朱敏,杜凤,梁雨晴.企业社会责任、女性高管与股价同步性——基于信息不对称视角的实证研究[J].,2024,(2):55-68
企业社会责任、女性高管与股价同步性——基于信息不对称视角的实证研究
Corporate Social Responsibility, Female Executives and Stock Price Synchronicity
投稿时间:2023-10-09  
DOI:
中文关键词:  企业社会责任  股价同步性  女性高管  股权结构
English Keywords:corporate social responsibility  stock price synchronicity  female executives  ownership structure (
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作者单位
朱敏 安徽工程大学 经济与管理学院,安徽 芜湖 241000 
杜凤 安徽工程大学 经济与管理学院,安徽 芜湖 241000 
梁雨晴 安徽工程大学 经济与管理学院,安徽 芜湖 241000 
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中文摘要:
      基于中国沪深A股上市公司2003—2022年样本数据,实证考察企业社会责任对股价同步性的影响,并检验企业高管性别特征对上述关系的调节作用。研究发现,企业社会责任与股价同步性间存在显著负向影响关系,女性高管的性别特征能够在一定程度上增强企业社会责任对股价同步性的抑制作用。研究从信息传递对股票价格影响的角度出发,对当前企业社会责任、高管性别特征及其对股价波动影响的研究文献进行拓展,有利于完善资本市场会计信息披露和监管,缓解企业内外部信息不对称,对于投资者了解企业特有信息,降低股价同涨同跌的大幅波动,稳定金融市场秩序具有一定的信号传递作用。
English Summary:
      Based on the sample data of Shanghai and Shenzhen A-share listed companies from 2003 to 2022, this paper empirically examines the influence of corporate social responsibility on stock price synchronicity, and examines the moderating effects of corporate executive gender characteristics on the above relationship. It is found that there is a significant negative relationship between corporate social responsibility and stock price synchronicity. The gender characteristics of female executives can enhance the inhibition effect of corporate social responsibility on stock price synchronicity to a certain extent. From the perspective of the impact of information transmission on stock prices, this study expands current literature on corporate social responsibility, gender characteristics of female executives and their impact on stock price fluctuations, which is conducive to improving the disclosure and supervision of accounting information in the capital market, alleviating the asymmetry of internal and external information of enterprises, and have a certain signaling effect of helping investors to understand the specific information of enterprises, reducing the large fluctuations of stock prices and stabilizing the order of the financial market.
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