Wang Wenli, Yang Jiasi
School of Management, Harbin University of Commerce, Harbin, China.
Heilongjiang Key Laboratory of Supply Chain Innovation and Development, Harbin, China.
Heliyon. 2024 Jul 8;10(14):e34304. doi: 10.1016/j.heliyon.2024.e34304. eCollection 2024 Jul 30.
With increased corporate liquidity and debt repayment pressure, CSR's "insurance" role has received more attention. We conducted a comprehensive empirical analysis of 4988 listed companies in the Chinese context during 2011-2020. Our research has three findings: First, the initial increase in CSR will lead to a rise in default risk. However, once the CSR level exceeds a specific threshold, the default risk decreases as the CSR rises. We tested the robustness of the results by replacing the explanatory and the explained variables and taking into account the lag time effect, which proved the reliability of our research conclusions. Second, the mediation analysis shows financing constraints play an important mediating role in this inverted U-shaped relationship. On the left side of the U-shape, CSR performance intensifies financing constraints, while on the right side, increasing CSR reduces financing constraints. Finally, we confirm heterogeneity in the impact of CSR on the default risk of different enterprises' ownership and size. Our study complements the current literature on the effects of CSR on default risk. We are making policymakers and stakeholders aware of the importance of mandatory CSR disclosure.
随着企业流动性增加和偿债压力增大，企业社会责任（CSR）的“保险”作用受到了更多关注。我们对2011年至2020年期间中国境内的4988家上市公司进行了全面的实证分析。我们的研究有三个发现：第一，企业社会责任的最初增加会导致违约风险上升。然而，一旦企业社会责任水平超过特定阈值，违约风险会随着企业社会责任的上升而降低。我们通过替换解释变量和被解释变量并考虑滞后时间效应来检验结果的稳健性，这证明了我们研究结论的可靠性。第二，中介效应分析表明，融资约束在这种倒U形关系中起着重要的中介作用。在U形的左侧，企业社会责任表现加剧了融资约束，而在右侧，企业社会责任的增加减轻了融资约束。最后，我们证实了企业社会责任对不同企业所有权和规模的违约风险影响存在异质性。我们的研究补充了当前关于企业社会责任对违约风险影响的文献。我们正在让政策制定者和利益相关者意识到强制披露企业社会责任信息的重要性。
