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Does Corporate Social Responsibility Impact on Corporate Risk-Taking? Evidence from Emerging Economy
| Content Provider | MDPI |
|---|---|
| Author | Li, Xiao Liu, Gang Fu, Qinghua Rahman, Abdul Aziz Abdul Meero, Abdelrhman Sial, Muhammad Safdar |
| Copyright Year | 2022 |
| Description | This study analyzes the impact of corporate social responsibility (CSR) fulfillment on corporate risk-taking to assist stakeholders in identifying the “double-edged sword” role of CSR activities and provide empirical evidence for enterprises to properly carry out CSR activities. The results show that the self-interest instrumentalization of CSR activities intensifies agency conflict, and CSR fulfillment weakens risk-taking to a certain extent. When CSR fulfillment reaches a certain value, CSR activities can improve risk-taking. Then, CSR fulfillment and risk-taking show a U-shaped relationship. Further analysis shows that the impacts of CSR on debt financing and R&D input reflect the U-shaped effect pathways of CSR fulfillment on risk-taking. Finally, it is suggested that CSR activities should be avoided to become the “self-interest tool” of the management. The regulators guide enterprises to break through the inflection point of the U-shaped effect and consider more for the stakeholders’ overall interests. Additionally, the regulators establish an effective compensation system to ensure that the enterprises with adequate CSR fulfillment obtain high-quality capital resources and promote the sustainable development of the capital market. |
| Starting Page | 531 |
| e-ISSN | 20711050 |
| DOI | 10.3390/su14010531 |
| Journal | Sustainability |
| Issue Number | 1 |
| Volume Number | 14 |
| Language | English |
| Publisher | MDPI |
| Publisher Date | 2022-01-04 |
| Access Restriction | Open |
| Subject Keyword | Sustainability Applied Ethics Csr Risk-taking U-shaped Effect Debt Financing R&d Input |
| Content Type | Text |
| Resource Type | Article |
