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Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China

Author

Listed:
  • Tanveer Ahsan

    (ESC [Rennes] - ESC Rennes School of Business)

  • Bakr Al-Gamrh

    (ESC [Rennes] - ESC Rennes School of Business)

  • Sultan Sikandar Mirza

    (Waikato Management School - Waikato University)

Abstract

Using a large panel dataset of 861 listed Chinese firms, the present study investigates whether corporate social responsibility (CSR) affects firm-value. It examines the influence of five CSR dimensions on firm-value. Then, it pinpoints the moderating impact of industry-sensitivity and power concentration of the CEO. In contrast to developed economy's evidence, the results show an overall negative impact of CSR on firm-value. Looking closer at the dimensions separately, we find a negative impact of most of the CSR dimensions and a positive impact of some other CSR dimensions on firm-value. However, we observe that CSR enhances the value of firms operating in sensitive industries. Similarly, we find that a powerful CEO can also create firm-value through CSR by aligning CSR practices with the firms' objectives. Our results are sufficiently rigorous to alternate proxies of CSR.

Suggested Citation

  • Tanveer Ahsan & Bakr Al-Gamrh & Sultan Sikandar Mirza, 2022. "Corporate social responsibility and firm-value: the role of sensitive industries and CEOs power in China," Post-Print hal-03602957, HAL.
    • Handle: RePEc:hal:journl:hal-03602957
    DOI: 10.1080/00036846.2021.1983136
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    Cited by:

    1. Gull, Ammar Ali & Ahsan, Tanveer & Qureshi, Muhammad Azeem & Mushtaq, Rizwan, 2023. "Striving to safeguard shareholders or maintain sustainability in periods of high uncertainty: A multi-country evidence," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    2. Sanjukta Brahma & Fotini Economou, 2024. "CEO power and corporate strategies: a review of the literature," Review of Quantitative Finance and Accounting, Springer, vol. 62(3), pages 1069-1143, April.
    3. Zhang, Jintao & Su, Taoyong & Meng, Li, 2024. "Retreat in order to advance: Environmental performance below legality aspiration and corporate disclosure strategy," International Review of Financial Analysis, Elsevier, vol. 93(C).
    4. Chai Bin Feng & Muhammad Usman Khurram & Raheel Safdar & Sultan Sikandar Mirza & Amjad Iqbal, 2023. "Corporate strategic responses, supplier concentration and sustainable growth of chinese listed firms," Operations Management Research, Springer, vol. 16(3), pages 1413-1427, September.
    5. Sultan Sikandar Mirza & Chengming Huang & Adnan Khan, 2024. "Managing CEO duality and economic uncertainty: strategies for aligning corporate sustainability and innovation in China’s energy market," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(5), pages 12815-12841, May.
    6. Arie Pratama & Edi Jaenudin & Syaiful Anas, 2022. "Environmental, Social, Governance - Sustainability Disclosure Using International Financial Reporting Sustainability Standards S1 in Southeast Asian Companies: A Preliminary Assessment," International Journal of Energy Economics and Policy, Econjournals, vol. 12(6), pages 456-472, November.
    7. Zhengwen Lu & Yujie Zhang & Yuanxu Li, 2022. "Strategic Charitable Giving and R&D Innovation of High-Tech Enterprises: A Dynamic Perspective Based on the Corporate Life Cycle," Sustainability, MDPI, vol. 14(23), pages 1-20, December.

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