Does CSR Improve Corporate Performance?——Based on the Empirical Analysis of Chinese A-share Listed Companies
Taking 1 397 A-share listed companies in China from 2011 to 2019 as a research sample,this paper takes consumers'preference and government subsidies as the intermediary variables to study the impact of corporate social responsibility(CSR)on corporate performance.The conclusions are as follows:CSR can positively promote corporate performance,but there is a threshold for this fulfillment,and continuing to fulfill CSR after exceeding the threshold will lead to a decline in performance,that is,the rela-tionship between CSR and corporate performance is"inverted U";CSR can help to obtain consumers'preference and govern-ment subsidies,thereby improving corporate performance.The threshold in the eastern region is larger than that in the central and western regions,and there is an"inverted U"relationship between CSR and corporate performance;The thresholds for state-owned enterprises and private enterprises to fulfill their CSR are 0.467 7 and 0.453 5.Therefore,enterprises should realistically ful-fill their CSR,which will help to better enhance the competitiveness of enterprises.
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