经济与管理研究2025，Vol.46Issue(9)：108-125,18.DOI:10.13502/j.cnki.issn1000-7636.2025.09.007
管理者长期主义促进了商业向善吗?
Does Managerial Long-Termism Foster Corporate Benevolence?
摘要
Abstract
Corporate benevolence is the urgent requirement for sustainable development for both enterprises and society.However,companies listed on the Growth Enterprise Market(GEM)generally exhibit weak initiative in fulfilling their social responsibilities,and their intrinsic motivation remains unclear.These innovative and fast-growing firms are now expected not only to explore new business models and meet evolving consumer demands,but also to actively assume broader corporate social responsibility(CSR)roles.Therefore,this paper empirically investigates the influence of managerial long-termism on CSR fulfillment using a sample of companies listed on the GEM. This paper draws upon intertemporal choice theory and applies text mining and machine learning to construct a proxy variable for managerial long-termism.The findings show that managerial long-termism can promote CSR fulfillment.This mechanism operates mainly by alleviating agency problems and enhancing the quality of corporate internal control systems.Interaction effect tests reveal that the positive impact of managerial long-termism on CSR fulfillment is amplified by stronger managerial incentives and higher environmental uncertainty.Moreover,heterogeneity tests demonstrate that the impact of managerial long-termism is more pronounced in non-state-owned enterprises and regions with a higher degree of marketization. The potential contributions are threefold.First,this paper introduces the intertemporal choice theory into the CSR decision-making framework of innovative and entrepreneurial firms,and empirically validates the impact of managerial long-termism on CSR fulfillment.This expands the research on antecedents of CSR and offers a new perspective on the endogenous drivers of CSR fulfillment in entrepreneurial firms.Second,the paper enriches the existing literature on the outcomes of managerial long-termism,proposing that companies listed on the GEM should cultivate strategic patience and resilience rather than just relying solely on short-term performance pressure.This view responds to ongoing academic debates surrounding the risks and rewards of managerial long-term bias,enriching research on the contextual factors that affect CSR fulfillment in these companies from the perspectives of internal incentives and external pressures.Third,this paper reveals the internal transmission mechanisms through which managerial long-termism operates,specifically by mitigating two types of agency costs and enhancing internal control systems,thereby deepening the understanding of how managers'implicit cognitive traits influence responsible corporate behavior.The findings may provide theoretical,methodological,and practical insights into how leadership traits and long-term strategic thinking can promote sustained development among growth-oriented firms.关键词
管理者长期主义/企业社会责任/文本分析/机器学习/跨期选择理论Key words
managerial long-termism/corporate social responsibility/text analysis/machine learning/intertemporal choice theory分类
管理科学引用本文复制引用
徐宁,张迪,李昱潼..管理者长期主义促进了商业向善吗?[J].经济与管理研究,2025,46(9):108-125,18.基金项目
国家自然科学基金面上项目"久久为功方能善治:管理者长期主义塑造机制及作用效果研究"(72372090) （72372090）
