Corporate Social Responsibility,Financial Constraints and Financial Performance
In recent years,China has actively advocated for businesses to undertake social responsibility,and the corporate social responsibility(CSR)practices have become a focal point of attention across various sectors of society.Taking China's GEM listed companies as the research object,using data from 2010 to 2020 to test the non-linear relationship between corporate social responsibility and financial performance,as well as the mediating effect of financing constraints.And further explore the changes in this relationship under the influence of internal control and institutional investor shareholding.The results show that:(1)There is an inverted U-shaped relationship between CSR and financial performance;(2)Financial constraints play a part of the mediating role in the relationship between CSR and financial performance;(3)Internal control and institutional investor shareholding both weaken the relationship between CSR and financial performance,and make the inverted U-shaped curve flatter.The research conclusions enrich the relevant research on the relationship between CSR and financial performance,help to provide empirical evidence for managers to implement CSR and corporate governance activities,and promote the improvement of corporate performance.This study suggests that companies should carefully manage the investment intensity of CSR,seeking the optimal level to enhance financial performance.It emphasizes the importance of a deep understanding of CSR's mechanism in alleviating financing constraints to avoid potential negative effects associated with excessive CSR investments.Furthermore,companies are encouraged to optimize corporate governance mechanisms,improve internal control quality,and increase the shareholding ratio of institutional investors to mitigate the adverse impact of CSR on financial performance.The research findings contribute to the enriched understanding of the relationship between CSR and financial performance,providing empirical evidence for managers to guide CSR and corporate governance activities,thereby facilitating sustainable development and performance improvement in companies.
corporate social responsibilityfinancial constraintsinternal controlinstitutional investors'shareholdingfinancial performance
万方数据
维普
