Are companies financially superior more willing to comply with social obligations? A perspective based on the heterogeneity of the listed pharmaceutical enterprises in China

Abstract

Reports of social responsibilities of listed pharmaceutical enterprises in China from 2014 to 2018 were selected as examples to analyze the impact of financial performance on CSR undertaken by listed pharmaceutical enterprises under the background of enterprise heterogeneity. For enterprises that display homogeneity, listed pharmaceutical enterprises richer in money have a nonlinear relationship compared against social responsibilities; in contrast, for enterprise proprietorship demonstrating heterogeneity, state‐owned listed pharmaceutical enterprises (SOEs) better in financial performance are more willing to undertake CSR, while among non‐state‐owned companies (non‐SOEs), financial performance shows an inverted “U” nonlinear relationship with CSR.