企业社会责任对公司特有风险的影响——基于利益相关者视角被引量：24

The Impact of Corporate Social Responsibility on Idiosyncratic Risk——Based on Stakeholders' Perspective

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摘要研究了企业社会责任对公司特有风险的影响,发现企业社会责任整体表现越好,特有风险越低;股东、员工、供应链、环境和社会发展5个社会责任维度均能降低特有风险,但影响程度存在差异。根据社会责任评分将企业社会责任表现划分为优良组、一般组、较差组,发现优良组、较差组与公司特有风险显著负相关,而一般组二者关系不显著。针对内生性问题,采用两阶段最小二乘法验证,得出了一致的结论。 This paper examined the effects of CSR performance on idiosyncratic risk. Results show that companies with high- er CSR performance have lower idiosyncratic risk. Dividing CSR into five dimensions, responsibihty for shareholders employees, supply chain, environment and social development, all dimensions of CSR are demonstrated to have negative effect on idiosyncratic risk but in different degree. When companies are classified into three groups according to CSR performance, the significant negative relationship between CSR performance and idiosyncratic risk is found only exist in the good and bad groups instead of the medium one. To deal with endogeneity issue, we adopt two-stage least squares approach and also get the same results.

作者杨艳兰东

机构地区湖南大学工商管理学院

出处《软科学》 CSSCI 北大核心 2015年第6期60-64,共5页 Soft Science

基金国家自然科学基金重点项目(71031004) 国家自然科学基金创新团队项目(71221001)) 湖南省自然科学基金项目(14JJ3052) 湖南省社会科学基金项目(13YBA069)

关键词企业社会责任公司特有风险利益相关者 corporate social responsibility idiosyncratic risk stakeholders

分类号 F272 [经济管理—企业管理]

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