How Does Analyst Coverage Affect Corporate Social Responsibility? Evidence from China

被引：10

作者：

Lei, Zheng ^{[1
]}

Xuemeng, Guo ^{[1
]}

Xiangfei, Fu ^{[2
]}

机构：

[1] Beijing Jiaotong Univ, Sch Econ & Management, Beijing 100044, Peoples R China

[2] Nanjing Audit Univ, Sch Accounting, Nanjing, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 07期

基金：

中国国家自然科学基金;

关键词：

word; sell-side analyst coverage; corporate social responsibility; investor recognition; DISCLOSURE; ATTENTION; SIDE; NEWS;

D O I：

10.1080/1540496X.2021.1952071

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Using archival data of Chinese A-share listed companies from 2009 to 2018, this article examines the influence of analyst coverage on corporate social responsibility (hereinafter refer as CSR) performance. Main results suggest that sell-side analysts can significantly promote Chinese listed companies' CSR activities. Several robustness tests are employed and proved the solidity of main conclusions. Mechanism tests show that the investor recognition channel plays a dominant role in explaining the positive effect of analyst coverage. Additional analysis further illustrates that stock exchanges' regulatory practices concerning firms' CSR activities can strengthen the investor recognition channel.

引用

页码：2036 / 2049

页数：14

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