Fulfilling Corporate Social Responsibility,Inter-Regional New Subsidiaries Extension,and Industrial Spillover Effects
Under the backdrop of establishing a national unified market and the new development strategy emphasizing dual circulation,it is crucial to facilitate the cross-regional expansion of enterprises.This approach aims to fully leverage industrial growth to optimize resource allocation and foster co-ordinated regional development.This study uses firm's participation in targeted poverty alleviation as a quasi-natural experiment to explore how fulfilling social responsibility influences the establishment of new cross-regional subsidiaries,while also assessing its industrial spillover effects.Employing a multi-period difference-in-differences model,we ascertain that listed firms'participation in targeted poverty alleviation significantly boosts their expansion of non-local subsidiaries in impoverished areas.Mechanism analysis reveals that such participation enhances firms'reputation and improves their ability to acquire resources and information in these regions.Ultimately,the involvement in poverty alleviation and the establishment of subsidiaries in disadvan-taged areas generate positive spillover effects,markedly enhancing firms'total factor productivity,innovation capabilities,and business credits in these regions.These findings underscore the role of corporate social responsibility in advancing inter-regional development and bolstering domestic economic circulation.
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