推动经济高质量发展需要增强企业发展韧性,而积极履行社会责任对企业发展韧性和可持续发展具有重要影响。文章以2012—2021年A股上市企业为研究样本,基于经济不确定性场景,考察了积极履行社会责任如何影响企业发展韧性。研究发现,积极履行社会责任的企业在经济走势趋缓或下行时表现出更强的发展韧性,供应商忠诚、债权人信任以及股东支持是经济步入下行通道后增强企业发展韧性的三条主要路径。此外,信任凝聚效应在供应链集成度较低、所在地区金融发展水平较低以及无政治关联民营企业的样本中更加显著。文章为企业履行社会责任的经济后果研究提供了补充,也为提升经济韧性提供了重要启示。
社会责任履行、信任凝聚与企业发展韧性——基于经济不确定性场景的研究
摘要
参考文献
6 李琦,刘力钢,邵剑兵. 数字化转型、供应链集成与企业绩效——企业家精神的调节效应[J]. 经济管理,2021,(10):5−23.
11 饶品贵,岳衡,姜国华. 经济政策不确定性与企业投资行为研究[J]. 世界经济,2017,(2):27−51.
12 王京,罗福凯. 技术—知识投资、要素资本配置与企业成长——来自我国资本市场的经验证据[J]. 南开管理评论,2017,(3):90−99.
13 卫武,夏清华,资海喜,等. 企业的可见性和脆弱性有助于提升对利益相关者压力的认知及其反应吗?——动态能力的调节作用[J]. 管理世界,2013,(11):101−117.
14 吴敬琏. 以深化改革确立中国经济新常态[J]. 探索与争鸣,2015,(1):4−7.
16 吴战篪,吴伟立. 大股东减持伤害了实体经济吗[J]. 南开管理评论,2018,(1):99−108.
17 易纲. 再论中国金融资产结构及政策含义[J]. 经济研究,2020,(3):4−17.
18 曾雪云,徐雪宁,马添翼. 上市商业银行表外业务收入与风险绩效研究[J]. 会计研究,2020,(10):82−96.
19 郑挺国,黄佳祥. 中国宏观经济下行区间的冲击来源及其差异性分析[J]. 世界经济,2016,(9):28−52.
20 Albuquerque R,Koskinen Y,Yang S,et al. Resiliency of environmental and social stocks:An analysis of the exogenous COVID-19 market crash[J]. The Review of Corporate Finance Studies,2020,9(3):593−621. DOI:10.1093/rcfs/cfaa011
21 Davis K. Can business afford to ignore social responsibilities?[J]. California Management Review,1960,2(3):70−76. DOI:10.2307/41166246
22 Duchek S. Organizational resilience:A capability-based conceptualization[J]. Business Research,2020,13(1):215−246. DOI:10.1007/s40685-019-0085-7
23 Ferrell A,Hao L,Renneboog L. Socially responsible firms[J]. Journal of Financial Economics,2016,122(3):585−606. DOI:10.1016/j.jfineco.2015.12.003
24 Fisman R,Raturi M. Does competition encourage credit provision? Evidence from African trade credit relationships[J]. The Review of Economics and Statistics,2004,86(1):345−352. DOI:10.1162/003465304323023859
25 Flammer C. Competing for government procurement contracts:The role of corporate social responsibility[J]. Strategic Management Journal,2018,39(5):1299−1324. DOI:10.1002/smj.2767
26 Godfrey P C. The relationship between corporate philanthropy and shareholder wealth:A risk management perspective[J]. Academy of Management Review,2005,30(4):777−798. DOI:10.5465/amr.2005.18378878
27 Linnenluecke M K,Griffiths A,Winn M. Extreme weather events and the critical importance of anticipatory adaptation and organizational resilience in responding to impacts[J]. Business Strategy and the Environment,2012,21(1):17−32. DOI:10.1002/bse.708
28 Lins K V,Servaes H,Tamayo A. Social capital,trust,and firm performance:The value of corporate social responsi- bility during the financial crisis[J]. The Journal of Finance,2017,72(4):1785−1824. DOI:10.1111/jofi.12505
29 Markman G M,Venzin M. Resilience:Lessons from banks that have braved the economic crisis-And from those that have not[J]. International Business Review,2014,23(6):1096−1107. DOI:10.1016/j.ibusrev.2014.06.013
30 Parker H,Ameen K. The role of resilience capabilities in shaping how firms respond to disruptions[J]. Journal of Business Research,2018,88:535−541. DOI:10.1016/j.jbusres.2017.12.022
31 Perrini F,Minoja M. Strategizing corporate social responsibility:Evidence from an Italian medium-sized,family-owned company[J]. Business Ethics:A European Review,2008,17(7):47−63.
引用本文
郝颖, 李雪轶, 倪娟, 等. 社会责任履行、信任凝聚与企业发展韧性——基于经济不确定性场景的研究[J]. 财经研究, 2024, 50(10): 94-108.
导出参考文献,格式为: