Corporate Social Responsibility and Corporate Profitability——Evidence Based on A-Share Listed Companies
Fulfilling social responsibility is not only a moral responsibility for enterprises to maintain and enhance the overall interests of society,but also an important way to win competitive advantages.Based on panel data of A-share listed companies from 2011 to 2018,a two-way fixed effects model is used to test the impact of social responsibility on corporate profitability.The research results indicate that fulfilling social responsibility significantly improves corporate profitability,and this conclusion remains robust when tested using alternative indicators.Heterogeneity analysis shows that compared to state-owned enterprises,the promotion effect of social responsibility fulfillment on the profitability of non-state-owned enterprises is more prominent.Mechanism analysis shows that fulfilling social responsibility enhances a company's profitability by improving its innovation level.Therefore,it is necessary to actively guide enterprises to enhance their awareness and level of social responsibility,enhance their innovation capabilities,and promote the balance and coordination of economic and social benefits.
Corporate Social ResponsibilityCorporate ProfitabilityEnterprise Innovation
NETL
NSTL
万方数据
