Venture capital and corporate social responsibility

被引：29

作者：

Cheng, Cheng ^{[1
]}

Chu, Yongqiang ^{[2
,3
]}

Deng, Zijie ^{[4
]}

Huang, Bo ^{[5
,6
]}

机构：

[1] Hunan Univ, Coll Finance & Stat, 2 Lushan S Rd, Changsha, Hunan, Peoples R China

[2] Univ North Carolina Charlotte, Belk Coll Business, Dept Finance, 9201 Univ City Blvd, Charlotte, NC 28223 USA

[3] Univ North Carolina Charlotte, Belk Coll Business, Childress Klein Ctr Real Estate, 9201 Univ City Blvd, Charlotte, NC 28223 USA

[4] Univ Cambridge, Dept Land Econ, 19 Silver St, Cambridge CB3 9EP, England

[5] Renmin Univ China, Sch Finance, 59 Zhongguancun St, Beijing 100872, Peoples R China

[6] Renmin Univ China, China Financial Policy Ctr, 59 Zhongguancun St, Beijing 100872, Peoples R China

来源：

JOURNAL OF CORPORATE FINANCE | 2022年 / 75卷

基金：

中国国家自然科学基金;

关键词：

Venture capital; Corporate social responsibility; Monitoring; Board of directors; LIFE-CYCLE; FIRMS; PERFORMANCE; GOVERNANCE; IMPACT; TRUST;

D O I：

10.1016/j.jcorpfin.2022.102208

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the impact of venture capital (VC) on corporate social responsibility (CSR) performance in China. Exploiting the timing of VC exit, we find that the CSR performance of VC-backed companies improves after the exit of VC. Using the age of VC funds as an instrument for VC exit, we find that the effect is likely to be causal. Further analyses suggest that the effect is largely driven by inexperienced, badly performing, and less reputable VCs.

引用

页数：19

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