Deregulation of Short Selling and Corporate Social Responsibility: A Quasi-Natural Experiment Based on the Securities Margin Trading System

Abstract

Abstract: Based on the quasi-natural experiment of the securities margin trading system, taking the 2008-2015 A-share listed companies in Shanghai and Shenzhen as samples, this paper employs the dual difference model to study the impact of the securities margin trading system on corporate social responsibility and its internal mechanism. The findings show that the securities margin trading system can significantly improve the social responsibility performance of the target companies through the governance mechanism and the information mechanism. The impact of the short selling mechanism on the corporate social responsibility performance of the target companies of securities margin trading is more significant in the companies with higher proportion of management shareholding and lower media attention. Further research findings indicate that the margin trading system can significantly improve the social responsibility performance of the target companies, but the impact of the financing system on the corporate social responsibility performance is not significant.

Key words: securities margin trading system, corporate social responsibility, governance mechanism, information mechanism

CLC Number:

F275.5

SUN Ze-yu, QI Bao-lei. Deregulation of Short Selling and Corporate Social Responsibility: A Quasi-Natural Experiment Based on the Securities Margin Trading System[J]. Contemporary Finance & Economics, 2020, 0(2): 125-137.

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