Research On The Promotion Path Of Construction Enterprises’ Financial Performance Based On The Perspective Of Social Responsibility

In recent years,the increasing strength of Chinese construction enterprises has provided a strong competitive advantage for the improvement of their financial performance(CFP).However,construction enterprises are facing the negative impact caused by the lack of "soft power" of corporate social responsibility(CSR)while continuously enhancing the "hard power" of capital and technology.To promote the coordinated development of "hard power" and "soft power" of construction enterprises,and ensure the efficient implementation of CSR on the premise of promoting CFP,it is necessary to analyze the influencing factors of construction enterprises’ financial performance from the perspective of CSR and construct an effective promotion path.Based on the perspective of social responsibility,multiple regression analysis is used to identify the significant impact of corporate social responsibility on corporate financial performance from different dimensions of shareholders,employees,supply chain,environment and society.The results show that fulfilling shareholder-related CSR brings "capital advantage" for financial performance,while fulfilling employees-related CSR and environment-related CSR brings talent effect and reputation effect for financial performance.Besides,society-related CSR is easy to make construction enterprises fall into the situation of "hypocrisy".On this foundation,corporate internationalization regulates the relationship between CSR and CFP and affects CFP directly.Specifically,corporate internationalization weakens the positive effect of the shareholder-related CSR on CFP,and significantly enhances the positive effect of the employee-related CSR and the environment-related CSR on CFP.It even converts the negative effect of society-related CSR on CFP into a positive effect.Then,the fuzzy set qualitative comparative analysis(fs QCA)method is further used to explore the collaborative nature of different dimensions of CSR.The linkage effect and path selection of social responsibility(i.e.shareholders,employees,supply chain,environment and community on the improvement of construction firms’ financial performance were explored.To construct the improvement path of construction enterprises’ financial performance based on the perspective of CSR in the international context(external dominant type,internal over the external type,external over the internal type,and internal and external type).And different dimensions of CSR all can improve the financial performance of construction enterprises.The results of this study are conducive for construction enterprises to understand the nature of corporate social responsibility in different dimensions and the synergy between them more comprehensively.Moreover,it can also improve the construction enterprises’ resource allocation efficiency in international competition.And it provides effective guidance for construction enterprises to formulate CSR strategies and promote corporate financial performance,and provide a theoretical basis to realize the "virtuous circle" of social responsibility and financial performance for construction enterprises.