作者：Hui Dong, ChenLin,andXintongZhan
关键字：financialanalysts corporate socialresponsibility corporategovernance
摘要/Abstract
We examine the causal impact of financial analysts on firms' socially responsible activities. Relying on brokerage closures and mergers as natural experiments which generate exogenous changes in analyst coverage, our Difference-in-Differences estimator indicates that are duction in analyst coverage causes firms to engage more aggressively in irresponsible behavior, especially in the dimensions of environmental issues and product quality and safety concerns. The effects of analyst coverage on irresponsible activities are more pronounced in firms with lower initial analyst coverage, weaker corporate governance and higher financial constraints. Our paper identifies the deterrent effect of financial analysts as an important determinant in firms’CSR choice, and shedslight on the impact of financial analystson non-financial stakeholders.
全文阅读：https://www.sinoss.net/qikan/2015/1022/14120.html