Exchange Comment Letters and Corporate Social Responsibility: Evidence from China

被引：4

作者：

Hou, Jingru ^{[1
]}

Shi, Xin ^{[1
]}

Tao, Ran ^{[2
]}

机构：

[1] Xiamen Univ, Sch Management, 422 Siming South Rd, Xiamen 361005, Fujian, Peoples R China

[2] Jiangxi Univ Finance & Econ, Sch Accountancy, Nanchang, Jiangxi, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 04期

关键词：

Comment letters; corporate social responsibility; investors' attention; state ownership; AGENCY COSTS; MANAGEMENT; FIRM; ATTENTION; PERFORMANCE; DISCLOSURE; GOVERNMENT; BEHAVIOR;

D O I：

10.1080/1540496X.2022.2127316

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

How does regulatory oversight shape corporate social responsibility (CSR)? Using a sample of Chinese A-share listed firms spanning 2014 to 2019, we investigate the oversight role of stock exchanges by examining the effects of comment letters (CLs) on CSR. We find that receiving CLs positively correlates with the increment of CSR performance. Both investors' attention and state ownership moderate this relation positively. Additionally, the positive relation is more pronounced in the subsample in a weak legal environment. Taken together, we provide causal evidence that supports the oversight role of CLs and the impression management theory of CSR.

引用

页码：1140 / 1160

页数：21

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