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首页> 外文期刊>Journal of Financial Economic Policy >The bright side of geopolitical risk: evidence from Chinese firms
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The bright side of geopolitical risk: evidence from Chinese firms

机译：地缘政治风险的光明面：中国企业的证据

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摘要

Purpose - The paper aims to investigate whether firms invest in corporate social responsibility (CSR) as a risk protection mechanism as the response to increased geopolitical risk (GPR). Design/methodology/approach - The sample of this study includes non-financial listed firms on the Chinese stock market over 2000-2016. Several measures of CSR and GPR were used to examine the relationship between two factors. Further investigation is conducted to find out how increasing uncertainty in the business environment in both geopolitics and macroeconomic policy affects corporate decision-making regarding CSR. Findings - GPR has a significant and positive effect on CSR, meaning that Chinese firms use CSR investment as an insurance mechanism against uncertainty arising from heightened geopolitical uncertainty. Further analysis indicates a negative joint effect of GPR and uncertainty in macroeconomic policy on CSR and shows that it can exhaust firms' resources and offset their individual positive impacts on CSR at the extreme level of uncertainty. The findings are robust to the choices of proxies, model specifications and endogeneity concerns. Originality/value - This study sheds light on the existing literature by providing empirical evidence on the positive relationship between GPR and CSR. The findings of this study support the risk management view, in which firms engage more in CSR as a form of insurance mechanism to react to geopolitical uncertainty. This is also the first empirical study investigating the joint effect of GPR and economic policy uncertainty on CSR.
机译：目的 - 该论文旨在调查公司是否投资企业社会责任（CSR）作为风险保护机制，作为对增加地缘政治风险（GPR）的回应。设计/方法/方法 - 本研究的样本包括2000 - 2016年中国股票市场的非金融上市公司。使用了几种CSR和GPR的措施来检查两个因素之间的关系。进行了进一步调查，以了解拓扑和宏观经济政策的商业环境中的不确定性如何影响有关CSR的企业决策。调查结果 - GPR对企业社会责任具有重要效应，这意味着中国企业使用企业社会责任作为防止地缘政治不确定性产生的不确定性的保险机制。进一步的分析表明，GPR在CSR上宏观经济政策中的不确定性的负关节效应，并表明它可以在极端不确定性的极端不确定性水平上抵消对CSR的各个积极影响。该发现对于代理的选择，模型规范和内生性问题是强大的。原创性/价值 - 本研究通过提供关于GPR和CSR之间的积极关系的经验证据来阐明现有文献。本研究的调查结果支持风险管理观点，其中公司在CSR中将更多内容更多的保险机制，以对地缘政治不确定性作出反应。这也是调查嘉禾遗址和经济政策不确定性的第一个实证研究。

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