Using A-share listed companies from 2010 to 2021 as the research sample,this paper investigates the impact of corporate social responsibility(CSR)performance on the level of trade credit supply and its functioning mechanism.We find that CSR performance significantly reduces the amount of trade credit supply of responsible firms to downstream customers while controlling for the stability of the supply chain.The mechanism test reveals that CSR enhances the verifiability of relationship-specific investment information and improves bargaining power,thereby reducing customers'requirements on the product and financing functions of trade credit,ultimately decreasing the level of trade credit supply of responsible firms.Further research finds that the impact of CSR performance on trade credit is more significant in non-state-owned enterprises and when customers have lower levels of CSR performance.This paper provides insights into understanding the impact of CSR performance on bargaining power and transaction behaviors within the industrial chain,offering important implications for promoting CSR performance.
corporate social responsibilitytrade credit supplyinformation verifiabilitybargaining powerstability of supply chain
国家科技期刊平台
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