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Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China

Abstract : Using a large panel dataset of 861 listed Chinese firms, the present study investigates whether corporate social responsibility (CSR) affects firm-value. It examines the influence of five CSR dimensions on firm-value. Then, it pinpoints the moderating impact of industry-sensitivity and power concentration of the CEO. In contrast to developed economy’s evidence, the results show an overall negative impact of CSR on firm-value. Looking closer at the dimensions separately, we find a negative impact of most of the CSR dimensions and a positive impact of some other CSR dimensions on firm-value. However, we observe that CSR enhances the value of firms operating in sensitive industries. Similarly, we find that a powerful CEO can also create firm-value through CSR by aligning CSR practices with the firms’ objectives. Our results are sufficiently rigorous to alternate proxies of CSR.
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https://hal-rennes-sb.archives-ouvertes.fr/hal-03602957
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Submitted on : Wednesday, March 9, 2022 - 3:16:49 PM
Last modification on : Wednesday, March 9, 2022 - 3:16:50 PM

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Tanveer Ahsan, Bakr Al-Gamrh, Sultan Sikandar Mirza. Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China. Applied Economics, Taylor & Francis (Routledge), 2022, 54 (16), pp.1844-1863. ⟨10.1080/00036846.2021.1983136⟩. ⟨hal-03602957⟩

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