Research Of The Anchoring Effect In Corporate Social Behavior Strategy

Corporate social behavior is a strategic behavior that takes into account internal and external stakeholders such as consumers,suppliers,competitors,shareholders,and employees.In terms of environmental protection,the 75 th United Nations General Assembly in 2020 put forward the goals of "carbon neutrality" and "carbon peak" for the first time;in terms of economy,high-tech industries such as new energy,chips,and smart homes are booming;in terms of products,the health of raw materials Innocence in the production process is increasingly valued by consumers;in terms of internal governance,the frequent occurrence of labor-management conflicts and sudden deaths in 996 sounded the alarm for enterprises.These reflect all aspects of corporate social behavior decision-making,so the research is practically meaningful.Most relevant studies assume that decision makers are completely rational,however,it is not entirely correct.Organizational decision-making has bounded rationality and will be affected by irrational factors such as peer pressure,overconfidence,and anchoring effects.How to correctly implement corporate social behavior decisionmaking has important strategic significance for corporate risk taking,financial performance and long-term value.Therefore,it is necessary and urgent to clarify the irrational factors in corporate social behavior decision-making.As a typical irrational factor,the anchoring effect refers to the fact that individuals are influenced by a predetermined value in an uncertain situation and make decisions biased towards this value.Anchoring effects exist in many situations,such as M&A premiums,executive compensation,and accounting and auditing decisions.In terms of corporate social behavior decision-making,in recent years,relevant research has mainly discussed the behavior of charitable donations,and it has been confirmed that there are certain internal anchoring effects and industry anchoring effects in single incidents and continuous periods.However,charitable donation is only one aspect of corporate social behavior,and the channels for selecting anchor points may not only exist in the information circulation of peer companies.Therefore,this paper takes the multiple dimensions of corporate social behavior decision-making as the research object,and conducts a systematic and comprehensive research on its anchoring effect and specific operation mechanism.Based on the anchoring effect,we conducts research on a sample of A-share nonfinancial and non-real estate listed companies in Shanghai and Shenzhen from 2010 to2019.Aiming at the three dimensions,we systematically examines the impact of corporate social behavior decision-making by using multiple regression models,T-test and so on.The research results show that:(1)There is an internal anchoring effect in corporate social behavior decision-making.The better the performance of the internal anchor point,the better the corporate social behavior.(2)There is an industry anchoring effect with other companies in the same industry as the anchor point in corporate social behavior decision-making.The better the performance of the industry anchor point,the better the corporate social behavior performance.(3)There is an association anchoring effect anchored by the same institutional investor-affiliated enterprise in the overall corporate social behavior and illegal pollution behavior,but it is not obvious in charitable donation behavior.(4)The strength of the internal and external anchor points is the same.Whether it is an industry anchor point or an associated anchor point,its strength will not be weakened by the internal anchor point.(5)When there are internal anchors and external anchors at the same time,the internal anchoring effect and external anchoring effect of corporate social behavior decisionmaking promote each other.In this paper,the anchoring effect inspired by internal anchors,industry anchors and association anchors will relatively comprehensively introduce the positive and negative externalities of corporate social behavior decision-making,which has certain implications for the cross research of psychology and organizational management The academic significance enriches the literature on the intersection of corporate social behavior decision-making and psychology.The discussion of multiple dimensions of corporate social behavior complements the research on negative externality social behavior in corporate social behavior decision-making;the discussion of correlation anchors expands the information of anchoring effect in corporate social behavior decision-making to a certain extent Access channels.In general,this paper makes a comprehensive and systematic discussion on the anchoring effect of corporate social behavior decision-making.In a practical sense,this research is helpful to assist the government to guide enterprises to carry out responsible investment,and is helpful to provide guidance for the rational social behavior of enterprises.