企业社会责任信息披露提升了企业声誉吗?——媒体关注为中介效应的检验
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摘要
本文利用2013-2015年发布社会责任报告的沪深两市A股上市公司的数据,通过实证研究检验企业社会责任信息披露对企业声誉的影响,进一步从媒体关注的治理作用视角,探讨媒体关注在这一影响过程中所发挥的作用。研究发现:企业社会责任信息披露对企业声誉有显著正向影响,而且企业社会责任信息披露可显著提高媒体关注度,媒体关注在企业社会责任信息披露影响企业声誉的过程中发挥了部分中介作用。该研究对于拓展企业社会责任信息披露的非经济效益相关研究、引导各界重视媒体的公司治理作用、指导企业更好披露社会责任信息、提高企业声誉具有重要的理论和实践意义。
Using the data of A shares listed in the Shanghai and Shenzhen in 2013-2015,this paper examines the impact of corporate social responsibility information disclosure on corporate reputation through empirical research,and further explores the role of media attention in this process from the perspective of the governance of media attention. It is found that corporate social responsibility information disclosure has a significant positive impact on corporate reputation,and the disclosure of corporate social responsibility information can significantly improve media attention. Media attention has played a part of intermediary role in the process of corporate social responsibility information disclosure affecting corporate reputation. It has important theoretical and practical significance to expand the research on the non-economic benefits of corporate social responsibility information disclosure,to guide all walks of life to pay attention to the corporate governance of the media,to guide enterprises to better disclose the information of social responsibility and to improve their reputation.
Using the data of A shares listed in the Shanghai and Shenzhen in 2013-2015,this paper examines the impact of corporate social responsibility information disclosure on corporate reputation through empirical research,and further explores the role of media attention in this process from the perspective of the governance of media attention. It is found that corporate social responsibility information disclosure has a significant positive impact on corporate reputation,and the disclosure of corporate social responsibility information can significantly improve media attention. Media attention has played a part of intermediary role in the process of corporate social responsibility information disclosure affecting corporate reputation. It has important theoretical and practical significance to expand the research on the non-economic benefits of corporate social responsibility information disclosure,to guide all walks of life to pay attention to the corporate governance of the media,to guide enterprises to better disclose the information of social responsibility and to improve their reputation.
引文
[1] Fombrun C,Shanley M. What's in A Name? Reputation Building and Corporate Strategy[J]. Academy of Management Journal,1990,(2):233-258.
[2] Toms J S. Firm Resources,Quality Signals and the Determinants of Corporate Environmental Reputation:Some UK Evidence[J]. Ssrn Electronic Journal,2002,(3):257-282.
[3] Brammer S,Pavelin S. Building A Good Reputation[J]. European Management Journal,2004,(6):704-713.
[4]李新娥,彭华岗.企业社会责任信息披露与企业声誉关系的实证研究[J].经济体制改革,2010,(3):74-76.
[5]李海芹,张子刚. CSR对企业声誉及顾客忠诚影响的实证研究[J].南开管理评论,2010,(1):90-98.
[6]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?——基于企业声誉理论的分析[J].审计研究,2011,(4):87-93.
[7] Deephouse D L. Media Reputation as A Strategic Resource:An Integration of Mass Communication and Resource-based Theories[J]. Journal of Management,2000,(6):1091-1112.
[8] Miller G S. The Press as A Watchdog for Accounting Fraud[J]. Journal of Accounting Research,2006,(5):1001-1033.
[9] A Dyck,L Zingales. The Corporate Governance Role of the Media:Evidence from Russia[J]. The Journal of Finance,2008,(3):1093-1135.
[10] Joe J R,Louis H,Robinson D. Managers'and Investors'Responses to Media Exposure of Board Ineffectiveness[J]. Journal of Financial&Quantitative Analysis,2009,(3):579-605.
[11]郑志刚.法律外制度的公司治理角色——一个文献综述[J].管理世界,2007,(9):136-147.
[12]李国平.经济新闻自由度与资本市场的有效性[J].会计与经济研究,2008,(2):69-75.
[13]贺建刚,魏明海,刘峰.利益输送、媒体监督与公司治理:五粮液案例研究[J].管理世界,2008,(10):141-150.
[14]张烨.媒体与公司治理关系研究述评[J].经济学动态,2009,(6):137-141.
[15]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010,(4):14-27.
[16]徐莉萍,辛宇.媒体治理与中小投资者保护[J].南开管理评论,2011,(6):36-47.
[17]姚益龙,梁红玉,宁吉安.媒体监督影响企业绩效机制研究——来自中国快速消费品行业的经验证据[J].中国工业经济,2011,(9):151-160.
[18] Neville B A,Polonsky M J,Bell S J,et al. Corporate Reputation,Stakeholders and the Social Performance-financial Performance Relationship[J]. European Journal of Marketing,2005,(9/10):1184-1198.
[19] Carroll A B,Buchholtz A K. Business&Society:Ethics and Stakeholder Management[M]. South-Western College Publishing,2011.
[20]陶文杰,金占明.媒体关注下的CSR信息披露与企业财务绩效关系研究及启示——基于我国A股上市公司CSR报告的实证研究[J].中国管理科学,2013,(4):162-170.
[21]张正勇.媒体关注、产权性质与社会责任信息披露——来自社会责任报告自愿披露的经验证据[J].南京财经大学学报,2015,(3):70-77.
[22]温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004,(5):614-620.
[23] Kuo L,Chen Y J. Is Environmental Disclosure an Effective Strategy on Establishment of Environmental Legitimacy for Organization?[J]. Management Decision,2013,(7):1462-1487.
[24] Dan S D,Radhakrishnan S,Tsang A,et al. Nonfinancial Disclosure and Analyst Forecast Accuracy:International Evidence on Corporate Social Responsibility Disclosure[J]. Social&Environmental Accountability Journal,2013,(3):180-181.
[25]倪恒旺,李常青,魏志华.媒体关注、企业自愿性社会责任信息披露与融资约束[J].山西财经大学学报,2015,(11):77-88.
(1)2006年9月,深交所发布《深圳证券交易所上市公司社会责任指引》;2007年12月,国资委发布《关于中央企业履行社会责任的指导意见》;2008年5月,上交所发布《上海证券交易所上市公司环境信息披露指引》;2009年1月,上交所发布《上市公司内控报告和社会责任报告的编制和审议指引》;2009年11月,国资委发布《关于加强中央企业对外捐赠管理有关事项的通知》;2010年4月,财政部发布《企业内部控制应用指引第4号——社会责任》.
[2] Toms J S. Firm Resources,Quality Signals and the Determinants of Corporate Environmental Reputation:Some UK Evidence[J]. Ssrn Electronic Journal,2002,(3):257-282.
[3] Brammer S,Pavelin S. Building A Good Reputation[J]. European Management Journal,2004,(6):704-713.
[4]李新娥,彭华岗.企业社会责任信息披露与企业声誉关系的实证研究[J].经济体制改革,2010,(3):74-76.
[5]李海芹,张子刚. CSR对企业声誉及顾客忠诚影响的实证研究[J].南开管理评论,2010,(1):90-98.
[6]沈洪涛,王立彦,万拓.社会责任报告及鉴证能否传递有效信号?——基于企业声誉理论的分析[J].审计研究,2011,(4):87-93.
[7] Deephouse D L. Media Reputation as A Strategic Resource:An Integration of Mass Communication and Resource-based Theories[J]. Journal of Management,2000,(6):1091-1112.
[8] Miller G S. The Press as A Watchdog for Accounting Fraud[J]. Journal of Accounting Research,2006,(5):1001-1033.
[9] A Dyck,L Zingales. The Corporate Governance Role of the Media:Evidence from Russia[J]. The Journal of Finance,2008,(3):1093-1135.
[10] Joe J R,Louis H,Robinson D. Managers'and Investors'Responses to Media Exposure of Board Ineffectiveness[J]. Journal of Financial&Quantitative Analysis,2009,(3):579-605.
[11]郑志刚.法律外制度的公司治理角色——一个文献综述[J].管理世界,2007,(9):136-147.
[12]李国平.经济新闻自由度与资本市场的有效性[J].会计与经济研究,2008,(2):69-75.
[13]贺建刚,魏明海,刘峰.利益输送、媒体监督与公司治理:五粮液案例研究[J].管理世界,2008,(10):141-150.
[14]张烨.媒体与公司治理关系研究述评[J].经济学动态,2009,(6):137-141.
[15]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010,(4):14-27.
[16]徐莉萍,辛宇.媒体治理与中小投资者保护[J].南开管理评论,2011,(6):36-47.
[17]姚益龙,梁红玉,宁吉安.媒体监督影响企业绩效机制研究——来自中国快速消费品行业的经验证据[J].中国工业经济,2011,(9):151-160.
[18] Neville B A,Polonsky M J,Bell S J,et al. Corporate Reputation,Stakeholders and the Social Performance-financial Performance Relationship[J]. European Journal of Marketing,2005,(9/10):1184-1198.
[19] Carroll A B,Buchholtz A K. Business&Society:Ethics and Stakeholder Management[M]. South-Western College Publishing,2011.
[20]陶文杰,金占明.媒体关注下的CSR信息披露与企业财务绩效关系研究及启示——基于我国A股上市公司CSR报告的实证研究[J].中国管理科学,2013,(4):162-170.
[21]张正勇.媒体关注、产权性质与社会责任信息披露——来自社会责任报告自愿披露的经验证据[J].南京财经大学学报,2015,(3):70-77.
[22]温忠麟,张雷,侯杰泰,刘红云.中介效应检验程序及其应用[J].心理学报,2004,(5):614-620.
[23] Kuo L,Chen Y J. Is Environmental Disclosure an Effective Strategy on Establishment of Environmental Legitimacy for Organization?[J]. Management Decision,2013,(7):1462-1487.
[24] Dan S D,Radhakrishnan S,Tsang A,et al. Nonfinancial Disclosure and Analyst Forecast Accuracy:International Evidence on Corporate Social Responsibility Disclosure[J]. Social&Environmental Accountability Journal,2013,(3):180-181.
[25]倪恒旺,李常青,魏志华.媒体关注、企业自愿性社会责任信息披露与融资约束[J].山西财经大学学报,2015,(11):77-88.
(1)2006年9月,深交所发布《深圳证券交易所上市公司社会责任指引》;2007年12月,国资委发布《关于中央企业履行社会责任的指导意见》;2008年5月,上交所发布《上海证券交易所上市公司环境信息披露指引》;2009年1月,上交所发布《上市公司内控报告和社会责任报告的编制和审议指引》;2009年11月,国资委发布《关于加强中央企业对外捐赠管理有关事项的通知》;2010年4月,财政部发布《企业内部控制应用指引第4号——社会责任》.