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Non-investor Institutions' Site Visits and Corporate Social Responsibility
Lewis H.K. Tam1; Shaohua Tian2
2023-12
Source PublicationAsia-Pacific Journal of Financial Studies
ISSN2041-6156
Volume52Issue:6Pages:889-923
Abstract

Previous studies show that institutional investors play an important role in shaping corporate social responsibilities (CSR). The role of non-investor institutions such as media firms is largely unexplored, especially in China. This study examines the impact of site visits by non-investor institutions on visited firms’ CSR ratings (excluding corporate governance (CG)) in China. The baseline result shows that site visits are associated with improved CSR ratings. The result is robust after controlling for potential endogeneity issues. It is also robust with alternative CSR ratings by different data providers. The channel test suggests that non-investor institutions’ site visits improve CSR ratings by increasing both CSR disclosure and actual CSR activities. To highlight our difference from recent studies on corporate site visits by institutional investors, we perform a further test to show that non-investor institutions’ visits improve the non-CG aspect but not the CG aspect of CSR rating while institutional investors’ visits improve the CG aspect but not the non-CG aspect of CSR rating.

KeywordCorporate Site Visit Corporate Social Responsibilities Csr Non-investor Institutions Media
Indexed BySSCI
Language英語English
Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorShaohua Tian
Affiliation1.University of Macau
2.Macau University of Science and Technology
First Author AffilicationUniversity of Macau
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
Lewis H.K. Tam,Shaohua Tian. Non-investor Institutions' Site Visits and Corporate Social Responsibility[J]. Asia-Pacific Journal of Financial Studies, 2023, 52(6), 889-923.
APA Lewis H.K. Tam., & Shaohua Tian (2023). Non-investor Institutions' Site Visits and Corporate Social Responsibility. Asia-Pacific Journal of Financial Studies, 52(6), 889-923.
MLA Lewis H.K. Tam,et al."Non-investor Institutions' Site Visits and Corporate Social Responsibility".Asia-Pacific Journal of Financial Studies 52.6(2023):889-923.
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