JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

公司社会责任，公司价值与有影响力的机构所有权

作者：Bonnie Buchanan (Seattle University)

Cathy Xuying Cao (Pacific Lutheran University)

Chongyang Chen (HAnken School of Economics in Helsinki Finland)

摘要：我们研究了公司社会责任（CSR）与有影响力的机构所有权（IO）如何在2008年全球金融危机期间影响公司价值。我们发现CSR对公司价值的影响随着有影响力机构的所有权水平而改变，并取决于经济条件。使用双重差分模型，我们发现，与非CSR公司相比，CSR公司在金融危机之前拥有更高的价值，但在危机期间公司价值遭受更多损失。我们的研究结果表明，整体CSR的影响取决于两种影响的相对优势：冲突解决和过度投资效应。此外，我们应用三重差分分析，发现CSR与企业价值之间的关系取决于有影响力的机构所有权水平。具体而言，在危机之前，CSR对低机构所有制企业的价值产生了积极的影响，对更高IO的企业而言效果较弱。在危机期间，企业社会责任 - 企业价值关系对高机构所有权企业产生了积极作用，这表明在危机发生时过度投资担忧占据主导地位。然而，对于具有较高再投资风险的CSR公司而言，这种积极的IO效应并不显著。我们的结果得到了一系列稳健性检验的支持。

关键词：公司社会责任；公司价值；公司治理；金融危机

Corporate social responsibility, firm value, and influential institutional ownership

Bonnie Buchanan (Seattle University), Cathy Xuying Cao (Pacific Lutheran University), Chongyang Chen (HAnken School of Economics in Helsinki Finland)

ABSTRACT

We examine how Corporate Social Responsibility (CSR), jointly with influential institutional ownership (IO), affects firm value around the 2008 global financial crisis. We find that the effect of CSR on firm value varies with the level of influential institutional ownership and depends upon economic conditions. Using difference-in-difference methods, we show that compared with non-CSR firms, CSR firms have higher firm values before the financial crisis but experience more loss in firm value during the crisis. Our findings suggest that the overall CSR effect depends on the relative dominance of two effects: conflict-resolution and overinvestment effect. In addition, we apply triple difference analysis and show that the relation between CSR and firm value depends upon the level of influential institutional ownership. Specifically, before the crisis, CSR positively affects the value of low institutional ownership firms and the effect is significantly weaker for firms with higher influential IO. During the crisis, the CSR-firm value relation is positive for high institutional ownership firms, suggesting that overinvestment concerns dominate when the crisis occurs. However, such a positive IO effect is not significant for CSR firms with high rollover risks. Our results are supported by a series of robustness tests.

Keywords: Corporate social responsibility; Firm value; Corporate governance; Financial crisis

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917307125

翻译：陈然