The moderating role of institutional ownership.

Based on a sample of Chinese public manufacturing firms, this study empirically investigates whether and how analyst coverage drives corporate social responsibility (CSR) under different governance or information conditions. The results show that firms with greater analyst coverage take more social responsibility, representing magnified concerns and better CSR visibility for legitimacy and reputation. This relationship could be strengthened under high governance condition (high institutional ownership ratio, none CEO duality, low executive ownership) or low information situation (high earnings management and low accounting conservatism). These findings provide new evidence of information-based mechanism underlying the promotions of CSR in imperfect information environments.本研究以中国上市制造业公司为样本，实证考察了不同治理与信息环境下，分析师关注是否以及如何推动企业社会责任（Corporate Social Responsibility）的履行。研究结果显示，分析师关注程度更高的企业会更积极地践行社会责任，这体现为社会关注度的提升与CSR披露可见度的增强，有助于维护企业合法性与声誉。该正向关联在高治理水平情境（高机构持股比例、未两职合一、管理层持股比例较低）或低信息质量情境（盈余管理程度高、会计稳健性较低）下会得到强化。本研究的发现为信息不完善市场环境中推动企业社会责任履行的信息传导机制提供了新的经验证据。