讲座题目:Customer Response to Corporate Social Responsibility: Evidence from Mandatory CSR Spending(客户对企业社会责任的反应:来自强制性CSR支出的证据)
主 讲 人:邹宏 香港大学经管学院 金融学教授
讲座时间:2025年05月08日15:00
讲座地点:学院210
讲座内容摘要:
We investigate whether customers value firms’ corporate social responsibility (CSR) performance through their purchasing behavior. Our study utilizes difference-in-differences (DID) analyses, leveraging Section 135 of the 2013 Indian Companies Act as a legal shock. This law change mandates that firms meeting certain size criteria allocate a minimum of 2% of the pre-tax profit to CSR initiatives. We conduct product-level analyses to isolate customer responses from confounding factors such as changes in firms’ product mix. Our results show a significant increase in product-level sales following the implementation of the CSR spending mandate. This effect exists for both business-to-business (B2B) and business-to-consumer (B2C) firms, with a stronger impact on B2C firms. Firms in highly competitive industries and those with lower pre-existing advertising expenditure show more pronounced effects. Despite the increased costs associated with CSR spending, firms experience higher profitability and higher R&D investments post-mandate. We extend the existing literature on voluntary CSR initiatives by shedding light on the product market outcomes of mandatory CSR spending and highlighting a bright side of CSR spending regulations.
我们通过客户的购买行为,研究其是否重视企业的企业社会责任(CSR)表现。本研究采用双重差分法分析,以2013年《印度公司法》第135条的法律冲击为背景。该法律要求符合一定规模标准的企业将至少2%的税前利润用于CSR计划。我们通过产品层面的分析,将客户反应与企业产品组合变化等混杂因素区分开来。研究结果显示,在强制CSR支出政策实施后,产品层面的销售额显著增长。这一效应在B2B(企业对企业)和B2C(企业对消费者)企业中均存在,但对B2C企业的影响更强。此外,高竞争行业的企业以及原有广告支出较低的企业效应更为显著。尽管CSR支出增加了成本,但政策实施后企业的盈利能力和研发投资均有所提升。本研究通过揭示强制性CSR支出对产品市场的影响,并强调CSR监管的积极面,拓展了关于自愿性CSR实践的现有文献。
主讲人学术简介:
邹宏,香港大学经管学院金融学教授、香港大学-复旦大学合作IMBA项目总监。他在国际知名的金融、保险、会计和经济学期刊共发表英文学术论文46篇,其中约1/3论文发表在Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, 也曾在包括《经济研究》等中文核心经济学期刊和媒体上发表论文17篇和《香港信报》发表多篇文章。根据2008至2018年发表学术论文的总引用次数,他被汤森路透科睿唯安评选为排名世界前1%的学者。他也长期被SSRN列为全球社会科学学者论文下载总量前10%的学者之一,曾获 9项国际研究奖励和多项教学奖励。他的研究被广泛引用,多篇论文被多本教科书引用或收录,被哈佛大学法学院和哥伦比亚大学法学院博客推荐报道。他也撰写过金融科技案例平安一账通虚拟银行、滴灌通等。