Can Fulfillment of Social Responsibility Enable Enterprises to Innovate? The Role of Corporate Financialization and Agency Costs

Zhu, Huiping; Gu, Haifeng; Halepoto, Habiba

doi:10.3390/su142113799

Cited by 6 publications

(4 citation statements)

References 60 publications

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“…Corporate social responsibility. Based on the practice of Zhu [55], this study used data from listed companies' social responsibility reports on Hexun.com.…”

Section: Methodsmentioning

confidence: 99%

Influencing factors and improvement paths of manufacturing innovation performance: Configuration analysis based on TOE framework

Ma,

Cui

2023

PLoS ONE

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Innovation is the first driving force to lead development, how to improve manufacturing innovation performance has become a hot topic. Based on 47 listed companies in the computer, communication and other electronic equipment manufacturing industry in the A-share market, this paper adopted the Fuzzy set qualitative comparative analysis (fsQCA) to explore the influencing factors of technology, organization and environment on the innovation performance of manufacturing industry and the improvement path. The findings are as follows: (1) A single condition is not a necessary condition for high innovation performance in manufacturing industry, but government support plays a key role in improving innovation performance in manufacturing industry. (2) There are two improvement paths for high innovation performance in manufacturing industry, which are specifically explained as “technology-environment dual improvement path” and “technology-organization-environment collaborative improvement path”. (3) The improvement of innovation performance in the manufacturing industry is the result of multiple factors, showing the characteristics of “all paths lead to the same destination”. Different manufacturing enterprises have different paths to improve innovation performance based on their actual conditions. Based on these findings, this study may provide some implications for the effective improvement of manufacturing innovation performance.

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“…Corporate social responsibility. Based on the practice of Zhu [55], this study used data from listed companies' social responsibility reports on Hexun.com.…”

Section: Methodsmentioning

confidence: 99%

Influencing factors and improvement paths of manufacturing innovation performance: Configuration analysis based on TOE framework

Ma,

Cui

2023

PLoS ONE

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“…The implementation of CSR also indicates agents' commitments to stakeholders, reducing the probability of agents' opportunistic behavior, which is conducive to the sustainable development of the enterprise [3]. Fulfilling CSR can generate and strengthen trust relationships between enterprises and stakeholders, which can help reduce transaction costs for both parties involved in cooperation and avoid management's short-sighted behavior [66]. Once this trust relationship breaks down, it would greatly undermine the reputation of the enterprise and seriously affect the willingness of stakeholders to cooperate and the continuity of business activities.…”

Section: Csr Agency Cost and Fsmentioning

confidence: 99%

Influence Mechanism between Corporate Social Responsibility and Financial Sustainability: Empirical Evidence from China

Tao,

Shan,

Liang

et al. 2024

Sustainability

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With the increasing public attention being paid to corporate social responsibility and global advocacy of sustainable development, corporate governance issues centered on corporate social responsibility, especially the relationship between corporate social responsibility and financial sustainability, are important topics of concern for managers. By taking companies listed in Shanghai and Shenzhen A-share indices between 2010 and 2020 in China as samples, this study investigated the effect and mechanism of corporate social responsibility implementation on financial sustainability, examined the intermediate roles of agency cost and green innovation on this effect, and explored the heterogeneity in different contexts. The results indicated that: (1) implementing corporate social responsibility has significantly promoted financial sustainability, and fulfilling responsibilities to shareholders showed the most significant effect; (2) active pursuit of corporate social responsibility objectives can alleviate corporate agency conflicts, increase green innovation, and thus promote corporate financial sustainability; and (3) the positive impact of implementing corporate social responsibility on financial sustainability is more significant in non-state-owned enterprises and non-heavily polluting enterprises. This study revealed the specific effect of fulfilling corporate responsibility objectives for different stakeholders on financial sustainability, confirmed the mediating role of agency cost and green innovation on this effect, and discussed the intensity of the impact of fulfilling corporate social responsibility objectives on financial sustainability in different contexts. This study enhances the understanding of the effect and mechanism of fulfilling corporate social responsibility obligations on financial sustainability, which can guide the advancement of future theory-building in corporate governance.

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“…Chinese enterprises always seem to make better returns on their financial investments [75], a situation that has attracted more enterprises to join the financial investment camp [2]. Enterprises are inevitably influenced by capital for profit to make financial investments [82]. Thus, reducing enterprises' speculative motives (e.g., improving main business performance) can discourage corporate financialization.…”

Section: Theoretical Basis and Research Hypothesismentioning

confidence: 99%

Can Green Mergers and Acquisitions Curb the Financialization of Heavily Polluting Enterprises? Evidence From China

Wang,

Zhao,

Zhu

2024

Pol. J. Environ. Stud.

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Realizing the harmonious coexistence of environmental and economic benefits is an inevitable requirement, and promoting the sustainable development of corporate environmental governance and physical enterprises "from virtual to real" is the essence. Using a sample of Chinese A-share listed heavily polluting enterprises from 2004 to 2020, the impact mechanism of green mergers and acquisitions (M&A) on corporate financialization is investigated through multiple regression analysis. The results show that green M&A can inhibit corporate financialization, with government environmental concerns playing a negative moderating role and corporate governance capabilities playing a positive moderating role. Further results on the transmission mechanism show that financing constraints mediate the relationship between green M&A and corporate financialization. The results of the study not only show that green M&A is a "sincere" behavior of enterprises to promote sustainable development, but also reveal the "dynamic" role of government environmental concerns and corporate governance capabilities. In addition, the "reservoir" effect of corporate financialization is also confirmed.

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Can Fulfillment of Social Responsibility Enable Enterprises to Innovate? The Role of Corporate Financialization and Agency Costs

Cited by 6 publications

References 60 publications

Influencing factors and improvement paths of manufacturing innovation performance: Configuration analysis based on TOE framework

Influencing factors and improvement paths of manufacturing innovation performance: Configuration analysis based on TOE framework

Influence Mechanism between Corporate Social Responsibility and Financial Sustainability: Empirical Evidence from China

Can Green Mergers and Acquisitions Curb the Financialization of Heavily Polluting Enterprises? Evidence From China

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