Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2142816
How does corporate social and environmental responsibility contribute to investment efficiency and performance? Evidence from the financial sector of China
Adnan Safi
Yingying Chen
Abdul Qayyum
Salman Wahab
Maaz Amin
Sažetak
Corporate social responsibility (CSR) and corporate environmental
responsibility (CER) are important determinants of a firm’s investment
efficiency and financial performance. However, there is scant
literature using the financial sector, and studies have excluded
the financial sector due to its different capital structure. Therefore,
this study investigates the effect of corporate social and environmental
responsibility on China’s financial institutions’ investment
efficiency and financial performance from 2010 to 2019. The data
analysis consists of multivariate Driscoll and Kraay regression analysis,
while a two-stage least squares regression is also used for
robustness purposes. The results show a significant positive relationship
between corporate social responsibility, investment efficiency,
and the performance of financial institutions. The results
also show that environmentally responsible firms perform better
in terms of investment efficiency and financial performance.
Furthermore, for non-state-owned enterprises, this impact is
higher as compared to state-owned enterprises. Therefore, managers
should strategically consider corporate social and environmental
responsibility to reduce agency problems and improve
their investment efficiency and performance.
Ključne riječi
Corporate social responsibility (CSR); investment efficiency; environmental responsibility; financial performance; financial institutions; China
Hrčak ID:
306788
URI
Datum izdavanja:
30.4.2023.
Posjeta: 325 *