社会责任报告语调操纵与企业韧性
Tone manipulation in CSR Reports and Corporate Resilience
叶欣阳 1程玲莎1
作者信息
- 1. 宁波大学商学院,浙江宁波 315211
- 折叠
摘要
社会责任报告是投资者评价企业社会价值和可持续发展的信息载体，非结构化文本特征为管理层实施信息操纵提供空间。基于2015-2024年A股非金融企业样本，考察社会责任报告语调影响企业韧性的因果效应。研究发现，社会责任报告积极语调与企业韧性负相关，表明社会责任报告语调操纵对企业韧性产生负面影响。机制检验表明，语调操纵通过降低资源配置效率和削弱企业声誉路径损害企业韧性；异质性分析发现，两者关系在内部控制质量和分析师关注度较低企业以及自愿披露企业中更为显著。研究凸显非财务信息披露对企业韧性形成具有重要意义，为监管部门完善社会责任信息披露制度、优化内部治理和企业信息环境提供理论依据和实践参考。
Abstract
Corporate social responsibility (CSR) reports constitute a crucial information channel for investors to assess firms\' social value and sustainability performance. Their unstructured textual nature provides management with discretion, which can be exploited to manipulate disclosures. Based on a sample of non-financial A-share listed firms in China from 2015 to 2024, this study investigates the causal impact of CSR report tone on corporate resilience. The findings indicate that a positive tone in CSR reports is negatively associated with corporate resilience, suggesting that tone manipulation in CSR disclosures has an adverse effect on corporate resilience. Mechanism analysis shows that such manipulation adversely affects resilience through two channels: by reducing resource allocation efficiency and by eroding corporate reputation. Heterogeneity analyses further reveal that this negative effect is more pronounced in firms with weaker internal controls, lower analyst coverage, or voluntary CSR disclosure. Overall, the results highlight the critical role of non-financial disclosures in shaping corporate resilience and offer both theoretical and practical implications for regulatory authorities in improving CSR disclosure frameworks, strengthening internal governance, and optimizing the corporate information environment.关键词
社会责任报告/语调操纵/企业韧性/资源配置/企业声誉Key words
CSR report/tone manipulation/corporate resilience/resource allocation/corporate reputation引用本文复制引用
叶欣阳,程玲莎.社会责任报告语调操纵与企业韧性[EB/OL].(2026-06-12)[2026-06-15].http://www.paper.edu.cn/releasepaper/content/202606-41.学科分类
经济计划、经济管理/财政、金融
