| Since the 18th National Congress of the Communist Party of China,corporate social responsibility(CSR)has been gradually incorporated into the overall layout of China’s socialist modernization construction.The social public and capital market also pay more and more attention to the situation of corporate social responsibility.Enterprises that can better fulfill their social responsibilities are more likely to be recognized by stakeholders.However,it cannot be ignored that enterprises also need to pay certain economic costs to bear social responsibility,resulting in the outflow of economic benefits from enterprises.Whether undertaking social responsibility will bring value increase or decrease to enterprises is an urgent question to be tested.On the other hand,according to the capital supply hypothesis,different resources owned by enterprises will lead to different abilities to fulfill social responsibilities.Therefore,enterprises with different values may also show differences in the performance of social responsibilities,that is,corporate values will in turn affect the performance of social responsibilities.In addition,as an important content of corporate culture,responsibility culture is the most intuitive expression of corporate strategy and owner management philosophy.It is also possible to influence the interaction between CSR and corporate value through its function of standardizing,guiding and aggregating internal personnel.Based on the above background,based on the theories of stakeholders and informal system,this thesis takes A-share companies in China’s top 500 market capitalization companies from 2016 to 2020 as samples,uses the system GMM model to empirically test the dynamic interaction between CSR and corporate value,and further examines the moderating role of corporate responsibility culture.And the heterogeneity of the above relationships under different property rights and industry competition.The research shows that:(1)the social responsibility of the previous period can significantly promote the increase of enterprise value in the current period,and this effect is more significant in non-SOEs.(2)The corporate value of the current period has a significant positive impact on the corporate social responsibility of the current period.This relationship is more significant in competitive industries,but there is no significant difference between SOEs and non-SOEs.(3)Corporate responsibility culture has a positive moderating effect on the promotion of CSR to increase corporate value,and this effect is more significant in non-SOEs and competitive industries.From the perspective of intertemporal interaction,this thesis examines the dynamic bidirectional causal relationship between CSR and corporate value,which provides a new perspective for clarifying the relationship between CSR and corporate value,and also forms a useful supplement to the existing literature.At the same time,it tries to introduce responsibility culture as a moderating variable into the analysis of the relationship between CSR and corporate value,which expands the analytical framework of the relationship between CSR and corporate value.The conclusion of the thesis provides empirical evidence for enterprises to actively strengthen the construction of responsibility culture and the government to standardize the behavior of enterprises and advocate enterprises to actively fulfill their social responsibilities. |
