A new approach for addressing endogeneity issues in the relationship between corporate social responsibility and corporate financial performance

被引：91

作者：

Liu, Wei ^{[1
]}

Shao, Xuefeng ^{[2
]}

De Sisto, Marco ^{[3
]}

Li, Wen Helena ^{[4
]}

机构：

[1] Qingdao Univ, Business Sch, 62 Kedazhi Rd, Qingdao 266061, Shandong, Peoples R China

[2] La Trobe Univ, Sydney Campus,255 Elizabeth St, Sydney, NSW 2000, Australia

[3] RMIT Univ, Sch Management, 435-457 Swanston St, Melbourne, Vic 3000, Australia

[4] Univ Technol Sydney, UTS Business Sch, 14-28 Ultimo Rd, Sydney, NSW 2007, Australia

来源：

FINANCE RESEARCH LETTERS | 2021年 / 39卷

关键词：

Corporate social responsibility; Corporate financial performance; Endogeneity; Heckman-2SLS model; SAMPLE SELECTION BIAS; PHILANTHROPY;

D O I：

10.1016/j.frl.2020.101623

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper aims to reexamine the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) using a panel dataset of Chinese listed firms. Previous studies obtained divergent empirical evidence on the CSR-CFP relationship due to unclear, incomplete, or inappropriate consideration of endogeneity issues. By introducing a Heckman2SLS model, we comprehensively address the main endogeneity problems (i.e., sample selection bias, reverse causality, and unobserved heterogeneity) simultaneously within the CSR-CFP relationship. Results not only indicate a robust CSR-CFP relationship after correcting for endogeneity issues but also serve as a strong case for future investigation and correction of endogeneity issues.

引用

页数：8

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