管理者长期主义促进了商业向善吗？

——基于创业板上市公司社会责任的视角

徐宁¹　张迪²　李昱潼¹

（1.山东大学；2.北京大学）

内容提要：商业向善是维系企业乃至社会可持续发展的必由之路，但创业板公司在履行社会责任方面的积极性整体偏弱，内生动力尚不明确。本文基于跨期选择理论，在运用文本分析与机器学习方法构建管理者长期主义指标的基础上，以创业板上市公司为样本研究管理者长期主义特质对企业社会责任承担的影响及机制。结果显示：（1）管理者长期主义能够有效促进创业板公司社会责任的履行；（2）管理者长期主义能够通过缓解两类委托代理问题与提高内部控制质量促进创业板公司的社会责任承担；（3）管理者激励强度与环境不确定性等内外部因素增强了管理者长期主义对创业板公司社会责任承担的积极效应；（4）在非国有产权性质下以及位于市场化指数较高的地区，管理者长期主义的作用更为明显。本文的研究结论丰富了创业板公司社会责任前因以及管理者长期主义作用后果的相关文献，拓展了跨期选择理论在管理学领域的应用边界，并为组建与激励高管团队以促进商业向善提供了新视角与新路径。

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

作者简介：徐宁，山东大学管理学院教授、博士生导师，济南，250100；张迪，北京大学光华管理学院博士研究生，通信作者，北京，100871；李昱潼，山东大学管理学院博士研究生。

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）

引用格式：徐宁,张迪,李昱潼.管理者长期主义促进了商业向善吗?——基于创业板上市公司社会责任的视角[J].经济与管理研究,2025,46(9):108-125.

Does Managerial Long-Termism Foster Corporate Benevolence?

—A Perspective from CSR in Companies Listed on the Growth Enterprise Market

XU Ning¹, ZHANG Di², LI Yutong¹

(1. Shandong University, Jinan 250100;

2. Peking University, Beijing 100871)

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.

Keywords: managerial long-termism; corporate social responsibility; text analysis; machine learning; intertemporal choice theory

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