Does venture capital improve corporate social responsibility performance?

Ronghua Luo, Baofang Zhao, Chunjia Han and Sen Wang

International Review of Economics & Finance, 2023, vol. 88, issue C, 1138-1150

Abstract: In recent years, market agents have paid more attention to firm-level sustainable developments, but the economic effects of venture capital on corporate social responsibility (CSR) performance are not clear. We empirically investigated this issue using data from Chinese nonfinancial A-share listed firms between 2010 and 2019. We found that venture capital participation may reduce the CSR performance of portfolio companies (e.g., SMEs), and the quality of internal control (ICQ) is an effective mechanism for venture capital to affect CSR performance. We offer new insights into the relationship between venture capital and CSR in emerging markets.

Keywords: Venture capital; Corporate social responsibility (CSR); Agency theory; Imprinting theory; Internal control quality (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:88:y:2023:i:c:p:1138-1150

DOI: 10.1016/j.iref.2023.07.070

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