Sustainability and Its Value: Does Corporate Social Responsibility Score Impact Financial Access? A Review of Chinese Manufacturing Firms

IF 7.6 0 MANAGEMENT

Management Revue Pub Date : 2022-01-01 DOI:10.5771/0935-9915-2022-2-185

Isaiah Oino, Erli Xi

引用次数: 0

Abstract

Corporate social responsibility (CSR) in firms has shifted from just being responsible for the environment to strategic CSR by examining how the engagement of CSR activities enhance the company’s financial performance. The paper examine if corporate social responsibility rating impacts financial access and financial efficiency. This paper analyses the CSR performance of 23 Chinese firms' annual data from 2010 to 2016 and their access to credit from financial institutions. The fixed effects model shows that corporate social responsibility significantly correlates with corporate financial access constraints. That is, the higher score of corporate social responsibility, the lower degree of financing access constraints. The study also found that improving corporate social responsibility will reduce the financial efficiency of enterprises by a small margin. The company's financial cost will be relatively reduced as the corporate social responsibility score increases.

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可持续性及其价值:企业社会责任评分是否影响财务获取?中国制造业企业回顾

企业的社会责任(CSR)已经从仅仅对环境负责转变为通过研究企业社会责任活动的参与如何提高公司的财务绩效来实现战略社会责任。本文考察了企业社会责任评级对财务可及性和财务效率的影响。本文分析了23家中国企业2010 - 2016年的企业社会责任绩效及其从金融机构获得信贷的情况。固定效应模型表明，企业社会责任与企业财务准入约束显著相关。即企业社会责任得分越高，融资渠道约束程度越低。研究还发现，提高企业社会责任会使企业的财务效率小幅下降。随着企业社会责任评分的提高，公司的财务成本会相对降低。

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

Management Revue MANAGEMENT-

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： Management Revue - Socio-Economic Studies is an interdisciplinary European journal that undergoes peer review. It publishes qualitative and quantitative work, along with purely theoretical papers, contributing to the study of management, organization, and industrial relations. The journal welcomes contributions from various disciplines, including business and public administration, organizational behavior, economics, sociology, and psychology. Regular features include reviews of books relevant to management and organization studies. Special issues provide a unique perspective on specific research fields. Organized by selected guest editors, each special issue includes at least two overview articles from leaders in the field, along with at least three new empirical papers and up to ten book reviews related to the topic. The journal aims to offer in-depth insights into selected research topics, presenting potentially controversial perspectives, new theoretical insights, valuable empirical analysis, and brief reviews of key publications. Its objective is to establish Management Revue - Socio-Economic Studies as a top-quality symposium journal for the international academic community.