内生性视角下董事会特征对社会责任的跨期影响研究
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摘要
以2012-2016年443家上市公司为实证依据,基于内生性问题——随机扰动项与解释变量相关的特质,运用GMM估计方法探讨董事会特征与社会责任的跨期影响。研究结果表明二者间存在一定显著相关性,且董事会特征对当期社会责任的影响比后期更大。研究对优化董事会特征,提高社会责任意识具有一定启示。
Based on 443 listed companies from 2012 to 2016, this paper explores the intertemporal effects of board characteristics on social responsibility by using GMM estimation method, which is based on the endogenous nature of correlation between stochastic disturbance term and explanatory variables. The results show that there is a certain significant correlation between the two, and the board characteristics have a greater impact on current social responsibility than later. The research has certain enlightenment for optimizing board characteristics and improving social responsibility consciousness.
Based on 443 listed companies from 2012 to 2016, this paper explores the intertemporal effects of board characteristics on social responsibility by using GMM estimation method, which is based on the endogenous nature of correlation between stochastic disturbance term and explanatory variables. The results show that there is a certain significant correlation between the two, and the board characteristics have a greater impact on current social responsibility than later. The research has certain enlightenment for optimizing board characteristics and improving social responsibility consciousness.
引文
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[3]买生,杨一苏.董事会特征对企业社会责任的影响研究[J].财会通讯,2017(6).MAI Sheng,YANG Yisu.Research on the Impact of Board Characteristics on Corporate Social Responsibility[J].Communication of Finance and Accounting,2017(6).
[4]丁丽华.企业社会责任信息披露影响因素研究--来自社会责任报告的经验证据[J].财会通讯,2016(3):59-61.DING Lihua.Research on Influencing Factors of Corporate Social Responsibility Information Disclosure:Empirical Evidence from Social Responsibility Reports[J].Communication of Finance and Accounting,2016(3):59-61.
[5]宋建波,李爱华.企业社会责任的公司治理因素研究[J].财经问题研究,2010(5):23-29.SONG Jianbo,LI Aihua.Research on Corporate Governance Factors of Corporate Social Responsibility[J].Research on Financial and Economic Issues,2010(5):23-29.
[6]马善俊,孟枫平.上市银行社会责任影响因素研究--基于公司治理视角的实证分析[J].西部金融,2015(4):137-141.MA Shanjun,MENG Fengping.Research on the Influencing Factors of Listed Banks'Social Responsibility:Based on Empirical Analysis from the Perspective of Corporate Governance[J].West China Finance,2015(4):137-141.
[7]陈燕.国有企业公司治理与企业社会责任的关系研究[J].中外企业家,2015(23):66-67.CHEN Yan.Research on the Relationship between Corporate Governance of State-owned Enterprises and Corporate Social Responsibility[J].Chinese&Foreign Entrepreneurs,2015(23):66-67.
[8]王朝霞,孙付华,施文君.公司治理结构与社会责任信息披露关系研究[J].武汉理工大学学报(信息与管理工程版),2018(1).WANG Zhaoxia,SUN Fuhua,SHI Wenjun.Research on the Relationship between Corporate Governance Structure and Social Responsibility Information Disclosure[J].Journal of Wuhan University of Technology(Information&Management Engineering),2018(1).
[9]刘春生.董事会特征与上市公司社会责任关系的实证研究[D].济南:山东大学,2010.
[10]曹飞.董事会特征与企业社会责任相关性实证研究[D].天津:天津大学,2012.
[11]McGrath J E.Social Psychology:A Brief Introduction[M].NewYork:Holt,Rinehart&Winston,1964.
[12]Lipton M,Lorsch J W.A Modest Proposal for Improved Corporate Governance[J].Business Lawyer,1992,48(1):59-77.
[13]于东智,王化成.独立董事与公司治理:理论?经验与实践[J].会计研究,2003(8):8-13.YU Dongzhi,WANG Huacheng.Independent Directors and Corporate governance Theory and Experience[J].Accounting Research,2003(8):8-13.