Corporate Social Responsibility Practices, Corporate Sustainable Development, Venture Capital and Corporate Governance: Evidence from Chinese Public Listed Firms

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2024-06-07 DOI:10.21315/aamjaf2024.20.1.9

Jing Wu, Chee Yoong Liew

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引用次数: 0

Abstract

This study intends to investigate the relationship between the different corporate social responsibility (CSR) practices of firms and their corporate sustainable development (CSD) as well as whether venture capital (VC) and corporate governance (CG) moderate this relationship and capital allocation efficiency (CAE) mediates the relationship. The sample of this study consist of Chinese A-share public-listed firms as well as the Growth Enterprise Market (GEM) listed firms in China. The duration covered is from 2013 to 2020. There are significant positive relationships between CSR and CSD among Chinese A-shares listed firms and GEM listed firms. In addition, there is a significant positive moderating effect of CG and no significant moderating effect of VC on the relationship between CSR and CSD among Chinese A-shares listed firms. However, for GEM listed firms, there is no significant moderating effect of both VC and CG on the relationship between CSR and CSD. Finally, there is a significant positive mediating effect of CAE on the relationship between CSR and CSD among Chinese A-shares listed firms and GEM listed firms.

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企业社会责任实践、企业可持续发展、风险投资与公司治理：来自中国上市公司的证据

本研究旨在探讨企业不同的社会责任（CSR）实践与企业可持续发展（CSD）之间的关系，以及风险投资（VC）和公司治理（CG）是否对这一关系起到调节作用，资本配置效率（CAE）是否对这一关系起到中介作用。本研究的样本包括中国 A 股上市公司和创业板上市公司。研究时间跨度为 2013 年至 2020 年。在中国 A 股上市公司和创业板上市公司中，企业社会责任与 CSD 之间存在显着的正相关关系。此外，在中国 A 股上市公司中，CG 对企业社会责任与 CSD 的关系有显著的正向调节作用，而 VC 对企业社会责任与 CSD 的关系没有显著的调节作用。然而，对于创业板上市公司而言，风险投资和企业管治对企业社会责任与 CSD 的关系都没有明显的调节作用。最后，在中国 A 股上市公司和创业板上市公司中，CAE 对企业社会责任和 CSD 之间的关系有明显的正向中介效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets