分析师关注、员工社会比较与企业慈善捐赠

当代财经 ›› 2024, Vol. 0 ›› Issue (3): 97-110.

分析师关注、员工社会比较与企业慈善捐赠

吴畏¹, 葛建华²

1.西南政法大学商学院,重庆 401120;
2.中国人民大学商学院,北京 100872

收稿日期:2023-08-20 修回日期:2023-12-10 出版日期:2024-03-15 发布日期:2024-03-04
通讯作者: 葛建华,中国人民大学副教授,博士生导师,博士,主要从事组织理论、制度理论、社会网络与经济社会学研究,联系方式shishui404@163.com。
作者简介:吴畏,西南政法大学讲师,博士,主要从事制度理论与企业社会责任研究。
基金资助:
重庆市社会科学规划项目“农村电商平台的价值治理及其对参与者认同的建构作用研究”（2023NDQN33）; 国家自然科学基金面上项目“创业团队社会资本整合问题研究：基于网络与制度双重嵌入的视角”（72172151）

Analyst Attention, Employee Social Comparison, and Corporate Charitable Donations

WU Wei¹, GE Jian-hua²

1. Southwest University of Political Science and Law, Chongqing 401120;
2. Renmin University of China, Beijing 100872, China

Received:2023-08-20 Revised:2023-12-10 Online:2024-03-15 Published:2024-03-04

摘要/Abstract

摘要： 现有研究普遍强调利益相关者对企业社会责任实践的推动作用,忽视了不同利益相关者针对企业社会责任的可能冲突。当企业外部利益相关者（分析师）与内部利益相关者（员工）对企业捐赠持矛盾态度时,企业慈善捐赠有何变化?基于2006—2018年中国上市公司的实证分析显示,虽然分析师群体日益关注和期待企业的慈善表现,但当企业内部员工通过社会比较发现其在收入上被“苛待”时,他们会对企业捐赠产生抵制态度,在这种情况下,企业会平衡内外部利益诉求以调整捐赠额度。员工与企业高管团队的收入差距以及与同行（同行业、同地区企业员工）的收入差距均显著削弱分析师关注对企业捐赠的正向影响。上述研究结论通过揭示不同利益相关群体在企业社会责任态度方面的潜在冲突和员工社会比较的触发机制,有利于推动异质性利益相关者交互影响下的企业社会责任研究。

关键词: 利益相关者, 企业慈善, 分析师关注, 员工薪酬, 社会比较

Abstract: The existing researches generally emphasize the role of stakeholders in promoting corporate social responsibility practices, while ignoring the potential conflicts among different stakeholders regarding corporate social responsibilities. When the external stakeholders (analysts) and the internal stakeholders (employees) of a company hold conflicting attitudes towards corporate donations, what changes do corporate charitable donations make? The empirical analysis of Chinese listed companies from 2006 to 2018 shows that although the analyst community is increasingly concerned about and anticipating the charitable performance of enterprises, when the internal employees find that their income is“treated harshly”through social comparison, they will develop a resistance attitude towards corporate donations. In this situation, enterprises will balance the internal and external interest demands to adjust donation amounts. The income gap between employees and corporate executive teams, as well as the income gap with the peers (the employees in the same industry and region), will both significantly weaken the positive impact of analyst attention on corporate donations. The above research conclusions reveal the potential conflicts in corporate social responsibility attitudes among different stakeholders and the triggering mechanisms of employee social comparison, which is beneficial for promoting the researches on corporate social responsibilities under the influence of heterogeneous stakeholder interactions.

Key words: stakeholder, corporate philanthropy, analyst attention, employee compensation, social comparison

中图分类号:

F279.23

吴畏, 葛建华. 分析师关注、员工社会比较与企业慈善捐赠[J]. 当代财经, 2024, 0(3): 97-110.

WU Wei, GE Jian-hua. Analyst Attention, Employee Social Comparison, and Corporate Charitable Donations[J]. Contemporary Finance & Economics, 2024, 0(3): 97-110.

参考文献

[1] Freeman R.E., Harrison J. S., Wicks A. C. Managing for Stakeholders: Survival, Reputation, and Success[M]. New Haven: Yale University Press, 2007.
[2] 贾明,向翼,王鹤丽,张喆. 从企业社会责任(CSR)到企业可持续商业(CSB): 反思与未来[J]. 管理评论,2023, (5): 228-242.
[3] Wang H.L., Tong L., Takeuchi R., George G. Corporate Social Responsibility: An Overview and New Research Directions[J]. Academy of Management Journal, 2016, 59(2): 534-544.
[4] Wang H.L., Gibson C., Zander U. Editors’ Comments: Is Research on Corporate Social Responsibility Undertheorized?[J]. Academy of Management Review, 2020, 45(1): 1-6.
[5] Gomulya D., Boeker W.How Firms Respond to Financial Restatement: CEO Successors and External Reactions[J]. Academy of Management Journal, 2014, 57(6): 1759-1785.
[6] Kassinis G., Vafeas N.Stakeholder Pressures and Environmental Performance[J]. Academy of Management Journal, 2006, 49(1): 145-159.
[7] Luo X.W., Wang D. Q., Zhang J. J. Whose Call to Answer: Institutional Complexity and Firms’ CSR Reporting[J]. Academy of Management Journal, 2017, 60(1): 321-344.
[8] Aguinis H., Glavas A.What We Know and Don’t Know about Corporate Social Responsibility: A Review and Research Agenda[J]. Journal of Management, 2012, 38(4): 932-968.
[9] 刘凤军,李敬强,杨丽丹. 企业社会责任、道德认同与员工组织公民行为关系研究[J]. 中国软科学,2017, (6): 117-129.
[10] Rodrigo P., Arenas D.Do Employees Care about CSR Programs? A Typology of Employees According to Their Attitudes[J]. Journal of Business Ethics, 2008, 83(2): 265-283.
[11] 周晓剑,武翰涛,刘孜涵. 企业社会责任、市场化程度与慈善捐赠——来自上市公司的动态面板证据[J]. 软科学,2019, (8): 14-19.
[12] 王贞洁,吕志军. 绿色金融、分析师关注与新能源企业融资纾困[J]. 当代财经,2022, (9): 52-63.
[13] Nicolai A.T., Schulz A. C., Thomas T. W. What Wall Street Wants—Exploring the Role of Security Analysts in the Evolution and Spread of Management Concepts[J]. Journal of Management Studies, 2010, 47(1): 162-189.
[14] Sun J.Governance Role of Analyst Coverage and Investor Protection[J]. Financial Analysts Journal, 2009, 65(6): 52-64.
[15] Zuckerman E.W. The Categorical Imperative: Securities Analysts and the Illegitimacy Discount[J]. American Journal of Sociology, 1999, 104(5): 1398-1438.
[16] Ioannou I., Serafeim G.The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics[J]. Strategic Management Journal, 2015, 36(7): 1053-1081.
[17] CSR Europe, Deloitte, Euronext.Investing in Responsible Business: The 2003 Survey of European Fund Managers, Financial Analysts and Investor Relations Officers[R]. CSR Europe, Deloitte, Euronext, 2003.
[18] Gentry R.J., Shen W. The Impacts of Performance Relative to Analyst Forecasts and Analyst Coverage on Firm R&D Intensity[J]. Strategic Management Journal, 2013, 34(1): 121-130.
[19] Godfrey P.C., Merrill B., Hansen J. M. The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis[J]. Strategic Management Journal, 2009, 30(4): 425-445.
[20] Rupp D.E., Shao R. D., Thornton M. A., Skarlicki D. P. Applicants’ and Employees’ Reactions to Corporate Social Responsibility: The Moderating Effects of First-Party Justice Perceptions and Moral Identity[J]. Personnel Psychology, 2013, 66(4): 895-933.
[21] Lee Y., Tao W.T. Employees as Information Influencers of Organization’s CSR Practices: The Impacts of Employee Words on Public Perceptions of CSR[J]. Public Relations Review, 2020, 46(1): 1-13.
[22] Luttmer E.F. P. Neighbors as Negatives: Relative Earnings and Well-Being[J]. The Quarterly Journal of Economics, 2005, 120(3): 963-1002.
[23] Faleye O., Reis E., Venkateswaran A.The Determinants and Effects of CEO-Employee Pay Ratios[J]. Journal of Banking & Finance, 2013, 37(8): 3258-3272.
[24] Behler A.M. C., Wall C. S. J., Bos A., Green, J. D. To Help or to Harm? Assessing the Impact of Envy on Prosocial and Antisocial Behaviors[J]. Personality and Social Psychology Bulletin, 2020, 46(7): 1156-1168.
[25] Kim H., Callan M.J., Gheorghiu A. I., Skylark W. J. Social Comparison Processes in the Experience of Personal Relative Deprivation[J]. Journal of Applied Social Psychology, 2018, 48(9): 519-532.
[26] Banker R.D., Bu D., Mehta M. N. Pay Gap and Performance in China[J]. Abacus, 2016, 52(3): 501-531.
[27] Zhang Y.L., Wang H. L., Zhou X. Y. Dare to Be Different? Conformity versus Differentiation in Corporate Social Activities of Chinese Firms and Market Responses[J]. Academy of Management Journal, 2020, 63(3): 717-742.
[28] Ge J.H., Micelotta E. When Does the Family Matter? Institutional Pressures and Corporate Philanthropy in China[J]. Organization Studies, 2019, 40(6): 833-857.
[29] Wang H.L., Qian C. L. Corporate Philanthropy and Corporate Financial Performance: The Roles of Stakeholder Response and Political Access[J]. Academy of Management Journal, 2011, 54(6): 1159-1181.
[30] Su W., Sauerwald S.Does Corporate Philanthropy Increase Firm Value? The Moderating Role of Corporate Governance[J]. Business & Society, 2018, 57(4): 599-635.