The Relationship between Corporate Social Responsibility and Firm Value of Chinese Firms: Exploring from Degree of Internationalization

Author:

Wu Renhong1ORCID,Hossain Md. Alamgir2ORCID,Teng Zhuoqi3ORCID,Shen Xiangdong4

Affiliation:

1. School of Management, Kyung Hee University, Seoul 02447, Republic of Korea

2. Department of Management, Hajee Mohammad Danesh Science and Technology University, Dinajpur 5200, Bangladesh

3. College of Business Administration, Henan Finance University, Zhengzhou 451464, China

4. Business School, Changshu Institute of Technology, Changshu 215500, China

Abstract

The purpose of this paper is to explore the relationship between corporate social responsibility (CSR) and firm value in the Chinese market and identify factors that may influence it. We discuss the relationship between CSR engagement in Chinese firms and firm value from a nonlinear perspective. In addition, we examine how the degree of internationalization in a firm may affect the relationship between CSR and firm value. We employ the Hausman test to compare a random-effects and a fixed-effects model, and after testing and comparison, the fixed-effects model was chosen in our paper. Using data from 314 firms listed in China’s A-shares market from 2010 to 2017, we verify the U-shaped relationship between CSR and firm value. Meanwhile, the degree of internationalization will affect firm value but cannot positively regulate the relationship between corporate social responsibility and firm value.

Publisher

Hindawi Limited

Subject

Health, Toxicology and Mutagenesis,Public Health, Environmental and Occupational Health

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