¿Cómo afecta la disminución de la participación estatal a los resultados sociales de las empresas?

How government withdrawal affects corporate social performance?

Autores/as

DOI: https://doi.org/10.6018/rcsar.399841
Palabras clave: Desempeño de la responsabilidad social corporativa de las empresas (RSC), retirada del gobierno, privatización secundaria, conexión política

Resumen

Este estudio tiene como objetivo investigar si la retirada del gobierno afecta al rendimiento de la responsabilidad social corporativa (RSC), y cómo la conexión política del CEO modera su relación. Utilizamos los datos de una muestra de empresas chinas que cotizan en bolsa durante el período 2010-2015 para comprobar nuestras hipótesis. Encontramos que la disminución de la propiedad estatal a través de la retirada del gobierno tiende a afectar negativamente a los resultados de RSC de las empresas, pero la conexión política del CEO debilita su relación negativa y aumenta la probabilidad de la empresa hacia las actividades de RSC. Nuestras conclusiones implican que el compromiso social de las empresas se debe principalmente a la alta participación gubernamental, y normalmente a las conexiones políticas, porque estas empresas están sometidas a un estrecho escrutinio por parte de las partes interesadas y, por lo tanto, es más probable que mejoren sus resultados sociales. Además, esta investigación ofrece importantes implicaciones para los responsables políticos en relación con los resultados sociales de la retirada del gobierno y la utilidad de la conexión política de las empresas en economías en desarrollo como China.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Albertini, E. (2017). What We Know About Environmental Policy: An Inductive Typology of the Research. Business Strategy and the Environment, 26(3), 277-287. https://doi.org/10.1002/bse.1913

Arayssi, M., Dah, M., & Jizi, M. (2016). Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal, 7(3), 376-401. https://doi.org/10.1108/SAMPJ-07-2015-0055

Bai, C. E., Lu, J., & Tao, Z. (2009). How does privatization work in China? Journal of Comparative Economics, 37(3), 453-470. https://doi.org/10.1016/j.jce.2008.09.006

Bai, C. E., Lu, J., & Tao, Z. (2006). The multitask theory of state enterprise reform: Empirical evidence from China. American Economic Review, 96(2), 353-357. https://doi.org/10.1257/000282806777212125

Batjargal, B. (2007). Network triads: Transitivity, referral and venture capital decisions in China and Russia. Journal of International Business Studies, 38 (6), 998-1012. https://doi.org/10.1057/palgrave.jibs.8400302

Bayliss, K. (2002). Privatization and poverty: The distributional impact of utility privatization. Annals of public and cooperative economics, 73(4), 603-625. https://doi.org/10.1111/1467-8292.00207

Ben-Nasr, H., Boubakri, N., & Cosset, J. C. (2015). Earnings quality in privatized firms: The role of state and foreign owners. Journal of Accounting and Public Policy, 34(4), 392-416. https://doi.org/10.1016/j.jaccpubpol.2014.12.003

Birdsall, N., & Nellis, J. (2003). Winners and losers: Assessing the distributional impact of privatization. World Development, 31(10), 1617-1633. https://doi.org/10.1016/S0305-750X(03)00141-4

Borisova, G., & Megginson, W. L. (2011). Does government ownership affect the cost of debt? Evidence from privatization. The Review of Financial Studies, 24(8), 2693-2737. https://doi.org/10.1093/rfs/hhq154

Bortolotti, B., D’Souza, J., Fantini, M., & Megginson, W. L. (2002). Privatization and the sources of performance improvement in the global telecommunications industry. Telecommunications Policy, 26(5-6), 243-268. https://doi.org/10.1016/S0308-5961(02)00013-7

Bortolotti, B., & Faccio, M. (2006). Reluctant privatization. Nota di Lavoro, Fondazione Eni Enrico Mattei.

Boubakri, N., Cosset, J. C., & Guedhami, O. (2009). From state to private ownership: Issues from strategic industries. Journal of Banking & Finance, 33(2), 367-379. https://doi.org/10.1016/j.jbankfin.2008.08.012

Boubakri, N., & Cosset, J. C. (1998). The financial and operating performance of newly privatized firms: Evidence from developing countries. The Journal of Finance, 53(3), 1081-1110. https://doi.org/10.1111/0022-1082.00044

Boubakri, N., Cosset, J. C., & Guedhami, O. (2005). Liberalization, corporate governance and the performance of privatized firms in developing countries. Journal of Corporate Finance, 11(5), 767-790. https://doi.org/10.1016/j.jcorpfin.2004.05.001

Boubakri, N., Cosset, J. C., & Guedhami, O. (2008). Privatisation in developing countries: Performance and ownership effects. Development Policy Review, 26(3), 275-308. https://doi.org/10.1111/j.1467-7679.2008.00411.x

Boubakri, N., Cosset, J. C., Guedhami, O., & Saffar, W. (2011). The political economy of residual state ownership in privatized firms: Evidence from emerging markets. Journal of Corporate Finance, 17(2), 244-258. http://dx.doi.org/10.1016/j.jcorpfin.2010.08.003

Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign owners in corporate risk-taking: Evidence from privatization. Journal of Financial Economics, 108(3), 641-658. https://doi.org/10.1016/j.jfineco.2012.12.007

Boycko, M., Shleifer, A., & Vishny, R. W. (1996). A theory of privatisation. Economic Journal, 106(435), 309-319. https://doi.org/10.2307/2235248

Boycko, M., Shleifer, A., Vishny, R. W., Fischer, S., & Sachs, J. D. (1993). Privatizing Russia. Brookings Papers on Economic Activity, 1993, 139-192. Available at https://www.brookings.edu/wp-content/uploads/1993/06/1993b_bpea_boycko_shleifer_vishny_fischer_sachs.pdf

Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of management Review, 32(3), 946-967. https://doi.org/10.2307/20159343

Cao, X., Lemmon, M., Pan, X., Qian, M., & Tian, G. (2018). Political promotion, CEO incentives, and the relationship between pay and performance. Management Science, 65(7), 2947-2965. https://doi.org/10.1287/mnsc.2017.2966

Carpenter, V. L., & Feroz, E. H. (2001). Institutional theory and accounting rule choice: an analysis of four US state governments' decisions to adopt generally accepted accounting principles. Accounting, Organizations and Society, 26, 565-596.

Chacar, A., & Vissa, B. (2005). Are emerging economies less efficient? Performance persistence and the impact of business group affiliation. Strategic Management Journal, 26(10), 933-946. https://doi.org/10.1002/smj.478

Chang, L., Li, W. J., & Lu, X. Y. (2015). Government Engagement, Environmental Policy, and Environmental Performance: Evidence from the Most Polluting Chinese Listed Firms. Business Strategy and the Environment, 24(1), 1-19. https://doi.org/10.1002/bse.1802

Chen, C. C., Chen, X.-P., & Huang, S. (2013). Chinese guanxi: An integrative review and new directions for future research. Management and Organization Review, 9(1), 167-207. https://doi.org/10.1111/more.12010

Chen, D., Li, S., Xiao, J. Z., & Zou, H. (2014). The effect of government quality on corporate cash holdings. Journal of Corporate Finance, 27, 384-400. https://doi.org/10.1016/j.jcorpfin.2014.05.008-

Chen, R., El Ghoul, S., Guedhami, O., & Nash, R. (2018). State Ownership and Corporate Cash Holdings. Journal of Financial and Quantitative Analysis, 53(5), 2293-2334. https://doi.org/10.1017/S0022109018000236

Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2013). Political Ideologies of CEOs: The Influence of Executives’ Values on Corporate Social Responsibility. Administrative Science Quarterly, 58(2), 197–232. https://doi.org/10.1177/0001839213486984

Chong, A., & López-De-Silanes, F. (2005). The truth about privatization in Latin America. In , A. Chong & F. López-De-Silanes (Eds), Privatization in Latin America: myths and reality (pp. 1-66). Washington, DC: The International Bank for Reconstruction and Development / The World Bank. Available at C:/Users/Administrador/Downloads/Privatization-in-Latin-America-Myths-and-Reality.pdf

Claessens, S., Feijen, E., & Laeven, L. (2008). Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics, 88(3), 554-580. https://doi.org/10.1016/j.jfineco.2006.11.003

Colwell, S. R., & Joshi, A. W. (2013). Corporate Ecological Responsiveness: Antecedent Effects of Institutional Pressure and Top Management Commitment and Their Impact on Organizational Performance. Business Strategy and the Environment, 22(2), 73-91. https://doi.org/10.1002/bse.732

Conyon, M. J., & He, L. (2012). CEO Compensation and Corporate Governance in C hina. Corporate Governance: An International Review, 20(6), 575-592. https://doi.org/10.1111/j.1467-8683.2012.00935.x

Cuervo-Cazurra, A., Inkpen, A., Musacchio, A., & Ramaswamy K. (2014). Governments as owners: State-owned multinational companies. Journal of International Business Studies, 45, 919–942. https://doi.org/10.1057/jibs.2014.43

Cull, R., & Xu, L. C. (2005). Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms. Journal of Financial Economics, 77(1), 117-146. https://doi.org/10.1016/j.jfineco.2004.05.010

Cumming, D., Hou, W. & Lee, E. (2016). Business Ethics and Finance in Greater China: Synthesis and Future Directions in Sustainability, CSR, and Fraud. Journal of Financial Economics, 138, 601–626. https://doi.org/10.1007/s10551-016-3288-2

D'Souza, J., & Megginson, W. L. (1999). The financial and operating performance of privatized firms during the 1990s. Journal of Finance, 54(4), 1397-1438. https://doi.org/10.1111/0022-1082.00150

Dinç, I. S. (2005). Politicians and banks: Political influences on government-owned banks in emerging markets. Journal of Financial Economics, 77(2), 453-479. https://doi.org/10.1016/j.jfineco.2004.06.011

Fan, J., Wong, T., & Zhang, T. (2007). Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics, 84(2), 330-357. https://doi.org/10.1016/j.jfineco.2006.03.008

Friedman, M. (1970). The Social Responsibility of Business is to Increase Its Profits The New York Times Magazine, September 13, 1970. The New York Times Company.

Gallo, P. J., & Christensen, L. J. (2011). Firm Size Matters: An Empirical Investigation of Organizational Size and Ownership on Sustainability-Related Behaviors. Business & Society, 50(2), 315–349. https://doi.org/10.1177/0007650311398784

Gupta, N. (2005). Partial privatization and firm performance. Journal of Finance, 60(2), 987-1015. https://doi.org/10.1111/j.1540-6261.2005.00753.x

Guthrie, D. (2012). China and globalization: The social, economic and political transformation of Chinese society. New York: Routledge.

Harjoto, M.A., & Jo, H. (2011). Corporate Governance and CSR Nexus. Journal of Business Ethics, 100, 45–67. https://doi.org/10.1007/s10551-011-0772-6

He, L., Wan, H., & Zhou, X. (2014). How are political connections valued in China? Evidence from market reaction to CEO succession. International Review of Financial Analysis, 36, 141-152. https://doi.org/10.1016/j.irfa.2014.01.011

He, L., & Fang, J. (2016). Subnational institutional contingencies and executive pay dispersion. Asia Pacific Journal of Management, 33, 371–410. https://doi.org/10.1007/s10490-015-9429-9

Heckman, J. J. (1979). Sample Selection Bias as a Specification Error. Econometrica, 47(1), 153-161. https://doi.org/10.2307/1912352

Hu, Y. Y., Zhu, Y., Tucker, J., & Hu, Y. (2018). Ownership influence and CSR disclosure in China. Accounting Research Journal, 31(1), 8-21. https://doi.org/10.1108/ARJ-01-2017-0011

Jiang, F., & Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance, 32, 190-216. https://doi.org/10.1016/j.jcorpfin.2014.10.010.

Jiang, Q. J., & He, W. (2005). A Strategic Choice of the Corporate Social Responsibility and Sustainable Development of Private Businesses Journal of Hanzhou University of Commerce, 11.

Jones, G., & Stewart, J. (2009). New development: Accountability in public partnerships—The case of Local Strategic Partnerships. Public Money Management, 29(1), 59-64. https://doi.org/10.1080/09540960802617376

Khan, F.U. , Zhang, J. , Usman, M. , Badulescu, A. , & Sial, M.S. (2019). Ownership Reduction in State-Owned Enterprises and Corporate Social Responsibility: Perspective from Secondary Privatization in China. Sustainability, 2019, 11, 1008. https://doi.org/10.3390/su11041008

Khwaja, A. I., & Mian, A. (2005). Do lenders favor politically connected firms? Rent provision in an emerging financial market. The Quarterly Journal of Economics, 120(4), 1371-1411. https://doi.org/10.1162/003355305775097524

Kriauciunas, A., & KALE, P. (2006). The impact of socialist imprinting and search on resource change: A study of firms in Lithuania. Strategic Management Journal, 27(7), 659-679. https://doi.org/10.1002/smj.537

Lau, C. M., Lu, Y., & Liang, Q. (2016). Corporate Social Responsibility in China: A Corporate Governance Approach. Journal of Business Ethics, 136(1), 73-87. https://doi.org/10.1007/s10551-014-2513-0

Ledeneva, A. C., & Ledeneva, A. V. (1998). Russia's economy of favours: Blat, networking and informal exchange. Cambridge, UK: Cambridge University Press.

Lee, P. (2009). Does Ownership Form Matter for Corporate Social Responsibility? A Longitudinal Comparison of Environmental Performance between Public, Private, and Joint‐venture Firms. Business and Society Review, 114(4), 435-456. https://doi.org/10.1111/j.1467-8594.2009.00349.x

Legendre, S., & Coderre, F. (2013). Determinants of GRI G3 Application Levels: The Case of the Fortune Global 500. Corporate Social Responsibility and Environmental Management, 20(3), 182-192. https://doi.org/10.1002/csr.1285

Li, W. J., & Zhang, R. (2010). Corporate Social Responsibility, Ownership Structure, and Political Interference: Evidence from China. Journal of Business Ethics, 96, 631-645. https://doi.org/10.1007/s10551-010-0488-z

Li, X., Qiao, P., & Zhao, L. (2019). CEO media exposure, political connection and Chinese firms' stock price synchronicity. International Review of Economics & Finance, 63, 61-75. https://doi.org/10.1016/j.iref.2018.08.006

Liao, L., Liu, B., & Wang, H. (2014). China׳ s secondary privatization: Perspectives from the split-share structure reform. Journal of Financial Economics, 113(3), 500-518. https://doi.org/10.1016/j.jfineco.2014.05.007

Liu, J. H., Wang, Y. P., & Wu, L. S. (2011). The Effect of Guanxi on Audit Quality in China. Journal of Business Ethics, 103, 621-638. https://doi.org/10.1007/s10551-011-0884-z

Lopatta, K., Jaeschke, R., & Chen, C. (2017). Stakeholder Engagement and Corporate Social Responsibility (CSR) Performance: International Evidence. Corporate Social Responsibility and Environmental Management, 24(3), 199-209. https://doi.org/10.1002/csr.1398

Luo, X., Wang, D., & Zhang, J. (2013). State or market: Government regulation, institutional complexity, and CSR Reporting of Chinese Firms. Paper presented to Inaugural Paul R. Lawrence Conference: Connecting Rigor and Relevance in Institutional Analysis, Harvard Business School.

Ma, D., & Parish, W. L. (2006). Tocquevillian Moments: Charitable Contributions by Chinese Private Entrepreneurs. Social Forces, 85(2), 943-964. https://doi.org/10.1353/sof.2007.0016

Mansell, S. (2013). Shareholder theory and Kant’s ‘duty of beneficence’. Journal of Business Ethics, 117(3), 583-599. https://doi.org/10.1007/s10551-012-1542-9

Marcoux, A. (2003). A Fiduciary Argument Against Stakeholder Theory. Business Ethics Quarterly, 13(1), 1-24. https://doi.org/10.5840/beq20031313

Marquis, C., & Qian, C. L. (2014). Corporate Social Responsibility Reporting in China: Symbol or Substance? Organization Science, 25(1), 127-148. https://doi.org/10.1287/orsc.2013.0837

McCarthy, S., Oliver, B., & Song, S. (2017). Corporate social responsibility and CEO confidence. Journal of Banking & Finance, 75, 280-291. https://doi.org/10.1016/j.jbankfin.2016.11.024

Mcwilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal, 21(5), 603-609. https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3

Megginson, W. L. (2017). Privatization, state capitalism, and state ownership of business in the 21st century. Foundations and Trends® in Finance, 11(1-2), 1-153. https://doi.org/10.1561/0500000053

Megginson, W. L., & Netter, J. R. (2001). From state to market: A survey of empirical studies on privatization. Journal of Economic Literature, 39(2), 321-389. https://doi.org/10.1257/jel.39.2.321

Meyer, K. E., & Peng, M. W. (2005). Probing theoretically into Central and Eastern Europe: Transactions, resources, and institutions. Journal of International Business Studies, 36, 600-621. https://doi.org/10.1057/palgrave.jibs.8400167

Mutlu, C. C., Zhan, W., Peng, M. W., & Lin, Z. J. (2015). Competing in (and out of) transition economies. Asia Pacific Journal of Management, 32, 571-596. https://doi.org/10.1007/s10490-015-9419-y

Naughton, B. J. (2007). The Chinese economy: Transitions and growth. Cambridge, Massachusetts: The MIT Press.

Oliver, C. (1991). Strategic responses to institutional processes. Academy of Management Review 16(1), 145-179. https://doi.org/10.5465/amr.1991.4279002

Peng, M. W. (2000). Business strategies in transition economies. London, UK: Sage. http://dx.doi.org/10.4135/9781452231358

Peng, M. W. (2003). Institutional transitions and strategic choices. Academy of Management Review, 28(2), 275-296. https://doi.org/10.5465/amr.2003.9416341

Peng, M. W., Bruton, G. D., Stan, C. V., & Huang, Y. Y. (2016). Theories of the (state-owned) firm. Asia Pacific Journal of Management, 33, 293-317. https://doi.org/10.1007/s10490-016-9462-3

Reimsbach, D., Braam, G., & Wang, Z. (2018). Political embeddedness and the diffusion of corporate social responsibility practices in China: A trade-off between financial and CSR performance? Journal of Cleaner Production, 198, 1185-1197. https://doi.org/10.1016/j.jclepro.2018.07.116

Scherer, A. G., & Palazzo, G. (2011). The new political role of business in a globalized world: A review of a new perspective on CSR and its implications for the firm, governance, and democracy. Journal of Management Studies, 48(4), 899-931. https://doi.org/10.1111/j.1467-6486.2010.00950.x

Shapiro, C., & Willig, R.D. (1990). Economic Rationales for the Scope of Privatization. Oxfordshire, UK: Routledge.

Shleifer, A. (1998). State versus private ownership. Journal of Economic Perspectives, 12(4), 133-150. https://doi.org/10.1257/jep.12.4.133

Tang, B. (2012). Contemporary corporate social responsibility (CSR) in China: A case study of a Chinese compliant. Seven Pillars Institute Moral Cents, 1(2), 13-22.

Tang, P. C., Yang, S. W., & Boehe, D. (2018). Ownership and corporate social performance in China: Why geographic remoteness matters. Journal of Cleaner Production, 197(1), 1284-1295. https://doi.org/10.1016/j.jclepro.2018.06.288

Tu, G. Q., Lin, B. X., & Liu, F. (2013). Political connections and privatization: Evidence from China. Journal of Accounting and Public Policy, 32(2), 114-135. https://doi.org/10.1016/j.jaccpubpol.2012.10.002

Udayasankar, K. (2008). Corporate social responsibility and firm size. Journal of Business Ethics, 83(2), 167-175. https://doi.org/10.1007/s10551-007-9609-8

Usman, M., Zhang, J., Wang, F., Sun, J., & Makki, M.A.M. (2018). Gender diversity in compensation committees and CEO pay: evidence from China. Management Decision, 56(5), 1065-1087. https://doi.org/10.1108/MD-09-2017-0815

Weber, O. (2017). Corporate sustainability and financial performance of Chinese banks. Sustainability Accounting, Management and Policy Journal, 8(3), 358-385. https://doi.org/10.1108/SAMPJ-09-2016-0066

Wu, W., Johan, S. A., & Rui, O. M. (2016). Institutional investors, political connections, and the incidence of regulatory enforcement against corporate fraud. Journal of Business Ethics, 134(4), 709-726. https://doi.org/10.1007/s10551-014-2392-4

Xu, E., Yang, H., Quan, J.M., & Lu, Y. (2015). Organizational slack and corporate social performance: Empirical evidence from China’s public firms. Asia Pacific Journal of Management, 32, 181-198. https://doi.org/10.1007/s10490-014-9401-0

Yin, J., & Zhang, Y. (2012). Institutional Dynamics and Corporate Social Responsibility (CSR) in an Emerging Country Context: Evidence from China. Journal of Business Ethics, 111, 301–316. https://doi.org/10.1007/s10551-012-1243-4

Zeng, S. X., Xu, X. D., Yin, H. T., & Tam, C. M. (2011). Factors that Drive Chinese Listed Companies in Voluntary Disclosure of Environmental Information. Journal of Business Ethics, 109, 309-321. https://doi.org/10.1007/s10551-011-1129-x

Zhang, C. (2017). Political connections and corporate environmental responsibility: Adopting or escaping? Energy Economics, 68, 539-547. https://doi.org/10.1016/j.eneco.2017.10.036

Zheng, H., & Zhang, Y. (2016). Do SOEs outperform private enterprises in CSR? Evidence from China. Chinese Management Studies, 10, 435-457. https://doi.org/10.1108/CMS-10-2015-0225

Zheng, L., Balsara, N., & Huang, H. (2014). Regulatory pressure, blockholders and corporate social responsibility (CSR) disclosures in China. Social Responsibility Journal, 10(2), 226-245. https://doi.org/10.1108/SRJ-08-2012-0102

Publicado
01-01-2022
Cómo citar
Khan, F. U. ., Zhang, J., Ullah, S., Usman, M. ., & Ali, S. (2022). ¿Cómo afecta la disminución de la participación estatal a los resultados sociales de las empresas? How government withdrawal affects corporate social performance?. Revista de Contabilidad - Spanish Accounting Review, 25(1), 136–146. https://doi.org/10.6018/rcsar.399841
Número
Sección
Artículos