CEO自信程度、研发投入与企业社会责任履行——基于门槛效应的实证分析
|
摘要
以2013—2017年的沪深两市上市公司数据为研究样本,运用门槛面板数据模型,研究CEO自信水平的不同阶段,企业研发投入与企业社会责任履行的作用机制,并基于企业社会责任视角寻找CEO自信程度的合理区间。相关数据的实证结果显示,研发投入与企业社会责任的履行受到CEO自信程度的影响,存在非线性的门槛效应。CEO自信程度低于第一门槛值时,企业研发投入对企业社会责任的履行呈负相关关系;CEO自信程度达到第一门槛值时,企业研发投入对企业社会责任的履行呈正相关关系;当CEO自信程度进入第二门槛值时,企业研发投入对企业社会责任的履行呈负相关关系。
This paper took the data of Shanghai and Shenzhen listed companies from 2013 to 2017 as the research sample, studied the mechanism of enterprise's R&D investment and corporate social responsibility fulfillment at different stages of CEO's confidence level by using Panel Threshold model,and tried to find a reasonable range of CEO confidence level based on the perspective of corporate social responsibility. The empirical results based on relevant data show that the R&D investment and the fulfillment of corporate social responsibility are affected by the the CEO's confidence level, and there is a non-linear threshold effect. When the CEO's confidence level is lower than the first threshold value, the enterprise's R&D investment is negatively related to the fulfillment of corporate social responsibility;when the CEO's confidence level reaches the first threshold level, the enterprise's R&D investment is positively related to the fulfillment of corporate social responsibility; When the confidence level reaches the second threshold level, the enterprise's R&D investment is negatively related to the fulfillment of corporate social responsibility.
This paper took the data of Shanghai and Shenzhen listed companies from 2013 to 2017 as the research sample, studied the mechanism of enterprise's R&D investment and corporate social responsibility fulfillment at different stages of CEO's confidence level by using Panel Threshold model,and tried to find a reasonable range of CEO confidence level based on the perspective of corporate social responsibility. The empirical results based on relevant data show that the R&D investment and the fulfillment of corporate social responsibility are affected by the the CEO's confidence level, and there is a non-linear threshold effect. When the CEO's confidence level is lower than the first threshold value, the enterprise's R&D investment is negatively related to the fulfillment of corporate social responsibility;when the CEO's confidence level reaches the first threshold level, the enterprise's R&D investment is positively related to the fulfillment of corporate social responsibility; When the confidence level reaches the second threshold level, the enterprise's R&D investment is negatively related to the fulfillment of corporate social responsibility.
引文
[1]Bowmen H R.Social Responsibilities of the Businessman[M].Harper,New York:1953.
[2]Davis K.The Case for and against Business Assumption of Social Responsibilities[J].Academy of Management Journal,1973,16(2):312-322.
[3]Vance S.C.Are socially responsible corporations good investment risks[J].Aacde-my Management Review,1975,64(8):18-24
[4]McGuire.J B,Sundgren A,Schneeweis T.Corporate social responsibility and firm financial performance[J].Academy of management Journal,1988,31(4):854-872.
[5]李伟阳,肖红军.企业社会责任的逻辑[J].中国工业经济,2011(10):87-97.
[6]Scott McCarthy,Barry Oliver.Corporate social responsibility and CEO confidence[J].Journal of Banking and Finance,2017,75(2):280-291.
[7]杨艳,兰东.企业社会责任对公司特有风险的影响——基于利益相关者视角[J].软科学,2015(6):60-64.
[8]陈德萍.企业社会责任与财务绩效的实证研究[J].统计与决策,2012(12):178-181.
[9]黄珺,贺国亮.企业社会责任、技术创新与企业价值[J].软科学,2017(7):93-97.
[10]付强,刘益.基于技术创新的企业社会责任对绩效影响研究[J].科学学研究,2013(3):463-468.
[11]朱乃平,朱丽,孔玉生,等.技术创新投入、社会责任承担对财务绩效的协同影响研究[J].会计研究,2014(2):57-63.
[12]梁彤缨,金镇城,苏德贵.所有制性质、研发投入与企业社会责任[J].科技管理研究,2016,36(7):256-262.
[13]Pradeep Bhardwaj,Prabirendra Chatterjee,Kivilcim Dogerlioglu Demir.When and how is corporate social responsibility profitable[J].Journal of Business Res-earch,2018,84(5):206-219.
[14]S.Rothenberg.Firm performance:The interactions of corporate social performance with innovation and industry differentiation[J].Strategic Management Journal,2008,29(7):781-789.
[15]R.C.Padgett,Galan J.I.The effect of R&D intensity on corporate social responsibility[J].Journal of Business Ethics,2010,93(3):407-418.
[16]周江燕.研发投入与企业业绩相关性研究——基于中国制造业上市公司的实证分析[J].工业技术经济,2012(1):49-57.
[17]庞敏.企业社会责任视角下的技术创新与新产品开发绩效关系探讨[J].统计与决策,2015(8):177-179.
[18]黄盈盈.R&D投入、产品差异化与企业社会责任[D].南京:南京工业大学,2017.
[19]Bansal P,Clelland I.Talking Trash:Legitimacy,Impression Management,and Unsystematic Risk in the Context of the Natural Environment[J].Academy of Management Journal,2004,47(1):93-103.
[20]黄平,胡日东.环境规制与企业技术创新相互促进的机理与实证研究[J].财经理论与实践,2010(1):99-103.
[21]黄苏萍.企业社会责任、创新和财务绩效[J].北京工商大学学报(社会科学版),2010(2):63-67.
[22]Wei Zhang.R&D investment and distress risk[J].Journal of Empirical Finance,2015,32(6):94-114.
[23]Ling L,Zhou X,Liang Q,et al.Political connections,overinvestments and firm performance:Evidence from Chinese listed real estate firms[J].Finance Research Letters,2016(18):328-333.
[24]陈建丽,孟令杰,王琴.上市公司研发投入与企业绩效的非线性关系[J].科技论坛,2015(5):67-73.
[25]Finkelstein,S.,&Hambrick,D.C.Strategic leadership:Top executives and their effects on organizations[J].St.Paul,MN:West Educational,1996.
[26]Malmendier,Ulrike,Geoffrey Tate.CEO overconfidence and corporate investment[J].The Journal of Finance,2005(6):2661-2700.
[27]叶蓓,袁建国.管理者信心、企业投资与企业价值:基于我国上市公司的经验证据[J].中国软科学,2008(2):97-108.
[28]Alti A,Tetlock P C.Biased beliefs,asset prices and investment:a structural approach[J].Social Science Electronic Publishing,2014(1):325-361.
[29]于洪鉴,陈艳,陈邑早.CEO个人特质与企业投资行为研究:研究视角及未来展望[J].当代经济管理,2018(2):25-33.
[30]陈收,段媛,刘端.上市公司管理者非理性对投资决策的影响[J].统计与决策,2009(20):116-118.
[31]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015(6):101-112.
[32]Gervais S.,Heaton J B and Odean T.Capital budgeting the presence of managerial over confidence and optimism[J].Working Paper,2002(36):56-59.
[33]郝颖,刘星,林朝南.我国上市公司高管人员过度自信与投资决策的实证研究[J].中国管理科学,2005(5):142-148.
[34]Malmendier,U,G Tate.Who Makes Acquisitions?CEO Overconfidence and the Market's Reaction[J].Journal of Financial Economics,2008,89(1):20-43.
[35]刘璇冰.高管过度自信与企业研发投入:机构投资者持股的影响[D].广州:华南理工大学,2018.
[36]Gervais S,J B Heaton,T Odean.“Overconfidence,Investment Policy,and Executive Stock Option”,Working Paper 15-02,Rodney L[D].White Center for Financial Research,2003.
[37]余明桂,李文贵,潘红波.管理者过度自信与企业风险承担[J].金融研究,2013(1):149-163.
[38]Hirshleifer D,Hong Teoh S.Psychological Influences on Financial Regulation and Policy[J].Behavioral Finance:Investors,Corporations,and Markets,2010:151-167.
[39]Galasso A,Simcoe T S.CEO Overconfidence and Innovation[J].Social Science Elctronic Publishing,2011,57(57):1469-1484.
[40]Chatterjee A,Hambrick D C.Executive personality,capability cues,and risk taking how narcissistic CEOs react to their successes and stumbles[J].Administrative Science Quarterly,2011,56(2):202-237.
[41]Fairchild R.J.The Effect of Managerial Overconfidence,Asymmetric Information,and Moral Hazard on Capital Structure Decisions[J].ICFAI Journal of Behavioral Finance,2005,2(4):1-25.
[42]Li Jiatao,Tang Yi.CEO Hunris And Firm Risk Taking In China:The Moderating Role Of Managerial Discretion[J].Academy Of Management Journal,2010,53(1):45-68.
[43]Scott McCarthy.CEO Overconfidence and Corporate Social Responsibility[D].SSRN Working Paper,2014.
[44]Oliver B.R.The Impact of Management CONF on Capital Structure[D].SSRN Working Paper,2005.
[45]Doukas J.A.Overconfident Managers and Self-attribution Bias[J].European Financial Management,2007,13(2):531-577.
[46]孙光国,赵健宇.产权性质差异、管理层过度自信与会计稳健性[J].会计研究,2014(5):52-58
[47]余明桂,夏新平,邹振松.管理者过度自信与企业激进负债行为[J].管理世界,2006(8):104-112.
[48]祁怀锦,刘艳霞.管理者自信会影响企业社会责任行为吗?——兼论融资融券制度的公司外部治理效应[J].经济管理,2018(5):143-158.
[49]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与财务困境[J].经济研究,2009(1):131-143.
[50]梁上坤.管理者过度自信、债务约束与成本粘性[J].南开管理评论,2015(3):122-131.
[51]文芳,汤四新.薪酬激励与管理者过度自信——基于薪酬行为观的研究[J].财经研究,2012(9):48-58.
[52]陈杰,刘胜强.管理者薪酬对过度自信的影响研究——基于深市A股上市公司的经验证据[J].华东经济管理,2012(9):122-125.
[53]袁东任,汪炜.信息披露、现金持有与研发投入[J].山西财经大学学报,2015(1):81-91.
[54]Hansen B E.Threshold effects in Non-Dynamic panels:Estimation,Testing,and Inference[J].Journal of Econometric,1999,93(2):345-368.
[55]Landier,Augustin,David Thesmar.Financial Contracting with Optimistic Entrepreneurs:Theory and Evidence[D].University of Chicago Working Paper,2004.
[2]Davis K.The Case for and against Business Assumption of Social Responsibilities[J].Academy of Management Journal,1973,16(2):312-322.
[3]Vance S.C.Are socially responsible corporations good investment risks[J].Aacde-my Management Review,1975,64(8):18-24
[4]McGuire.J B,Sundgren A,Schneeweis T.Corporate social responsibility and firm financial performance[J].Academy of management Journal,1988,31(4):854-872.
[5]李伟阳,肖红军.企业社会责任的逻辑[J].中国工业经济,2011(10):87-97.
[6]Scott McCarthy,Barry Oliver.Corporate social responsibility and CEO confidence[J].Journal of Banking and Finance,2017,75(2):280-291.
[7]杨艳,兰东.企业社会责任对公司特有风险的影响——基于利益相关者视角[J].软科学,2015(6):60-64.
[8]陈德萍.企业社会责任与财务绩效的实证研究[J].统计与决策,2012(12):178-181.
[9]黄珺,贺国亮.企业社会责任、技术创新与企业价值[J].软科学,2017(7):93-97.
[10]付强,刘益.基于技术创新的企业社会责任对绩效影响研究[J].科学学研究,2013(3):463-468.
[11]朱乃平,朱丽,孔玉生,等.技术创新投入、社会责任承担对财务绩效的协同影响研究[J].会计研究,2014(2):57-63.
[12]梁彤缨,金镇城,苏德贵.所有制性质、研发投入与企业社会责任[J].科技管理研究,2016,36(7):256-262.
[13]Pradeep Bhardwaj,Prabirendra Chatterjee,Kivilcim Dogerlioglu Demir.When and how is corporate social responsibility profitable[J].Journal of Business Res-earch,2018,84(5):206-219.
[14]S.Rothenberg.Firm performance:The interactions of corporate social performance with innovation and industry differentiation[J].Strategic Management Journal,2008,29(7):781-789.
[15]R.C.Padgett,Galan J.I.The effect of R&D intensity on corporate social responsibility[J].Journal of Business Ethics,2010,93(3):407-418.
[16]周江燕.研发投入与企业业绩相关性研究——基于中国制造业上市公司的实证分析[J].工业技术经济,2012(1):49-57.
[17]庞敏.企业社会责任视角下的技术创新与新产品开发绩效关系探讨[J].统计与决策,2015(8):177-179.
[18]黄盈盈.R&D投入、产品差异化与企业社会责任[D].南京:南京工业大学,2017.
[19]Bansal P,Clelland I.Talking Trash:Legitimacy,Impression Management,and Unsystematic Risk in the Context of the Natural Environment[J].Academy of Management Journal,2004,47(1):93-103.
[20]黄平,胡日东.环境规制与企业技术创新相互促进的机理与实证研究[J].财经理论与实践,2010(1):99-103.
[21]黄苏萍.企业社会责任、创新和财务绩效[J].北京工商大学学报(社会科学版),2010(2):63-67.
[22]Wei Zhang.R&D investment and distress risk[J].Journal of Empirical Finance,2015,32(6):94-114.
[23]Ling L,Zhou X,Liang Q,et al.Political connections,overinvestments and firm performance:Evidence from Chinese listed real estate firms[J].Finance Research Letters,2016(18):328-333.
[24]陈建丽,孟令杰,王琴.上市公司研发投入与企业绩效的非线性关系[J].科技论坛,2015(5):67-73.
[25]Finkelstein,S.,&Hambrick,D.C.Strategic leadership:Top executives and their effects on organizations[J].St.Paul,MN:West Educational,1996.
[26]Malmendier,Ulrike,Geoffrey Tate.CEO overconfidence and corporate investment[J].The Journal of Finance,2005(6):2661-2700.
[27]叶蓓,袁建国.管理者信心、企业投资与企业价值:基于我国上市公司的经验证据[J].中国软科学,2008(2):97-108.
[28]Alti A,Tetlock P C.Biased beliefs,asset prices and investment:a structural approach[J].Social Science Electronic Publishing,2014(1):325-361.
[29]于洪鉴,陈艳,陈邑早.CEO个人特质与企业投资行为研究:研究视角及未来展望[J].当代经济管理,2018(2):25-33.
[30]陈收,段媛,刘端.上市公司管理者非理性对投资决策的影响[J].统计与决策,2009(20):116-118.
[31]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015(6):101-112.
[32]Gervais S.,Heaton J B and Odean T.Capital budgeting the presence of managerial over confidence and optimism[J].Working Paper,2002(36):56-59.
[33]郝颖,刘星,林朝南.我国上市公司高管人员过度自信与投资决策的实证研究[J].中国管理科学,2005(5):142-148.
[34]Malmendier,U,G Tate.Who Makes Acquisitions?CEO Overconfidence and the Market's Reaction[J].Journal of Financial Economics,2008,89(1):20-43.
[35]刘璇冰.高管过度自信与企业研发投入:机构投资者持股的影响[D].广州:华南理工大学,2018.
[36]Gervais S,J B Heaton,T Odean.“Overconfidence,Investment Policy,and Executive Stock Option”,Working Paper 15-02,Rodney L[D].White Center for Financial Research,2003.
[37]余明桂,李文贵,潘红波.管理者过度自信与企业风险承担[J].金融研究,2013(1):149-163.
[38]Hirshleifer D,Hong Teoh S.Psychological Influences on Financial Regulation and Policy[J].Behavioral Finance:Investors,Corporations,and Markets,2010:151-167.
[39]Galasso A,Simcoe T S.CEO Overconfidence and Innovation[J].Social Science Elctronic Publishing,2011,57(57):1469-1484.
[40]Chatterjee A,Hambrick D C.Executive personality,capability cues,and risk taking how narcissistic CEOs react to their successes and stumbles[J].Administrative Science Quarterly,2011,56(2):202-237.
[41]Fairchild R.J.The Effect of Managerial Overconfidence,Asymmetric Information,and Moral Hazard on Capital Structure Decisions[J].ICFAI Journal of Behavioral Finance,2005,2(4):1-25.
[42]Li Jiatao,Tang Yi.CEO Hunris And Firm Risk Taking In China:The Moderating Role Of Managerial Discretion[J].Academy Of Management Journal,2010,53(1):45-68.
[43]Scott McCarthy.CEO Overconfidence and Corporate Social Responsibility[D].SSRN Working Paper,2014.
[44]Oliver B.R.The Impact of Management CONF on Capital Structure[D].SSRN Working Paper,2005.
[45]Doukas J.A.Overconfident Managers and Self-attribution Bias[J].European Financial Management,2007,13(2):531-577.
[46]孙光国,赵健宇.产权性质差异、管理层过度自信与会计稳健性[J].会计研究,2014(5):52-58
[47]余明桂,夏新平,邹振松.管理者过度自信与企业激进负债行为[J].管理世界,2006(8):104-112.
[48]祁怀锦,刘艳霞.管理者自信会影响企业社会责任行为吗?——兼论融资融券制度的公司外部治理效应[J].经济管理,2018(5):143-158.
[49]姜付秀,张敏,陆正飞,等.管理者过度自信、企业扩张与财务困境[J].经济研究,2009(1):131-143.
[50]梁上坤.管理者过度自信、债务约束与成本粘性[J].南开管理评论,2015(3):122-131.
[51]文芳,汤四新.薪酬激励与管理者过度自信——基于薪酬行为观的研究[J].财经研究,2012(9):48-58.
[52]陈杰,刘胜强.管理者薪酬对过度自信的影响研究——基于深市A股上市公司的经验证据[J].华东经济管理,2012(9):122-125.
[53]袁东任,汪炜.信息披露、现金持有与研发投入[J].山西财经大学学报,2015(1):81-91.
[54]Hansen B E.Threshold effects in Non-Dynamic panels:Estimation,Testing,and Inference[J].Journal of Econometric,1999,93(2):345-368.
[55]Landier,Augustin,David Thesmar.Financial Contracting with Optimistic Entrepreneurs:Theory and Evidence[D].University of Chicago Working Paper,2004.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |