Advances in Economics, Management and Political Sciences

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Proceedings of the 2nd International Conference on Financial Technology and Business Analysis

Series Vol. 56 , 01 December 2023


Open Access | Article

The Impact of Corporate Social Responsibility on Corporate Financial Performance --An Empirical Study of Chinese Energy Firms

Zhuoqun Xu * 1
1 College of LSA, University of Michigan, Ann Arbor, the United States of America

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 56, 78-87
Published 01 December 2023. © 01 December 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Zhuoqun Xu. The Impact of Corporate Social Responsibility on Corporate Financial Performance --An Empirical Study of Chinese Energy Firms. AEMPS (2023) Vol. 56: 78-87. DOI: 10.54254/2754-1169/56/20231065.

Abstract

As the impacts of environmental pollution and climate change on humanity have become increasingly severe, achieving sustainable development has heightened global concerns in recent years. An increasing number of companies have recognized the importance of corporate social responsibility (CSR) and are actively investing in enhancing their performance. Moreover, an increasing number of investors are considering social factors when making investment decisions. Although the potential impact of CSR on corporate financial performance (CFP) is a growing interest in related research filed, there still needs to be consensus on their relationship. This study seeks to address this gap in the context of the Chinese energy sector. By conducting fixed effect panel regression on the CSR scores, accounting financial indicators, and fundamental panel data of 876 listed companies in the Chinese energy sector over the past decade, this paper reveals a nonlinear positive impact of CSR on CFP. Further threshold regression is applied to identify distinct threshold values that affect different financial indicators. The findings of this paper complement the existing related research and provide valuable support and guidance for companies in the energy sector to undertake social responsibility and engage in social responsibility investments effectively.

Keywords

corporate social responsibility, corporate financial performance, Chinese energy industry, panel analysis

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Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
ISBN (Print)
978-1-83558-159-9
ISBN (Online)
978-1-83558-160-5
Published Date
01 December 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/56/20231065
Copyright
01 December 2023
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated