The Impact Of Corporate Social Responsibility On The Speed Of Internationalization

With the acceleration of the internationalization process of enterprises,as a "latecomer" China has shown an amazing growth rate in international trade and foreign investment.In recent years,many multinational enterprises in developing economies have shown a remarkable feature: accelerated internationalization.This behavior makes Chinese enterprises,as latecomers in transnational operation,not fall behind in the international market competition,and alleviates the so-called "latecomer disadvantage" to a certain extent.This outstanding feature has attracted extensive attention from scholars.New terms such as "accelerated internationalization","radical internationalization" and "leapfrog internationalization" have been used by scholars to describe the internationalization process of enterprises in emerging economies.Some of the first Chinese enterprises have obtained considerable benefits from the rapid internationalization strategy,which causes the slow internationalization enterprises to think about how to accelerate their internationalization process,so that they can participate in the international competition more quickly.However,the investment cycle of international operation is long and uncertain,so the implementation of rapid internationalization strategy of enterprises is bound to need a large amount of capital support,which requires enterprises to carry out a certain scale of financing in the capital market.According to the theory of stakeholder and information asymmetry,enterprises should try their best to alleviate the level of information asymmetry between them and stakeholders,in order to gain the trust and support of all stakeholders,and help them accelerate the process of internationalization.Corporate Social Responsibility information(CSR),as an important non-financial information,has been increasingly concerned and valued by major enterprises in the wake of the awareness of social responsibility,and its role in alleviating the information asymmetry between enterprises and stakeholders has become increasingly prominent.Especially in the information age,the media’s high attention to enterprises can strengthen the influence of corporate social responsibility,and then amplify its impact on financing cost and internationalization speed.In this paper,based on the stakeholder theory and so on the classical theory,from the perspective of corporate social responsibility and the cost of financing to explore the influence of internationalization speed mechanism,try to explain our country manufacturing industry how corporate social responsibility affect the cost of financing,in turn,speed up the enterprise internationalization,and the media attention the amplification effect on corporate social responsibility.This paper uses Stata15.0 to conduct empirical analysis on the sample of manufacturing enterprises listed in China’s A-share market from 2011 to 2020.The specific research content and main conclusions are as follows:(1)This paper studies the impact of CSR on the speed of internationalization.The empirical results show that social responsibility has significantly speed up the internationalization of the function,through the enterprise bear the social responsibility and disclosure of social responsibility report,can the enterprise to some extent in the process of internationalization and the interests of all parties information asymmetry problem between the parties,at the same time also can accumulate a certain reputation for the enterprise capital,international awareness,and to speed up its internationalization.(2)This paper studies the impact of CSR on two types of exogenous financing,namely debt financing and equity financing,and makes a comparative analysis of their differences;Further explore the way that corporate social responsibility affects internationalization speed,that is,whether financing cost plays an intermediary role in the relationship between corporate social responsibility and internationalization speed.The empirical results show that debt financing plays a partial mediating role in the positive correlation between corporate social responsibility and internationalization speed,that is,corporate social responsibility can accelerate internationalization speed by reducing debt financing costs.However,equity financing does not play an intermediary role in the positive correlation between corporate social responsibility and internationalization speed.(3)Introducing media attention as a moderating variable to further explore the amplification effect of media attention on CSR.The empirical results show that media attention can positively moderate the impact of corporate social responsibility.By continuously tracking and reporting the status of corporate social responsibility,the media can enable more stakeholders to obtain and understand the information of the enterprise and strengthen the impact of corporate social responsibility.Compared with previous literature,this paper has the following three possible innovations:(1)Combined with the relevant theories of CSR,this paper discusses the pre-influencing factors of internationalization speed from a micro perspective.Previous studies on the speed of internationalization mainly focus on the characteristics of senior management team,institutional environment,industrial structure and other pre-factors.This paper attempts to explore its impact on the speed of internationalization from a new perspective--the perspective of corporate social responsibility,and enriches the related research on the pre-factors of the speed of internationalization.(2)based on the concept of financing constraints,the introduction of debt financing and equity financing costs as intermediary variables,the influence of corporate social responsibility is through the proposed enterprise financing costs to indirect influence on the speed of internationalization,dig deeper into the path of the role of corporate social responsibility,and enriched the relevant corporate social responsibility to bring the value of the related research.(3)Introducing media attention as a moderating variable reveals that media attention can effectively expand the impact of CSR.It expands the research perspective of enlarging the influence of corporate social responsibility,and also helps enterprises to have a more rational understanding of the relationship between themselves and the media and maintain a good interactive relationship with the media.