The brighter side of being socially responsible: CSR ratings and financial distress among Chinese state and non-state owned firms

被引：75

作者：

Shahab, Yasir ^{[1
]}

Ntim, Collins G. ^{[2
]}

Ullah, Farid ^{[3
]}

机构：

[1] UIBE, Business Sch, Beijing, Peoples R China

[2] Univ Southampton, Southampton Business Sch, Dept Accounting, CRAAG, Southampton, Hants, England

[3] UIBE, Sch Int Trade & Econ, Beijing, Peoples R China

来源：

APPLIED ECONOMICS LETTERS | 2019年 / 26卷 / 03期

关键词：

Corporate Social Responsibility (CSR) quality ratings; financial distress; altman Z(China) score; state and non-state owned firms; China; CORPORATE GOVERNANCE; DISCLOSURES; CONSTRAINTS;

D O I：

10.1080/13504851.2018.1450480

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the effect of corporate social responsibility (CSR) quality ratings on the financial distress levels of Chinese enterprises by using the previously unexplored new China-specific Altman 'Z(China) Score' in the context of CSR and data from 749 firms over the 2009-2014 period. First, we find that CSR quality ratings significantly reduce Chinese firms' distress levels. Second, we find that the ability of CSR to reduce distress levels in non-state-owned Chinese firms is higher than state-owned ones. Finally, we find similar results when we divide the data into high-low CSR ratings and levels of distress. Our results are robust to potential endogeneities.

引用

页码：180 / 186

页数：7

共 33 条

[1] Under what conditions does it pay to be sustainable? Sources of heterogeneity in corporate sustainability impacts [J].