主讲人：香港中文大学 战昕彤博士
主题：Peer Effects of Corporate Social Responsibility
主持人：西南财经大学金融学院 冯旭南副教授
时间：11月18日（星期三）下午2:30-4:30
地点：光华校区 西部商学院 301会议室
主办单位：西部商学院 科研处
摘要：
We investigate how firms react to their peers’ adoption of corporate social responsibility (CSR) by using a regression discontinuity design that relies on “locally” exogenous variations of CSR generated by shareholder proposals that pass or fail by a small margin of votes. Specifically, we find that peers of a voting firm who passed a close-call CSR proposal experience lower announcement returns and higher following-year CSR scores compared to those of a voting firm that marginally failed a CSR proposal. Such effects are stronger in peer firms with higher competitive pressure, better CSR performance relative to the voting firm, and a more transparent information environment. We find a more pronounced negative cumulative abnormal returns and a smaller CSR improvement in peer firms with higher financial constraints. Taken together, our empirical results show that peer effects play an important role in shaping firms’ CSR performance and further confirm the argument that CSR has strategic value.
主讲人简介：
战昕彤，香港中文大学博士。2008年到2012年就读于北京大学光华管理学院，获得金融学硕士学位，2012年至今于香港中文大学攻读博士学位。研究领域是公司金融（包括产品市场竞争、公司管理、盈余管理、债务结构等）和资产定价（包括收益的可预测性、金融衍生品、市场效率等）。工作论文有Peer Effects of Corporate Social Responsibility (with Jie Cao and Hao Liang)； Do Analysts Matter for Corporate Social Responsibility? Evidence from a Natural Experiment(with Hui Dong, and Chen Lin)等。曾获得WOORI Investments & Securities CO., Ltd的最佳论文奖，且其研究受到了香港研究资助局研究基金的资助。
