Does Short Selling Improve Corporate Social Responsibility?

被引：0

作者：

Yuan, Renshu ^{[1
,2
]}

Yang, Jiguo ^{[1
]}

Gao, Lei ^{[3
]}

机构：

[1] Xiamen Univ, Econ Sch, Xiamen 361005, Fujian, Peoples R China

[2] Guizhou Normal Univ, Sch Econ & Management, Guiyang 550025, Guizhou, Peoples R China

[3] Iowa State Univ, Coll Business, Ames, IA 50011 USA

来源：

PROCEEDINGS OF THE FIFTH SYMPOSIUM OF RISK ANALYSIS AND RISK MANAGEMENT IN WESTERN CHINA (WRARM 2017) | 2017年 / 152卷

关键词：

Corporate Social Responsibility; Margin trading; Signaling; Short sale;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using difference-in-difference (DID) model, this paper studies firms' incentives to engage in corporate social responsibility (CSR) activities based on the quasi-natural experiment. We find that firms experiencing an exogenous increase in their exposure to short sales significantly raise their CSR activities. The results are stronger for firms that are more short sold, higher ratio of the largest shareholder, internal control more effectively. Our evidence is consistent with the argument of CSR being a signaling device used by managers to reduce information asymmetry.

引用

页码：226 / 231

页数：6

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