Institutional blockholder, exit threats, and firms CSR performance

Xingzi Ren, Zelin Xu and Chengyao Lei

International Review of Economics & Finance, 2025, vol. 98, issue C

Abstract: This research examines the role of blockholders in shaping corporate social responsibility (CSR) practices within A-share listed companies in China over the period of 2006–2019. Our analysis reveals that non-financial blockholders significantly promote CSR initiatives, while the influence of financial blockholders appears negligible. The study also uncovers the pivotal role of stock liquidity as a moderator in the dynamic between blockholders and CSR, suggesting that the exit threat is provital mechanism through which non-financial blockholders exert their influence on CSR activities. These findings are robust, having addressed potential endogeneity issues through a series of rigorous methodologies including the examination of exogenous shocks, the application of the Propensity Score Matching-Difference in Differences (PSM-DID) model, deployment of multi-dimensional fixed effects models, and Change Regression analysis.

Keywords: Corporate social responsibility; Blockholder; Exit threats (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:98:y:2025:i:c:s1059056025000954

DOI: 10.1016/j.iref.2025.103932

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