Corporate Social Responsibility,Risk-taking And Corporate Performance

Enterpri ses are an important component of the national economy and an important participant in helping to achieve the goal of high-quality and healthy development of the national economy.Therefore,society and the public pay great attention to the decision-making and related behaviors of enterprises,and attach greater importance to the performance of corporate social responsibilities.Corporate social responsibility requires enterprises to pursue the goal of maximizing benefits while also paying attention to legal responsibility and paying attention to the contributions to stakeholders.However,up to now,some enterprises are still in the wait-and-see stage,which is due to the fact that fulfilling their social responsibilities will increase costs and run counter to their goal of maximizing their interests.The business environment of the enterprise is complex and there are risks.Actively fulfilling social responsibilities can improve the internal and external interest relationships and business environment of enterprises,transmit positive signals to the market and society,and affect their own decisionmaking.These changes have increased the level of risk bearing of enterprises and affected their performance.Therefore,it is of great significance to study the impact of corporate social responsibility on corporate performance and the role of risk taking in the relationship between social responsibility and corporate performance.Based on existing research,this article comprehensively explores the relationship between corporate social responsibility,risk taking,and corporate performance.Firstly,by summarizing existing literature,summarizing and analyzing corporate citizenship theory,stakeholder theory,and information transmission theory,we propose the hypothesis that the overall performance of corporate social responsibility,the performance of major stakeholder responsibilities,and the performance of secondary stakeholder responsibilities positively affect corporate long-term and short-term performance.Secondly,collect and sort out the relevant data of China’s listed nonfinancial companies from 2010 to 2021,select Tobin Q and return on assets as the explanatory variables,and the scores in Hexun’s corporate social responsibility report as the explanatory variables,and use the two-way fixed effect model to test the impact of corporate social responsibility on corporate performance.In the further analysis,the fluctuation of return on assets for three rolling years is used to measure the level of enterprise risk-taking as an intermediary variable,and the mesomeric effect model is used to test the effectiveness of risk-taking as an intermediary variable,and the heterogeneity analysis is conducted around the industrial type and property right nature.First,actively fulfilling corporate social responsibility can improve long-term and short-term performance of enterprises;The responsibility performance of major and secondary stakeholders has a significant positive impact on long-term and short-term performance of enterprises.Secondly,in the impact of corporate social responsibility on corporate long-term performance,risk taking plays a mediating role,that is,the overall good performance of corporate social responsibility can promote corporate long-term performance to a certain extent by improving the level of corporate risk taking;However,risk taking presents a masking effect in the impact of corporate social responsibility on corporate short-term performance.Finally,a group regression test was conducted based on the type of enterprise industry and the nature of property rights.The results showed that compared to non manufacturing industries,the positive impact of manufacturing enterprise social responsibility performance on long-term performance is more significant;Compared to state-owned enterprises,the positive performance of social responsibility of non-state enterprises has a higher positive impact on corporate performance.The innovation of this article lies in enriching the research on influencing factors of long-term and short-term performance of enterprises and corporate social responsibility based on stakeholder perspective,and innovative research on the mechanism of social responsibility and corporate performance from the perspective of risk bearing.