The Determinants of Virtue: Modelling Changes in the CSR Ratings of Chinese Firms
The Determinants of Virtue: Modelling Changes in the CSR Ratings of Chinese Firms
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发表时间：
2017
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影响因子：
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通讯作者：
Shu-ling Wu;S. Appleton;Lina Song;Jinmin Wang
中科院分区：
文献类型：
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作者：
Shu-ling Wu;S. Appleton;Lina Song;Jinmin Wang
大多数关于企业社会责任（CSR）的实证研究使用横截面数据或案例研究，难以建立因果关系。本文利用中国企业的面板数据克服了这一局限性。该论文还发现，去年的利润对企业社会责任评级没有影响，尽管它们的负同期关系表明了一种权衡。管理层持股降低了企业社会责任评级，而工资和就业率的上升是企业社会责任评级上升的主要驱动力。这表明企业社会责任议程符合劳动者的利益，而不是资本。然而，托宾Q的积极影响可能表明，企业社会责任与企业价值的无形资产有关。
Most empirical studies on Corporate Social Responsibility (CSR) use cross-sectional data or case studies, making causality hard to establish. The paper overcomes this limitation by using panel data on Chinese firms. The paper also finds no effect of last year’s profits on CSR ratings, although their negative contemporaneous relation suggests a trade-off. Managerial shareholdings reduce CSR ratings while rising wages and employment are the main drivers of increasing CSR ratings. This suggests the CSR agenda aligns with the interests of labour, but not capital. However, the positive effect of Tobin’s Q may indicate CSR is associated with intangibles of value to a firm.