Multiple large shareholders and corporate social responsibility reporting
Multiple large shareholders and corporate social responsibility reporting
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多个大股东及企业社会责任报告
DOI：
10.1016/j.ememar.2019.02.004
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发表时间：
2019-03-01
影响因子：
4.8
通讯作者：
Ye, Kangtao
中科院分区：
文献类型：
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作者：
Cao, Feng;Peng, Songlan (Stella);Ye, Kangtao
本研究探讨多个大股东是否在企业社会责任报告中发挥作用。本文采用2008-2015年中国上市公司的数据，发现大股东持股比例和身份与企业社会责任报告存在显著相关。具体而言，控股股东持股比例越高，企业社会责任报告质量越差。然而，当控制性大股东与非控制性大股东之间的权力更加均衡时，这种防御效应会被缓解。进一步的检验表明，当控股股东和非控股股东身份相同时，权力制衡效应更为显著。
This study examines whether multiple large shareholders play a role in corporate social responsibility (CSR) reporting. Employing data from Chinese listed firms during 2008-2015, we find both the shareholding and the identity of large shareholders are associated with CSR reporting. Specifically, we show the higher shareholding of the controlling shareholders, the poorer quality of CSR reporting. However, this entrenchment effect is mitigated when the power is more balanced between the controlling and non-controlling large shareholders. Further examination shows the power balancing effect is more significant when the controlling and non-controlling shareholders are of the same identities.