State‐owned capital and corporate social responsibility of private‐holding companies: evidence from China

Tao Zhang, Lishi Gu and Jenny Jing Wang

Accounting and Finance, 2023, vol. 63, issue S1, 1101-1120

Abstract: The undertaking of corporate social responsibility (CSR) has become a topic of widespread concern in society. Utilising a sample of 9872 private‐holding companies listed on the Shanghai and Shenzhen securities markets from 2009 to 2019, this study examines the impact of state‐owned capital on CSR activities. We find that CSR is enhanced when the proportion of state‐owned capital in a private‐holding listed company exceeds 5 percent. The appointment of directors, supervisors, and senior management by state‐owned shareholders, and the participation of state‐owned investment in company operation further promote the fulfilment of CSR in private‐holding listed companies. This research not only enriches the literature on the economic consequences of state‐owned equity holdings in private companies, but also provides empirical evidence regarding the outcomes of improvement of corporate governance mechanisms.

Date: 2023
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