Social Responsibility,Media Attention And Total Factor Productivity Of Resource-Based Enterprises

Our economy has moved from a phase of rapid growth to a phase of high-quality development,and Total factor productivity has become the new driving force for economic growth.This paper mainly uses literature analysis,empirical research and comparative analysis to explore whether social responsibility can promote the total factor productivity of resource-based enterprises.On the basis of combing related literature and theories of social responsibility and total factor productivity,integrating social responsibility,media attention and total factor productivity into a unified analytical framework.This paper focuses on the influence of social responsibility on the total factor productivity of resource-based enterprises,analyzes its internal transmission mechanism and heterogeneity,and tries to provide valuable references for resource-based enterprises to correctly understand social responsibility,properly utilize the magnifying effect of media attention and improve the total factor productivity,so as to further enrich the related research on social responsibility and total factor productivity.The main research contents and conclusions are as follows:Firstly,set out the relevant theory,then it summarizes the domestic and foreign research results from the following five aspects: the factors affecting CSR,the economic consequences of CSR,the Total factor productivity factors,the effect of media attention,and the relationship between CSR and Total factor productivity,which provides theoretical and literature basis for this study.The comprehensive analysis shows that the economic consequences of social responsibility have been developed in many fields,but the research of social responsibility on total factor productivity is relatively few,especially the further analysis of the transmission mechanism of the two is rarer.Therefore,this paper analyzes the effects of social responsibility on total factor productivity and its internal transmission mechanism,and puts forward relevant research hypotheses.Secondly,under the theoretical analysis framework of social responsibility and total factor productivity,the empirical model of the relationship between social responsibility and enterprise total factor productivity and the mediating effect model of media attention are constructed.Based on the data of resource-based listed companies from 2010 to 2020,this paper empirically examines the impact of social responsibility on total factor productivity of resource-based enterprises and the mediating effect of media attention from a micro perspective.The empirical results show that: the fulfillment level of social responsibility can promote the improvement of total factor productivity of resource-based enterprises;Media attention plays an intermediary role in the relationship between social responsibility and total factor productivity of resource-based enterprises.That is,the fulfillment of social responsibility can attract more media attention and promote Total factor productivity.In addition,the robustness of the empirical results was tested by changing the measure method of explained variables and dealing with the endogenous problem of the model.The results showed that the positive and negative and significance levels of the regression coefficients were basically unchanged,the conclusion has good robustness.Thirdly,further explore whether there is heterogeneity in the impact of social responsibility on the Total factor productivity of resource-based enterprises in terms of the nature of property rights,scale,and the front and back ends of the industrial chain.The results show that non-state-owned resource-based enterprises can obtain higher marginal income by fulfilling their social responsibilities,so the positive effect on total factor productivity is more obvious.Compared with large-scale enterprises,small-scale resource-based enterprises are less constrained and their social responsibility increases the chances of obtaining resource advantages,which in turn promotes total factor productivity.Compared with the front end of the industrial chain,the enterprises at the back end of the industrial chain have less pressure on the ecological environment and are easy to realize product technology upgrading through innovation,so they have a more significant promoting effect on the total factor productivity.The comprehensive research results show that the fulfillment of social responsibility can effectively promote the improvement of total factor productivity of resource-based enterprises,which is more powerful in non-state-owned,small-scale and resource-based enterprises at the back end of the industrial chain.The improvement of media attention is an important way for social responsibility to promote the level of total factor productivity of resource-based enterprises.Based on the research results,some suggestions are put forward from the aspects that the government should strengthen the supervision and management of corporate social responsibility and enterprises should pay more attention to social responsibility.