Responsible Enterprises in China:The Belt and Road Initiative and Corporate Social Responsibility of Chinese Enterprises
Over the past decade,the Belt and Road Initiative(BRI)has achieved significant success,injecting strong momentum into the development of participating countries.The report of the 20th National Congress of China emphasizes the importance of"promoting high-quality development of the BRI."China has continuously collaborated with various countries to consolidate the achievements of connectivity and explore new avenues for international cooperation,pushing for new breakthroughs in the high-quality development of the BRI.However,since many of the countries along the Belt and Road are underdeveloped,infrastructure connectivity has become a priority area of the BRI.Infrastructure construction is often associated with high levels of carbon emissions and environmental pollution,leading to some skepticism and misunderstanding in the academic community regarding the BRI.In reality,China has consistently adhered to the concept of green development in advancing the high-quality development of the BRI,aiming for high standards,sustainability,and benefiting people's livelihoods.For instance,the Karot Hydropower Project in the China-Pakistan Economic Corridor,Pakistan's largest hydropower project,has maintained high construction standards,with the International Finance Corporation(IFC)as one of the lenders,strictly controlling the project's environmental assessment according to international standards.Former Pakistani Prime Minister Abbasi praised the project as a model that benefits the country and the people.The Mozura Wind Farm Project in Montenegro is regarded as a benchmark and exemplary project in the wind power industry in Central and Eastern Europe.The Lower Sesan ⅡHydropower Plant in Cambodia received the"Excellence Award in Environmental Management"from the Cambodian Ministry of Environment.Enterprises play a crucial role in the construction of the BRI.President Xi Jinping has emphasized the need to"regulate corporate investment and operations,operate legally and in compliance,pay attention to environmental protection,and fulfill social responsibilities,becoming ambassadors for the BRI."From this perspective,for Chinese enterprises,the BRI not only sets sustainable operation goals domestically but also enhances the supervision and evaluation by foreign stakeholders,promoting greater attention to environmental protection and social responsibility.As issues related to sustainability,such as the wealth gap,climate change,and public health events,continue to pose complex challenges to economic and social development,corporate social responsibility has become an important criterion for evaluating companies.It is also a key approach to addressing social issues from the corporate level.This study aims to examine the impact and mechanisms of the BRI on the corporate social responsibility of Chinese enterprises from a corporate perspective,addressing the controversies surrounding the BRI and providing insights for promoting its high-quality development.Based on the realities of the situation,this study constructs a theoretical analysis framework from both domestic and international perspectives on how the BRI policy influences corporate social responsibility through supervisory channels.Using a panel dataset of corporate social responsibility performance of Chinese listed companies from 2009 to 2019,the study designates BRI-related enterprises as the experimental group and other enterprises as the control group,employing the difference-in-differences(DID)method to evaluate the actual impact of the BRI.The results of this study reveal several key findings:Post-implementation of the BRI,the corporate social responsibility scores of enterprises in the experimental group,as rated by third-party agencies,significantly increased compared to those in the control group.This indicates that the BRI has enhanced the corporate social responsibility levels of Chinese enterprises.This conclusion remains robust even after considering a series of potential confounding factors.The event study method was used to analyze the dynamic effects of the BRI.The results show that the positive impact of the BRI on corporate social responsibility began in 2015,suggesting a certain lag in policy implementation effects.After 2015,the positive effects of the BRI showed a significant upward trend.This outcome is likely related to the BRI entering the substantive operational phase after completing its initial preparatory work in 2015.The study examines both the short-term and long-term effects of the BRI,finding that the long-term positive impact is greater than the short-term impact.The study analyzes the mechanisms from both domestic and international supervisory perspectives.Domestically,the BRI enhances the supervision and governance of enterprises by Chinese government institutions,thereby promoting corporate social responsibility.The BRI has a greater impact on corporate social responsibility performance in regions with stronger government supervision motivation and capacity.Internationally,the BRI increases the scrutiny and attention of host country stakeholders on Chinese enterprises,promoting corporate social responsibility.The BRI has a greater impact on corporate social responsibility performance in enterprises facing higher supervisory pressure from host countries.Using the triple difference method,the study examines the heterogeneous effects of the BRI across different provinces and industries.The findings indicate that the positive impact of the BRI on corporate social responsibility is more pronounced in key industries such as transportation,energy,and steel.However,this effect is not significant in key connecting provinces.Additionally,the BRI has a greater impact on corporate social responsibility in heavily polluting enterprises compared to non-heavily polluting enterprises.
The Belt and Road InitiativeSustainable DevelopmentCorporate Social ResponsibilitySupervising Mechanism
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