On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China

Gong, Gwo‐Ching; Xu, Shaofeng; Gong, Xun

doi:10.1007/s10551-016-3193-8

Cited by 138 publications

(116 citation statements)

References 70 publications

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“…Table 3 Panel A shows the descriptive statistics for the variables. The values of proactive and reactive CSR range from 0 to 5, and the median values of proactive CSR and reactive CSR are less than their mean value, which indicates that in China, firms' efforts towards CSR, especially proactive CSR, are still limited [69]. According to Panel A and B, the mean and median values of reactive CSR are higher than those of proactive CSR, indicating that on average, firms invest more in reactive CSR than in proactive CSR.…”

Section: Model Specificationmentioning

confidence: 97%

“…We collected patent data as a measurement of innovation from the Derwent World Patents Index (DWPI, the most comprehensive patent database). Following prior research [34,68,69], we use marketization index collected from the Marketization of China's Provinces: NERI Report 2018 as a proxy for government support. Following prior studies [70,71], we measured social support based on the China Core Newspapers Full-Text Database, which is one of the largest Chinese news databases, including more than 500 national and local newspapers.…”

Section: Sample and Datamentioning

confidence: 99%

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The Impact of Corporate Social Responsibility on Firms’ Innovation in China: The Role of Institutional Support

Zhou

et al. 2019

Sustainability

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Corporate Social Responsibility (CSR) literature in developed countries indicates that there are two types of CSR (i.e., proactive CSR and reactive CSR), and only the proactive one can boost innovation. However, recent studies from emerging economies such as China show that both types of CSR can enhance innovation. Such inconsistent results may be created by, on the one hand, the heterogeneity of innovation types, and on the other hand, the heterogeneity of mechanisms though which CSR impacts innovation in different countries. Accordingly, this paper theoretically explores the impacts of two types of CSR (i.e., proactive CSR and reactive CSR) on two of innovation types (exploratory innovation and exploitative innovation). This paper further reveals the mechanisms through which CSR impacts innovation in China by investigating the moderating role of institutional support (i.e., government support and social support) on the relationship between CSR and innovation. Using a panel dataset (2008–2016) of 286 Chinese public listed firms from research and development (R&D)-intensive industries (e.g., information technology, pharmaceutical and biological products; and chemicals, etc.), our findings show that: (1) proactive CSR promotes exploratory innovation; (2) reactive CSR promotes exploitative innovation; (3) government support strengthen the relationship between proactive CSR and exploratory innovation as well as the relationship between reactive CSR and exploitative innovation; (4) social support weaken the relationship between proactive CSR and exploratory innovation. This paper enriches our understanding on the relationship between CSR and innovation, and provides implications for practitioners and policymakers.

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Section: Model Specificationmentioning

confidence: 97%

Section: Sample and Datamentioning

confidence: 99%

The Impact of Corporate Social Responsibility on Firms’ Innovation in China: The Role of Institutional Support

Zhou

et al. 2019

Sustainability

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“…Thus, when considering the specific context of CEO succession, CEO successors are motivated to initiate impression management by relying on CSR shortly after taking office in pursuit of public attention and social support from diverse shareholders, which is helpful to secure new leaders' newly‐acquired leadership positions. Particularly, in such an emerging economy as China, CSR activity has just become a hotspot which tends to easily draw public attention and be applauded by authorities at all levels (Gong, Xu, & Gong, ), which serves as a good way for a CEO successor to establish a positive image shortly after succession. Furthermore, public attention and support from diverse stakeholders caused by CEO successors' engagement in CSR activities would affect boards' evaluation of CEO capability, thus reducing the likelihood of CEO successors' early dismissal.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

“…Particularly, in such an emerging economy as China, CSR activity has just become a hotspot which tends to easily draw public attention and be applauded by authorities at all levels (Gong, Xu, & Gong, 2018), which serves as a good way for a CEO successor to establish a positive image shortly after succession. Furthermore, public attention and support from diverse stakeholders caused by CEO successors' engagement in CSR activities would affect boards' evaluation of CEO capability, thus reducing the likelihood of CEO successors' early dismissal.…”

Section: Ceo Succession and Csrmentioning

confidence: 99%

Impression management against early dismissal? CEO succession and corporate social responsibility

Liu

2019

Corp Soc Responsibility Env

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This study builds on insights from both upper echelons theory and agency perspective to examine the effect on corporate social responsibility (CSR) performance of CEO succession. Drawing on prior literature on impression management and analyzing the CEO selection process, we argue that CEO successors are motivated to improve CSR performance as a tactic of impression management in the CEO succession context in the hope of securing their leadership against the early dismissal. Additionally, we explore the moderating effect of CEO characteristics, specifically age and origin, on the relationship between CEO succession and CSR. Based on a sample of 3360 firm‐year data in 736 Chinese listed companies from the period of 2008–2016, we find that CEO succession has a positive effect on post‐succession CSR and CEO age enhances the effect while CEO outside origin weakens this effect.

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“…CSR statements supplement the information with regard to stakeholders in order to improve firms' transparency. Gong et al (2016) suggest that firms with CSR are able to enjoy a relatively low interest rate when they issue bonds [7]. Yang et al (2017) also find that CSR statements can lower information asymmetry between firms and creditors, so that firms with CSR can maintain higher leverage, and lower the speed of leverage adjustment when their leverage is above the target leverage [8].…”

Section: Introductionmentioning

confidence: 99%

Do Peer Firms Affect Firm Corporate Social Responsibility?

Yang

Zhu

2017

Sustainability

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Peer-firm strategies are a critical factor for corporate finance, and corporate social responsibility (CSR) is the main trend for evaluating the behavior of firms. On the basis of the connection between peer strategy and CSR, this paper explores the CSR strategies employed by a sample of Chinese firms during the 2008-2015 period. Our two main empirical findings are as follows. First, the CSR strategies of firms have a positive effect on their CSR behavior. Second, when there is the CSR gap between firms and peer firms, firms will feel the pressure from stakeholders and the public and improve the level of CSR performance. Our paper enriches empirical research on the CSR behavior of Chinese firms.

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On the Value of Corporate Social Responsibility Disclosure: An Empirical Investigation of Corporate Bond Issues in China

Cited by 138 publications

References 70 publications

The Impact of Corporate Social Responsibility on Firms’ Innovation in China: The Role of Institutional Support

The Impact of Corporate Social Responsibility on Firms’ Innovation in China: The Role of Institutional Support

Impression management against early dismissal? CEO succession and corporate social responsibility

Do Peer Firms Affect Firm Corporate Social Responsibility?

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