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State-Owned Shareholding and CSR: Do Multiple Financing Methods Matter?—Evidence from China

Author

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  • Mingyuan Guo

    (College of Management and Economics, Tianjin University, Tianjin 300072, China)

  • Yanfang Hu

    (College of Management and Economics, Tianjin University, Tianjin 300072, China)

  • Yu Zhang

    (College of Management and Economics, Tianjin University, Tianjin 300072, China)

  • Fuge Tian

    (College of Management and Economics, Tianjin University, Tianjin 300072, China)

Abstract

Corporate Social Responsibility (CSR) gradually deepens its influence on enterprises and rapidly becomes one of the important issues in the research field. This paper selects China’s A-share listed companies which issued social responsibility reports from 2011 to 2015, and studies the impact of state-owned shares on the disclosure level of CSR. Furthermore, this paper uses cross terms to study the role of different financing methods (issuing bonds and cross-listing) in the impact of state-owned shares on the disclosure level of CSR. The results show that state-owned shares and the proportion of state-owned shares have a significant positive impact on the disclosure level of CSR. Both the issuing of bonds and cross-listing can promote this positive effect. The results of robust test also support this conclusion. Finally, specific recommendations are put forward.

Suggested Citation

  • Mingyuan Guo & Yanfang Hu & Yu Zhang & Fuge Tian, 2019. "State-Owned Shareholding and CSR: Do Multiple Financing Methods Matter?—Evidence from China," Sustainability, MDPI, vol. 11(5), pages 1-15, March.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:5:p:1292-:d:210140
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    4. Changjiang Zhang & Sihan Zhang & Yue Zhang & Yuqi Yang & Kai Lan, 2024. "Does Green Finance Policy Contribute to ESG Disclosure of Listed Companies? A Quasi-Natural Experiment from China," SAGE Open, , vol. 14(1), pages 21582440241, March.
    5. Thi Cam Tu Luong & Ann Jorissen & Ine Paeleman, 2019. "Performance Measurement for Sustainability: Does Firm Ownership Matter," Sustainability, MDPI, vol. 11(16), pages 1-35, August.

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