economic policy uncertainty;
corporate social responsibility;
political connection;
resource slack;
CORPORATE SOCIAL-RESPONSIBILITY;
REAL OPTIONS;
FIRM PERFORMANCE;
MEDIATING ROLE;
POLITICAL CONNECTIONS;
INSTITUTIONAL TRANSITIONS;
INVESTMENT EVIDENCE;
RISK-MANAGEMENT;
SLACK RESOURCES;
CASH FLOW;
D O I:
10.3390/su151712978
中图分类号:
X [环境科学、安全科学];
学科分类号:
08 ;
0830 ;
摘要:
The dynamics and instability of economic policies exercise considerable influence on firm behaviors. This study aims to explore the impact of economic policy uncertainty on the level of CSR that firms are engaged in and the heterogeneity of this impact across firms. Using a dataset of Chinese-listed companies from 2011 to 2019, which consists of 837 different firms and 4551 firm-year observations, the results show a negative response of CSR to economic policy uncertainty in China, which is mitigated by the political connections and resource slack that firms possess. These findings underscore the importance of a predictable business environment for CSR behaviors and the capability of firms to cope with uncertainty.
机构:
Univ Chinese Acad Social Sci, Dept Finance & Banking, Beijing, Peoples R ChinaUniv Chinese Acad Social Sci, Dept Finance & Banking, Beijing, Peoples R China
Feng, Xinge
Luo, Weijie
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机构:
Cent Univ Finance & Econ, Ctr China Fiscal Dev, Beijing, Peoples R ChinaUniv Chinese Acad Social Sci, Dept Finance & Banking, Beijing, Peoples R China
Luo, Weijie
Wang, Yong
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h-index: 0
机构:
Chinese Acad Social Sci, Inst Finance & Banking, Beijing, Peoples R ChinaUniv Chinese Acad Social Sci, Dept Finance & Banking, Beijing, Peoples R China