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.
作者
宋岩
方蓓蓓
孙晓妍
Song Yan;Fang Beibei;Sun Xiaoyan(School of Economics and Management,Yantai University,Yantai, Shandong 264005)
出处
《重庆社会科学》
CSSCI
2019年第7期38-52,共15页
Chongqing Social Sciences
基金
山东省社科规划重点项目“基于投资者情绪和高管背景的企业社会责任内在机制研究”(18BGLJ04)
关键词
CEO自信程度
企业社会责任
研发投入
门槛效应
CEO's confidence level
Corporate social responsibility
R&D investment
Threshold effect
