The Peer Effect Of CSR And Its Financial Consequences

Promoting enterprises to fulfill social responsibilities is the efficiency way to improve the international reputation of Made in China and build China’s soft power.In recent years,the performance of corporate social responsibility in China has begun to show obvious characteristics of regional and industrial agglomeration,and the peer effect of corporate social responsibility has gradually become a new perspective to understand the corporate social responsibility.It is a new and important subject to explore the new characteristics of corporate performance behavior and its financial consequences.The first part of this paper introduces the research background,significance,main contents,and specific methods.In the second part,the literatures on corporate social responsibility,peer effect and peer effect of corporate social responsibility is reviewed,and the main concepts in this study and the theories employed are also discussed.The third and fourth part based on the theoretical analysis,gives the research hypothesis and research design,respectively.In the fifth part,based on the data of Shanghai and Shenzhen A-share listed companies from 2008 to 2018 from the perspectives of regional and industrial,the spatial panel model and IV-two stage least squares regression are employed to identify the existence of corporate social responsibility regional and industrial peer effects,respectively;the mechanisms of corporate social responsibility regional and industrial peer effects are analyzed;based on the perspectives of traditional income and uncertainty symmetrical risk and private income,the possible financial consequences caused by two kinds of social responsibility peer effects are explored.The sixth part gives the relevant policy recommendations on the conclusions and looks forward to the research directions in the future.The results show that: there are significant regional and industrial peer effects in the corporate social responsibility of Shanghai and Shenzhen A-share listed companies from2008 to 2018.More in-depth research shows that learning imitation is the main mechanism of corporate social responsibility regional peer effect;competitive imitation is the main mechanism of corporate social responsibility industrial peer effect.Corporate social responsibility regional and industrial peer effects have significant impacts on corporate stock price,financial performance,and earnings management.Therefore,the management level of enterprises should pay attention to the regional and industrial peer effect of corporate social responsibility to prevent the related risks.Relevant government departments should reduce the noise of policy information and the cost of information acquisition,actively advocate enterprises to fulfill their social responsibilities scientifically,and avoid the waste and mismatch of social responsibility resources.This paper expands the research on the influencing factors of corporate social responsibility and tests the antecedents and consequences of the peer effect of corporate social responsibility.This paper provides empirical evidence to prevent the negative financial consequences of the peer effect of corporate social responsibility,which helps to promote the scientific performance of corporate social responsibility.