家族涉入、机构投资者与企业社会责任履行——基于fsQCA的分析  

Family Involvement,Institutional Investor and the Fulfillment of Corporate Social Responsibility:An Analysis Based on fsQCA

作　　者：孙秀峰[1] 王金丽 张文龙 SUN Xiufeng;WANG Jinli;ZHANG Wenlong(School of Economics and Management,Dalian University of Technology,Dalian 116024,China;International Business School,Dalian Minzu University,Dalian 116600,China)

机构地区：[1]大连理工大学经济管理学院,辽宁大连116024 [2]大连民族大学国际商学院,辽宁大连116600

出　　处：《大连理工大学学报（社会科学版）》2024年第5期54-64,共11页Journal of Dalian University of Technology(Social Sciences)

基　　金：国家社会科学基金一般项目“民营企业承担社会责任对企业发展壮大的引导机制研究”(19BGL089)。

摘　　要：控制家族与机构投资者基于自身利益诉求会对家族企业的社会责任履行行为与意愿产生干扰,现有的孤立分析往往顾此失彼。基于社会情感财富和股东积极主义,从股权制衡角度,借助25个完成代际传承的中国家族企业样本,使用模糊集定性比较分析(fsQCA)方法建构了控制家族股权与管理权涉入、机构投资者类型异质性特征与家族企业社会责任履行水平的因果构型。实证结果表明:股权涉入、管理涉入、不同类型机构投资者持股水平均无法单独影响中国家族企业社会责任履行水平的高低;家族高股权涉入与压力敏感型机构投资者高持股水平、家族股权和管理权的双高涉入与压力抵抗型机构投资者高持股水平、两类机构投资者同时保持高持股水平等3种情况均能促进家族企业履行高水平的社会责任;当家族管理涉入与压力敏感抑制型机构持股水平均较低时,家族企业则会表现出较低的社会责任履行水平。研究结论丰富了家族企业社会责任履行的多因路径研究,区分了不同水平家族企业社会责任的驱动路径,使用完成代际传承的家族企业样本揭示了家族企业周而复始、百年传承中的社会责任履行规律。The controlling family and institutional investors,based on their own interests,can interfere with the family business’s behavior and willingness to fulfill social responsibility.Existing isolated analyses often neglect one aspect while addressing another.Based on socioemotional wealth and shareholder activism,from the perspective of equity balance,this study constructs a causal configuration of controlling family equity and management involvement,the heterogeneity of institutional investor types,and the level of social responsibility fulfillment of family businesses using a sample of 25 Chinese family businesses that have completed intergenerational succession.The fuzzy-set qualitative comparative analysis(fsQCA)method is employed.The empirical results show that equity involvement,management involvement,and the holding levels of different types of institutional investors cannot individually affect the level of social responsibility fulfillment of Chinese family businesses.High family equity involvement and high holdings by pressure-sensitive institutional investors,high involvement of both family equity and management rights and high holdings by pressure-resistant institutional investors,and high holdings by both types of institutional investors can all promote high levels of social responsibility fulfillment by family businesses.When both family management involvement and holdings by pressure-sensitive inhibiting institutional investors are low,family businesses exhibit low levels of social responsibility fulfillment.The research conclusions enrich the multi-path research on the fulfillment of social responsibility by family businesses,distinguish the driving paths of different levels of social responsibility in family businesses,and use samples of family businesses that have completed intergenerational succession to reveal the patterns of social responsibility fulfillment in the long-term inheritance of family businesses.

关 键 词：家族企业 企业社会责任 家族涉入 机构投资者 模糊集定性比较分析(fsQCA) 

分 类 号：F276.5[经济管理—企业管理]