JOURNAL OF BANKING & FINANCE, VOL 96, NOVEMBER 2018

企业社会责任、投资者保护和股权成本：跨国比较

作者：Wolfgang Breuer (RWTH Aachen University)

Torbj?rn Müller（RWTH Aachen University）

David Rosenbach（RWTH Aachen University）

Astrid Salzmann（RWTH Aachen University）

摘要：基于大量国际样本，我们研究了CSR对不同投资者保护水平下的股权成本的影响。，在投资者保护强劲（差）的国家，我们的结果表明当公司投资企业社会责任时，股权成本会下降（上升）。 我们的研究结果对于替代变量定义、样本选择、分析师预测偏差和各种方法规范都很稳健。我们还证明，投资者基础渠道能够解释有关企业社会责任与股权成本之间关系的不同结果，并且对金融实践和公共政策产生了影响。

关键词：代理理论;企业社会责任;股权成本;投资者保护;利益相关者理论

Corporate Social Responsibility, Investor Protection, and Cost of Equity: A Cross-Country Comparison

Wolfgang Breuer (RWTH Aachen University)，Torbj?rn Müller（RWTH Aachen University），David Rosenbach（RWTH Aachen University），Astrid Salzmann（RWTH Aachen University）

ABSTRACT

Based on a large international sample, we examine the effects of CSR on the cost of equity under different levels of investor protection. In countries where investor protection is strong (poor), our results show that the cost of equity falls (rises) when a firm invests in CSR. Our findings are robust to alternative variable definitions, sample selection, analyst forecast bias, and various methodological specifications. We also demonstrate that the investor base channel is able to explain different outcomes regarding the relation between CSR and the cost of equity, and we derive implications for both financial practice and public policy.

Keywords: Agency Theory；Corporate Social Responsibility；Cost of Equity；Investor Protection；Stakeholder Theory

原文链接：https://www.sciencedirect.com/science/article/pii/S0378426618301675

翻译：王秭越