Empirical Research On The Relationship Between Corporate Social Responsibility,Public Pressure And Financial Performance

Companies are the main engine and micro carrier of economic development,however,most companies one-sided pursuit of profit maximization as the goal and ignore the responsibility of other stakeholders,lead to a series of social problems,such as product quality,production safety,labor rights,etc.At the same time,the Chinese government is also issued a series of regulations and guidance require enterprises to actively fulfill the responsibility.In recent years,corporate social responsibility has become an important topic for theorists,one of the core of the argument is interaction between corporate social responsibility and financial performance,which has not yet formed a unified conclusion.Therefore,research the relationship between corporate social responsibility and financial performance is of important theoretical and realistic significance.Firstly,this paper combs the research results at home and abroad and propose some hypothesis,sort out the connection between corporate performance and responsibility and how they work,then analyze the regulating effect of public pressure and put forward the research hypotheses.Secondly,this paper takes the financial data of 1207 companies listed in Shanghai and Shezhen A shares as the samples from 2012 to 2016,select indicators based on stakeholder theory,and analyze using the fixed-effect model regression method.Finally,we combine the actual situation of enterprise management,and put forward the corresponding policy.The conclusion of the research shows that there is a significant interaction between corporate social responsibility and financial performance,the positive performance of social responsibility is conducive to the improvement of corporate financial performance,while good corporate performance promotes the enterprise to fulfill social responsibility better.Secondly,the relationship between corporate social responsibility and financial performance has significant hysteresis.Thirdly,the pressure of government plays an important role in promoting the effect of social responsibility on financial performance,however,it has no significant promotion or attenuation of the effect of financial performance on corporate performance.Next,industry competitive pressure has a positive regulating effect in the relationship between corporate social responsibility and financial performance.Finally,public opinion supervision pressure has a positive regulating effect in the relationship between corporate social responsibility and financial performance.