Supervision or Collusion:The Impact of Multiple Large Shareholders Existence on Corporate Social Responsibility
In the context of the new era,exploring the motivations behind the fulfillment of corporate social responsibility(CSR)in China has significant practical and theoretical implications.The existence of multiple large shareholders,a unique equity structure arrangement,inevitably leads to diverse impacts on CSR performance due to either enhanced supervision or collusion.This paper takes non-financial listed companies in China's Shanghai and Shenzhen A-shares as research samples and uses the CSR scores published by Hexun.com to depict CSR performance,systematically investigating the influence and mechanism of multiple large shareholders on CSR.The study finds that the equity structure arrangement of multiple large shareholders effectively enhances CSR performance.The strengthening of supervisory intent and the enhancement of supervisory capability are two of the impact mechanisms.Further research indicates that the existence of multiple large shareholders has a differentiated impact on CSR performance in specific areas,and it improves future financial performance by enhancing CSR performance.This study not only expands and enriches the research perspectives and related literature in the fields of multiple large shareholders and CSR,but also provides a new governance approach based on optimizing equity institutions to practically enhance the level of CSR fulfillment in Chinese enterprises.
Multiple large shareholders existenceCorporate social responsibilitySupervisory intentSupervisory capabilityFinancial performance
万方数据
