Statistical Study On The Relationship Between Corporate Social Responsibility And Corporate Growth

With the advancement of global economic integration and the internationalization of corporate management,social wealth has grown exponentially.The cost of rapid economic and social development is the extensive consumption of natural resources,the extinction of the ecological environment,the unbalanced development of regional economies,and the polarization of information networks.In this background,corporate social responsibility(CSR),as a social trend of thought and movement,has swept the globe and attracted more and more attention from countries,economies and social organizations.It also has an important impact on the sustained growth of Chinese enterprises.The Blue Book of Corporate Social Responsibility pointed out that China’s corporate social responsibility has achieved leapfrog development since 2006.Valuable experience and achievements in the management,practice and spread of corporate social responsibility have been obtained,but the overall corporate social responsibility in China is still in its infancy.Despite the continuous development and improvement of corporate social responsibility in China,the growth rate has declined.Some enterprises,including managers,link corporate social responsibility investment with the short-term performance of enterprise.When the shortterm return is not as good as expected,or when there is no return,they think the investment of corporate social responsibility will only increase operating costs and affect profit creation,so they give up or refuse to fulfill their social responsibility.However,some scholars point out that taking due social responsibility is the guarantee of sustainable and healthy development of enterprises.Improving corporate social responsibility consciousness is not only conducive to establishing a good social image,winning the trust of consumers,enhancing the core competitiveness of enterprises,but also can obtain more potential benefits and promote the standardized development of enterprises.In this context,exploring the path and influence relationship between corporate social responsibility and growth in China can not only guide enterprises to fulfill their social responsibility and achieve sustainable growth,but also have far-reaching significance for the construction of a harmonious society.By constructing the conceptual model of corporate social responsibility and enterprise growth,this paper defines their meaning and analyzes the role of corporate social responsibility in the chain of traditional value and the value network of the new economic era,reveals the relationship between corporate social responsibility and corporate growth,and uses the conceptual model to analyze the development of enterprises,as well as the impact of social responsibility on corporate growth in different scales,different property rights,different listing times,different industries and different regions.On the one hand,it enriches the theory and empirical research results of corporate social responsibility and corporate growth;on the other hand,it also provides practical guidance for the implementation of corporate social responsibility and the growth of enterprises.The main research and achievements of this paper are as follows:First,the conceptual model of corporate social responsibility and corporate growth.Based on the analysis of stakeholder theory,social contract theory,resource dependence theory,enterprise growth theory and sustainable development theory,this paper puts forward that one the one hand,whether in the transmission of traditional enterprise value chain or in the formation of enterprise value network of the new economic era,enterprises,as aggregates of social capital,actively take social responsibility,obtain profits from the tangible capital and intangible capital provided by stakeholders,and enhance the growth of enterprises by meeting the needs of stakeholders.On the other hand,the sustained growth of enterprises makes them willing and able to invest in social responsibility,better meet the needs of stakeholders,and form a virtuous interactive cycle.By analyzing the mechanism of the two,the conceptual model of corporate social responsibility and corporate growth is constructed,which provides the basic theoretical framework for the empirical research in this paper.Second,analysis on the difference of Corporate Social Responsibility.The difference in the undertaking of CSR leads to the difference in the growth of enterprises.Based on the stakeholder theory,this paper chooses relevant indicators from seven aspects of shareholders,creditors,suppliers,consumers,employees,government and society to conduct descriptive statistical analysis and difference test on corporate social responsibility of listed companies of different nature,different listing time,different industries and different regions.Then,factor analysis method is used to evaluate comprehensively the performance of corporate social responsibility of listed companies,which provides data support for subsequent chapters.The research finds that significant differences of CSR among A-share enterprises of different ownership,different listing time,different industries and different regions.Stateowned enterprises bear more corporate social responsibility than non-state-owned enterprises,older enterprises with longer listing time have stronger sense of social responsibility but the average performance of corporate social responsibility with shorter time to market is better.Manufacturing enterprises bear more corporate social responsibility;coastal areas are economically developed,where the enterprises have a strong sense of social responsibility and a high enthusiasm to undertake social responsibility.Third,path analysis on the function and relationship between CSR and corporate growth.In order to investigate the relationship between corporate social responsibility and corporate growth,this paper makes an empirical analysis of the relation path from the dimensions of space and time.From the spatial dimension,the structural equation model is used to compare and analyze the three models of CSR to corporate growth,corporate growth to CSR and CSR vs corporate growth.In time dimension,the autoregressive cross-lag model is used to analyze the autoregressive,antecedent,consequence and interaction models.The analysis of the two dimensions of makes the conclusion more reliable.The results of cross-section path analysis model show that the relationship between corporate social responsibility and corporate growth is 0.60,and the coefficient of the three types of model is the largest.It indicates that corporate social responsibility has the greatest impact on the growth of the enterprise,and the relationship is significant.The corporate growth to corporate social responsibility,and the path coefficient of the mutual influence are smaller and insignificant.The longitudinal path study shows that corporate social responsibility is a predictive variable of corporate growth.Corporate social responsibility in the current year has a positive impact on the growth of the current year and the next year,and the intertemporal predictive effect remains unchanged.However,corporate growth is not a predictive variable of corporate social responsibility.Fourth,analysis of the dynamic impact of CSR on the growth curve of enterprises.Enterprise growth is a dynamic process,and there are significant differences in group heterogeneity over time.This paper first discusses the changing of enterprises growth curve by dividing the growth curve into different potential categories with the mixed growth model(GMM),and then takes the classification results of potential categories as dependent variables,and introduces the covariates of corporate social responsibility and enterprise scale as predictive variables,establishes a multivariate logistic regression model to analyze the dynamic impact of CSR on the growth of enterprises.The research finds three distinct categories in the growth curve of enterprises: slow growth,slow decline and recession,and high-speed growth.About 81.4% of the sample is in the "slow decline and recession" group,which shows the growth of Listed Companies in China is not optimistic.With the "slow decline and recession" group as the reference group,the positive impact of CSR and enterprise size on the rapid growth is more significant;nature of the enterprise,corporate age and industry characteristics have a significantly higher impact on the slow rising group than in the rapid growth group;the impact of the region on the rapid growth group is higher than that of the slow rising group,but the difference effect is not significant.Fifth,propsensity matching analysis(PSM)of the tendency value of CSR on corporate growth.In order to eliminate the influence of heterogeneous factors on corporate social responsibility,this paper uses PSM to evaluate the factors such as industry,listing time,nature of the enterprise and scale of the enterprise,so as to realize the matching under similar conditions and to separate the impact of corporate social responsibility on corporate growth,and attribute the difference of corporate growth only to different performance of CSR,rather than other variables such as enterprise scale,property right and so on.This not only provides a direct basis for the study of differences in corporate growth,but also provides effective guidance for the formulation of differentiated corporate social responsibility.It is found that the impact of corporate social responsibility on corporate growth has a lag effect.Compared with the control group,there was no significant difference in the growth of the treatment group in the first and second year,but in the third and fourth year,the growth of the treatment group was significantly higher than that of the matched control group.The major innovation of this paper is as follows: firstly,the conceptual model of corporate social responsibility and corporate growth is constructed which make up for the lack of theoretical support in existing research.Secondly,comparatively analyze the differences in corporate social responsibility commitments and enrich existing research results.Thirdly,the causal relationship between corporate social responsibility and corporate growth is verified from two dimensions of time and space which make the conclusions are more reliable.Fourthly,the mixed growth model is built to better explain the dynamic effects of corporate social responsibility on business growth.Fifth,calculating the net effect of corporate social responsibility on business growth which is more practical.In short,based on the theory of corporate social responsibility and corporate growth,this paper comprehensively analyses the impact of social responsibility performance on corporate growth,and provides some practical guidance for corporate social responsibility performance and corporate growth and development.