摘要
Improving corporate social responsibility(CSR)requires not only the efforts of firms themselves but also the support of the appropriate institutional environment.This paper assesses whether access to the stock market can promote firms’CSR.Using China’s suspension of IPOs in 2012-2014,we find that firms affected by the suspension show lower CSR in their listing year.The later listing after the suspension ends,the greater reduction in CSR.Moreover,the effect of the IPO suspension is more serious for firms with financial constraints than for non-financially constrained firms.Furthermore,we show that the IPO suspension has an adverse impact on firms’liquidity and profitability.When this suspension ends,firms’CSR activities recover within 1-2 years.Overall,our conclusion enriches the literature on the factors influencing CSR and provides firm-level evidence of the adverse impact of an IPO suspension.
基金
financial support of the National Natural Science Foundation of China(No.72132010,71790603)
作者简介
Corresponding author:Ruoming Yang.E-mail address:yangrm3@mail2.sysu.edu.cn
