The relationship between CSR and performance: Evidence in China

被引：207

作者：

Kao, Erin H. ^{[5
]}

Yeh, Chih-Chuan ^{[1
,2
]}

Wang, Li-Hsun ^{[3
]}

Fung, Hung-Gay ^{[4
]}

机构：

[1] Overseas Chinese Univ, Dept Finance, 100 Chiao Kwang Road, Taichung 407, Taiwan

[2] Natl Taiwan Univ, Dept Int Business, Taipei, Taiwan

[3] Wenzao Ursuline Univ Languages, Dept Int Business Adm, 900 Mintsu 1st Rd, Kaohsiung 807, Taiwan

[4] Univ Missouri, Coll Business Adm, One Univ Plaza, St Louis, MO 63121 USA

[5] Tunghai Univ, Taichung, Taiwan

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2018年 / 51卷

关键词：

Corporate social responsibility; Simultaneous equation modeling; Agency cost theory; Stakeholder theory; Window dressing; CORPORATE SOCIAL-RESPONSIBILITY; FINANCIAL PERFORMANCE; FIRM PERFORMANCE; MONETARY-POLICY; GOVERNANCE; OWNERSHIP; TESTS; RISK;

D O I：

10.1016/j.pacfin.2018.04.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study uses a system of simultaneous equations to investigate various hypotheses on the relationship between corporate social responsibility (CSR) and firm performance for state-owned enterprises (SOEs) and non-SOEs in China. The results show variations in market response to CSR engagement by firm ownership type. That is, the market responds favorably to CSR by market oriented non-SOEs but neutrally to CSR by SOEs with substantial agency costs. The Chinese firms are able to link their CSR activities to firm performance over time, likely recognizing the long-term benefits of CSR. Our study demonstrates the important role of ownership in the dynamic CSR-performance relationship.

引用

页码：155 / 170

页数：16

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