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首页> 外文期刊>Journal of Business Ethics >Exploring the Impact of Legal Systems and Financial Structure on Corporate Responsibility
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Exploring the Impact of Legal Systems and Financial Structure on Corporate Responsibility

机译：探索法律制度和财务结构对企业责任的影响

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摘要

This study investigates how diverse European legal systems and financial structures influence corporate social and environmental responsibility. The argument is developed by means of a framework that integrates legal systems and financial structures. Hypotheses relating to environmental responsibility have been tested using Innovest data gathered between 2002 and 2007 from 645 companies in 16 countries; and hypotheses relating to social responsibility have been tested using Innovest data gathered between 2004 and 2007 from 600 companies. The findings demonstrate that legal systems influence corporate responsibility (CR) in both social and environmental spheres. They also support the claim that corporations are more likely to act in environmentally responsible ways when there are strong and well-enforced state regulations in place to ensure such behavior. Company size is shown to have a greater impact on CR than either excess cash or performance. Large companies tend to be more visible than small ones do, and society expects them to behave in a more socially and environmentally responsible manner regardless of their financial performance or available cash. Finally, these findings support the hypothesis that capital structure significantly influences CR: companies with a high number of publicly held shares and a low percentage of debt are more likely than others to commit themselves to social and environmental activities.
机译：这项研究调查了各种欧洲法律体系和财务结构如何影响企业的社会和环境责任。该论点是通过整合法律体系和财务结构的框架发展起来的。已使用2002年至2007年间从16个国家/地区的645家公司收集的Innovest数据对与环境责任相关的假设进行了测试；我们使用2004年至2007年间从600家公司收集的Innovest数据对与社会责任相关的假设进行了检验。调查结果表明，法律制度在社会和环境领域都会影响公司责任。他们还支持这样的说法，即在制定强有力的国家法规以确保此类行为时，公司更有可能以对环境负责的方式采取行动。与超额现金或业绩相比，公司规模对CR的影响更大。大公司比小公司更容易被人们看到，社会期望他们的行为表现出对社会和环境负责的态度，而不管其财务业绩或可用现金如何。最后，这些发现支持以下假设：资本结构会显着影响企业社会责任：拥有大量公众持股量和较低债务比例的公司比其他公司更可能致力于社会和环境活动。

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