Journal of Finance, Volume 72, Issue 4, August 2017

社会资本、信任与企业绩效：金融危机中企业社会责任的价值

作者：Karl V. Lins (University of Utah), Henri Servaes (London Business School), Ane Tamayo(London School of Economics and Political Science)

摘要：我们用社会责任强度（CSR）来衡量社会资本，发现在2008-2009年金融危机时，社会资本高的公司比社会资本低的公司的股票收益率高出4%-7%。相较于低社会责任的公司，高社会责任的公司其利润率、增长率、人均销售额和债务都比较高。这表明企业与其利益相关者和投资者之间的信任，会通过投资于社会资本，在企业和市场的总体信任水平受到负面冲击时得到回报。

Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis

Karl V. Lins (University of Utah), Henri Servaes (London Business School), Ane Tamayo(London School of Economics and Political Science)

ABSTRACT

During the 2008–2009 financial crisis, firms with high social capital, as measured by corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High-CSR firms also experienced higher profitability, growth, and sales per employee relative to low-CSR firms, and they raised more debt. This evidence suggests that the trust between a firm and both its stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations and markets suffers a negative shock.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/jofi.12505/full

翻译：秦秀婷