JOURNAL OF ACCOUNTING RESEARCH, VOL 55, ISSUE 5, DECEMBER 2017

企业社会责任（CSR）创造股东价值吗？来自2013年印度公司法的证据

作者：HARIOM MANCHIRAJU(Indian School of Business)

SHIVARAM RAJGOPAL(Columbia Business School)

摘要：2013年，一项新的法律要求满足拥有一定的盈利能力，达到净资产和企业规模门槛的印度企业将至少2％的净利润用于企业社会责任（CSR）。本文根据这种监管变化来分析企业社会责任对股东价值的影响。通过事件研究法和回归不连续性设计，本文发现法律强制企业进行社会责任活动会使股价平均下跌4.1％。但是，在广告上花费更多的公司并没有受到强制性CSR规定的负面影响。这些结果表明，企业自愿承担社会责任可使股东价值最大化，迫使企业承担社会责任对企业而言可能是次优的，进而会对股东价值产生负面影响。

关键词：企业社会责任，股东价值，印度公司法（2013）

Does Corporate Social Responsibility (CSR) Create Shareholder Value? Evidence from the Indian Companies Act 2013

HARIOM MANCHIRAJU(Indian School of Business), SHIVARAM RAJGOPAL(Columbia Business School)

ABSTRACT

In 2013, a new law required Indian firms, which satisfy certain profitability, net worth, and size thresholds, to spend at least 2% of their net income on corporate social responsibility (CSR). We exploit this regulatory change to isolate the shareholder value implications of CSR activities. Using an event study approach coupled with a regression discontinuity design, we find that the law, on average, caused a 4.1% drop in the stock price of firms forced to spend money on CSR. However, firms that spend more on advertising are not negatively affected by the mandatory CSR rule. These results suggest that firms voluntarily choose CSR to maximize shareholder value. Therefore, forcing a firm to spend on CSR is likely to be sub-optimal for the firm with a consequent negative impact on shareholder value.

Keywords: CSR, Shareholder Value, Indian Companies Act 2013

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/1475-679X.12174/full

翻译：王秭越