Corporate social responsibility, product market competition, and product market performance

被引：28
|
作者：
Wu Han
Yu Zhuangxiong
Li Jie [1 ]
机构：
[1] Jinan Univ, Inst Ind Econ, Guangzhou 510632, Guangdong, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2018年 / 56卷
关键词：
Corporate social responsibility; Product market competition; Product market performance; EARNINGS MANAGEMENT; LARGE SHAREHOLDERS; FIRM PERFORMANCE; DISCLOSURE; GOVERNANCE; REPUTATION; COST; CSR;
D O I：
10.1016/j.iref.2018.03.019
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using the data of Chinese listed firms from 2008 to 2014, we explore how product market corn petition affects the impact of corporate social responsibility (CSR) on firms' product market per formance and the underlying mechanism. We document that CSR significantly decreases firms' product market performance only in noncompetitive industries, and the evidence is significant only for non-state-owned firms, primarily through the channel of weaker debt financing capability. Better corporate governance can effectively alleviate the negative impact of CSR on firms' product market performance in noncompetitive industries.
引用
收藏
页码：75 / 91
页数：17
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