| It has become a social consensus that companies should fulfill corporate social responsibilities(CSR),but the economic effects of corporate social responsibilities are different.If the fulfillment of CSR is not beneficial to the improvement of financial performance,or even harms the interests,then the fulfillment of CSR is not sustainable.It is an urgent practical problem for enterprises to adopt appropriate strategies to effectively improve financial performance(FP).Therefore,this paper turns from the discussion on whether to fulfill CSR to the discussion on how to fulfill CSR,that is,paying attention to the economic consequences of the preferred way of fulfilling CSR.High-tech enterprises are the key engines of economic growth,but few scholars have studied the matching CSR fulfillment methods from high-tech enterprises.Hence,this text selects the companies in China’s Shanghai and Shenzhen A-share high-tech industries as the starting point for research.The time span is from 2010 to 2019.According to the resources owned by each stakeholder group,the main stakeholders(employees,suppliers,customers and consumers)and secondary stakeholders(the environment and the public)of high-tech companies are distinguished.This paper defines the CSR preference strategy that favors the main stakeholders,discusses the economic consequences of social responsibility preference strategy of high-tech companies,and explores internal mechanism.The findings are as follows:(1)High-tech companies’ preference for main stakeholders in socially responsible investment will promote FP;(2)Preference for social responsibility of main stakeholders has a positive impact on innovation,and innovation plays an intermediary role between preference for CSR of main stakeholders and FP;(3)When the financial slack is low or in the growth stage,the positive role of high-tech companies in fulfilling CSR of main stakeholders on FP will be strengthened.The results show that managers should consider the characteristics of the industry in which the enterprise is located when fulfilling CSR,and make socially responsible investments preferentially after identifying the important stakeholders of the enterprise.At the same time,we should also pay attention to the resources and environment in which enterprises are located.The conclusion is helpful to direct the government to improve social responsibility appraisal,raise awareness of CSR,and help high-tech companies to choose the scientific way of social responsibility implementation. |
