The Impact Of Local Carbon Emissions On CSR Performance

For a long time,China’s rapid economic development has been based on extensive economic growth model with high energy consumption and high pollution.Economic growth at the cost of ecological destruction has caused huge damage to people’s life and property safety.China has also started a vigorous carbon emission reduction cause.Enterprises are the major contributors to carbon emissions,and the successful implementation of regional carbon emission reduction policies depends on the efforts of enterprises.Therefore,it is very necessary to study the relationship between the fulfillment of corporate social responsibility and the local carbon emissions of enterprises.According to the existing literature,relevant studies on carbon emissions mainly focus on the influencing factors of carbon emissions and the relationship between carbon emissions and macroeconomic indicators.Research on corporate social responsibility mainly focuses on influencing factors and the impact of CSR fulfillment on corporate long-term and short-term performance.Obviously,enterprises can reduce the carbon emissions of enterprises and the local region to a certain extent by fulfilling their social responsibilities,but will the carbon emissions of the local region affect the fulfillment of corporate social responsibilities in turn? At present,there is no relevant literature to study this problem.In order to fill this gap,from the perspective of "carbon risk",this paper analyzes whether the senior management will choose to strengthen the performance of corporate social responsibility in order to balance the inner guilt when the local carbon emissions increase,or reduce the input of social responsibility from the perspective of reducing the uncertainty caused by "carbon risk".Considering that existing studies have found that CSR behavior is sensitive to such factors as information asymmetry,financial strength and current financial performance of financing ability,this paper further explores the possible regulating effects of the first type of agency problem,urban financial development level and asset-liability ratio on the relationship between them.Based on the above assumptions,this paper first proposed a hypothesis on the relationship between the carbon emissions of the location of the enterprise and the fulfillment of corporate social responsibility,and further made an analysis hypothesis on the moderating variables affecting the relationship between the two based on relevant theories and influence paths,and proposed a theoretical model based on various assumptions.This paper selects the scores of the "Runling Global" social responsibility reports of A-share non-ST and non-financial listed companies in the past 13-18 years,and matches the carbon emissions of the company’s offices with those of 137 prefecture-level cities in China in the past 13-18 years.By referring to previous academic documents related to the topic of this paper,the variables and research methods consistent with the research content of this paper are obtained.After excluding the possibility of multicollinearity of variables,a regression analysis of fixed effect model was established to test the relationship between the carbon emissions of the location of the enterprise and the performance of corporate social responsibility.Then,three cross items were added respectively to study the regulating effects of variables.Finally,the rationality of the hypothesis and model was further proved through robustness test,endogeneity test and heterogeneity analysis.The whole analysis process is rigorous and meticulous,which better realizes the research purpose of the paper.Through the research in this paper,it is found that(1)the carbon emissions of the location of enterprises are significantly negatively correlated with the performance of corporate social responsibility.(2)The management expense ratio positively regulates the relationship between the two.(3)The relationship between the negative adjustment of the asset-liability ratio is reversed.(4)The financial development level of the location of the enterprise and the second type of agency problem have no significant impact on the relationship between the two.The above conclusion is a further supplement to the research in the field of corporate social responsibility,and the impact of carbon emissions on corporate social responsibility behavior from the perspective of regional economy can make policy suggestions to achieve the high-quality development of China’s economy.