管理科学
管理科學
관이과학
Management Sciences in China
2015年
1期
18~31
,共null页
连锁董事 社会责任报告披露 组织间模仿 环境不确定 信息传递
連鎖董事 社會責任報告披露 組織間模倣 環境不確定 信息傳遞
련쇄동사 사회책임보고피로 조직간모방 배경불학정 신식전체
interlocking director; social responsibility disclosure; inter-organizational imitation ; environmental uncertainty; informa-tion dissemination
基于连锁董事的信息传递作用,从组织间模仿视角研究企业间的连锁董事关系时企业社会责任报告自愿披露决策的影响,并进一步研究连锁董事在目标公司的董事类型以及目标公司与连锁公司之间的地域特征对连锁董事与企业社会责任报告自愿披露关系的调节作用。利用2009年至2013年中国沪、深两市A股上市公司存在连锁董事关系的企业7522对年度样本数据,通过Probit回归方法进行实证分析。研究结果表明,企业社会责任报告的自愿披露决策存在组织间模仿行为,即连锁公司之前的社会责任报告披露行为对目标公司之后的社会责任报告披露行为有显著的正向影响,当连锁董事在目标公司任职执行董事时或当目标公司和连锁公司属于同一地域时.这种正向影响更为显著,连锁董事对于企业社会责任报告的自愿披露决策有重要影响。
基于連鎖董事的信息傳遞作用,從組織間模倣視角研究企業間的連鎖董事關繫時企業社會責任報告自願披露決策的影響,併進一步研究連鎖董事在目標公司的董事類型以及目標公司與連鎖公司之間的地域特徵對連鎖董事與企業社會責任報告自願披露關繫的調節作用。利用2009年至2013年中國滬、深兩市A股上市公司存在連鎖董事關繫的企業7522對年度樣本數據,通過Probit迴歸方法進行實證分析。研究結果錶明,企業社會責任報告的自願披露決策存在組織間模倣行為,即連鎖公司之前的社會責任報告披露行為對目標公司之後的社會責任報告披露行為有顯著的正嚮影響,噹連鎖董事在目標公司任職執行董事時或噹目標公司和連鎖公司屬于同一地域時.這種正嚮影響更為顯著,連鎖董事對于企業社會責任報告的自願披露決策有重要影響。
기우련쇄동사적신식전체작용,종조직간모방시각연구기업간적련쇄동사관계시기업사회책임보고자원피로결책적영향,병진일보연구련쇄동사재목표공사적동사류형이급목표공사여련쇄공사지간적지역특정대련쇄동사여기업사회책임보고자원피로관계적조절작용。이용2009년지2013년중국호、심량시A고상시공사존재련쇄동사관계적기업7522대년도양본수거,통과Probit회귀방법진행실증분석。연구결과표명,기업사회책임보고적자원피로결책존재조직간모방행위,즉련쇄공사지전적사회책임보고피로행위대목표공사지후적사회책임보고피로행위유현저적정향영향,당련쇄동사재목표공사임직집행동사시혹당목표공사화련쇄공사속우동일지역시.저충정향영향경위현저,련쇄동사대우기업사회책임보고적자원피로결책유중요영향。
Interlocking director, as one of the most important social connections among firms, is proved to be a costless and credible channel of information dissemination. Based on its information dissemination role, interlocking director can act as the mechanism for the imitation of corporate practices or structures. In other words, firms may imitate what their interlocked partners did previously. Previous studies have investigated the effect of interlocking director on corporate practices, such as merger premium decision, stock option backdating, earnings management etc, and they have found that interlocking director leads to the imitation across firms, resulting in the similarity of economic behaviors and outcomes. However, till now, none of these studies concen- trates on whether interlocking director can lead to the imitation of voluntary disclosure decision of corporate social responsibility. Environmental uncertainty is the primary cause why firms imitate each other when making decisions, and compared to other cor- porate decisions, environmental uncertainty for the voluntary disclosure decision of corporate social responsibility is more severe. In addition, as an institutional transition economy, it is more difficult for firms in China to acquire the sufficient information rele- vant to decision-making than those in developed countries. In order to decrease the decision cost and risk relevant to the voluntary disclosure decision of corporate social responsibility, one efficient way for finns is to imitate their interlocked partners' similar de- cision. Therefore, based on the information dissemination role of interlocking director, this study investigates the impact of inter- locking director on voluntary disclosure decision of corporate social responsibility in China and further investigates the moderating effect of the interlocking director type in the focal firm and the regional characteristic between the focal firm and the interlock finn on the relationship mentioned above through the perspective of inter-organizational imitation. Using 7 522 firm-year observations from interlocked A-share firms listed in Chinese Shanghai and Shenzhen Stock Exchanges as the samples, this study empirically analyses the above relationship by Probit regressions. The results show that there exists inter-organizational imitation in the voluntary disclosure decision of corporate social responsibility, interlock firm's prior social responsibility disclosure has a significantly positive effect on focM firm's social responsibility disclosure, particularly when the interlocking director is an inside director in the focal firm or focal finn and interlock firm belong to the same region. Therefore we can conclude that interlocking director plays an important role in the voluntary disclosure decision of corporate social responsibility.