Impact of ownership structure on corporate social responsibility investment: The mediating role of analyst coverage

Tianjing Liu and Yongjun Sun

Finance Research Letters, 2025, vol. 78, issue C

Abstract: This research investigates the impact of ownership structure on corporate social responsibility (CSR) investment using data from A - share listed companies in China from 2012 to 2020. The research explores the relationship between shareholder structure and CSR investment, and the mediating role of analyst coverage. The results indicate that ownership structure significantly influences CSR investment, with ownership concentration and checks and balances positively correlated with CSR. The research also finds that analyst coverage mediates the relationship between ownership structure and CSR investment. Specifically, state - owned enterprises (SOEs) exhibit higher CSR investments compared to non - SOEs, and the shareholding structure of SOEs has a more pronounced impact on CSR investment. The findings suggest that enhancing ownership concentration and balance can effectively improve CSR value. The research concludes that a balanced equity structure and increased analyst coverage promote CSR investment, contributing to sustainable corporate development. The results have implications for policymakers, suggesting that refining shareholding structures to emphasize concentration and balance can better align corporate strategies with social responsibilities, fostering harmonious advancement of financial, community, and ecological interests.

Keywords: Shareholder structure; Analyst coverage; Corporate social responsibility; Ownership; Corporate governance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325003149

DOI: 10.1016/j.frl.2025.107050

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