董事网络与企业社会责任履行——兼论董事会异质性的情景效应  

Director Networks and Corporate Social Responsibility Performance:A Discussion on the Contingency Effects of Board Heterogeneity

作　　者：罗建志 李洋[1] Luo Jianzhi;Li Yang(School of Business,Sichuan Normal University)

机构地区：[1]四川师范大学

出　　处：《金融经济》2023年第4期12-26,共15页Finance Economy

基　　金：国家自然科学基金面上项目“融资成本约束下公用事业企业政府规制研究”(71572117);四川省社会科学研究规划项目“四川人才新政下地级市人口流动对企业创新的作用机制及促进政策研究”(SC19B108)。

摘　　要：本文以2010—2019年沪深A股主板上市公司为样本,探究董事网络与企业社会责任履行之间的关系,并将董事会团队特征纳入考量范围,探究不同董事会异质性情景下二者关系的差异性。实证结果显示,董事网络能够促进企业社会责任履行,并且当董事会异质性较大时,这种促进作用更为明显,细分董事会异质性后发现,相较于董事会的社会异质性,其职业异质性能够更为明显地提升董事网络对企业社会责任履行的促进作用。进一步地,本文立足于我国特殊的经济背景,检验内部股权性质与外部市场化程度对以上效应的影响,研究发现在非国有企业及市场化程度越低的地区,董事会异质性对董事网络与企业社会责任履行之间关系的提升作用更为明显。This article takes the listed companies on the Shanghai and Shenzhen A-share main boards from 2010 to 2019 as the sample to explore the relationship between board of directors network and corporate social responsibility performance,and takes into account the characteristics of the board of directors team to investigate the differences in the relationship under different board of directors'heterogeneity.Empirical results show that the board of directors network can promote corporate social responsibility performance,and this promoting effect is more significant when the board of directors are more heterogeneous.After dividing the heterogeneity of the board of directors,it is found that compared with the social heterogeneity of the board of directors,their occupational heterogeneity can more significantly enhance the promoting effect of the board of directors network on corporate social responsibility performance.Furthermore,based on China's unique economic background,this article examines the impact of internal equity and external marketization on the above effects.The study found that in non-state-owned enterprises and areas with lower marketization,the enhancing effect of board of directors'heterogeneity on the relationship between board of directors network and corporate social responsibility performance is more significant.

关 键 词：董事网络 企业社会责任 董事会异质性 

分 类 号：F270[经济管理—企业管理]