How Does Transportation Infrastructure Improve Corporate Social Responsibility? Evidence from High-Speed Railway Openings in China

Lei Zheng, Xuemeng Guo and Libin Zhao
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Lei Zheng: School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China
Xuemeng Guo: School of Economics and Management, Beijing Jiaotong University, Beijing 100044, China
Libin Zhao: Accounting College, Wuhan Textile University, Wuhan 430077, China

Sustainability, 2021, vol. 13, issue 11, 1-23

Abstract: The socioeconomic impacts of infrastructure investment are worth examining in both academic and practical areas. Regarding Chinese high-speed railway construction, the existing literature mainly focuses on the macro-economic level consequences of high-speed railway openings, leaving the micro-economic level impacts commonly untested. Using archival data of Chinese listed companies from 2009 to 2018 and the difference-in-difference (DID) approach, this paper examines the influential effect of Chinese high-speed railway openings on corporate social responsibility (CSR) performance. Empirical results show that high-speed railway openings can significantly improve Chinese listed companies’ CSR performance, and this positive effect is more salient when companies are experiencing lower information transparency. Mediating effect tests illustrate that the increased investor site visits caused by high-speed railway openings are one internal mechanism behind the main connection. Overall, from a micro-level perspective, this article provides additional evidence on the socioeconomic impact of transportation infrastructure investments.

Keywords: geographic proximity; high-speed railway openings; corporate social responsibility performance; information efficiency; investor site visit (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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