Corporate Social Responsibility and Capital Allocation Efficiency
Corporate Social Responsibility and Capital Allocation Efficiency
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DOI：
10.2139/ssrn.3054236
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发表时间：
2017-01
期刊：
影响因子：
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通讯作者：
Avishek Bhandari;David Javakhadze
中科院分区：
文献类型：
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作者：
Avishek Bhandari;David Javakhadze
本文考察了企业社会责任(CSR)与企业层面资本配置效率的关系。使用开创性的投资Q框架，我们提供了企业社会责任扭曲投资对Q的敏感性的证据。我们进一步确定，企业社会责任的这种影响被假设的机构冲突、利益相关者参与以及财务松弛程度所缓和。我们还发现，企业社会责任对外部融资对Q的敏感性有负面影响，并加剧了投资对现金流的敏感性。此外，我们还发现，企业层面资本配置效率的扭曲体现在企业绩效上。我们的发现对替代变量测量以及内生性测试是稳健的。
We investigate the relationship between corporate social responsibility (CSR) and firm-level capital allocation efficiency. Using seminal investment-Q framework, we provide evidence that CSR distorts investment sensitivity to Q. We further determine that this effect of CSR is moderated by the assumed level of agency conflict, stakeholder engagement, as well as financial slack. We also document that CSR negatively affects the sensitivity of external finance to Q and aggravates investment sensitivity to cash flow. In addition, we find that the distortion in the firm-level capital allocation efficiency is reflected in firm performance. Our findings are robust to alternative variable measurement as well as tests for endogeneity.