Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China

Tanveer Ahsan, Bakr Al-Gamrh and Sultan Sikandar Mirza
Additional contact information
Tanveer Ahsan: ESC [Rennes] - ESC Rennes School of Business
Sultan Sikandar Mirza: Waikato Management School - Waikato University

Post-Print from HAL

Abstract: Using a large panel dataset of 861 listed Chinese firms, the present study investigates whether corporate social responsibility (CSR) affects firm-value. It examines the influence of five CSR dimensions on firm-value. Then, it pinpoints the moderating impact of industry-sensitivity and power concentration of the CEO. In contrast to developed economy's evidence, the results show an overall negative impact of CSR on firm-value. Looking closer at the dimensions separately, we find a negative impact of most of the CSR dimensions and a positive impact of some other CSR dimensions on firm-value. However, we observe that CSR enhances the value of firms operating in sensitive industries. Similarly, we find that a powerful CEO can also create firm-value through CSR by aligning CSR practices with the firms' objectives. Our results are sufficiently rigorous to alternate proxies of CSR.

Keywords: Firm value; CEOs power; corporate social responsibility; China; shareholder theory (search for similar items in EconPapers)
Date: 2022-04-03
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Published in Applied Economics, 2022, 54 (16), pp.1844-1863. ⟨10.1080/00036846.2021.1983136⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03602957

DOI: 10.1080/00036846.2021.1983136

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().