Research on the Impact of Corporate Social Responsibility on Corporate Value in Different Industries — Based on the Analysis of the Mediation Effect, the Regulation Effect and the GMM Model of Dynamic Panel System
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v3i6.1102
Abstract
This paper focuses on listed companies in three sub-sectors of real estate, health care and information technology services, on the basis of studying the direct relationship between corporate social responsibility and its value, introduces the tax burden as an intermediary variable, studies the difference between the relationship established by the intermediary role of the two through the intermediary role of the tax burden compared to the direct relationship, and explores the degree of equity concentration, institutional investor shareholding degree in the moderating role between corporate social responsibility and value, respectively. The dynamic panel system GMM model is used to explore the impact of the first phase of enterprise value lag on its same period. Empirical analysis shows that in the sample of listed companies selected from the three industries, corporate social responsibility has a positive impact on corporate value, and the tax burden plays a certain intermediary role in it, the equity concentration of enterprises in different industries and the shareholding of institutional investors play a slightly different role in regulating corporate social responsibility and corporate value, and only the enterprise value of the healthcare industry lagging by one period has a significant impact on the current period.
Keywords
social responsibility, corporate value, intermediary effect and regulatory effect, sobel inspection, dynamic panel system, GMM Model
Full Text
PDF - Viewed/Downloaded: 7 TimesReferences
[1] Jiang Zefang,Chen Zuying. Executive Compensation, Equity Concentration and Corporate Performance[J].Finance and Accounting Newsletter, 2019(18):64-68.
[2] Wang Lili,HAN Daoqin,Zhang Chenkai. Equity concentration, R&D investment and company performance of small and medium-sized board companies[J].Friends of Accounting, 2021(03):117-123.
[3] Umarjan Aishan,Elizati Turhong,Zheng Hui. Research on the Influence of Institutional Investor Shareholding on Enterprise Value: An Analysis of The Mediation Effect Based on ESG Performance[J].Price Theory and Practice, 2021(03):79-82+167.
[4] Liu Xumeng,Huang Rongbing. Institutional Investors, Environmental Information Disclosure Quality and Corporate Value[J].Finance and Accounting Newsletter, 2018(15):32-36+129.
[5] Lian Min. Tax Burden, Government Intervention and Enterprise Value[D].Soochow University, 2014.
[6] Li Wenqin,Xu Guanghua. Executive Compensation, Executive Shareholding and Corporate Social Responsibility Performance: Based on the Regulatory Effect of State-Owned Equity[J].Friends of Accounting, 2017(24):55-59.
[7] Lv Suli,Jin Yu,Chen Jie. Nature of Property Rights, Executive Shareholding and Corporate Social Responsibility[J].Finance and Accounting Newsletter, 2016(24):66-69.
[8] Quan Jingjing. Institutional Investor Shareholding and Corporate Social Responsibility Information Disclosure[J].Economic Issues,2022(01):39-46.
[9] Yin Hong,Li Xiaohui. Institutional Investor Heterogeneity and Corporate Social Responsibility Information Disclosure[J].Finance and Accounting Newsletter, 2019(26):25-28.
[10] Zhu Naiping,Dai Chenxi,Zhang Doudou. Preferential Tax Policies and Corporate Social Responsibility[J].Tax Research,2022(03):133-138.
[11] Robert, Robin W. Determinant of CSR disclosure:an application of stakeholder theory[J].Accounting, Organizations and Society,1992(7):201-231.
[12] Li Zheng. A Study on the correlation between CSR and Corporate Value: Empirical Evidence from Shanghai Listed Companies[J].China Industrial Economics, 2006(02):77-83.
[13] Li Ting,Li Yu. An Empirical Analysis of CSR and Corporate Value based on Stakeholders[J].China Economic and Trade Herald (China), 2021(06):94-96.
[14] Jin Guirong. Research on Value Creation and Value Discovery of Corporate Social Responsibility — Based on Enterprise Value Theory and Capital Market Theory[J].Journal of Finance and Accounting, 2022(04):128-133.
[15] Kong Xiaoxu,Guo Yi. Micro-analysis of enterprise value assessment of social responsibility indicators[J].Finance and Accounting Monthly, 2017(19):67-74.
[16] Xiang Xiyao,Pei Yunlong. The Effect of Social Proximity on innovation Performance of Cluster Enterprises in Non-Local Contexts: The Regulatory Effect of Technology Proximity[J].Management Review,2020,32(02):139-150.
[17] Xu Lin,Guo Ying,Zhang Ping. An Empirical Study on Female Executives, Corporate Social Responsibility and Corporate Performance: A Case Study of Cultural Media Listed Companies[J].Friends of Accounting, 2020(10):50-55.
[18] Xu Guanghua,Huang Yanan. Influencing Corporate Performance, Corporate Reputation and Usefulness of Decision-making: A Review of Research on the Effect of Social Responsibility Information Disclosure[J].Friends of Accounting, 2014(11):8-12.
[19] Yu Junyu. Financing Constraints, Institutional Investor Shareholding and Corporate Value[J].Modern Business, 2021(27).
[20] Xu Mingyu,Liu Cancan,Hu Yixiang,Yue Xiukui. An Empirical Study on the Impact of ESG Performance on Corporate Value of Listed Companies: A Case Study of A-share Listed Companies[J].China Asset Appraisal, 2021(07):27-37.
[21] Yao Qiaoxi. Analysis of the relationship between CSR and financial performance from the perspective of stakeholders[J].Friends of Accounting, 2017(19):93-98.
[22] Impact of Financial Sustainability on Enterprise Value Expansion. [J]International Journal of Engineering and Advanced Technology Volume 9, Issue 1. 2019. PP 4640-4645.
[23] Bai Yang; Chuan Lin; Chenglin Ren. Internationalization strategy, social responsibility pressure and enterprise value.[J]Soft Computing Volume 24, Issue 4. 2020. PP 2487-2494.
[24] Xianjun Gao. Corporate Social Responsibility. Internal Control and Enterprise Value—Based on the Chinese Stock Market. [J]Open Journal of Social Sciences Volume 7, Issue 7. 2019. PP 30-49.
[25] Atanas Sixpence; Olufemi P. Adeyeye; Rajendra Rajaram. Impact of tangible book value and operating earnings on firm value variants in South Africa. Journal of Economic and Financial Sciences Volume 14, Issue 1. 2021. PP e1-e11.
[26] Anthony C. Bucaro and Kevin E. Jackson and Jeremy B. Lill. The Influence of Corporate Social Responsibility Measures on Investors' Judgments when Integrated in a Financial Report versus Presented in a Separate Report[J]. Contemporary Accounting Research, 2020, 37(2): 665-695.
[2] Wang Lili,HAN Daoqin,Zhang Chenkai. Equity concentration, R&D investment and company performance of small and medium-sized board companies[J].Friends of Accounting, 2021(03):117-123.
[3] Umarjan Aishan,Elizati Turhong,Zheng Hui. Research on the Influence of Institutional Investor Shareholding on Enterprise Value: An Analysis of The Mediation Effect Based on ESG Performance[J].Price Theory and Practice, 2021(03):79-82+167.
[4] Liu Xumeng,Huang Rongbing. Institutional Investors, Environmental Information Disclosure Quality and Corporate Value[J].Finance and Accounting Newsletter, 2018(15):32-36+129.
[5] Lian Min. Tax Burden, Government Intervention and Enterprise Value[D].Soochow University, 2014.
[6] Li Wenqin,Xu Guanghua. Executive Compensation, Executive Shareholding and Corporate Social Responsibility Performance: Based on the Regulatory Effect of State-Owned Equity[J].Friends of Accounting, 2017(24):55-59.
[7] Lv Suli,Jin Yu,Chen Jie. Nature of Property Rights, Executive Shareholding and Corporate Social Responsibility[J].Finance and Accounting Newsletter, 2016(24):66-69.
[8] Quan Jingjing. Institutional Investor Shareholding and Corporate Social Responsibility Information Disclosure[J].Economic Issues,2022(01):39-46.
[9] Yin Hong,Li Xiaohui. Institutional Investor Heterogeneity and Corporate Social Responsibility Information Disclosure[J].Finance and Accounting Newsletter, 2019(26):25-28.
[10] Zhu Naiping,Dai Chenxi,Zhang Doudou. Preferential Tax Policies and Corporate Social Responsibility[J].Tax Research,2022(03):133-138.
[11] Robert, Robin W. Determinant of CSR disclosure:an application of stakeholder theory[J].Accounting, Organizations and Society,1992(7):201-231.
[12] Li Zheng. A Study on the correlation between CSR and Corporate Value: Empirical Evidence from Shanghai Listed Companies[J].China Industrial Economics, 2006(02):77-83.
[13] Li Ting,Li Yu. An Empirical Analysis of CSR and Corporate Value based on Stakeholders[J].China Economic and Trade Herald (China), 2021(06):94-96.
[14] Jin Guirong. Research on Value Creation and Value Discovery of Corporate Social Responsibility — Based on Enterprise Value Theory and Capital Market Theory[J].Journal of Finance and Accounting, 2022(04):128-133.
[15] Kong Xiaoxu,Guo Yi. Micro-analysis of enterprise value assessment of social responsibility indicators[J].Finance and Accounting Monthly, 2017(19):67-74.
[16] Xiang Xiyao,Pei Yunlong. The Effect of Social Proximity on innovation Performance of Cluster Enterprises in Non-Local Contexts: The Regulatory Effect of Technology Proximity[J].Management Review,2020,32(02):139-150.
[17] Xu Lin,Guo Ying,Zhang Ping. An Empirical Study on Female Executives, Corporate Social Responsibility and Corporate Performance: A Case Study of Cultural Media Listed Companies[J].Friends of Accounting, 2020(10):50-55.
[18] Xu Guanghua,Huang Yanan. Influencing Corporate Performance, Corporate Reputation and Usefulness of Decision-making: A Review of Research on the Effect of Social Responsibility Information Disclosure[J].Friends of Accounting, 2014(11):8-12.
[19] Yu Junyu. Financing Constraints, Institutional Investor Shareholding and Corporate Value[J].Modern Business, 2021(27).
[20] Xu Mingyu,Liu Cancan,Hu Yixiang,Yue Xiukui. An Empirical Study on the Impact of ESG Performance on Corporate Value of Listed Companies: A Case Study of A-share Listed Companies[J].China Asset Appraisal, 2021(07):27-37.
[21] Yao Qiaoxi. Analysis of the relationship between CSR and financial performance from the perspective of stakeholders[J].Friends of Accounting, 2017(19):93-98.
[22] Impact of Financial Sustainability on Enterprise Value Expansion. [J]International Journal of Engineering and Advanced Technology Volume 9, Issue 1. 2019. PP 4640-4645.
[23] Bai Yang; Chuan Lin; Chenglin Ren. Internationalization strategy, social responsibility pressure and enterprise value.[J]Soft Computing Volume 24, Issue 4. 2020. PP 2487-2494.
[24] Xianjun Gao. Corporate Social Responsibility. Internal Control and Enterprise Value—Based on the Chinese Stock Market. [J]Open Journal of Social Sciences Volume 7, Issue 7. 2019. PP 30-49.
[25] Atanas Sixpence; Olufemi P. Adeyeye; Rajendra Rajaram. Impact of tangible book value and operating earnings on firm value variants in South Africa. Journal of Economic and Financial Sciences Volume 14, Issue 1. 2021. PP e1-e11.
[26] Anthony C. Bucaro and Kevin E. Jackson and Jeremy B. Lill. The Influence of Corporate Social Responsibility Measures on Investors' Judgments when Integrated in a Financial Report versus Presented in a Separate Report[J]. Contemporary Accounting Research, 2020, 37(2): 665-695.
Copyright © 2022 Yiding Jia, Yinghua Tian
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License