| In recent years,while Chinese enterprises have grown rapidly with the goal of maximizing profits,social responsibility issues such as employee rights,product quality and environmental pollution have come one after another.These problems have gradually attracted the attention of corporate stakeholders and scholars.Therefore,while my country’s economy is developing rapidly,how to promote enterprises to fulfill their social responsibilities to promote high-quality economic development has become a hot topic of common concern in both the practical and academic circles.Many literature points out that due to the existence of information asymmetry and agency problems,the actual performance of social responsibility will be affected by the information environment of enterprises and the self-interested behavior of management.As a source of capital market information and an external corporate governance mechanism,institutional investor field research has mostly had a positive impact on China’s capital market and micro-enterprise behavior.So whether institutional investors can improve corporate social responsibility by exerting information effect and governance effect remains to be further studied.Based on the sample data of Shenzhen A-share listed companies from 2013 to 2020,this thesis explores the impact,role path,moderating effect and economic consequences of institutional investors’ field research on corporate social responsibility.The study finds that:(1)Institutional investor field research has a significant positive effect on corporate social responsibility,indicating that institutional investor field research promotes the fulfillment of corporate social responsibility.This research conclusion still holds after robustness tests using instrumental variable method,Heckman two-stage model and fixed effect model,etc;(2)The empirical test of the role path finds that institutional investors’ field research significantly improved the performance of corporate social responsibility through two intermediary channels,information mechanism and governance mechanism;(3)The moderating effect test finds that the internal equity concentration and the external legal environment played a negative moderating role in the relationship between institutional investors’ on-site research and corporate social responsibility,that is,the promotion effect of institutional investor field research on corporate social responsibility is more significant in companies with relatively dispersed ownership and weaker regional legal environment.The possible contributions and significance of this thesis:(1)This thesis combines on-the-spot investigation of institutional investors,an important research object in the information disclosure system,to explore its impact on corporate social responsibility,which not only makes incremental contributions to the research on the economic consequences of institutional investors’ field research at the micro-level of corporate behavior,but also further supplements and improves the existing literature on the influencing factors of corporate social responsibility.(2)The existing literature research on institutional investors’ field research and micro-enterprise behavior mainly focuses on the direct impact of institutional investors’ field research on them.Based on the logical thinking of "influence effect-influence path-adjustment effect",this thesis systematically explores the objective performance,role path and moderate substitution effect of institutional investor field research on corporate social responsibility,which not only provides new empirical evidence for a comprehensive and reasonable evaluation of the corporate governance effect of institutional investor field research,but also provides useful inspiration for actively promoting and in-depth optimization of field research,improving corporate governance and protecting investors’ interests. |
