Analyst coverage and corporate social performance: Evidence from China

被引：70

作者：

Zhang, Min ^{[1
]}

Tong, Lijing ^{[1
]}

Su, Jun ^{[2
]}

Cui, Zhipeng ^{[1
]}

机构：

[1] Renmin Univ China, Sch Business, Beijing, Peoples R China

[2] Beijing Technol & Business Univ, Sch Business, Collaborat Innovat Ctr State Owned Assets Adm, Beijing, Peoples R China

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2015年 / 32卷

基金：

中国国家自然科学基金;

关键词：

Corporate philanthropy; Analyst coverage; Media coverage; Corporate social responsibility; Star analyst; Merge of brokerage houses; FIRM-SPECIFIC INFORMATION; RESPONSIBILITY; REPUTATION; PRICE; PHILANTHROPY; FORECASTS; ACCURACY; EARNINGS; MARKET; RECOMMENDATIONS;

D O I：

10.1016/j.pacfin.2015.02.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper uses a set of unique data from Chinese listed companies to examine the influence of analyst coverage on corporate philanthropy. Results show that companies followed by more analysts engage in more philanthropy, which provides support for the reputational capital view of corporate philanthropy. The effect of analyst coverage on philanthropy is more pronounced for nonstate-owned enterprises (non-SOEs) than for state-owned enterprises (SOEs). Using the number of analysts following the firm and media coverage as alternative measures, distinguishing star analysts and ordinary analysts and applying the change model and 2SLS model with merge of brokerage houses as the instrumental variable, we confirm the robustness of the conclusions. Our research enriches the literature on corporate social responsibility and analyst coverage. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：76 / 94

页数：19

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