CEO职业关注与企业社会责任披露  

CEO Career Concern and Corporate Social Responsibility Disclosures

作　　者：李维[1] 周建军[2] 朱琦 LI Wei;ZHOU Jianjun;ZHU Qi(School of Finance and Statistics,Hunan University,Changsha 410079,China;Business School,Xiangtan University,Xiangtan 411105,China;Business School,Central South University,Changsha 410083,China)

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079 [2]湘潭大学商学院,湖南湘潭411105 [3]中南大学商学院,湖南长沙410083

出　　处：《中国软科学》2021年第2期111-124,共14页China Soft Science

基　　金：国家自然科学基金项目“股票价格对管理层决策的影响机制研究——基于股价反馈效应视角”(72003200)。

摘　　要：本文以2008—2018年沪深两市A股上市公司为研究样本,研究CEO职业关注对企业社会责任披露的影响及其机理。通过实证研究发现,职业关注将导致年轻CEO偏好于更低的社会责任披露。采用PSM匹配法和工具变量法,在考虑内生性问题的影响后,本文的结论依然成立。同时,利用Sobel中介效应检测方法,排除了CEO过度自信导致社会责任披露水平变化的影响机制。此外,在进一步分析中,采用分样本回归法,从三个角度确认业绩压力是影响年轻CEO与社会责任披露关系的影响渠道:企业所有权、CEO任职初期以及业绩稳定性等。本研究对改进CEO监管与提高企业社会责任表现具有现实指导意义。Using listed firms from Shanghai and Shenzhen A-share during year 2008-2018, our paper investigates the effect of CEO career concern on corporate social responsibility disclosure. Our empirical results show that younger CEO prefer less disclosures of corporate social responsibility, which means CEO career concern restrains corporate social responsibility disclosures. Meanwhile, we adopt propensity match method and instrument variable method to mitigate the endogeneity concerns. Furtherly, we exclude the impact of CEO overconfidence and check the impact from performance pressure, such as firm’s property, CEO tenure and earnings uncertainty. Our findings support Chinese firms to improve CEOs’ supervision and social responsibility performance.

关 键 词：CEO年龄 职业关注 企业社会责任披露 

分 类 号：F270[经济管理—企业管理]