点击次数：

所属单位：国际商学院

发表刊物：Asia-Pacific Journal of Financial Studies

项目来源：国家自然科学基金项目

摘要：We examine the influence of stock pledge by controlling shareholders on corporate social responsibility (CSR). Results show that firms exhibit poorer CSR performance when the controlling shareholders have more shares under pledge to financial institutions. Further analyses suggest that the negative relation between stock pledge and CSR only exists in financially constrained firms and non-state-owned firms, in which the pledging controlling shareholders have greater incentive to increase stock price and maintain their control rights. Our findings support a margin call hypothesis that firms tend to cut off CSR spending to improve short-term financial performance and reduce the risk of losing control rights.

论文类型：期刊论文

卷号：1

字数：20000

ISSN号：2041-6156

是否译文：否

发表时间：2023-10-31

第一作者：文雯

合写作者：Lu Xie,Lijing Tong,Siting Zhang