Corporate social irresponsibility (CSIR) scandals are frequently reported in China and have a huge impact on the enterprise and society. Aiming to understand the underlying mechanisms between CSIR and enterprise outcomes, this study uses a sample of 2618 firms from the 2018 National Survey of Private Entrepreneurs Survey and examines the corporate social irresponsibility punishments from the perspective of stakeholders by introducing transaction costs. The results indicate that although the punishments for corporate irresponsible behaviors may not be strong enough to deter enterprises from irresponsibility in China, punishments from various stakeholders are increasing in terms of transaction costs. In addition, crisis management capacity may negatively moderate the relationship between CSIR and transaction costs, while regional economic development positively moderates it. This study adds to the extant research on CSIR consequences by combining stakeholders with transaction costs and provides new insights into transaction costs.