近日，经济管理研究中心李志成助理教授以通讯作者在金融学权威期刊《Journal of International Financial Markets, Institutions & Moneys》发表论文“The non-linear effect of CSR on firms’ systematic risk: International evidence”（合作者Tazrina Farah, Jialong Li, Abul Shamsuddin）。本文利用公司经营杠杆这一渠道考察了企业社会责任对公司系统性风险的非线性效应。通过使用2005-2017 年期间来自 43 个国家的大型国际公司样本，其发现企业社会责任与公司系统性风险之间呈现倒 U 形模式。最初，公司风险随着企业在社会责任上的投入增加而上升，但在达到某一阈值水平后，公司的系统性风险随着企业社会责任的增加而减少。本文还发现这一非线性效应会受到一些国家层面因素的影响，如国家的法治环境和民众对企业社会责任的接受度。

论文简介：

Abstract: This study examines the nonlinear effects of corporate social responsibility (CSR) on firms’ systematic risk and identifies the degree of operating leverage as a channel through which CSR exerts its influence on firm risk. Using a large international sample of firms from 43 countries for the period 2005–2017, we find that the relationship between CSR and firms’ systematic risk is nonlinear, exhibiting an inverted U-shaped pattern. More specifically, our results show that initially risk rises with an increase in CSR but after reaching a threshold level of CSR, firms experience risk reduction as CSR increases. The CSR–risk relationship is moderated by a few country-specific factors, namely national CSR sustainability and legal environment. Our findings are robust to controlling for potential endogeneity of CSR.