Institutional Investors And Corporate Social Responsibility

Since 2006,Chinese enterprises have begun to actively accept the concept of"corporate social responsibility" under the impetus of the government and the public.However,there have been frequent incidents of lack of social responsibility such as environmental pollution,opposition between employers and employees,and impaired consumer interests in recent years,indicating that the corporate social responsibility governance system still needs to be further improved.Institutional investors have rapidly developed in the capital market.Given that institutional investors are motivated and able to actively participate in corporate governance,it is of great practical significance to explore the relationship between institutional investors and corporate social responsibility under the background of changing the economic mode from "speed and efficiency" to "quality and efficiency",especially whether institutional investors can supervise the fulfillment of corporate social responsibility.Most of the existing literature on institutional investors and corporate social responsibilities focuses on whether corporate social responsibility can attract institutional investors to invest,and there are few studies on whether institutional investors can monitor corporate social responsibility.This article uses the data of Chinese A-shares listed companies from 2007 to 2014 as research samples,and there is an empirical study on the relationship between institutional investor shareholdings and corporate social responsibility assessments in the next year that integrates the heterogeneity of institutional investors and the influence of corporate property rights.The study found that:(1)Institutional investors can effectively supervise the corporate social responsibility,but this supervision effect is only reflected in the sample of stable institutional investors.Transactional institutional investors cannot play a role in supervising corporate social responsibility performance.(2)The nature of State-owned property rights inhibits institutional investors' ability to monitor corporate social responsibility.(3)Further research found that among state-owned enterprises,both stable institutional investors and institutional investors cannot play a supervisory role.In non-state-owned enterprises,only stable institutional investors can supervise enterprises to undertake social responsibilities.The research conclusions of this paper provide new ideas for improving corporate social responsibility governance system,and deepened the understanding of the role of institutional investors in corporate governance.