企业社会责任

IF 5 3区 经济学 Q1 BUSINESS, FINANCE Annual Review of Financial Economics Pub Date : 2023-11-01 DOI:10.1146/annurev-financial-111021-094347
Harrison Hong, Edward Shore
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引用次数: 0

摘要

股东对企业社会责任的兴趣是由金钱动机(异常回报率)还是非金钱动机(愿意牺牲回报来解决各种公司外部性)驱动的?为了回答这个问题,我们通过关注七个测试来总结文献:(a)资本成本,(b)投资组合绩效,(c)机构类型的所有权,(d)调查和实验,(e)管理动机,(f)股东建议,以及(g)公司纳入责任指数。这些测试主要表明,股东受到非金钱动机的驱动。为了促进对全球变暖的福利影响的进一步研究,我们评估了愿意减少碳排放(或“greeniums”)的股东的放弃回报的估计,以及向可持续发展的公司承诺的财富,是否与脱碳部门总投资的增长相一致。
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Corporate Social Responsibility
Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or nonpecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we summarize the literature by focusing on seven tests: ( a) costs of capital, ( b) performance of portfolios, ( c) ownership by types of institutions, ( d) surveys and experiments, ( e) managerial motives, ( f) shareholder proposals, and ( g) firm inclusion in responsibility indices. These tests predominantly indicate that shareholders are driven by nonpecuniary motives. To stimulate further research on welfare implications for global warming, we assess whether estimates of the foregone returns for shareholders willing to reduce carbon emissions (or “greeniums”), along with the wealth pledged to firms that become sustainable, are consistent with the growth of aggregate investments in the decarbonization sector.
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5.00
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0.00%
发文量
26
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