内生性视角下董事会特征对社会责任的跨期影响研究

Intertemporal influence of board characteristics on social responsibility from the perspective of endophytism

以2012-2016年443家上市公司为实证依据,基于内生性问题——随机扰动项与解释变量相关的特质,运用GMM估计方法探讨董事会特征与社会责任的跨期影响。研究结果表明二者间存在一定显著相关性,且董事会特征对当期社会责任的影响比后期更大。研究对优化董事会特征,提高社会责任意识具有一定启示。

Based on 443 listed companies from 2012 to 2016, this paper explores the intertemporal effects of board characteristics on social responsibility by using GMM estimation method, which is based on the endogenous nature of correlation between stochastic disturbance term and explanatory variables. The results show that there is a certain significant correlation between the two, and the board characteristics have a greater impact on current social responsibility than later. The research has certain enlightenment for optimizing board characteristics and improving social responsibility consciousness.