A Multidimensional Analysis of the Relationship between Corporate Social Responsibility and Firm’s Financial Performance—Based on the Data of 78 Listed Companies in 10 years in Henan Province, China
At present, the research on the relationship of corporate social
responsibility and economic performance mostly adopts the method of large-scale
sampling, but does not distinguish the sample industries and regions, so the
relevant research needs to be further analyzed. Based on the 2008-2017 data of
78 listed enterprises in Henan province, the relationship between corporate
social responsibility and economic performance in 7 industries is measured by 8
indexesthroughArellano-Bond dynamic
panel data model. The research shows that the social responsibility of listed
enterprises in Henan Province has a lagging impact on the economic performance
of enterprises, which has a negative impact on the short-term and a positive
impact on the long-term. The common point is that the responsibility of the
investor has a positive impact on the economic performance of the enterprise,
and other aspects vary greatly due to industry categories. In general, the
degree of corporate social responsibility of listed enterprises in Henan Province
is relatively low.
References
[1]
Carroll, A.B. (2008) A History of Corporate Social Responsibility: Concepts and Practices. In: Crane, A., Matten, D., McWilliams, A., Moon, J. and Siegel, D.S., Eds., The Oxford Handbook of Corporate Social Responsibility, Oxford University Press, Oxford.
[2]
Carroll, A.B. (2015) Corporate Social Responsibility: The Centerpiece of Competing and Complementary Frameworks. Organizational Dynamics, 44, 87-96.
https://doi.org/10.1016/j.orgdyn.2015.02.002
[3]
Friedman, M. (1970) The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, No. 9, 122-126.
[4]
Li, Z. (2006) Research on the Correlation between Corporate Social Responsibility and Corporate Value—Evidence from Shanghai Listed Companies. China Industrial Economy, No. 2, 77-83.
[5]
Wen, S.B. and Fang, Y. (2008) An Empirical Study on the Relationship between Corporate Social Responsibility and Financial Performance—A Panel Data Analysis from the Perspective of Stakeholders. China Industrial Economy, No. 10, 150-160.
[6]
Wang, H.M. and Song, T. (2007) An Empirical Study of Social Responsibility and Corporate Performance of China’s Listed Companies—Evidence from Shanghai Stock Exchange 180 Index. Journal of Nanjing Normal University (Social Science Edition), No. 2, 58-62.
[7]
Zhang, Z.G., Yan, X.C. and Li, G.Q. (2013) An Empirical Study on the Inter-Temporal Impact of Corporate Social Responsibility and Financial Performance. Accounting Research, No. 8, 32-39.
[8]
Yang, Y.S. and Yang, S.L. (2016) An Empirical Study of the Relationship between Corporate Social Responsibility and Financial Performance in China’s Situation—Based on Comparative Analysis of Large, Medium and Small Listed Companies. Chinese Management Science, 24, 143-150.
[9]
Blasi, S., Caporin, M. and Fontini, F. (2018) A Multidimensional Analysis of the Relationship between Corporate Social Responsibility and Firms’ Economic Performance. Ecological Economics, 147, 218-229.
https://doi.org/10.1016/j.ecolecon.2018.01.014
[10]
Li, G.P. and Wei, X.W. (2014) The Connotation, Measurement and Economic Consequences of Corporate Social Responsibility—Based on the Research of Foreign Corporate Social Responsibility Theory. Accounting Research, No. 8, 33-40.
Clarkson, M.B.E. (1995) A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20, 92-117.
https://doi.org/10.5465/amr.1995.9503271994
[13]
Tian, H. (2009) Correlation between Corporate Social Responsibility and Corporate Performance—Based on Empirical Data of China’s Communication Industry. Economic Management, No. 1, 72-79.
[14]
Wang, J.Q. and He, J.Y. (2009) Corporate Governance, Corporate Economic Performance and Corporate Social Responsibility—An Empirical Study Based on Data of Chinese Manufacturing Listed Companies. Economic Survey, No. 2, 83-86.
[15]
Song, J.B. and Sheng, C.Y. (2009) Research on the Evaluation of Corporate Social Responsibility Based on Stakeholders—Taking Listed Companies in Manufacturing Industry as an Example. China Soft Science, No. 10, 153-163.
[16]
Qiao, H.Z. and Tan, M. (2009) An Empirical Study on the Relationship between Social Responsibility and Financial Performance of Financial Enterprises. Finance and Economics Theory and Practice, 30, 17-21.
[17]
Zhu, J.W. and Li, B.X. (2012) Research on Influencing Factors of Social Responsibility Information Disclosure in Food Enterprises. Economics and Management Research, No. 5, 123-128.
[18]
Arellano, M. and Bond, S. (1991) Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. The Review of Economic Studies, 58, 277-297.
[19]
Turban, D.B. and Greening, D.W. (1997) Corporate Social Performance and Organizational Attractiveness to Prospective Employees. Academy of Management Journal, 40, 658-672.
