This page has only limited features, please log in for full access.
Based on the empirical data of China’s Shanghai and Shenzhen A-share market, this paper examined the impact of regional anti-corruption intensity on corporate social responsibility (CSR) disclosure. The results indicate that (1) regional anti-corruption intensity has a significant positive effect on firms’ CSR disclosure; (2) through the grouping test based on the ownership of firms, it was found that the positive effect of anti-corruption intensity on CSR disclosure in the sample of non-state-owned enterprises was more significant and positive than that of state-owned enterprises (SOEs); and (3) through the grouping test of whether or not the enterprises had political connections, the positive effect of regional anti-corruption intensity on CSR disclosure was stronger and more significant in firms with political connections (relative to those with no or weak political connections). This paper sheds light on the research into anti-corruption policies by linking government macro policy and enterprises’ micro social economic behaviors, and it provides empirical evidence for this linkage. This paper also contributes to organizational legitimacy theory and CSR theory by probing the impact of anti-corruption policies on firms’ CSR disclosure. At the same time, the effects of two contingency factors (ownership and political connection) also provide some practical implications to the relevant government departments by: (1) speeding up the market-oriented reform of state-owned enterprises including clarifying the boundaries of authority and responsibility between SOEs and the government, and conducting the de-administration of managers of SOEs; and (2) encouraging firms to focus on market competition and be more socially responsible, instead of speculating with political rents.
Shiwei Xu; Mingzhe Qiao; Bin Che; Peng Tong. Regional Anti-Corruption and CSR Disclosure in a Transition Economy: The Contingent Effects of Ownership and Political Connection. Sustainability 2019, 11, 2499 .
AMA StyleShiwei Xu, Mingzhe Qiao, Bin Che, Peng Tong. Regional Anti-Corruption and CSR Disclosure in a Transition Economy: The Contingent Effects of Ownership and Political Connection. Sustainability. 2019; 11 (9):2499.
Chicago/Turabian StyleShiwei Xu; Mingzhe Qiao; Bin Che; Peng Tong. 2019. "Regional Anti-Corruption and CSR Disclosure in a Transition Economy: The Contingent Effects of Ownership and Political Connection." Sustainability 11, no. 9: 2499.
This study investigates the effects of geographical regions and related-party transactions on corporate social responsibility (CSR) and long-term mergers and acquisitions (M&A) performance linkage. We conduct a Heckman two-stage model analysis, using data from listed firms in the Shanghai and Shenzhen stock exchange markets in China. The results indicate that: (1) buyers’ CSR performance has a significant and positive effect on long-term M&A performance. (2) Significant differences exist across geographical regions in the links between CSR and long-term M&A performance. In our study, the effects of CSR on long-term M&A performance were positive and significant in a sub-sample of firms located in the eastern region, but the effects were negative and insignificant in a sub-sample of firms located in regions other than in the east. (3) Related-party M&A transactions experience more positive and significant CSR long-term M&A performance linkage, compared to non-related party M&A transactions. Our findings might provide more robust evidence to CSR performance linkage, as we have examined the linkage in a special context of M&A activities, using a Heckman two-stage model to alleviate endogeneity bias. We also bring further insights into the effects of two contingent factors (geographical regions and related-party transactions) on the CSR-performance linkage. The findings of this article suggest that it is reasonable for firms to act socially responsibly when generating economic benefits. Policy makers should consider how to encourage firms to better fulfill CSR through improving the market environment and by enhancing their levels of supervision.
Mingzhe Qiao; Shiwei Xu; Guangdong Wu. Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter? Sustainability 2018, 10, 2276 .
AMA StyleMingzhe Qiao, Shiwei Xu, Guangdong Wu. Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter? Sustainability. 2018; 10 (7):2276.
Chicago/Turabian StyleMingzhe Qiao; Shiwei Xu; Guangdong Wu. 2018. "Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter?" Sustainability 10, no. 7: 2276.