Journal of Banking and Finance ·Volume 87, Pages 68-86· FEB 2018

本地企业社会责任，媒体报道和股东价值

作者：Seong K. Byun (Department of Finance, University of Mississippi, School of Business Administration) Jong-Min Oh (Department of Finance, University of Central Florida, College of Business Administration)

摘要：通过使用涵盖企业社会责任（CSR）活动的新闻文章，我们发现公开的CSR活动与股东价值正相关，并改善了未来的经营业绩。此外，我们发现，能够影响本地企业团体和员工的企业社会责任活动的媒体报道是解释更高的股东价值和经营业绩的主要原因，而不是影响一般公众的CSR媒体报道。我们还采用了两阶段最小二乘回归（2SLS）和倾向得分匹配，以建立公开的本地企业社会责任活动与股东价值之间的联系。我们的证据与这样一种观点相一致，即当本地CSR活动被较多利益相关者知晓时，股东将会对该活动给予正面评价。

关键词：企业社会责任，媒体报道，利益相关者理论，无形资产

Local corporate social responsibility, media coverage, and shareholder value

Seong K. Byun (Department of Finance, University of Mississippi, School of Business Administration) Jong-Min Oh (Department of Finance, University of Central Florida, College of Business Administration)

ABSTRACT

Using news articles covering firm's corporate social responsibility (CSR) activities, we find that publicized CSR activities are positively associated with shareholder value and improved future operating performance. Furthermore, we find that media coverage on CSR engagements with local impact on companies’ communities and employees, rather than those with broader social impact on the general public, is the main driver in explaining higher shareholder value and operating performance. We also implement a two-stage least-squares regression (2SLS) and propensity score matching to establish a causal link between publicized local CSR activities and shareholder value. Our evidence is consistent with the notion that shareholders put positive value on locally-oriented CSR when it is also complemented with high level of stakeholder awareness.

Keywords: Corporate social responsibility, Media coverage, Stakeholder theory, Intangibles

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426617302236

翻译：张展