How Does Analyst Coverage Affect Corporate Social Responsibility? Evidence from China

Zheng Lei, Guo Xuemeng and Fu Xiangfei

Emerging Markets Finance and Trade, 2022, vol. 58, issue 7, 2036-2049

Abstract: Using archival data of Chinese A-share listed companies from 2009 to 2018, this article examines the influence of analyst coverage on corporate social responsibility (hereinafter refer as CSR) performance. Main results suggest that sell-side analysts can significantly promote Chinese listed companies’ CSR activities. Several robustness tests are employed and proved the solidity of main conclusions. Mechanism tests show that the investor recognition channel plays a dominant role in explaining the positive effect of analyst coverage. Additional analysis further illustrates that stock exchanges’ regulatory practices concerning firms’ CSR activities can strengthen the investor recognition channel.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:mes:emfitr:v:58:y:2022:i:7:p:2036-2049

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DOI: 10.1080/1540496X.2021.1952071

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