摘要
本文运用2010-2018年沪深A股非金融类调整上市公司数据,基于沪深300指数成份股定期调整的准自然实验场景,从企业社会责任视角探讨股指成份股调整的经济后果。研究发现,入选股指成份股显著提升了企业社会责任表现。作用机制分析支持了驱动社会责任履行的股东价值最大化动机,且分析师跟踪和投资者关注在入选股指成份股对企业社会责任的正向影响中发挥了显著的中介作用。拓展性研究显示,入选股指成份股对企业社会责任的促进作用在产品市场竞争较为激烈的行业更为显著;当公司被调出成份股后,其社会责任表现未发生显著下降,说明成份股调入与调出对企业社会责任的影响具有非对称性。本文结论对监管部门完善成份股调整制度具有启示作用。
Using Chinese nonfinancial A-shared listed companies’data from the year 2010 to 2018,this paper empirically investigates the impact of index constituent adjustments on corporate social responsibility performance by employing the quasi-natural experiment of CSI 300 index adjustments.We find that index additions significantly promote corporate social responsibility performance.Mechanism analysis supports the shareholder value maximization motivation that drives the fulfillment of corporate social responsibility.In addition,more analyst following and investor attention play a significant mediating role in the promotion impact of stock index additions on corporate social responsibility.Further analyses show that the positive impact of the stock index additions on corporate social responsibility performance is more pronounced in industries with more competitive product market.However,index deletions do not significantly reduce corporate social responsibility performance,implying that index additions and index deletions have asymmetric effects on corporate social responsibility.These results provide references for regulators to improve the index constituent adjustment system.
作者
刘芳
文雯
Liu Fang;Wen Wen
出处
《会计研究》
CSSCI
北大核心
2023年第7期87-102,共16页
Accounting Research
基金
中央高校基本科研业务费专项资金项目(BLX202122)
国家自然科学基金项目(72002014)
中央高校基本科研业务费项目(2023TD003)
北京外国语大学“中青年卓越人才支持计划”的资助。
关键词
股指成份股调整
企业社会责任
分析师跟踪
投资者关注
Index Constituent Adjustment
Corporate Social Responsibility
Analysts Following
Investor Attention
作者简介
通讯作者:文雯,wenwen_bfsu@bfsu.edu.cn。
