Do CSR Ratings Converge in China? A Comparison Between RKS and Hexun Scores
Do CSR Ratings Converge in China? A Comparison Between RKS and Hexun Scores
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DOI：
10.3390/su11143921
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发表时间：
2019-07
期刊：
影响因子：
3.9
通讯作者：
Ma Zhong;Ronghui Xu;Xinyi Liao;Shuangli Zhang
中科院分区：
文献类型：
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作者：
Ma Zhong;Ronghui Xu;Xinyi Liao;Shuangli Zhang
在中国资本市场的企业社会责任研究中，RKS和和讯是使用最广泛的两个企业社会责任评级。这些分数被用作企业社会责任业绩和披露质量的代表。然而，缺乏对企业社会责任绩效和信息披露质量的测量有效性，以及这些分数之间的收敛效度的研究。本文通过对2010-2017年中国上市公司社会责任信息披露质量的比较和定量分析，得出以下结论：（1）从评级方法、信息来源等因素比较来看，RKS更适合衡量企业社会责任信息披露质量，和讯更适合衡量企业社会责任绩效;（2）基于斯皮尔曼相关性分析，这两个分数之间的收敛效度很低，特别是在2013年之后;（3）RKS系统的子指标权重始终保持较高的稳定性，而和讯系统的子指标权重从2013年开始出现剧烈波动。
Rankings (RKS) and Hexun are the two most widely used corporate social responsibility (CSR) ratings in research on CSR in China’s capital market. These scores are used as a proxy for CSR performance and disclosure quality. However, research is lacking on the validity of measuring CSR performance and disclosure quality, as well as the convergent validity between these scores. In this paper, a comparative and quantitative analysis was performed for the period 2010–2017, and the following results were obtained: (1) Based on a comparison of the rating methods, information sources, and other factors, RKS is more suitable for measuring the CSR disclosure quality, while Hexun is more suitable for measuring the CSR performance; (2) based on a Spearman correlation analysis, the convergent validity between these two scores is very low, particularly after 2013; and (3) the sub-indicator weights of the RKS system always maintain a high stability, whereas those of the Hexun system suffer from severe fluctuations starting in 2013.