IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v67y2024ipas1544612324008006.html
   My bibliography  Save this article

Human capital and corporate social investment: The effect of public policy

Author

Listed:
  • Tang, Xubin
  • Sun, Xia

Abstract

Taking advantage of a large sample of China's A-share listed companies from 2011 to 2022, this research examines the impact of human capital on corporate social investment. We provide robust evidence that employees with a higher sense of responsibility enhance corporate social investment. Moreover, we demonstrate that the positive impact is amplified by supportive public policy. Our findings are robust to a battery of sensitivity tests. In sum, this research contributes to the literature on corporate social responsibility as well as provides valuable practical implications policymakers.

Suggested Citation

  • Tang, Xubin & Sun, Xia, 2024. "Human capital and corporate social investment: The effect of public policy," Finance Research Letters, Elsevier, vol. 67(PA).
    • Handle: RePEc:eee:finlet:v:67:y:2024:i:pa:s1544612324008006
    DOI: 10.1016/j.frl.2024.105770
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612324008006
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2024.105770?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Falato, Antonio & Goldstein, Itay & Hortaçsu, Ali, 2021. "Financial fragility in the COVID-19 crisis: The case of investment funds in corporate bond markets," Journal of Monetary Economics, Elsevier, vol. 123(C), pages 35-52.
    2. Li, Ming & Kong, Lingyao, 2024. "Executives with financial backgrounds and corporate social responsibility: Evidence from China," Finance Research Letters, Elsevier, vol. 61(C).
    3. Yan, Juan & Haroon, Muhammad, 2023. "Financing efficiency in natural resource markets mobilizing private and public capital for a green recovery," Resources Policy, Elsevier, vol. 85(PB).
    4. Chen, Shengming & Wang, Fushuai & Haroon, Muhammad, 2023. "The impact of green economic recovery on economic growth and ecological footprint: A case study in developing countries of Asia," Resources Policy, Elsevier, vol. 85(PA).
    5. Yuan, Rongli & Wen, Wen, 2018. "Managerial foreign experience and corporate innovation," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 752-770.
    6. Fang, Ying & Fan, Ying & Haroon, Muhammad & Dilanchiev, Azer, 2023. "Exploring the relationship between global economic policy and volatility of crude futures: A two-factor GARCH-MIDAS analysis," Resources Policy, Elsevier, vol. 85(PA).
    7. Seo, Hojun, 2021. "Peer effects in corporate disclosure decisions," Journal of Accounting and Economics, Elsevier, vol. 71(1).
    8. Hasan, Mostafa Monzur & Wong, Jin Boon & Al Mamun, Mohammed Abdullah, 2022. "Oil shocks and corporate social responsibility," Energy Economics, Elsevier, vol. 107(C).
    9. Morrow, David & Rondinelli, Dennis, 2002. "Adopting Corporate Environmental Management Systems:: Motivations and Results of ISO 14001 and EMAS Certification," European Management Journal, Elsevier, vol. 20(2), pages 159-171, April.
    10. Al-Najjar, Basil & Clark, Ephraim, 2017. "Corporate governance and cash holdings in MENA: Evidence from internal and external governance practices," Research in International Business and Finance, Elsevier, vol. 39(PA), pages 1-12.
    11. Contreras, Salvador & Ghosh, Amit & Kong, Joon Ho, 2021. "Financial crisis, Bank failures and corporate innovation," Journal of Banking & Finance, Elsevier, vol. 129(C).
    12. Sun, Wenbin & Ding, Yuan, 2020. "Corporate social responsibility and cash flow volatility: The curvilinear moderation of marketing capability," Journal of Business Research, Elsevier, vol. 116(C), pages 48-59.
    13. Ye, Xu & Hou, Rong & Wang, Shihan & Omar, Nor Asiah Binti, 2024. "Social media, relationship marketing and corporate ESG performance," Finance Research Letters, Elsevier, vol. 63(C).
    14. Fukuda, Katsufumi & Ouchida, Yasunori, 2020. "Corporate social responsibility (CSR) and the environment: Does CSR increase emissions?," Energy Economics, Elsevier, vol. 92(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhao, Xing & Li, Xiangqian & He, Zhuoyi & Shi, Ruoying, 2024. "The relationship between the acquisition of corporate credit and the gender of executives: Evidence from developing countries," Finance Research Letters, Elsevier, vol. 62(PA).
    2. Luo, Rui & Chen, Ping & Wang, Yachao, 2024. "Green investment products, consumer behavior, and regional carbon emissions levels," Finance Research Letters, Elsevier, vol. 66(C).
    3. Shi, Ruoying & Zhou, Hengyi & Li, Xiangqian & Miao, Xue'er & Zhao, Xing, 2024. "Green finance, investor preferences, and corporate green innovation," Finance Research Letters, Elsevier, vol. 66(C).
    4. Li, Ziyao & Dai, Liuyi, 2024. "Impact of energy stability, natural resources, and energy efficiency on ecological sustainability," Resources Policy, Elsevier, vol. 90(C).
    5. Wei, Na, 2024. "Green finance, market integration, and regional economic resilience," Finance Research Letters, Elsevier, vol. 67(PA).
    6. Huang, Zilong & Ren, Xiaocong, 2024. "Impact of natural resources, resilient economic growth, and energy consumption on CO2 emissions," Resources Policy, Elsevier, vol. 90(C).
    7. Liang, Jinhua & Ullah, Inam, 2024. "Analysis of crude oil and gold price volatility and their correlation during socio-economic crises," Resources Policy, Elsevier, vol. 98(C).
    8. Zheng, Xiangjie, 2024. "Driving green transformation: Innovations and green innovations in natural resource markets," Resources Policy, Elsevier, vol. 89(C).
    9. Shan, Wei & Cheng, Qian & Yu, Xudong & Ma, Zhiqiang, 2024. "Inclusive finance and regional tourism economy: The role of total factor productivity," Finance Research Letters, Elsevier, vol. 67(PA).
    10. Zhang, Minqiang & Guo, Xiaomei & Lu, Xiaojian & Jiang, Yihuo, 2024. "Credit guarantee, financing structure, and firm ESG performance," Finance Research Letters, Elsevier, vol. 63(C).
    11. Bai, Chengyu, 2024. "Financial development for sustainable resource efficiency: Fostering green growth in natural resource markets," Resources Policy, Elsevier, vol. 89(C).
    12. Amin, Md Ruhul & Wang, Xinyu & Aktas, Elvan, 2023. "Does oil price uncertainty affect corporate innovation?," Energy Economics, Elsevier, vol. 118(C).
    13. Zhang, Xuenan & Zhang, Jinxin & Wang, Hongling, 2024. "Resilient recovery strategies: Enhancing resiliency in natural resource markets for sustainable development," Resources Policy, Elsevier, vol. 90(C).
    14. Wu, Xiaowen & Cheng, Guangbin, 2024. "The performance and stability of financial institutions after digital transformation: The importance of regional policies," Finance Research Letters, Elsevier, vol. 66(C).
    15. Chen, Xiuchen & Cao, Yuna, 2024. "Inclusive finance and household education investment: an asset management perspective," Finance Research Letters, Elsevier, vol. 67(PA).
    16. Keke Bai & Farid Ullah & Muhammad Arif & Sahar Erfanian & Saima Urooge, 2023. "Stakeholder-Centered Corporate Governance and Corporate Sustainable Development: Evidence from CSR Practices in the Top Companies by Market Capitalization at Shanghai Stock Exchange of China," Sustainability, MDPI, vol. 15(4), pages 1-25, February.
    17. Chen, Lin & Wen, Fenghua & Zhang, Yun & Miao, Xiao, 2023. "Oil supply expectations and corporate social responsibility," International Review of Financial Analysis, Elsevier, vol. 87(C).
    18. Ren, Xiaohang & Qin, Jianing & Jin, Chenglu & Yan, Cheng, 2022. "Global oil price uncertainty and excessive corporate debt in China," Energy Economics, Elsevier, vol. 115(C).
    19. Lise Tole & Gary Koop, 2013. "Estimating the impact on efficiency of the adoption of a voluntary environmental standard: an empirical study of the global copper mining industry," Journal of Productivity Analysis, Springer, vol. 39(1), pages 35-45, February.
    20. Erli Dan & Jianfei Shen, 2022. "Establishment of Corporate Energy Management Systems and Voluntary Carbon Information Disclosure in Chinese Listed Companies: The Moderating Role of Corporate Leaders’ Low-Carbon Awareness," Sustainability, MDPI, vol. 14(5), pages 1-28, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:67:y:2024:i:pa:s1544612324008006. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.