Bin-Feng Chai, Zhe Li, Mirza Sultan Sikandar, Safdar Raheel
School of Accounting, Zhejiang Gongshang University, Hangzhou, 310018, China.
Hangzhou College of Commerce, Zhejiang Gongshang University, Hangzhou, 310018, China.
Heliyon. 2023 Jun 26;9(7):e17686. doi: 10.1016/j.heliyon.2023.e17686. eCollection 2023 Jul.
This study examines the impact of firms' targeted poverty alleviation activities on corporate value and how corporate internal governance regulates this relationship. This study uses Fixed Effects and System GMM estimations to test hypotheses by analyzing data from Chinese non-financial listed firms from 2016 to 2021. The results demonstrate that corporate targeted poverty alleviation and internal corporate governance control affect company value and governance. Corporate value increases as a result of effective internal governance. Internal governance control enhances the positive relationship between the firm's targeted poverty reduction and value creation. This study's findings are robust to alternative measures of poverty alleviation initiatives. Furthermore, heterogeneity analysis reveals that non-SOE firms, small and low-leverage firms engaging in anti-poverty activities are in a better position to achieve value creation. This study adds to the literature on poverty reduction, sustainable corporate value creation, and corporate internal governance control. Study results may help policymakers and managers in evaluating their business strategies by focusing more on fulfilling social responsibilities to eradicate poverty from the region by improving governance policies to generate sustainable value for the firm.
本研究考察了企业的精准扶贫活动对企业价值的影响，以及公司内部治理如何调节这种关系。本研究使用固定效应和系统广义矩估计，通过分析2016年至2021年中国非金融上市公司的数据来检验假设。结果表明，企业精准扶贫和公司内部治理控制会影响公司价值和治理。有效的内部治理会提升企业价值。内部治理控制增强了企业精准扶贫与价值创造之间的正向关系。本研究的结果对于扶贫举措的替代衡量指标而言具有稳健性。此外，异质性分析表明，从事扶贫活动的非国有企业、小规模和低杠杆企业更有能力实现价值创造。本研究丰富了关于减贫、可持续企业价值创造和公司内部治理控制的文献。研究结果可能有助于政策制定者和管理者评估其商业战略，通过改进治理政策以更专注于履行社会责任来消除该地区的贫困，从而为企业创造可持续价值。
