企業社會責任“同儕效應”之實證分析

Abstract

當前對於企業社會責任之研究主要針對財務面對公司企業社會責任表現之影響，而忽略了同儕企業之行為對公司採取企業社會責任之決策的影響。同儕研究企業社會責任表現之同儕效應指其他企業的社會責任表現的外生效應影響。 本文選取了2012-2017年中國滬深兩市A股主板上市公司共3901個樣本數據，通過理論分析和實證驗證向結合之方法，探究了樣本數據企業社會責任表現的同群效應。研究發現：(1)中國企業之企業社會責任表現會顯著受到同行業、同地區公司企業社會責任表現之影響，即存在“同儕效應”。(2)企業社會責任之相對表現存在可預測性：若當期企業社會責任表現高於同儕企業之社會責任表現，則下一期該企業高於同儕企業之社會責任表現的可能性更高。(3)企業社會責任之絕對分數存在可預測性：若當期企業社會責任表現高於同儕企業之社會責任表現，則下一期該企業之社會責任表現分數下降。

Recent research on CSR mainly focuses on the impact of financial status on the corporate's performance of CSR, while ignoring that peer companies also have influences on the corporate's CSR decisions. The peer effect of CSR refers to the extrinsic impact on CSR performance due to other companies CSR performance in the same industry or geographical area. This paper selects 3,901 samples of A-share companies listed on the Main Board in Shanghai and Shenzhen markets from 2012 to 2017. By conducting empirical analysis on the peer effect of CSR, I find that (1) peer effect of CSR exists in China; (2) the relative CSR performance is predictable if a company's CSR performance outperform its peer group last year, it's more likely the company will surpass its peer group this year; (3) the absolute CSR score is predictable if a company's CSR score is greater than its peer group's last year, there's a high chance its CSR score will decrease this year.