Do Corporate Social Responsibility Engagements Lead to Real Environmental, Social, and Governance Impact?

企业社会责任 股东 适度 业务 公司治理 代理(统计) 利益相关方参与 企业价值 利益相关者 事件研究 会计 公共经济学 政治学 公共关系 经济 财务 背景(考古学) 生物 机器学习 社会心理学 计算机科学 古生物学 心理学
作者
Jun Li,Di Wu
出处
期刊:Management Science [Institute for Operations Research and the Management Sciences]
卷期号:66 (6): 2564-2588 被引量:184
标识
DOI:10.1287/mnsc.2019.3324
摘要

We construct an event-based outcome measure of firm-level environmental, social, and governance (ESG) impact for public and private firms globally from 2007 to 2015 using data from RepRisk. Then we measure the societal impact of corporate social responsibility (CSR) engagements using participation in the United Nations Global Compact (UNGC) as a proxy. We demonstrate a robust and striking difference between public and private firms: whereas private firms significantly reduce their negative ESG incident levels after UNGC engagements, public firms fail to do so and are more likely to engage in decoupled CSR actions—actions with no subsequent real impact. We then conduct a series of in-depth analyses to examine possible economic mechanisms. Our results are most consistent with shareholder–stakeholder conflicts of interest being the main moderator of decoupling. The intensity of this conflict is further moderated by three factors: ownership type, proximity to final consumers on the value chain, and specific ESG incident types. Other possible mechanisms, such as selective entry into UNGC and heterogeneities in media exposure, country representation, and entry timing, do not survive our analysis. Our results suggest that existing CSR engagements and one-size-fits-all CSR policy mandates might not necessarily lead to better societal outcomes, and a multi-tiered policy targeting different ownership and industry types might be more efficient at maximizing ex post ESG benefits. This paper was accepted by Bruno Cassiman, business strategy.
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