Research on the Impact of Ultimate Ownership Structure on Corporate Social Responsibility

DOI

10.2991/msie-19.2020.51How to use a DOI?

Keywords

Ultimate ownership structure; Pyramid level; Corporate Social Responsibility; Government level

Abstract

Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2017, this paper analyzes the ultimate ownership structure and pyramid level, and studies the impact of actual controllers on the corporate social responsibility of listed companies. The empirical results show that when corporate social responsibility as an agent cost, with the increase of cash flow right, the initiative of the actual controller to undertake corporate social responsibility decreases, and the cash flow right and corporate social responsibility are significantly negatively correlated. And because of the separation of cash flow right and control right, the actual controller often takes corporate social responsibility as a tool to confuse the public vision, and the degree of separation of the two rights and the pyramid level have a significant positive correlation with corporate social responsibility. At the same time, this study also found that compared with non-state-owned enterprises, state-owned enterprises, as the embodiment of the will of the state, bear more corporate social responsibility. With the reduction of the level of government, the positive effect of pyramid level on corporate social responsibility is weakening.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Kun Su
AU  - An-qi Yuan
PY  - 2020/01
DA  - 2020/01
TI  - Research on the Impact of Ultimate Ownership Structure on Corporate Social Responsibility
BT  - Proceedings of the 2019 International Conference on Management Science and Industrial Economy (MSIE 2019)
PB  - Atlantis Press
SP  - 241
EP  - 250
SN  - 2352-5428
UR  - https://doi.org/10.2991/msie-19.2020.51
DO  - 10.2991/msie-19.2020.51
ID  - Su2020/01
ER  -