更全的杂志信息网

Customer Concentration and Corporate Social Responsibility——An Empirical Study Based on Chinese Agricultural Listed Companies

更新时间:2016-07-05

1 Introduction

The violation of corporate social responsibility often leads to strong reactions from stakeholders such as investors and consumers. It has a serious impact on corporate reputation and continuing operations. The social responsibilities of corporations are widely concerned by scholars, and they have also become the focus of government supervision. Currently, the stakeholder theory is considered to be the closest theoretical framework to corporate social responsibility research[1]. In this theoretical framework, corporate social responsibility is clearly defined in the relationship between business and related stakeholders. Zhang Zhaoguo etal.[2] believe that corporate social responsibility is not a simple form of altruism. Instead, it can obtain dedicated assets and a good business environment from other stakeholders outside the shareholders, which can translate into a steady increase in financial returns. The customer is one of the important stakeholders. The level of trust and cooperation between companies and customers will directly affect corporate social responsibility. Existing research considers that the customer’s impact on the business has both advantages and disadvantages. How will customer concentration affect the fulfillment of corporate social responsibility? Although many scholars study the influencing factors of corporate social responsibility, the factor of customer concentration has not yet been involved. The central document No.1 of the year is related to the "three rural issues". It suggests that under the unique economic background of China, agriculture is still the most basic material production department in the national economy. The development of agriculture directly affects and dictates the overall development of the national economy. From a social perspective, agriculture is the foundation of social stability, and it is the industry that stabilizes the world[3-4]. From a political perspective, agriculture is the foundation of the country’s self-reliance, and whether the foundation status of agriculture is firm concerns the vital interests of the people, the stability of society, and the development of the entire national economy. It is also a big issue that concerns whether China can maintain its independent status in international competition[5].

In this article, empirical research was used to determine the relationship between customer concentration and the social responsibility of China’s agricultural listed companies. In the context of different property rights and different regions, the influence of customer concentration on corporate social responsibility and possible differences were discussed. This will provide certain policy recommendations and experience support for promoting the healthy and sustainable development of China’s agricultural listed companies.

初选法兰盘直径为102 mm,板厚为10 mm,法兰盘承受密闭容器的内压力0.5 MPa、清洗盘的压力4 N、雷达测距装置拉力5 N、LED发光标尺拉力5 N、摄像头压力3 N和照明系统的压力3 N.建立法兰盘结构模型,进行网格划分,添加约束和载荷,如图6、图7所示.

2 Relevant literature review and theoretical hypothesis

2.1 Customer concentration and corporate social responsibility Since the mid-1980s, companies have increasingly tended to establish closer supplier-customer relationships. As the main stakeholder, the customer can have a significant impact on the production and operation of the company. On the one hand, due to the existence of relationship-specific investment, customers are more concerned about business conditions and actively involved in business management, pursing maximum self-interest[6]. In order to maintain customer relationships, companies will continue to improve management[7].A properly concentrated customer base can guarantee the stability of the company’s future sales. It helps to reduce management costs and sales costs[8]. The presence of large customers helps stabilize the company’s supply chain and ensure its long-terms stable profitability. On the other hand, the presence of large customers may force companies to make concessions, affecting the financial status. Due to the asymmetry of supplier-client relationships, suppliers face enormous risks from customers. If the major customers fall into bankruptcy crisis or face lower conversion costs, the bargaining power of the major customers has been relatively increased, making the company’s debt level higher, bringing potential business risks and financial risks to the company[9-11]. Large clients are likely to require companies to conduct more relationship-specific investment, which in turn increases their operation risk and cash flow risk and may also lead to financial difficulties[12]. Therefore, compared to the enterprises with dispersed customers, the companies with higher customer concentration tend to hold more cash, pay less dividends[13] and carry out more tax avoidance activities[14].

Stakeholder theory believes that in the case of asymmetric information, there will be a dynamic game between enterprises and various stakeholders. Various stakeholders want to make decisions with real and effective information[15]. The network of relationships formed by companies and their customers, the typical stakeholders, actually contains a large amount of information transactions[16-17], and the reputation of the contracting parties will affect the value of information transactions. Customers tend to use a large amount of information resources to evaluate the reputation of their suppliers to meet their implicit needs[18-19]. More and more literature mentioned that firms will increase the tendency of auditors to issue continuous business opinions through the use of earnings management[9, 20], thus sending a positive signal to the market and major customers. Companies use signal transmission mechanisms to reduce information asymmetry in supplier-customer relationships. By implying that they are different from others, companies gain the trust of customers. However, customers will not easily believe this kind of signal. Enterprises need to pay a certain amount of cost to transmit signals that are relatively difficult to imitate. Corporate social responsibility is such a signalling mechanism[15].

基于“外语+”人才培养模式,积极推进大学英语教学改革,增加听,说,读,写课程学分比例,增设酒店行业英语相关课程,并提高该模块课程学分比例,如中国文化概览、跨文化交际,商务英语,旅游英语,酒店英语,会展英语,商务谈判等,提高学生英语等级考试通过率的同时,为专业核心课程的学习奠定基础。同时学生根据自身的发展和兴趣选修日语、法语等小语种,培养多语种应用能力。并全校范围内开设辅修专业,这使毕业生到国际品牌酒店工作、实习,出国留学,具有独有的竞争优势。

4.2.1 Verification of hypothesis H1. Panel A in Table 3 shows the results of the regression test of customer concentration on corporate social responsibility. The regression coefficient between customer concentration TOP5 and corporate social responsibility CSR is -0.255, and it is significant at the 1% level, indicating that customer concentration significantly affects the fulfillment of corporate social responsibility, i.e., the more dispersed the customers are, the more social responsibilities corporate will fulfill, which is consistent with the hypothesis H1.

2.2 Effects of nature of property right, regional factors and customer concentration on corporate social responsibility fulfillment Under China’s unique institutional system, the government’s management for state-owned enterprises has shown a marked popularization between administration and property right, namely, administrative "super-control" and "ultra-weak control" in property right, making many of the state-owned enterprises’ management behaviors have a strong "political tone". This may have an impact on the management and decision-making behavior of state-owned listed companies and further affect the fulfillment of corporate social responsibility[23]. Non-state-owned enterprises, to a certain extent, enjoy more independent decision-making power and pursue the maximization of corporate value. Around this goal, all business activities of the company are carried out, including the fulfillment of corporate social responsibility. Wang[23] analyzed the social responsibility data in the 2005-2006 annual report of the petrochemical companies listed in the Shenzhen Stock Exchange Market and pointed out that state-owned enterprises have a natural preference for corporate social responsibility. Under certain conditions, they need to undertake more policy tasks. In order to maintain the stable development of the society and the individual performance of government officials, state-owned enterprises will take relatively more social responsibility. The social responsibility of state-owned enterprises is more focused on the realization of non-economic goals[24]. Therefore, different property rights may have different effects on corporate social responsibility fulfillment.

At present, China is implementing a mixed ownership reform of state-owned enterprises, and the government’s streamline administration and institute decentralization is still in progress. The market mechanism centered on the "efficiency factor" is in the early stage of development. Facing a strong and concentrated customer base, non-state-owned companies have high conversion costs for changing customers. As a result, non-state-owned companies want to maintain long-term and stable cooperation with customers. For customer-related risks, non-state-owned enterprises can only resolve by themselves. According to the previous theoretical analysis, it could be concluded that the fulfillment and disclosure of corporate social responsibility will be a good way to deal with it. For state-owned enterprises, this will be less annoying. At present, considering credit policy or a preferential tax policy, state-owned enterprises have relatively more privilege. In a sense, state-owned enterprises are an extension of government organizations. The government relies on state-owned enterprises to play a role in macro-control, making state-owned enterprises naturally "protected" by the government. When faced with various types of business risks, state-owned enterprises have the natural barrier of government to spread or avoid risks. Therefore, for enterprises with different property rights, their customer concentration has different effects on the fulfillment of corporate social responsibility. Based on the above analysis, this paper proposes hypotheses H2a: Compared with non-state-owned enterprises, the degree of fulfillment of social responsibility in state-owned enterprises is significantly higher; H2b: Under the same conditions, customer concentration has a greater impact on non-state corporate social responsibility.

China is vast in size. Enterprises in different regions are affected by factors such as local policies, regulations, competition, economic development and cultural and customer factors, and they face different living environments and development conditions. This will inevitably affect the extent to which companies in the eastern, central and western regions have fulfilled their social responsibilities. The eastern coastal areas have more favorable and open conditions, and entrepreneurs’ ideals have been updated faster. Therefore, they will pay more attention to the fulfillment of corporate social responsibility. In the central and western areas where enforcement efforts are relatively weak, businesses are prone to luck and lack the necessary attention to corporate social responsibility. Therefore, in the relatively closed central and western areas, the signal transmission function of corporate social responsibility fulfillment is more obvious. In order to maintain and expand the customer base, the enterprises in the central and western regions will perform more social responsibilities. Based on the above analysis, this paper proposes hypothesis H3: Under the same conditions, customer concentration has a greater impact on corporate social responsibility in the central and western regions.

3 Research design

3.1 Sample selection All the companies listed in Shanghai and Shenzhen A-share markets from 2000 to 2015 were selected as initial research samples, which were processed as follows. First, the samples with incomplete data and the company samples of PT and ST were excluded. Second, in order to reduce the influence of outliers, Winsorize was used to shrink all continuous variables by 1% quantile. After the above screening, a total of 656 samples were obtained. The data in this article were from the CSMAR database, and partial missing customer data was obtained by consulting the annual report manually. Data analysis was handled by Excel and Stata12.0.

3.2 Variable definitions

3.2.1 Customer concentration (CC). This article used the main customer Herfindahl index (CHHI) to measure customer concentration.

CHHI=∑(xi/X)2.

诗意美是《雨巷》最为突出的特点之一。“艺术作品的形式美,归根结底,也正是这样一种生命感应的产物”。诗歌作为一种充满艺术性的作品形式,与其他体裁相比,简洁而又含蓄,却能将作者的心绪、感受完美地诠释;精练的语言,短小的篇幅,却能引人遐想。

3.2.2 Corporate social responsibility (CSR). The corporate social responsibility index (CSRI) reflects companies’ participating in social responsibility activities, and it is used to measure the amount of corporate social responsibility activities. As China’s indicator system for measuring corporate social responsibility performance is not yet complete, the social contribution rate (total social contributions/average total assets) was used to define the corporate social responsibility fulfillment index. Total social contributions include contributions to government, investors, employees and suppliers[23].

CSRI=GR+IR+WR+SR

(1)

博览,方能广记;厚积,而后薄发。我们要精选经典篇目,或重点词句,以丰富多彩的语言实践活动来训练中学生的语言理解能力,规范并促进中学生的语言积累。中学生的视野开阔了,语言运用自如恰当,语言素养的培养自然水到渠成。

GR = (Taxes and fees paid-Tax refund)/Average total assets×100%

(2)

IR = (Cash paid for debt repayment + Dividends, profits distributed or cash paid for interest repayment)/Average total assets×100%

(3)

4.1 Descriptive statistics of all samples As shown in Table 2, the mean and standard deviation of the major customer Herfindahl index were 0.054 and 0.109 respectively, and the minimum and maximum values were 0.001 and 0.643 respectively, indicating that the customer concentration of the test companies was not high as a whole. However, there were large gaps between the samples. There were cases where they were overly dependent on large customers or had no major customers at all. The average corporate social responsibility was 42.771. This is in line with the reality that Chinese companies are paying more and more attention to the fulfillment of corporate social responsibility. However, the standard deviation was large, and there was a big difference between the minimum value and the maximum value. This provides a good premise for the study of the effect of customer concentration on corporate social responsibility fulfillment in China.

(4)

SR = (Bills payable + Accounts payable)/Average total assets×100%

(5)

4.2.2 Verification of hypothesis H2a. Panel B in Table 3 shows the regression results of property right on corporate social responsibility fulfillment. There is a significantly positive correlation between property ownership Owner and CSR, i.e., the nature of property right significantly affects the fulfillment of corporate social responsibility. This is consistent with the hypothesis H2a, that is, compared with non-state-owned enterprises, state-owned enterprises pay more attention to the fulfillment of social responsibility, and their performance is significantly higher.

Table 1 Names and definitions of variables

NatureofvariableVariableabbreviationVariablenameVariabledefinitionExplainedvariableCSRCorporatesocialresponsibilityBasedoncorporatesocialresponsibilityindexCSRIofformulas(1)-(5)ExplanatoryvariableCHHIMajorcustomersHerfindahlindexCalculatedbydefinitionOwnerNatureofpropertyright1forstate⁃ownedenterprises,and0fornon⁃state⁃ownedenterprisesAreaAreaAccordingtoChinaStatisticalYearbook,itisdividedintotheeasternandmid⁃westernregionsControlvariableSIZECompanySizeNaturallogarithmoftotalassetsattheendoftheperiod

(To be continued)

(Continued)

NatureofvariableVariableabbreviationVariablenameVariabledefinitionROERateofreturnoncommonstockholdersequityNetprofit/averagenetassetsSLACKCashholdingratioCashandsecurities/TotalassetsLEVFinancialleverageTotalliabilities/totalassetsCONShareholdingconcentrationShareholdingratioofthelargestshareholderTBINQStockmarketvalueMarketvalue/TotalassetsAGEAgeofcompanyYearofestablishmentYearYearIfthebusinessisintheyear,thevalueisassignedas1;otherwise,thevalueisassignedas0IndustryIndustryIfthebusinessisintheindustry,thevalueisassignedas1;otherwise,thevalueisassignedas0

3.3 Model construction In order to test hypotheses H1, H2a, H2b and H3, based on comprehensive consideration of existing research results, according to the variables that had been set, the following models were established.

CSRi,t=β0+β1CCi,t+β2SIZEi,t+β3ROEi,t+β4SLACKi,t+β5LEVi,t+β6CONi,t+β7TBINQi,t+β8AGEi,t+∑Year+∑Industry+μi,t

盐碱地改良是一项紧迫的任务。一方面,耕地高强度、超负荷利用,使耕地质量退化问题突出,像东北黑土层变薄、华北平原耕层变浅、西北地区耕地盐渍化、南方土壤酸化等。我国耕地退化面积已占到耕地面积的40%以上。另一方面,耕地污染问题突出。面对耕地质量的严峻形势,守住18亿亩耕地红线任务艰巨。盐碱地改良将是对我国耕地资源的有益补充。盐碱地利用潜力巨大,已成为我国重要的后备耕地战略资源。

(6)

CSRi,t=β0+β1Owneri,t+β2SIZEi,t+β3ROEi,t+β4SLACKi,t+β5LEVi,t+β6CONi,t+β7TBINQi,t+β8AGEi,t+∑Year+∑Industry+μi,t

(7)

CSRi,t=β0+β1CCi,t+β2Owneri,t+β3CC×Owneri,t+β4SIZEi,t+β5ROEi,t+β6SLACKi,t+β7LEVi,t+β8CONi,t+β9TBINQi,t+β10AGEi,t+∑Year+∑Industry+μi,t

(8)

Models (6) and (7) were used to test hypotheses H1 and H2a, respectively. Based on models (6) and (7), model (8) was established by taking Owner and CC×Owner into account to test whether the influence of customer concentration of enterprises of different property rights on the fulfillment of social responsibility was significant, i.e., hypothesis H2b. In order to test hypothesis H3, this paper grouped all the samples by region, the eastern region and the mid-western region. Each group was subjected to regression analysis according to model (6) to compare the influence of customer concentration in different regions on corporate social responsibility.

4 Empirical results

WR = Cash paid to employees and paid for employees/Average total assets×100%

Table 2 Descriptive statistics of all samples

VariableSamplesizeMeanStandarddeviationMinimumMaximumCSR65642.77125.0064.976139.015CHHI6560.0540.1090.0010.643Owner6560.3650.48201.000SIZE65621.7591.19019.32225.467ROE6560.0700.098-0.4110.355SLACK6560.3100.177-0.1250.798LEV6560.3940.2210.0160.908CON65636.25814.9809.65075.100TBINQ6562.3012.0870.20012.300AGE65613.9885.3893.00027.000

4.2 Results and analysis

where, GR, IR, WR, and SR respectively represent the social responsibilities of enterprises to government, investors (including shareholders and creditors), employees and suppliers. They are specifically expressed by the following formulas (2), (3), (4) and (5).

Corporate social responsibility activities are often seen as an important measure to obtain stakeholder support, ensure the effective use of organization resources, gain positive media coverage, pass on legitimacy to society, and reduce the supervision of investors and employees[21].Jones believes that the business relationship between the company and its stakeholders is based on trust and tends to demonstrate sincere ethical commitments. The company’s ethical behavior enables it to obtain a lasting competitive advantage and establish a productive partnership with its stakeholders (including customers)[1]. It suggests that the customer is indeed an important factor affecting corporate social responsibility, and companies have a strong incentive to conduct additional information disclosure. Through the fulfillment and disclosure of corporate social responsibility, the adverse effect of asymmetric information on the supplier-customer relationship is reduced[22].However, studies have shown that the impact of this information asymmetry problem is weaker when the company’s customer concentration is higher. The maintenance of major customers requires companies to invest a great deal in relationship-specific investment. During this period, a large number of private information exchanges have also been accompanied. Relatively speaking, large customers have certain information advantages. The evaluation of a company does not depend on the disclosure of the company’s public information. On the contrary, for companies with dispersed customers, the cost of exchanging private information with customers is too high. In the face of a dispersed customer base, only through public means can companies seed positive signals to customers. Therefore, they will pay more attention to the fulfillment of corporate social responsibility. Based on the above analysis, this paper proposes hypothesis H1: customer concentration is negatively related to the degree of fulfillment of corporate social responsibility.

The detailed description of other variables was shown in Table 1.

本文以每一帧的25个角度特征作为空间中一组向量,计算了站立与坐、蹲、躺三者余弦相似度,结果如表2所示。对比实验结果表明,通过控制相似度阈值可以对动态行为关键序列进行有效的提取。

4.2.3 Verification of hypothesis H2b. Panel C in Table 3 takes the cross-item of property right and customer concentration (CHHI×Owner) into account. It can be seen that CST and CHHI×Owner show a significantly positive relationship, that is, for enterprises with different property rights, there are significant differences in the influence of customer concentration on corporate social responsibility fulfillment, which is consistent with the hypothesis H2b. According to the definition of property right, when the Owner takes a value of 1, that is, when it comes to state-owned enterprises, the negative impact of customer concentration on corporate social responsibility will weaken; and when the Owner takes a value of 0, that is, when it comes to non-state-owned enterprises, the negative impact of customer concentration on corporate social responsibility will not change. It indicates that, customer concentration has a greater impact on the social responsibility of non-state-owned companies, compared to state-owned enterprises, which validates the hypothesis H2b.

where, xi represents the revenue of customer i in the top five customers of the company; and X represents the company’s annual operating income. The larger the value of this variable is, the higher the customer concentration is[7].

In order to further verity the hypothesis H2b and examine the influence of the nature of property right on the relationship between customer concentration and corporate social responsibility, test was conducted for model (6) according to the nature of property right, and the regression results are shown in Panel D and Panel E in Table 3. As can been seen from Panel D in Table 3, in state-owned enterprises, customer concentration has no significant effect on the fulfillment of corporate social responsibility; and for non-state-owned enterprises, customer concentration has a significantly negative effect on the fulfillment of corporate social responsibility, indicating that when the nature of property rights is different, there are significant differences in the influence of customer concentration on corporate social responsibility, which further validates the robustness of hypothesis H2b.

上述数据提示DAAs治疗CHC疗效确切,对于DAAs治疗失败患者可使用SOF/VEL/VOX进行挽救治疗,然而基因3型、肝硬化程度重及存在NS5A RAS再治疗的应答率相对较低。

In addition, the regression results of the control variables in the model are basically consistent with the previous related research. ROE is positively correlated with CSR, in other words, companies will perform more social responsibilities when their profitability is better[25]. There is also a significantly positive correlation between the shareholding concentration CON and CSR, in other words, companies with high shareholding concentration perform more social responsibilities than those with lower shareholding concentration[23]. The specific regression results of other control variables are not described here.

Table 3 Empirical results of the nature of property right, customer concentration and corporate social responsibility

VariableModel(6)/PanelAModel(7)/PanelBModel(8)/PanelCState⁃ownedenterprise/PanelDNon⁃state⁃ownedenterprise/PanelECHHI-0.255∗∗∗--0.401∗∗∗-0.089-0.368∗∗∗(-4.43)(-5.15)(-1.04)(-4.64)Owner-0.042∗∗∗0.026∗---3.01-1.77CHHI×Owner--0.317∗∗∗---2.85SIZE-0.032∗∗∗-0.034∗∗∗-0.036∗∗∗-0.053∗∗∗-0.020∗∗(-4.84)(-5.03)(-5.38)(-5.37)(-2.09)ROE0.677∗∗∗0.684∗∗∗0.675∗∗∗0.590∗∗∗0.762∗∗∗-11.44-11.54-11.4-6.67-9.51SLACK-0.351∗∗∗-0.344∗∗∗-0.343∗∗∗-0.409∗∗∗-0.276∗∗∗(-10.39)(-10.15)(-10.13)(-6.69)(-6.63)LEV1.513∗∗∗1.504∗∗∗1.505∗∗∗1.339∗∗∗1.565∗∗∗-48.24-47.74-47.84-26.35-38.11CON0.003∗∗∗0.002∗∗∗0.002∗∗∗0.002∗∗0.002∗∗∗-6.6-6.11-6.04-2.34-4.32TBINQ-0.033∗∗∗-0.033∗∗∗-0.032∗∗∗-0.051∗∗∗-0.028∗∗∗(-8.93)(-9.12)(-8.59)(-6.38)(-6.43)AGE-0.003∗∗∗-0.004∗∗∗-0.003∗∗∗-0.003∗∗∗-0.002∗∗∗(-2.33)(-3.10)(-2.79)(-2.56)(-3.31)IndustryControlControlControlControlControlYearControlControlControlControlControlAdjR20.3820.3810.3830.3720.408N656656656125531

Note: *, ** and *** represent significance at the 10%, 5% and 1% levels, respectively (The same below).

4.2.4 Verification of hypothesis H3. In accordance with the division method in the Chinese Statistical Yearbook, this paper classified all the samples into eastern and mid-western regions. Regression was performed on the model (6) by grouping. The results of the regression are shown in Table 4. As can been seen from Panel F in Table 4, in the eastern region, the coefficient of influence of customer concentration on corporate social responsibility is -0.218, which is significant at the 1% level; and in the samples from mid-western region, the coefficient of influence of customer concentration on corporate social responsibility is -0.352, which is higher than the regression result of the eastern region, indicating that compared to the eastern region, customer concentration has a greater impact on the social responsibility of enterprises in the mid-western region, verifying the hypothesis H3.

增加网站流量有妙招:图书馆在活动平台上抢当下热映的电影票的活动,就引起了读者的疯抢,为图书馆网站带来的大量流量,福建省图书馆通过在线抢票方式上线官网活动,活动平台的周点击率达到了13万人次。超过了一些门户网站一年的点击量。

4.3 Robustness test

4.3.1 Robustness test of indexes changing customer concentration. In this section, the previous major customer Herfindahl index (CHHI) was replaced by major customer operating income proportion (TOP5) as a measure of customer concentration, and regression analysis was conducted on models (6)-(8). As shown in Table 5, after replacing the previous major customer Herfindahl index with the proportion of major customer operating income, after the tests of models (6)-(8), the hypotheses H1, H2a and H2b are still significantly true. Customer concentration has a significantly negative impact on the fulfillment of corporate social responsibility, and there are significant differences in the influence of customer concentration on corporate social responsibility among enterprises of different property rights. In addition, for companies in different regions, the regression results still support the hypothesis H3 after replacing the customer concentration index, and the specific regression results will not be repeated here.

Table 4 Empirical results of regional factors, customer concentration and corporate social responsibility

VariableEasternregion/PanelFMid⁃westernregion/PanelGCHHI-0.218∗∗∗-0.352∗∗∗(-2.99)(-3.69)SIZE-0.046∗∗∗-0.026∗∗(-5.79)(-2.19)ROE0.900∗∗∗0.435∗∗∗-11.98-4.47SLACK-0.358∗∗∗-0.240∗∗∗(-8.96)(-3.66)LEV1.678∗∗∗1.200∗∗∗-42.91-22.02CON0.002∗∗∗0.005∗∗∗-3.98-6.7TBINQ-0.033∗∗∗-0.044∗∗∗(-7.55)(-6.45)AGE-0.004∗∗∗-0.001(-3.33)-0.903IndustryControlControlYearControlControlAdjR20.3950.334N455201

Table 5 Robustness test of replacing the customer concentration index

VariableModel(6)Model(7)Model(8)TOP5-0.001∗∗∗--0.001∗∗∗(-2.82)(-3.44)Owner-0.042∗∗∗0.011-3.01-0.53TOP5×Owner--0.001∗∗-2.02ControlvariableControlControlControlAdjR20.3810.3810.382N656656656

4.3.2 Robustness test of indexes corporate social responsibility. The rating results of Rankins CSR Ratings (RKS) on social responsibility fulfillment of listed companies were used to replace the corporate social responsibility index (CSRI) to measure corporate social responsibility performance. Rankins CSR Ratings is an authoritative third-party rating agency for corporate social responsibility in China, and is committed to providing objective scientific corporate responsibility rating information for social responsibility investors (SRI), social responsibility consumers and the public. The rating of Rankins CSR Ratings can better measure the performance and disclosure of corporate social responsibility reflected in the corporate social responsibility report. However, the rating of Rankins CSR Ratings is mainly based on the evaluation of the corporate social responsibility report. At this stage, not all companies have issued social responsibility reports, and the sample size will be limited. Therefore, in this paper, only robustness test was conducted. After the empirical regression, the results obtained are consistent with the previous conclusions, further validating the hypotheses in this paper.

5 Conclusions and inspiration

This paper empirically tests the relationship between customer concentration and social responsibility of agricultural listed companies, and also considers the regulatory role of property right and regional factors. The results show that the degree of customer concentration is significantly negatively related to corporate social responsibility, and in non-state-owned enterprises and the mid-western region, customer concentration has a greater impact on corporate social responsibility. The above empirical findings suggest that customers, as major stakeholders, can have a significant impact on corporate social responsibility. However, at present, agricultural enterprises are lacking in initiative to fulfill their social responsibilities, which are more of an operational countermeasure. When the customers are more dispersed, the problem of information asymmetry between the companies and their customers becomes more prominent. Enterprises will choose to fulfill their responsibilities more to deliver positive signals to many customers. However, when the company relies on large customers, the company will conduct more investment in relational specificity and more private information exchanges with large customers. The fulfillment of corporate social responsibility cannot address the problem of information asymmetry between companies and large customers. Therefore, when the degree of customer concentration is higher, the degree of fulfillment of corporate social responsibility is lower. This phenomenon is particularly noticeable in non-state-owned agricultural enterprises and enterprises in the central and western regions.

教师提出问题:血红蛋白的结构有什么特点,具有哪些特性?并组织学生阅读教材中血红蛋白结构的相关文字。教师继续设问:了解了血红蛋白的结构,应该选择什么样的实验材料提取血红蛋白?为什么?选好材料以后,如何从中分离出血红蛋白呢?首先应该了解血液中除血红蛋白外还含有哪些成分?教师利用一系列问题,引导学生分析血液的成分,寻求获得血红蛋白的思路。最后,学生阅读教材并思考:若整个实验按照上述思路完成,实验分为几个环节?从而过渡到“样品处理”环节。

According to the results of this study, it can be seen that the importance attached to fulfilling social responsibilities in agricultural enterprises in China is not enough. With the increasing attention to corporate social responsibility, the fulfillment of social responsibility has more strategic significance. Enterprises should actively fulfill their social responsibilities. Under the opportunity of the mixed ownership reform of state-owned enterprises, the government gradually returns its power to the market. The SASAC has shifted from managing corporate policy to managing corporate capital and let the market play a leading role, making state-owned enterprises more autonomous in their management activities. As the defender of the market order, the government should create a faire and just market environment, and provide non-state-owned enterprises with fair policy benefits, letting the fulfillment of corporate social responsibility play its biggest role. Finally, the central and western regions have a natural geographical disadvantage compared with the eastern region. Only relying on policy support can this gap be narrowed. National government and agricultural enterprises in more developed regions should correctly guide the development of agricultural enterprises in the central and western regions.

References

[1] JONES TM. Instrumental stakeholder theory: A synthesis of ethics and economics[J]. The Academy of Management Review, 1995, 20(2): 404-437.

[2] ZHANG ZG, LIU XX, ZHANG Q. Corporate social responsibility and financial management reform ——based on stakeholder theory[J]. Accounting Research, 2009, 30(3):54-59, 95. (in Chinese).

[3] DENG YY, YANG Q, XIONG L, etal. Research on the development of small and medium-sized ecological agriculture enterprises and suggestions on countermeasures[J]. Jiangxi Agriculture, 2016, 9(23):107-109. (in Chinese).

[4] WANG JJ. Study on the development of agricultural enterprises from the perspective of the farmers’ interests[J]. Journal of Shanxi Agricultural Sciences, 2016, 44(9):1387-1391. (in Chinese).

[5] SONG JH. The countermeasures to promote the sustainable development of Tianjin agricultural enterprises[J]. Tianjin Economy, 2016, 22(10):71-76. (in Chinese).

[6] ZHANG S, ZHANG W, YU FS. Corporate property rights, social responsibility information disclosure and market reaction——empirical evidence from listed companies in China[J]. Economic Management, 2012, 34(11):44-52. (in Chinese).

[7] CHEN J, WANG XY, PENG X. Environmental uncertainty, customer concentration and equity capital costs[J]. Accounting Research, 2015, 36(11):76-82, 97. (in Chinese).

[8] KALWANI MU, NARAYANDAS N. Long-term manufacturer-supplier relationships: do they pay off for supplier firms[J] The Journal of Marketing, 1995, 59(1): 1-16.

[9] DHALIWAL D, LI OZ, TSANG A, etal. Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency[J]. Journal of Accounting and Public Policy, 2014, 33(4): 328-355.

[10] PATATOUKAS PN. Customer-base concentration: Implications for firm performance and capital markets: 2011 American Accounting Association Competitive Manuscript Award Winner[J]. The Accounting Review, 2011, 87(2): 363-392.

[11] TANG YJ. Bargaining power of suppliers and buyers, and corporate performance——Evidences from Chinese manufacturing listed companies from 2005 to 2007[J]. China Industrial Economy, 2009, 26(10):67-76. (in Chinese).

[12] WANG J. Do firms’ relationships with principal customers/suppliers affect shareholders’ income[J] Journal of Corporate Finance, 2012,18(4): 860-878.

[13] ITZKOWITZ J. Customers and cash: How relationships affect suppliers’ cash holdings[J]. Journal of Corporate Finance, 2013, 19(1):159-180.

[14] HUANG H, LOBO G, WANG C, etal. Customer concentration and corporate tax avoidance[N]. Working Paper, Available at SSRN 2469859,2014.

[15] ZHANG ZG, LIANG ZG, YIN KG. Research on corporate social responsibility from the stakeholder perspective[J]. China Soft Science, 2012, 27(2):139-146. (in Chinese).

[16] BAIMAN S, RAJAN MV. Incentive issues in inter-firm relationships[J]. Accounting, Organizations and Society, 2002, 27(1): 213-238.

[17] BAIMAN S, RAJAN MV. The role of information and opportunism in the choice of buyer-supplier relationships[J]. Journal of Accounting Research, 2002b, 40(2):247-278.

[18] CORNELL B, SHAPIRO AC. Corporate stakeholders and corporate finance[J]. Financial Management,1987, 16(1): 5-14.

[19] MAKSIMOVIC V, TITMAN S. Financial policy and reputation for product quality[J]. Review of Financial Studies, 1991, 8(2): 175-200.

[20] KRISHNAN GV, LEE HS, PATATOUKAS PN. Is customer dependency associated with supplier’s misstatement risk and audit fees[N]. Working Paper, 2014.

[21] ORLITZKY M, SCHMIDT FL, RYNES SL. Corporate social and financial performance: A meta-analysis[J]. Organization Studies, 2003, 24(3):403-441.

[22] CAO J, HSIEH S, KOHLBECK M. Major customers and management earnings forecasts[N]. Working Paper, Florida Atlantic University, 2013.

[23] FENG LL, LIN F, XU JL. Nature of property rights, ownership concentration and social responsibility fulfillment[J]. Journal of Shanxi Finance and Economics University, 2011, 33(9): 100-107. (in Chinese).

[24] HUANG SJ, YU J. The nature, objectives and social responsibility of state-owned enterprises[J]. China Industrial Economics, 2006, 24(2):68-76. (in Chinese).

[25] SHEN HT. Research on the relationship between corporate social responsibility and corporate financial performance[D]. Xiamen: Xiamen University, 2005. (in Chinese).

据国际糖尿病联盟的报告显示,2017年全球妊娠期糖尿病(GDM)的发生率约14%[1]。近年来,我国GDM发病率明显增高,部分地区报道的发生率已达19.7%[2]。GDM产妇是糖尿病(DM)的高危人群,远期发生DM的风险明显增加[3-4]。GDM产妇产后进行血糖随访能够及时发现血糖异常,通过干预有效减少或减缓DM及其并发症的发生。但是,目前GDM产妇产后随访率普遍偏低,平均复查率<50%[5]。

社会上每天发生的事很多,媒体工作者的精力也有限,受众的选择同样也具有多样性。选择恰当的报到时机会对报道效果产生事半功倍的效果。每年“五一”国际劳动节是媒体扎堆报道劳动者、我国工农业发展的集中时期。当然,结合本地区实际,还会选择在其他时期举办一些纪念活动。媒体如果能够选择好恰当的报到时机,结合弘扬“大国工匠”精神,必然会使本地区的工业文化得到更好地弘扬与传承。

Cheng ZHAO
《Asian Agricultural Research》2018年第4期文献

服务严谨可靠 7×14小时在线支持 支持宝特邀商家 不满意退款

本站非杂志社官网,上千家国家级期刊、省级期刊、北大核心、南大核心、专业的职称论文发表网站。
职称论文发表、杂志论文发表、期刊征稿、期刊投稿,论文发表指导正规机构。是您首选最可靠,最快速的期刊论文发表网站。
免责声明:本网站部分资源、信息来源于网络,完全免费共享,仅供学习和研究使用,版权和著作权归原作者所有
如有不愿意被转载的情况,请通知我们删除已转载的信息 粤ICP备2023046998号