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基于中国资本市场上市公司1999~2009年的经验证据,本文实证研究了董事会的女性董事比例及董事性别均衡对企业社会责任的影响。研究结果表明,女性董事比例及Blau指数~①均与(基于现金流量表计算的)企业社会责任指数显著正相关,说明在董事会中女性董事的比例越高、男女董事比例越均衡,企业承担社会责任越多。该结果支持了以下观点:相比于男性而言,女性更仁慈宽容、更富有同情心、更讲究互惠互利,因此在董事会中,女性董事对企业的社会责任决策具有重要影响。此外,本文进一步发现,法律环境强化了女性董事比例(Blau指数)与企业社会责任指数之间的正相关关系,即在法律环境较好地区的上市公司,女性董事对企业社会责任的正面影响更显著。
Abstract：Using a sample of 13540 firm-year observations from the Chinese stock market for the period of 1999~2009,this studyexamines the influence of the fraction of women directors and the balance between female directors and male directors on corporate social responsibility.The findings show that the fraction of women directors and the Blau's index of women directors(the proxy for the balance between female directors and male directors) are significantly positively associated with corporate social responsibility index constructed from cash flow statements,suggesting that a higher fraction of women directors and more balanced male-to-female directors significantly increase corporate social responsibility,respectively.These results echo the following view:women are more merciful,more compassionate,and incline more toward reciprocity than men,and thereof women in the boardroom have significant impacts on corporate ethical decisions.Moreover,our findings also suggest that the positive association between the fraction(or the Blau's index) of women directors and the index of corporate social responsibility is more pronounced for firms with strong law enforcement index than for firms with weak law enforcement index.
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①本文借鉴Blau(1977)、Campbell和Minguez-Vera(2008)、Harrison和Klein(2007)的研究,计算女性董事的Blau指数,等于“1-[女性董事比例~2+(1-女性董事比例)~2]”。女性董事比例的值从0到1不等,可以区分董事会不同女性人数对公司决策的影响;Blau指数的值从0到0.5不等,可以度量男女董事的均衡程度对公司行为的影响。
①Social-economic accouting,也称“社会责任会计”,最早由美国会计学家David F Linowesl于1968年在《社会经济会计》中首创。
②这是源自会计领域的一个术语,用以描述企业总体的道德氛围,详见http://en.wikipedia.org/wiki/Tone_at_the_top。
①详见:http://www.hurun.net/zhcn/NewsShow.aspx?nid=1483。
②欧盟在这方面的进展仍参差不齐,各国大型上市公司董事会的女性比例如下:芬兰27%,拉脱维亚26%,瑞典25%,匈牙利5%,塞浦路斯4%,马耳他3%。详见:http://m.putclub.com/mobile.php?action=article&id=65986。
①《2009年度中国中小股东权益保障评价报告》显示,沪深A股市值最大的300家上市公司的中小股东权益保障水平比上年有所提高,但仍“基本不合格”,详见:http://finance.ifeng.com/stock/zqyw/20100226/1860652.shtml。
②详见:http://www.cbrc.gov.cn/chinese/home/docViewPage/110009.html。
③《公司法》(1994年版)第十五条要求:“公司必须保护职工的合法权益,加强劳动保护,实现安全生产。公司采用多种形式,加强公司职工的职业教育和岗位培训,提高职工素质。”第十六条注明:“公司职工依法组织工会,开展工会活动,维护职工的合法权益。公司应当为本公司工会提供必要的活动条件。”
④Rational apathy:公共选择理论概念,基于理性人假设,人们通常寻求自我利益最大化。那么在集体行动当中,除非有更大的激励或独立的激励,否则个人通常不会采取行动以实现他们共同的或集团的利益。
①Donaldson和Preston(1995)发现,履行社会责任的企业比不履行社会责任的企业,业绩显著更好。
①感谢匿名审稿人的意见。
②2013年1月,英国国会上议院就董事会多元化进行了一场辩论。结果上议院对董事会女性人数太少表示谴责,但拒绝了欧盟提出的性别配额制度。2013年1月4日,波兰下议院采取了类似行动,以333票赞成、60票反对、35票弃权的投票结果否决了欧盟配额制度。详见:http://m.putclub.com/mobile.php?action=article&id=65986。
③感谢匿名审稿人的意见。值得注意的是,无论在我国现有制度背景下,还是本文的样本中,女性董事比例均小于50%,当女性董事比例高于50%时,线性关系是否依旧成立尚待检验。
①Bebchuk等(2002)、Core等(2008)认为,总经理和董事长两职合一的人拥有更大的管理权力。
①由于所需变量获取数据(如现金流量表数据、法律实施指数数据等)的局限,本文的研究期间只涵盖了1999~2009年度。
②本文删除或不删除1%和99%的样本观测值、不进行缩尾处理,结果性质并未改变。
基本信息:
中图分类号:D922.291.91;F832.51;F275;C913.68
引用信息:
[1]杜颖洁,杜兴强.女性董事、法律环境与企业社会责任——基于中国资本市场的经验证据[J].当代会计评论,2014,7(01):90-121.
基金信息:
国家自然科学基金项目“制度环境、政治联系、会计信息质量与审计行为”(71072053);; 教育部人文社科基地重大项目“政治联系与会计信息的相关性与可靠性:数据挖掘与实证研究”(13JJD790027);; 福建省社会科学重点项目“政治联系、过度投资与公司价值”(2010A012);; 教育部人文社科研究青年基金“银行关系、制度环境与民营上市公司的银行借款:数据挖掘与实证研究”(13YJC790022)的资助
2014-06-15
2014-06-15
