报告题目：Is there a financial incentive for firms to fulfill Corporate Social Responsibility (CSR) under CSR reporting regulation? evidence from China
主讲人：文惠，辽宁大学经济研究院助理教授，美国伊利诺伊大学香槟分校 （University of Illinois at Urbana-Champaign）经济学博士
论文摘要：In this paper, we investigate whether there is a financial incentive for firms to fulfill their CSR obligation under CSR reporting regulation. Different from previous studies of CSR reporting regulation which focus on evaluating static effects, this paper explores the dynamic effects by analyzing a large panel data set of 120 top firms from China spanning from year 2008 to 2013. The total revenue of sampled firms constitutes around half of China’s non-agriculture GDP. Particularly, we introduce a factor of firms’ CSR reporting behaviors into our study, which has not been considered by previous studies. The results show that the short-run links and long-run links between firms' CSR performance and financial performance are different. Besides, both Leaders and Followers in CSR reporting receive positive marginal impact of lagged CSR performance on net profit in the long run, while the positive marginal impact on Leaders is greater than the marginal impact on Followers. The Uncommitted firms receive negative marginal impact of lagged CSR performance on net profit. Finally, we also study the links between four CSR performance sub-indices and financial performance. The results show that social CSR performance has the most consistent positive impacts on profitability. Lagged market CSR performance and CSR management performance also have positive effects on profitability. The link between environmental CSR performance and financial performance is very limited and in general negative. Our finding provides insights to policy makers, firms and signaling model literature.