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Xiaoping Zhao
Department of Organization Management, Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China

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Original paper
Published: 23 February 2021 in Journal of Business Ethics
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Previous studies have proposed a virtuous circle between corporate social performance (CSP) and corporate financial performance (CFP). However, a key challenge researchers face when empirically examining this virtuous circle is endogeneity. In this paper, we apply a well-developed method—dynamic panel data (DPD) estimation—to account for endogeneity and conduct two studies to reexamine the causal relationship between CSP and CFP. Study 1 relies on KLD ratings from 1997 to 2012 as the measure of CSP. According to the results of Study 1, although CFP measured as ROE may have a causal impact on CSP, it is doubtful whether there is a causal influence of CSP on CFP. Study 2 relies on the sustainability scores provided by Sustainalytics from 2009 to 2018 as the measure of CSP. Study 2 reports that CSP does not causally influence CFP and that CFP does not have a causal impact on CSP. Together, Study 1 and Study 2, using different measures for CSP, suggest that a virtuous circle between CSP and CFP may not exist. Our study suggests that doing good may not necessarily lead to doing well and that doing well may not naturally result in doing good. Thus, our study implies that future studies should seriously consider the causal mechanisms through which CSP may influence or may be influenced by CFP. Our paper also discusses the implications for CSP research and for management and organization research. The limitations of applying DPD estimation to empirically examine the causal relationship between CSP and CFP are also discussed.

ACS Style

Xiaoping Zhao; Audrey Murrell. Does A Virtuous Circle Really Exist? Revisiting the Causal Linkage Between CSP and CFP. Journal of Business Ethics 2021, 1 -20.

AMA Style

Xiaoping Zhao, Audrey Murrell. Does A Virtuous Circle Really Exist? Revisiting the Causal Linkage Between CSP and CFP. Journal of Business Ethics. 2021; ():1-20.

Chicago/Turabian Style

Xiaoping Zhao; Audrey Murrell. 2021. "Does A Virtuous Circle Really Exist? Revisiting the Causal Linkage Between CSP and CFP." Journal of Business Ethics , no. : 1-20.

Journal article
Published: 03 September 2020 in Sustainability
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One of the most significant trends of firms in recent years is the investment growth in Corporate Social Responsibility (CSR) in China. CSR investment helps firms to create business value and develop strategic resources, whereas many firms ignore its optimal level. Extraordinary enthusiasm for CSR possibly leads to over-investment in CSR, which increases firms’ cost and has a negative influence on financial performance. We tried to explore the reasons why Chinese firms are so enthusiastic about CSR investment. Drawing upon the social exchange theories, we tested the relationship between political ties and over-investment in CSR, and examined how this relationship is moderated by the degree of resource competition. Based on a sample of 2304 private firms in China, we found that political ties have a positive effect on CSR over-investment. Our findings also suggested that the degree of resource competition positively moderates the relationship between political ties and over-investment in CSR.

ACS Style

Chan Xiong; Ke Zhang; Xiaoping Zhao. Do Political Ties Cause Over-Investment in Corporate Social Responsibility? Empirical Evidence from Chinese Private Firms. Sustainability 2020, 12, 7203 .

AMA Style

Chan Xiong, Ke Zhang, Xiaoping Zhao. Do Political Ties Cause Over-Investment in Corporate Social Responsibility? Empirical Evidence from Chinese Private Firms. Sustainability. 2020; 12 (17):7203.

Chicago/Turabian Style

Chan Xiong; Ke Zhang; Xiaoping Zhao. 2020. "Do Political Ties Cause Over-Investment in Corporate Social Responsibility? Empirical Evidence from Chinese Private Firms." Sustainability 12, no. 17: 7203.

Research article
Published: 14 August 2020 in Journal of Management
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This article reviews 86 studies and uses meta-analytical methods to investigate how perceived corporate social responsibility (CSR) impacts employee attitudes and behaviors and to identify the mediating mechanisms and boundary conditions. An initial review of this body of research finds a multitude of mediators but a limited focus on CSR typology as a potential moderator. Drawing upon social exchange theory, we develop and test two multivariate mediation models to integrate and synthesize three most-studied mediating mechanisms: organizational justice, organizational trust, and organizational identification. Meta-analyses find that while all three mechanisms within the parallel mediation model are equally significant in mediating the effect of perceived CSR on organizational commitment and job satisfaction, organizational identification is superior to organizational justice and organizational trust in mediating the effect of CSR perceptions on organizational citizenship behavior (OCB) and turnover intention. It is also found that although both mediation models adequately represent the accumulated empirical data, the sequential model is statistically superior to the parallel model. Although meta–structural equation modeling analyses reveal minimal differences between the broadly defined internal and external CSR perceptions, significant heterogeneity exists between perceived CSR and the outcome variables. The additional analyses suggest that significant differences exist between more specific stakeholder CSR types. In summary, this article extends our understanding of how employees perceive and respond to CSR through multiple sociopsychological mechanisms in additive and sequential fashions and how such responses could differ depending on the specific stakeholder subgroups targeted by CSR. Theoretical contributions and future research directions are also discussed.

ACS Style

Xiaoping Zhao; Chuang Wu; Chao C. Chen; Zucheng Zhou. The Influence of Corporate Social Responsibility on Incumbent Employees: A Meta-Analytic Investigation of the Mediating and Moderating Mechanisms. Journal of Management 2020, 1 .

AMA Style

Xiaoping Zhao, Chuang Wu, Chao C. Chen, Zucheng Zhou. The Influence of Corporate Social Responsibility on Incumbent Employees: A Meta-Analytic Investigation of the Mediating and Moderating Mechanisms. Journal of Management. 2020; ():1.

Chicago/Turabian Style

Xiaoping Zhao; Chuang Wu; Chao C. Chen; Zucheng Zhou. 2020. "The Influence of Corporate Social Responsibility on Incumbent Employees: A Meta-Analytic Investigation of the Mediating and Moderating Mechanisms." Journal of Management , no. : 1.

Earlycite article
Published: 04 November 2019 in Management Decision
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Purpose The purpose of this paper is to investigate the performance implications of two major mechanisms for organizational learning (i.e. exploration and exploitation). Exploration refers to firm activities that explore new and novel knowledge, whereas exploitation reflects the extent to which a firm reuses its existing knowledge. The authors predict curvilinear (i.e. an inverted U-shape) relationships between exploration/exploitation and firm performance, respectively. That is, firm performance first increases with exploration/exploitation at a decreasing rate; then, firm performance decreases at an increasing rate after firm performance reaches a maximum point. Furthermore, the authors examine whether the curvilinear relationships are moderated by two types of firm–stakeholder relationships (i.e. firm–employee and firm–customer relationships). Design/methodology/approach Using the data from National Bureau of Economic Research, US Patent Citations Data File, KLD Research and Analytics Inc. and Compustat series, the authors construct an unbalanced panel data set of 3,070 observations in 554 firms from 1991 to 2006. To test the hypotheses, feasible generalized least squares regression is used. Findings In consistent with the prediction, the authors find inverted U-shape relationships between exploration/exploitation and firm performance. The authors also find that the curvilinear relationships are moderated by firm–employee relationships. The relationships between exploration/exploitation and firm performance become stronger when firms have better relationships with employees. Research limitations/implications The study provides empirical evidence that better firm–employee relationships can strengthen the curvilinear relationships between exploration/exploitation and firm performance. The authors argue that future studies should extend to other stakeholder relationships, using more refined measures, and incorporating the concept of ambidexterity. Practical implications The findings suggest that managers should design innovation strategy based on performance implications of exploration/exploitation and that managers should also realize that stakeholder relationships can influence the relationships between exploration/exploitation and firm performance. First, the study shows that although exploration and exploitation can improve firm performance, too much exploration or exploitation is not good for firm performance. Therefore, managers should consider seriously the maximum point of performance that exploration and exploitation can reach and avoid too much exploration or exploitation. Second, firms can invest in firm–employee relationships to gain better performance implications from exploration/exploitation. The study shows that, as firms develop better firm–employee relationship, the relationships between exploration/exploitation and firm performance are stronger and firm performance is likely to reach a higher apex. Originality/value The authors find the inverted U-shape relationships between exploration/exploitation and firm performance, moreover, the authors add two contingent factors associated with stakeholders that can help exploration and exploitation contribute more to firm performance.

ACS Style

Xiaoping Zhao; Feibo Shao; Chuang Wu. Do stakeholder relationships matter? An empirical study of exploration, exploitation and firm performance. Management Decision 2019, 59, 764 -786.

AMA Style

Xiaoping Zhao, Feibo Shao, Chuang Wu. Do stakeholder relationships matter? An empirical study of exploration, exploitation and firm performance. Management Decision. 2019; 59 (4):764-786.

Chicago/Turabian Style

Xiaoping Zhao; Feibo Shao; Chuang Wu. 2019. "Do stakeholder relationships matter? An empirical study of exploration, exploitation and firm performance." Management Decision 59, no. 4: 764-786.

Journal article
Published: 22 May 2019 in Sustainability
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This study attempts to investigate the influence of managerial mindfulness on firm innovation. Managerial mindfulness is defined as a collective psychological state shared by top management team (TMT) members and represents their collective attention to present-moment events and experiences. Drawing from two psychological mechanisms of mindfulness, we argue that managerial mindfulness can positively affect R&D intensity—a proxy for firm innovation. The first psychological mechanism is that mindfulness facilitates self-regulation. By facilitating self-regulation, managerial mindfulness enables TMT members to behave less opportunistically and act in a less self-serving manner. Therefore, TMT members are concerned about the shareholders’ interests in long-term value creation and hence are willing to take more risk such as investing more in R&D. The second psychological mechanism is that mindfulness facilitates goal-pursuit, especially for intrinsic goals. Mindful TMT members are autonomously motivated to pursue goals that are more satisfying, persist for longer durations, and show greater success than goals that are extrinsically motivated; mindful TMT members are likely to view R&D as an intrinsic goal to pursue. In addition to the main effect, this study also examines several moderators and suggests that the positive relationship between managerial mindfulness and R&D intensity is moderated by firm age, slack resources, and past financial performance. Specifically, this relationship becomes weaker when a firm grows older and the firm has better past financial performance, while it is stronger when a firm has greater slack resources. To empirically test our hypotheses, we rely on a sample of Chinese listed companies and collect data from the China Stock Market and Accounting Research (CSMAR). Feasible generalized least squares (FGLS) regression is adopted due to the presence of significant autocorrelations and heteroskedasticity. The empirical analyses provide full support for our hypotheses. Therefore, this study contributes to literature of mindfulness, as well as studies on TMT’s influence on firm strategy and decision-making.

ACS Style

Yuanyuan Hu; Xiaoping Zhao; Yang Chen. The Influence of Managerial Mindfulness on Innovation: Evidence from China. Sustainability 2019, 11, 2914 .

AMA Style

Yuanyuan Hu, Xiaoping Zhao, Yang Chen. The Influence of Managerial Mindfulness on Innovation: Evidence from China. Sustainability. 2019; 11 (10):2914.

Chicago/Turabian Style

Yuanyuan Hu; Xiaoping Zhao; Yang Chen. 2019. "The Influence of Managerial Mindfulness on Innovation: Evidence from China." Sustainability 11, no. 10: 2914.

Article
Published: 12 October 2016 in Strategic Management Journal
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Research summary: In this study, we revisit the relationship between corporate social performance (CSP) and corporate financial performance (CFP) by conducting a replication of Waddock and Graves (1997). Using 1990 KLD ratings as the CSP measure, the original study reports a positive bidirectional relationship between CSP and CFP. However, our replication analyses with a larger sample over a longer time period indicate that the findings of the original study may not be generalizable to different samples. We argue that our replication casts doubt on the original study and can serve as a starting point to reconsider the CSP-CFP relationship. Based on the findings of our replication, we discuss the differences between the replication results and the original findings, and then suggest several approaches to revise and extend the original study. Managerial summary: Advocates of corporate social performance (CSP) have long argued that “doing good leads to doing well.” However, the evidence to support this argument is not strongly convincing, and managers hence doubt whether better CSP leads to improved corporate financial performance (CFP). In this article, we directly examine the relationship between CSP and CFP. Our article reports that CSP may not have a positive influence on CFP. Instead, our article shows the complexity of the relationship between CSP and CFP. Therefore, we cannot simply argue that doing good will necessarily lead to doing well. Copyright © 2016 John Wiley & Sons, Ltd.

ACS Style

Xiaoping Zhao; Audrey J. Murrell. Revisiting the corporate social performance-financial performance link: A replication of Waddock and Graves. Strategic Management Journal 2016, 37, 2378 -2388.

AMA Style

Xiaoping Zhao, Audrey J. Murrell. Revisiting the corporate social performance-financial performance link: A replication of Waddock and Graves. Strategic Management Journal. 2016; 37 (11):2378-2388.

Chicago/Turabian Style

Xiaoping Zhao; Audrey J. Murrell. 2016. "Revisiting the corporate social performance-financial performance link: A replication of Waddock and Graves." Strategic Management Journal 37, no. 11: 2378-2388.

Journal article
Published: 09 June 2016 in Business Ethics: A European Review
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ACS Style

Xiaoping Zhao; Shouming Chen; Chan Xiong. Organizational attention to corporate social responsibility and corporate social performance: the moderating effects of corporate governance. Business Ethics: A European Review 2016, 25, 386 -399.

AMA Style

Xiaoping Zhao, Shouming Chen, Chan Xiong. Organizational attention to corporate social responsibility and corporate social performance: the moderating effects of corporate governance. Business Ethics: A European Review. 2016; 25 (4):386-399.

Chicago/Turabian Style

Xiaoping Zhao; Shouming Chen; Chan Xiong. 2016. "Organizational attention to corporate social responsibility and corporate social performance: the moderating effects of corporate governance." Business Ethics: A European Review 25, no. 4: 386-399.

Conference paper
Published: 01 January 2016 in Academy of Management Proceedings
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In this study, we initiatively explore the temporal dynamics of corporate social responsibility (CSR) and corporate social irresponsibility (CSIR). Our study reports four relationships between prior CSR/CSIR and subsequent CSR/CSIR. More specifically, we show that (1) prior CSR is positively associated with subsequent CSR, and (2) negatively associated with subsequent CSIR, and that (3) prior CSIR is positively related to subsequent CSR and (4) subsequent CSIR. Our study particularly demonstrates the persistence of CSR and CSIR over time, a new finding that has not been examined by previous studies. Our study also questions the “moral balance” perspective of CSR and CSIR, which suggests that prior CSR leads to subsequent CSIR due to the “moral licensing” effect and that prior CSIR results in subsequent CSR because of the “moral cleansing” effect.

ACS Style

Xiaoping Zhao; Audrey Murrell; Feibo Shao. Temporal Dynamics of CSR and CSIR. Academy of Management Proceedings 2016, 2016, 13404 .

AMA Style

Xiaoping Zhao, Audrey Murrell, Feibo Shao. Temporal Dynamics of CSR and CSIR. Academy of Management Proceedings. 2016; 2016 (1):13404.

Chicago/Turabian Style

Xiaoping Zhao; Audrey Murrell; Feibo Shao. 2016. "Temporal Dynamics of CSR and CSIR." Academy of Management Proceedings 2016, no. 1: 13404.

Conference paper
Published: 01 January 2015 in Academy of Management Proceedings
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Our paper presents a moral-intuition model of bystander intervention to mistreatment in the workplace. Drawing from previous studies on intuition, we extend our understanding of bystanders’ responses to mistreatment in the workplace by proposing (1) that bystanders match a case of mistreatment to moral prototypes stored in their long-term memory, and (2) that bystanders make intuitive judgments and take instantaneous actions if a matched moral prototype is found. We also show that the intention and effectiveness of bystanders to intervene to mistreatment in the workplace depend on the accuracy of their moral prototypes, which are formed through several cognitive and learning mechanisms (i.e., individual experience, socialization, social influence, and post-hoc reasoning) and then are stored in bystanders’ long-term memory. By doing so, we offer a complementary view to the rationalist explanations of why and how bystanders respond to mistreatment in the workplace.

ACS Style

Xiaoping Zhao; Audrey Murrell. A Moral-Intuition Model of Bystander Intervention to Mistreatment in the Workplace. Academy of Management Proceedings 2015, 2015, 13986 -13986.

AMA Style

Xiaoping Zhao, Audrey Murrell. A Moral-Intuition Model of Bystander Intervention to Mistreatment in the Workplace. Academy of Management Proceedings. 2015; 2015 (1):13986-13986.

Chicago/Turabian Style

Xiaoping Zhao; Audrey Murrell. 2015. "A Moral-Intuition Model of Bystander Intervention to Mistreatment in the Workplace." Academy of Management Proceedings 2015, no. 1: 13986-13986.

Journal article
Published: 01 January 2013 in European J. of International Management
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This paper examines the Chinese healthcare system and identifies areas for improvement, particularly as it relates to workers' health and safety. Consistent with China's dramatic economic growth in recent years, there have been considerable improvements in access to both modern and traditional medical care for the general public. However, the availability and quality of modern medical care remain quite poor for many Chinese, particularly those in rural and western regions. Problems are exacerbated by various inefficiencies and widespread corruption in the healthcare delivery system. Moreover, because access to healthcare coverage is based on one's registered permanent residence, the great migration of workers to jobs in the more wealthy eastern part of the country has aggravated medical care access problems. Certain issues related to workers' safety, health, and various environmental and other public health problems have also worsened owing to the rapid economic development.

ACS Style

Richard E. Wokutch; Shuyi Zhang; Xiaoping Zhao. Chinese healthcare system and workers' welfare. European J. of International Management 2013, 7, 187 .

AMA Style

Richard E. Wokutch, Shuyi Zhang, Xiaoping Zhao. Chinese healthcare system and workers' welfare. European J. of International Management. 2013; 7 (2):187.

Chicago/Turabian Style

Richard E. Wokutch; Shuyi Zhang; Xiaoping Zhao. 2013. "Chinese healthcare system and workers' welfare." European J. of International Management 7, no. 2: 187.