卖空压力的信息效应和治理效应为企业社会责任治理提供了一种可行的资本市场途径。文章以2008—2015年A股上市公司为研究样本,使用倾向得分匹配和双重差分法实证检验了卖空压力对企业社会责任水平的影响。结果显示,卖空压力显著提高了企业的社会责任水平,尤其是对外部利益相关者和远端利益相关者的社会责任,而对内部利益相关者的社会责任没有影响,验证了企业履行社会责任的差异性与一致性观点。进一步,机制检验发现,卖空压力对企业社会责任提升作用在信息不对称程度较高或代理成本较高的情况下更为显著,证明卖空压力影响企业履行社会责任水平的信息效应和治理效应。文章揭示了卖空机制与公司社会责任之间的内在联系,丰富了卖空机制经济后果和战略管理领域的文献,对促进中国资本市场的制度建设和公司战略管理实践的发展具有重要的现实意义。
以利他之名行利己之实:卖空压力与企业社会责任
摘要
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引用本文
李骏, 刘洪伟, 李静雯. 以利他之名行利己之实:卖空压力与企业社会责任[J]. 上海财经大学学报, 2022, 24(5): 79-91.
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