Corporate Social Responsibility,Financing Constraints and Corporate Innovation
The"14th Five-Year Plan"clearly proposes to strengthen high-quality development and strive to be at the forefront of innovative countries.Based on the data samples of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,the impact of corporate CSR(corporation social responsibility)implementation on corporate innovation is studied.The empirical results show that corporate CSR implementation can promote corporate innovation,and the conclusion is still valid after a series of robustness tests.Mechanism analysis shows that corporate CSR fulfillment can promote corporate innovation by alleviating their financing constraints.Furthermore.the moderating effect of analyst attention and equity concentration on the relationship between corporate CSR and corporate innovation is explored,and it is found that the more analysts pay attention to it,the more moderate equity concentration can promote the improvement of corporate innovation level.
CSR(corporation social responsibility)fulfillmentfinancing constraintsanalyst concernsequity concentration
NETL
NSTL
万方数据
