实际控制人的政治、经济激励对企业社会责任报告的影响

摘要/Abstract

摘要： 本文结合合法性理论和代理成本理论,实证分析实际控制人所面临的政治激励、经济激励以及政治和经济的双重激励对企业社会责任报告的影响。通过统计社会责任报告内容中的页数、图片、图表、数字信息,提出衡量企业社会责任报告实质性的指标。研究发现,企业实际控制人的政治激励越高,越倾向于发布企业社会责任报告,并且内容的实质性也会越强;而企业实际控制人的经济激励越高,越倾向于不发布企业社会责任报告,即使发布,内容的实质性也会较低。特别地,当企业的实际控制人同时面临政治和经济的双重激励时,企业虽然倾向于发布企业社会责任报告,但报告内容的实质性较低。本研究丰富了企业社会责任报告内容方面的研究,并沿着公司治理链条将研究对象追溯到企业的实际控制人,为深入剖析企业社会责任披露行为的根本动因奠定了基础。

关键词: 政治激励, 经济激励, 政治关联, 股权分离度, 企业社会责任报告

Abstract: Based on legitimacy theory and agency cost theory, this paper empirically analyzes the effect of ultimate controlling owners’ political, economic and their dual incentives on CSR reports. The paper puts forward substantive indicators such as data of pages, pictures, charts and digital information to measure CSR reports. The results indicate that the higher the political incentive ultimate controlling owners receive, the more inclined their corporations are to release CSR reports and the more substantial content will be disclosed in CSR reports. Further, the higher level of economic incentive ultimate controlling owners receive, the less inclined their corporations are to release CSR reports. Even if they do, less substantial content will be disclosed in CSR reports. In particular, when ultimate controlling owners are faced with both political and economic incentives, their corporations tend to release CSR reports, but the content of the reports are less substantial. This study enriches the researches on CSR reports’ content, and traces the research object to ultimate controlling owners of the corporations along the corporate governance chain, thus laying a foundation for in-depth analysis of the fundamental motivation of CSR disclosure behavior.

Key words: political incentive, economic incentives, political connections, degree of equity separation, corporate social responsibility report

雷雪, 贾明, 张喆. 实际控制人的政治、经济激励对企业社会责任报告的影响[J]. 管理评论, 2022, 34(8): 256-270.

Lei Xue, Jia Ming, Zhang Zhe. The Effect of Ultimate Controlling Owners’ Political and Economic Incentives on Corporate Social Responsibility Report[J]. Management Review, 2022, 34(8): 256-270.

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