The Influence Of Ownership Concentration On Corporate Social Responsibility

The main research content of this paper is the factors affecting CSR level.Among many factors,the paper focuses on the influence of equity concentration on CSR.First,the paper analyzes the specific relationship between equity concentration and two principal agency problems.Based on the deduction of correlation theory,this paper puts forward the core hypothesis:equity concentration is a nonlinear inverted U-shaped influence on CSR.Then,so as to investigate the specific impact of equity concentration on CSR,the the GMM estimation method of dynamic panel system is used to establish a benchmark regression model based on the data of A-share listed companies in China from 2010 to 2020.In order to carry on the deep research,this paper also carries on the heterogeneity analysis from the shareholder type,the property right nature and the regional location three angles.At the level of shareholder type,this paper mainly examines the heterogeneity of CSR between institutional and management ownership,and then constructs a new dynamic panel data model based on the benchmark regression model for empirical analysis.In order to investigate whether the influence of equity concentration on CSR is heterogeneous depending on property property nature and geographic location,we performed a subsample regression and integrated correlation image analysis of the baseline regression model.After a series of empirical analysis,this paper finally establishes the following research conclusions:(1)the concentration of equity and CSR overall inverted U-shaped relationship,the concentration of equity through high or low is not conducive to CSR performance.Among them,the best share of the top five shareholders is around 40%-44%,the best share of the top three shareholders is around 55%-56%,the best share of the top five shareholders is around 56%-57%,and the best share of the top 10 shareholders is around 57%-58%.(2)Equity concentration has a stronger CSR impact on non-SOEs and eastern companies than on SOEs and Midwest companies.(3)The higher the institutional investor’s share,the higher the CSR of the enterprise;And the higher the management share,the lower the CSR.In order to improve the performance of CSR,a series of policy suggestions are put forward for reference.Firstly,enterprises should implement the concept of sustainable development and incorporate CSR into long-term strategic planning.Secondly,enterprises should not only set up a business ethics concept with CSR as its core,but also establish a standard and sound CSR management system.Thirdly,the government should construct a systematic CSR legal system to provide a good institutional environment for enterprises to improve their CSR level.Finally,the government should vigorously revitalize our outstanding traditional culture and combine it with the contemporary sustainable development view to bring into play the edifying role of social culture.