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发布日期:2022-09-11 09:22    来源:
The Burden of Being Distinct: Uniqueness in CSR Strategy and the Effectiveness of CSR as an Insurance Mechanism
摘要:The concept of Strategic CSR suggests that a firm may obtain economic benefits from engaging in a unique or differentiated CSR strategy tied to the firm’s core business. In this study, we argue for an overlooked downside of a unique CSR strategy in that it may dampen the effectiveness of CSR as an insurance mechanism. The main arguments are two-fold. First, CSR uniqueness is often associated with high information asymmetry, which increases the difficulty for the market and public in appreciating the firm’s social practices. Second, a firm pursuing a unique CSR strategy is more likely to be perceived as having a profit-seeking motivation behind its social practices, which may discount the value of CSR as moral capital. We accordingly hypothesize that CSR uniqueness reduces the insurance value of CSR, as reflected in a negative association between CSR uniqueness and market reaction to adverse events occurred to a firm. We further examine the moderating roles of information intermediary (captured by analyst coverage) and firm profit-seeking orientation (captured by primary stakeholder focus), expecting that the negative effect of CSR uniqueness on the insurance value of CSR is weakened when the firm has more analyst coverage and is strengthened when a firm has a stronger primary stakeholder focus. Using a dataset of publicly listed United States firms involved in financial restatement events, we find results largely supportive of our predictions.
个人简介:童立,北京大学光华管理学院助理教授,于新加坡管理大学李光前商学院取得博士学位。研究领域为ESG、企业并购、公司治理等。在Academy of Management Journal(2篇), Journal of Business Ethics, 《管理评论》,《管理学季刊》等国内外学术期刊发表学术文章。目前,工作论文在UTD24、FT50期刊R&R返修中;主持国家自然科学基金和教育部人文社会科学基金各一项,并参与多个国家自然科学基金项目,多次参加国际学术会议,论文被美国管理学年会最佳论文集(Academy of Management Best Paper Proceeding)收录,荣获普华永道-PwC3535论坛的2022年度最佳论文奖,及国际公司治理(ICGS)会议最佳论文提名。