性问题之后,回归结果显示旅游企业社会责任投入力度加强时,公司违规次数减少。本研究发现,在旅游企业违规行为研究中企业声誉不是有效的中介变量,这可能与旅游企业所处行业差异和企业发展阶段、声誉机制作用无法发挥、旅游企业声誉信号无法有效传递等有一定关联。通过对比分析不同经济发展阶段对旅游企业违规行为的异质性影响,本研究发现:旅游经济高质量发展对公司违规行为发挥间接的激励型规制效果,推动地区内旅游企业积极承担社会责任会不断减少企业违规次数;旅游经济高速增长对公司违规行为没有发挥应有的环境规制效果,高质量发展较高速增长对旅游企业管理提出了更高的要求。

In the context of China’s high-quality economic development,Chinese tourism corporations are facing important challenges and development opportunities.Legal and compliant operation has become an important issue for the sustainable development of tourism corporations.At present,the research on enterprise violations pays more attention to the impact of internal factors such as the characteristics of the board of directors,executives and the board of supervisors,as well as external regulatory factors such as macroeconomic environment,legal environment and media attention,and less attention to the impact of corporate social responsibility on violations.Corporate social responsibility belongs to the category of non market strategy,which helps enterprises build a good relationship with multi stakeholders and form unique competitive advantages.As an important part of enterprise management,the role of corporate social responsibility in enterprise violations has not been paid enough attention by scholars.And the attention to the governance of violations of tourism enterprises under the background of high-quality development is very limited.The research questions on corporate social responsibility and corporate violations can be summarized into the following three aspects:do tourism listed companies with different corporate social responsibility show significant differences in violations;how does corporate social responsibility strategy affect the violations of tourism listed companies;at different stages of economic development,will the relationship between corporate social responsibility and corporate violations change.Based on Stakeholder Theory,Corporate Culture Theory,Signal Transmission Theory and Institutional Theory,this research puts forward corresponding research hypotheses around the above three research questions,and makes an empirical test by using the method of regression statistical analysis based on the data of A-share Listed Tourism Companies in Shanghai and Shenzhen from 2011 to 2019.The conclusions are as follows:firstly,the greater the investment intensity of tourism enterprises in social responsibility,the less the number of violations.Secondly,this research finds that corporate reputation is not an effective mediation variable,which may be related to the industry differences of tourism enterprises,the stage of enterprise development,and the failure of effective transmission of reputation signals.Thirdly,there is heterogeneity in the impact of different stages of economic development on tourism corporate’s violations,that is,the high-quality development of tourism economy plays an indirect incentive regulation effect on corporate violations;but the high-speed growth of tourism economy does not play the due effect of environmental regulation on the company’s violations.The high-quality development puts forward higher requirements for the management of tourism enterprises than the highspeed growth.This research contributes to the existing literature in the following three aspects:firstly,this research expands the research scope of enterprise violations.We divide corporate social responsibility into internal and external parts,and analyze its impact on the corporate violations,including information disclosure violations,business violations,leader violations and other violations.Secondly,this research finds the applicability of Stakeholder Theory and Corporate Culture Theory to the study of enterprise violations.Based on the Fraud Triangle Theory,this research introduces Stakeholder Theory and Corporate Culture Theory to analyze company violations,expanding the scope of relevant theoretical applications.Thirdly,based on Signal Transmission Theory,this research proposes a possible mediating pathway between corporate social responsibility and violation behavior,and highlights the importance of tourism industrial economy in the choice process of corporate operation behaviors.This research,to a certain extent,reveals the differential inhibitory effect of corporate social responsibility on the violation behavior of listed tourism companies in different industrial environments,helps tourism companies to formulate more targeted corporate social responsibility strategies,and has certain guiding significance for promoting the healthy development of tourism enterprises and the smooth transformation of the macro economy.