Will Corporate Social Responsibility Discourage Inefficient Investment? An Empirical Research based on Chinese Listed Companies

DOI

10.2991/sschd-19.2019.67How to use a DOI?

Keywords

Corporate Social Responsibility, Overinvestment, Underinvestment.

Abstract

Based on the non-financial listed companies of Shanghai and Shenzhen A-shares from 2010 to 2017, this paper studies the relationship between corporate social responsibility and non-efficiency investment behavior based on stakeholder theory and signal transmission theory. The study found that corporate social responsibility can effectively improve investment efficiency, not only reduce overinvestment but also alleviate underinvestment; further research found that the higher the competitive position of enterprises in the industry, the stronger the improving effect of social responsibility on investment efficiency. This study provides empirical evidence for the economic consequences of corporate social responsibility.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Lu Yao
AU  - Xiaohua Tang
PY  - 2019/12
DA  - 2019/12
TI  - Will Corporate Social Responsibility Discourage Inefficient Investment? An Empirical Research based on Chinese Listed Companies
BT  - Proceedings of the 5th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2019)
PB  - Atlantis Press
SP  - 278
EP  - 283
SN  - 2352-5398
UR  - https://doi.org/10.2991/sschd-19.2019.67
DO  - 10.2991/sschd-19.2019.67
ID  - Yao2019/12
ER  -