The conjoint effects of corporate social responsibility performance and report tone on financial constraints: Evidence from China

IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE
Chuanlu Ge , Hengsen Cheng , Qingrun Niu , Miao Yang
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引用次数: 0

Abstract

Using corporate social responsibility (CSR) disclosure data from Chinese A-share listed firms between 2008 and 2022, we examine the conjoint impact of CSR performance and the tone of CSR reports on financial constraints. The research reveals a significant negative correlation between CSR performance and financial constraints, indicating that the better a firm's CSR performance, the fewer financial constraints it faces. The tone of CSR reports is also negatively correlated with financial constraints. It has a synergy effect with CSR performance, enhancing the alleviating effect of CSR performance on financial constraints. After conducting a series of robustness tests, such as addressing endogeneity and substituting variables, the main results remain robust. Furthermore, relative importance analysis shows that the impact of CSR performance on financial constraints is significantly greater than the impact of the tone of CSR reports. In additional analysis, we also examine the effects of corporate disclosure of creditor protection information, the presence of deficiencies in information, and firm transparency. Against the backdrop of heightened economic volatility and escalating risks, our findings offer valuable guidance on how firms can strategically utilize social responsibility measures to mitigate financial constraints.

企业社会责任绩效和报告基调对财务约束的联合效应:来自中国的证据
我们利用 2008 年至 2022 年中国 A 股上市公司的企业社会责任(CSR)披露数据,研究了企业社会责任绩效和企业社会责任报告基调对财务约束的共同影响。研究发现,企业社会责任表现与财务约束之间存在明显的负相关关系,表明企业社会责任表现越好,其面临的财务约束就越少。企业社会责任报告的基调也与财务约束负相关。它与企业社会责任绩效具有协同效应,增强了企业社会责任绩效对财务约束的缓解作用。在进行了一系列稳健性检验(如解决内生性问题和替换变量)后,主要结果依然稳健。此外,相对重要性分析表明,企业社会责任绩效对财务约束的影响明显大于企业社会责任报告基调的影响。在补充分析中,我们还考察了企业披露债权人保护信息、信息缺陷的存在以及企业透明度的影响。在经济波动加剧和风险升级的背景下,我们的研究结果为企业如何战略性地利用社会责任措施来缓解财务约束提供了有价值的指导。
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
Pacific-Basin Finance Journal
Pacific-Basin Finance Journal BUSINESS, FINANCE-
CiteScore
6.80
自引率
6.50%
发文量
157
期刊介绍: The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.
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