Research on the Influence of CSR Commitment on the Growth of Manufacturing Enterprises:Based on the PerspeCtive of Enterprise Life Cycle
Based on the data of China's A-share manufacturing listed companies from 2011 to 2021,this paper empirically studies the impact of corporate social responsibility on corporate growth from the per-spective of corporate life cycle.The results show that CSR commitment can significantly promote the growth of enterprises,but from the different stages of the enterprise life cycle,CSR commitment mainly plays a role in promoting the growth of enterprises in the growth stage,while the effect of pro-moting the growth of enterprises in the mature stage decreases.Further analysis of the intermediary effect shows that attracting the attention of investors,easing the financing constraints faced by enter-prises,and improving the willingness to innovate are the intermediary channels for corporate social re-sponsibility to promote corporate growth.
Corporate Social ResponsibilityCorporate GrowthCorporate Life CycleFinancing Con-straintsInnovation Willingness
NETL
NSTL
万方数据
