Trung K. Do , Henry Hongren Huang , Liwei Shan , Albert Tsang , Li Yu
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Stakeholder demands and corporate social responsibility: Evidence from the Olympic Games
We propose that stakeholder demand can explain firms’ corporate social responsibility (CSR) activities and empirically test our proposition using 2002–2016 panel data from multiple countries. We select the Olympic Games as our experimental context and use a difference-in-differences design. We find that firms domiciled in countries that host the Olympic Games subsequently experience a significantly smaller increase in CSR commitment than firms in countries that unsuccessfully bid to host the Olympics. We also find that firms domiciled in cities that host the Olympic Games exhibit a significantly smaller increase in CSR than those domiciled in other cities in the same country. Additional tests indicate that firms in host countries with greater increases in the levels of happiness tend to experience an even smaller increase in CSR. Our findings are consistent with the stakeholder demand explanation, as stakeholders are less likely to require local firms to invest in CSR if utilities, such as those from environmental improvement, increase.
期刊介绍:
The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.