摘要
重点关注以往企业社会责任与财务绩效关系经验研究中普遍被忽视的内生性问题,本文以2009年、2010年发布社会责任报告的非金融业A股上市公司为样本的实证分析表明:(1)企业社会责任外生假设下,当期企业社会责任对当期企业财务绩效具有显著正向影响,反之亦然;(2)企业社会责任内生假设下,当期企业社会责任与当期财务绩效之间相互影响、互为因果;(3)考虑跨期影响的回归结果与当期回归结果无显著差异。上述研究结论对我们深入理解企业社会责任的动因、资源约束和经济后果,增进企业自觉履行社会责任的战略意识具有一定的启示意义。
Focusing on the endogeneity problem ,which is neglected in studies on the relationship between corporate social responsibility （ CSR） and corporate financial performance （ CFP） , the paper tries to clarify the current and inter-temporal interactive relationship between CSR and CFP, based on the samples from Chinese A-share listed companies that released social responsibility reports independently in 2009 and 2010. The empirical analysis shows the following discoveries：（1） Assuming CSR is exogenous, the current CSR is playing a significant positive role in promoting the current CFP, and vice versa. （2） Assuming CSR is endogenous, there is an interactive relationship between the current CSR and the current CFP, that is, they endogenously reinforce each other and promote each other as well;（3） There is no significant differ-ence in the regression results when considering the inter-temporal effects. These conclusions have some enlightenment for us to understand of the motives, resource constraints and economic consequences of CSR and for the enterprises to enhance strategic awareness of corporate social responsibility.
出处
《中国软科学》
CSSCI
北大核心
2014年第6期98-108,共11页
China Soft Science
基金
教育部人文社科基金(10YJA630212)
中央高校基本科研业务费专项资金项目(2010MS142)
关键词
企业社会责任
财务绩效
内生性问题
corporate social responsibility
financial performance
endogeneity
作者简介
尹开国（1979-），男，土家族，湖北五峰人，三峡大学经济与管理学院副教授，管理学博士、博士后，研究方向：企业社会责任、公司治理、资本市场会计。
