| Summary: | 1. Abstract
Many countries (especially developed countries) have studied the association between corporate social responsibility (CSR) and corporate financial performance (CFP) (Ullmann, 1985; Soloman and Hansen, 1985; Cornell and Shapiro, 1987; Wang and Sarkis, 2017; Mcwilliams and Siegel 2001). But few studies about this topic have been conducted in China mainland. Actually, the situation in China mainland is unsatisfactory. The aim of many companies is to maximize the interests of shareholders, and they just pursuit profits and neglect responsibilities for other stakeholders, leading to a series of social issues, such as toxic milk powder and food poisoning. Therefore, studying the correlation between CSR and CFP in China is of great significance.
In this dissertation, the author selects 1262 listed manufacturing companies in Shanghai Stock Exchange as study samples and uses STATA software to process correlation analysis and regression analysis on the relevant financial data of samples from 2013 to 2017. The details of study results are as follows: For one thing, obeying CSR is significantly and positively associated with improving CFP, but the lagged effect of CSR on CFP is decreasing in one—year lag. For another, improving CFP is positively and significantly related with taking CSR. The hysteretic influence of CFP on CSR is weakening as the increasing of hysteretic periods. The lagged influence of CFP on CSR is longer than the lagged effect of CSR on CFP.
Key Words: corporate social responsibility (CSR), corporate financial performance (CFP), stakeholders, China
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