|Table of Contents|

Financial distress risk prevention effect of listed companiesperforming corporate social responsibility(PDF)

《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

Issue:
2021年02期
Page:
61-74
Research Field:
经济与管理
Publishing date:
2021-03-10

Info

Title:
Financial distress risk prevention effect of listed companiesperforming corporate social responsibility
Author(s):
WU Xingze;  LIU Sai
School of Accounting, Nanjing Audit University, Nanjing 211815, Jiangsu, China
Keywords:
corporate social responsibility;  financial distress;  financial security;  soft margin;  hard margin;  state-owned enterprise;  non-state-owned enterprises;  corporate scale;  corporate governance
PACS:
F270
DOI:
-
Abstract:
In order to improve the soft margin of financial security for enterprises and reduce their risk of falling into financial distress, this paper takes 27 022 companies listed on Shanghai Stock Exchange or Shenzhen Stock Exchange from 2009 to 2019 as samples, and empirically tests the economic consequences of enterprises fulfilling their social responsibilities from the perspective of preventing the risk of financial distress, using the corporate social responsibility information disclosed by the enterprises as data source. The study finds that there is an economically and statistically significant negative correlation between corporate social responsibility and financial distress. Companies which undertake higher quality corporate social responsibility are less prone to fall into financial distress. Such inhibiting effect is more significant in non-state-owned enterprises than in state-owned ones. This means that companies can effectively prevent financial distress by consciously increasing social responsibility investment and strengthening social responsibility information disclosure, performing stakeholder management properly, establishing a benign stakeholder relation mechanism, and improving the hard margin and soft margin of corporate financial security.

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Last Update: 2021-03-10