The Impact of CSR on Financial Performance:the Moderating Role of Competitive Strategy
Corporate competitive strategy is a key tool for achieving financial performance and is closely related to corporate social responsibility.The article empirically examines the relationship between CSR and financial performance using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021.The study finds that the impact of CSR fulfillment on financial performance presents an inverted U-shaped nonlinear characteristic,with low-cost strategy attenuating the inverted U-shaped relationship between the two,while differentiation strategy strengthens the inverted U-shaped relation-ship between the two;the moderating effect of differentiation strategy is stronger than that of low-cost strategy,and the combined use of the two strategies significantly strengthens the impact of CSR on fi-nancial performance.The findings provide theoretical support and practical reference for promoting the concept of CSR and realizing high quality.
Corporate Social ResponsibilityFinancial PerformanceLow-Cost StrategyDifferentiation Strategy