Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.2004189
Unveiling the nexus between corporate social responsibility, industrial integration, economic growth and financial constraints under the node of firms sustainable performance
Yunpeng Sun
Jun Yang
Qun Bao
Hong Tu
Haoning Li
Sažetak
This research investigates the impact of corporate social responsibility (CSR), industrial integration, and economic growth in realising financial constraints using firm’s level attributes of sustainable
performance. In doing so, this study utilised annual data of 555
Chinese real estate firms from 2015 to 2019 and applied a spatial
effect model (SEM) to integrate spatial effects. This study also
used two-step Generalized Method of Moments (GMM) and twostage least square (2SLS) methods to deal with possible endogeneity. Manifestly, we have constructed a mathematical derivation
framework based on linear algebra and offer easy computing
Moran’s index. The preliminary results revealed that CSR, industrial
integration, and economic growth reduce financial constraints of
listed real estate companies in China. However, these effects are
not persistent at different stages of development. The findings of
Moran index describe that the early and growth stages of CSR
instigate financial constraints while the mature stage of CSR produces inhibitory effects that reduce financial constraints. Notably,
these effects also varied across different regions. This outcome
offers valuable policy recommendations.
Ključne riječi
Corporate social responsibility; Moran index; financial constraints; sustainable business performance; spatial effect model; industrial integration
Hrčak ID:
302624
URI
Datum izdavanja:
31.3.2023.
Posjeta: 398 *