Can Institutional Investors Promote Corporate Social Responsibility?

Nowadays,Chinese enterprises are faced with many social responsibility problems.These problems restrict the value of the enterprise and jeopardize the stable operation of the social economy.Academia,the business community and the government have all attached great importance to the issue of corporate social responsibility.At the same time,with the continuous acceleration of the marketization process and the strategic influence of �super-conventional development of institutional investors�,they are gradually getting better,which is not only the mainstay of the future capital market,but also the improvement of corporate governance one of the core roles of the level is entrusted with high hopes.In this context,it is of great practical significance to explore the impact of institutional investors on the level of corporate social responsibility,,especially whether institutional investors will monitor corporate social responsibility based on shareholder motives.This article first reviews the related research on corporate social responsibility,related research on institutional investors,and related research Related research between the two,and conducts theoretical analysis based on stakeholder theory,principal-agent theory,shareholder activism and signal transfer theory.Research hypotheses.In the context of changing the economic model from "speed-efficient" to "quality-efficient",This article takes 2007-2017 A-share listed companies as a sample,and introduces the heterogeneity of institutional investors,the nature of corporate property rights,and external institutions.The environment explores whether institutional investors can promote corporate social responsibility and further explore the mechanism of institutional investors' impact on corporate social responsibility.The empirical results show that:(1)The institutional investor's shareholding has a positive impact on the level of corporate social responsibility commitment.The independent institutional investor's shareholding level is significantly positively correlated with corporate social responsibility.Social responsibility is significantly negatively related.(2)The nature of state-owned property rights has a positive regulatory effect on institutional investors' supervision of corporate social responsibility.Further research finds that the nature of state-owned property rights has a positive regulating effect on independent institutional investors 'supervision of corporate social responsibility and a negative regulatory effect on non-independent institutional investors' monitoring of corporate social responsibility.(3)The better the institutional environment in which the enterprise is located,the more significant the positive relationship between the institutional investor's shareholding level and corporate social responsibility.Further research found that the external institutional environment helps to regulate the negative impact of non-independent institutional investors on corporate social responsibility performance.(4)Institutional investors promote the performance of corporate social responsibility by improving the quality of corporate internal control.Institutional investors have about 29.09% of the effect of corporate social responsibility on internal control.The research conclusion of this paper opens a new perspective for improving the performance of corporate social responsibility in my country,and provide decision-making reference for improving the governance role of institutional investors.It is hoped that the research in this article can provide some reference for the government and regulatos to support the healthy development of institutional investors and actively promote corporate social responsibility.