企业社会责任与企业财务绩效的关系研究
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摘要
在过去30多年的企业社会责任理论研究中,关于企业社会责任(CSR)与企业财务绩效(CFP)之间关系的争论一直都占据着十分核心的位置。然而,尽管学者们为之付出了巨大的心力,但在CSR与CFP之间的关系问题上仍未取得一致的研究结论,从正相关到负相关,再到非线性相关,甚至不相关,各种可能的关系几乎都得到了一定的经验证据的支持。在非美国情境下展开的已有研究结论间接地揭示出,在不同制度背景下,企业社会责任与企业财务绩效的影响是不一致的。这种现状似乎预示着二者之间的关系具有情境依赖性。
     基于上述研究背景,笔者试图结合利益相关者管理理论和制度理论,基于制度比较视角,试图回答以下两个问题来厘清企业社会责任与企业财务绩效这对关系:(1)企业社会责任与企业财务绩效关系的总结性结论;(2)制度环境是否以及如何影响企业社会责任与企业财务绩效的关系。
     围绕上述问题,本研究将首先基于已有的实证研究文献,运用元分析的方法,对CSR-CFP之间的总体关系以及可能的调节效应做出间接的检验。在此基础上,笔者采用Scott提出的制度三系统模型,将制度比较的视角聚焦于管制制度环境、规范制度环境和认知制度环境,搜集中美两国上市公司的相关数据,检验管制制度环境和规范制度环境对企业社会责任与企业财务绩效这对关系在中国区域差异的影响,以及认知制度环境对企业社会责任企业财务绩效这对关系在中美两国差异的影响。
     通过对42篇实证研究文献、119个效果量的元分析表明,企业社会责任与企业财务绩效之间总体上存在正相关的关系。但合并效应值较低,说明本文所考察关键变量间的关系呈现较弱的集中趋势。进一步探究制度环境的调节效应,研究发现,不同的制度背景下,企业社会责任对企业财务绩效的影响程度是不一致的。企业社会责任与企业财务绩效的关系在发达地区要强于发展中地区。该研究从整体上揭示了制度环境的调节效应。
     对管制和规范制度环境的调节效应,本文利用2003-2010年中国沪深A股上市公司的慈善捐赠面板数据,进行了中国区域间差异的影响。总体来看,二阶段Heckman模型的实证研究结果表明,完善的管制制度对企业社会责任与企业财务绩效的关系有正向的调节作用。健全完善的法制管理环境有利于保护社会各个群体的利益,鼓励和奖励积极履行社会责任的企业,惩处违背社会责任的企业。赏罚公正,形成企业积极履行社会责任的良性循环机制。其次,完善的规范制度对企业社会责任与企业财务绩效的关系存在正向的调节作用。行业协会具有相应的制裁管制措施,在某些情形下,具有和政府管制相似的约束力。一旦成员企业违背了相关的行业规范,做出违背社会责任的行为,会受到行业协会的惩处。
     对于认知制度对CSR-CFP关系的调节效应,本研究采用2003-2010年美国上市公司的慈善捐赠面板数据,与中国样本进行比较分析。二阶段Heckman模型的实证结果表明,认知制度环境对企业社会责任与企业财务绩效关系具有调节效应,企业社会责任与企业财务绩效的关系在美国表现得强于中国。进一步,本文识别了企业社会责任影响企业财务绩效的两个关键机制——利益相关者感知和信息可得性,继而,从制度差异的视角,系统地分析了利益相关者感知和信息可得性这两个关键条件在不同制度背景下的差异,研究认知制度因素影响企业社会责任与企业财务绩效关系的内在机制。
     与已有研究相比,本文的理论贡献主要体现在如下两个方面,分别是:第一,本文运用元分析检验,为辨析企业社会责任与企业财务绩效这对争议许久的关系提供了一个更具概化性、普适性的结论。第二,本文回应了Brammer等学者关注制度因素的呼吁,从制度差异的视角研究制度因素影响企业社会责任与企业财务绩效关系的内在机制,为进一步深化认识企业社会责任与企业财务绩效的关系提供了不同的观察视角。
The relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has always been a central and contentious debate in the extant literature. However, prior empirical studies provide indefinite conclusions. More than that, the relationship between CSR and CFP varies significantly across different institutional environments. Research in this area begins to investigate the CP-CFP relationship in different institutional environments, recognizing that the financial benefits from philanthropic activities may be subject to institutional influences.
     Building on stakeholder theory and institutional theory, this paper try to figure out following two questions:(1) what is the overall effect size of the CSR-CFP relationship based on the previous studies?(2) How does the institution matter in the CP-CFP relationship?
     Institutional theory is useful to help us understanding this issue is because institutions beyond the market are often necessary to ensure that corporations are responsive to the interests of social actors beside themselves and vary the way their stakeholders reward focal companies. Institutional theory has long established that organizations are embedded within broader social structures, comprising different types of institutions that exert significant influence on the corporate decision-making and organizational outcomes. Moreover, corporate social consciousness activities are framed vis-a-vis the social context, and are thus influenced by the prevailing institutions in such contexts.
     Therefore the present paper systematically reviews and quantifies the CSR-CFP link in a meta-analytic framework. Further, this work proposes that CSR in the developed world, with a relatively mature institutional system and efficient market mechanism, will be more visible than CSR in the developing world.
     Based on119effect sizes from42studies, this study estimates that the overall effect size of the CSR-CFP relationship is positive and significant, thus endorsing the argument that CSR does enhance financial performance. Further, this study examines the moderating effect of the institutional environment on the CSR-CFP link. The results show that the CSR-CFP relationship is stronger for firms from advanced economies than for firms from developing economies.
     Then, this study focus on the three-dimension model proposed by Scott to examine how regulative, normative and cognitive institutional environments effect on the CSR-CFP linkage. This study reached the following conclusions. The regulative and normative institutions positively moderate the relationship between CSR and CFP across different provinces in China. Because of the different cognitive institutions, this paper argues that the relationship between corporate philanthropy and financial performance should be stronger in U.S. than in China. Further, whether a firm operates in sinful industry and how intensive a firm advertises should have different moderating effect on the CP-CFP relationship for US firms vs. for Chinese firms. These predictions were generally supported by our analyses.
     The results of this study make several contributions to the literature on the value of CSR. First, based on42studies and119effect sizes, an integration correlation revealed a positive association of CSR-CFP linkage. Second, this study has responded to the calls by Brammer et al (2012) and Campbell (2007) for more rigorous research on the role of institutional environments in the CSR-CFP relationship.
引文
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