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Corporate Social Performance, Responsibility and Value
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Corporate Social Performance, Responsibility and Value

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (20 September 2023) | Viewed by 17229

Special Issue Editor

Dr. Junrui Zhang

E-Mail Website
Guest Editor
School of Management, Xi’an Jiaotong University, Xi’an 710049, China
Interests: accounting theory; corporate governance; CSR; digital economy and digital assets

Special Issue Information

Dear Colleagues,

This Special Issue, “Corporate Social Performance, Responsibility and Value”, aims to develop research on corporate social responsibility (CSR) and provide implications for firms to improve their value sustainably. With global climate warming and natural environment deterioration, CSR is not an activity in response to pressure from firms’ stakeholders, but a movement for sustainable competitiveness and value growth. Specifically, this Special Issue publishes theoretical and empirical research that strengthens our understanding of the impact of corporate social responsibility on firm value, and of the underlying mechanisms.

Since the 1980s, the sustainable development of the economy, society, and the environment has attracted significant attention. Research into corporate social responsibility has grown rapidly. Scholars have arduously explored the ways in which CSR affects firm value. In 2004, the United Nations released the study “Those Who Care Win”, which first proposed the concept of ESG, which means “Environmental, Social and Governance”. Under this framework of concept, corporations are encouraged to integrate environmental, social, and governance factors into investment and financing decisions. Although many studies explore the relationship between firm CSR performance and various outcome variables related to firm value, empirical evidence are still mixed (e.g., Ramchander et al., 2012; Mishra, 2015; Awaysheh et al., 2019; Bartov et al., 2021). This inconclusive evidence may be attributed to many reasons, such as CSR performance measures, endogeneity issues, and the poor understanding of underlying channels through which CSR affects firm value. Since clarifying the relationship between CSR and firm value is of significance for motivating CSR practices and public policy making, this Special Issue calls for an in-depth exploration of issues related to CSR and firm value, aiming to resolve the inconsistences which remain in the existing literature. The scope of this Special Issue includes, but is not limited to:

  • New categories and measures of CSR performance;
  • Digital transformation and CSR practices;
  • Practices of ESG under the background of carbon peaking and neutrality goals;
  • The relationship between CSR and firm value in different situations (e.g., life cycles, industries, countries, legal systems, and so on);
  • CSR and green innovation;
  • Green innovation and high-quality development;
  • CSR disclosure and business ethics.

Dr. Junrui Zhang
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • corporate social responsibility
  • firm value
  • underlying channel
  • environmental, social, and governance
  • digital transformation
  • green innovation
  • business ethics

Published Papers (8 papers)

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Research

18 pages, 1034 KiB  
Article
The Influence of Firms’ Pragmatic Legitimacy on Investors’ Perceptions of Their Environmental Protection Activities
by Keigo Fujikura and Akitsu Oe
Sustainability 2023, 15(18), 13744; https://doi.org/10.3390/su151813744 - 14 Sep 2023
Cited by 1 | Viewed by 763
Abstract
This study demonstrates the mechanisms by which the pragmatic characteristics of legitimacy influence the promotion of corporate social responsibility activities, focusing on firms and investors. We hypothesize that the more aggressive a firm is in its environmental protection efforts, the higher the reduction [...] Read more.
This study demonstrates the mechanisms by which the pragmatic characteristics of legitimacy influence the promotion of corporate social responsibility activities, focusing on firms and investors. We hypothesize that the more aggressive a firm is in its environmental protection efforts, the higher the reduction in investment risk from its environmental performance. Multiple regression analysis was performed for Japanese chemical-related industries from 2017 to 2019. The results revealed that firms that balance environmental performance with business profits should invest in environmental protection activities and improve their environmental performance without touting profitability. The findings reveal the need to incorporate a profitability perspective when considering the relationship between environmental protection activities and investor perceptions. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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23 pages, 557 KiB  
Article
Corporate Social Responsibility and Community Legitimacy: Colombian Caribbean Insights
by María Cristina Bustillo-Castillejo, Rosario Pérez-Morote and Ángela González-Moreno
Sustainability 2023, 15(18), 13659; https://doi.org/10.3390/su151813659 - 13 Sep 2023
Viewed by 939
Abstract
The success of companies and the recognition by the community in which they are inserted depends on the confidence that the company generates in this community and the approach to local development formulated by the community. In this sense, the impacts of CSR [...] Read more.
The success of companies and the recognition by the community in which they are inserted depends on the confidence that the company generates in this community and the approach to local development formulated by the community. In this sense, the impacts of CSR and the recognition of the company as an important agent within the community forge the reputation of the company in terms of its management and interrelations with the community. To analyze the factors that influence the recognition and legitimacy of companies by communities, this paper analyzes the communities’ perception of territorial development and the impacts of CSR activities agreed in the social licenses in the context of Law 21/1991 on Prior Consultation in the Colombian Caribbean. Communities value investment in training and education from primary school to professional training, as well as income-generating practices. They also value respect for their culture, race, customs, and environmental wealth. CSR actions in healthcare do not provide greater legitimacy to the company. The same is the case with actions aimed to improve the relationship between suppliers and companies, as well as to strengthen the leadership of the community. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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20 pages, 708 KiB  
Article
Do Subsidy Policy and Transparency Impact Firm Value in the New Energy Industry? Evidence from Data Envelopment Analysis-Based Measurement of Corporate Subsidy Performance
by Yi-Chang Chen, Yi-Xuan Fu, Yang Qiao and Shih-Ming Kuo
Sustainability 2023, 15(13), 10319; https://doi.org/10.3390/su151310319 - 29 Jun 2023
Viewed by 1187
Abstract
The new energy industry has long benefited from government subsidies in China. However, the effectiveness of subsidies as a policy tool to guide sustainable development and competition has been widely debated. This paper examines the impact of subsidy policies on the firm value [...] Read more.
The new energy industry has long benefited from government subsidies in China. However, the effectiveness of subsidies as a policy tool to guide sustainable development and competition has been widely debated. This paper examines the impact of subsidy policies on the firm value of new energy companies from 2011 to 2018. Initially, we employed data envelopment analysis (DEA) to calculate corporate subsidy performance (CSP). Additionally, we investigated the impact of disclosure transparency on the relationship between government subsidies and firm value. We confirmed the significant negative impacts of subsidies and disclosure on firm value through robustness tests and sensitivity analysis. Furthermore, when considering ownership issues, we found negative impacts on firm value for state-owned firms. In contrast, privately-held firms demonstrated a positive influence on firm value. This study highlights the policy implications of subsidy effectiveness, accurate information disclosure, and corporate social responsibility on the sustainable development of subsidies in the new energy industry. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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28 pages, 1150 KiB  
Article
Economic Policy Uncertainty and Firm Value: Impact of Investment Sentiments in Energy and Petroleum
by Sarfraz Hussain, Rosalan Ali, Walid Emam, Yusra Tashkandy, Pradeep Mishra, Mochammad Fahlevi and Adelajda Matuka
Sustainability 2023, 15(12), 9656; https://doi.org/10.3390/su15129656 - 16 Jun 2023
Cited by 4 | Viewed by 1693
Abstract
This study seeks to determine how economic policy uncertainty (EPU) influences investment decisions and the market value of the Pakistan Stock Exchange. This study examines investment and operational data from 249 energy and petroleum companies between 2015 and 2020 and macroeconomic variables such [...] Read more.
This study seeks to determine how economic policy uncertainty (EPU) influences investment decisions and the market value of the Pakistan Stock Exchange. This study examines investment and operational data from 249 energy and petroleum companies between 2015 and 2020 and macroeconomic variables such as EPU. This study investigates the moderating effects of EPU on investments in fixed and intangible assets and its effect on Tobin’s Q and the market price per share. The outcomes demonstrate that EPU reduces the costs of both tangible and intangible assets for businesses. In addition, companies with a higher Tobin’s Q and market price per share are more impacted by uncertain corporate investment policies. However, financial leverage is negatively correlated with share price and positively correlated with earnings per share and earnings per unit. Tobin’s Q positively correlates with financial leverage, indicating that firms that raise capital through debt are more likely to create value for investors. The research indicates that market-dependent enterprises are more susceptible to the unpredictability of monetary policy. According to this study, consistent application and open communication of economic policies are likely to increase the efficacy of company investments, resulting in more effective resource allocation and business decision-making. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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17 pages, 925 KiB  
Article
Does Corporate Social Responsibility Moderate the Nexus of Organizational Culture and Job Satisfaction?
by Sania Khan, Wadi B. Alonazi, Azam Malik and Noor Raihani Zainol
Sustainability 2023, 15(11), 8810; https://doi.org/10.3390/su15118810 - 30 May 2023
Cited by 4 | Viewed by 1562
Abstract
Corporate social responsibility (CSR) is necessary in today’s organizations because they must balance profitability with the development of a positive reputation through environmental and social responsibilities. Therefore, the purpose of this research is to discover how organizational culture (OC) and corporate social responsibility [...] Read more.
Corporate social responsibility (CSR) is necessary in today’s organizations because they must balance profitability with the development of a positive reputation through environmental and social responsibilities. Therefore, the purpose of this research is to discover how organizational culture (OC) and corporate social responsibility (CSR) relate to job satisfaction (JS), as well as how CSR moderates their interaction. The research data were collected from 463 respondents of SME organizations in Saudi Arabia using an online survey questionnaire (and few by in-person survey) to determine the impact of hypothesized relations. The data were analyzed using SPSS 26.0 and AMOS to test the study hypotheses. The results indicated that corporate social responsibility moderated the relationship between OC and JS and improved employee’s job satisfaction. Among the hypothesized relationships of the variables, OC indicated a mediocre effect on JS, while CSR was found to have low influence on JS. However, the study revealed significant impact among the variables, thereby supporting all three hypotheses of the study. As the study only attempted to understand the associations among three variables, it lacks to explain the role of other potentially important factors such as business success, organizational structure, leadership style, and firm size. The only stakeholders considered by the study was the employees, which is considered a major limitation of this study. Further researchers may also consider the role of other primary stakeholders on CSR activities, who are vital in improving employee JS. The study’s findings have some practical implications for managers who seek to create contented personnel and prioritized CSR efforts. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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24 pages, 299 KiB  
Article
Corporate Governance, Media Coverage, and Corporate Environmental Protection Investment: Empirical Evidence from Listed Companies in China’s High-Pollution Industries
by Yuan Wang and Junrui Zhang
Sustainability 2023, 15(11), 8643; https://doi.org/10.3390/su15118643 - 26 May 2023
Cited by 1 | Viewed by 1136
Abstract
In this study, regarding listed companies of high-pollution industries in China’s A share as the research object and media coverage as the moderator variable, corporate governance data from 2015 to 2019 were selected. Studied the impact of corporate governance and media coverage on [...] Read more.
In this study, regarding listed companies of high-pollution industries in China’s A share as the research object and media coverage as the moderator variable, corporate governance data from 2015 to 2019 were selected. Studied the impact of corporate governance and media coverage on corporate environmental protection investment. Corporate governance was divided into four dimensions: shareholding structure, characteristics of the independent directors, characteristics of the board of supervisors, and management characteristics. A multiple regression model and monitoring model were constructed to study the influencing factors of the environmental protection investment behavior of enterprises, and the relationship between relevant variables was empirically tested. The results show the following: (1) The equity structure is expressed by the degree of separation of cash flow rights and shareholders’ control rights. There is a significant negative correlation between shareholding structure and enterprise environmental protection investment. The characteristics of the board of supervisors and management are measured by executive compensation. The characteristics of the board of supervisors have a significant positive impact on an enterprise’s environmental protection investment. Management characteristics have a significant positive impact on enterprise environmental protection investment. (2) Media coverage as a moderator variable is measured by the data reported by important Chinese newspapers. In the robustness test, media coverage is measured by the number of Chinese financial newspaper reports and the number of online media reports. Media coverage positively regulates the relationships among the ownership structure, the characteristics of the board of supervisors, management characteristics, and enterprise environmental protection investment. (3) Positive media reports have a more significant moderating effect than negative media reports. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
27 pages, 1297 KiB  
Article
The Environmental Values Play a Role in the Development of Green Entrepreneurship to Achieve Sustainable Entrepreneurial Intention
by Nosheena Yasir, Muhammad Babar, Hafiz Shakir Mehmood, Ruyu Xie and Guanke Guo
Sustainability 2023, 15(8), 6451; https://doi.org/10.3390/su15086451 - 10 Apr 2023
Cited by 9 | Viewed by 4845
Abstract
Business culture is shifting rapidly as a result of discussions emphasizing green entrepreneurship, which emphasizes ecological sustainability. Sustainable entrepreneurship plays a crucial role in predicting economic growth in a world where enterprise is driven by climate change and environmental degradation. Despite the positive [...] Read more.
Business culture is shifting rapidly as a result of discussions emphasizing green entrepreneurship, which emphasizes ecological sustainability. Sustainable entrepreneurship plays a crucial role in predicting economic growth in a world where enterprise is driven by climate change and environmental degradation. Despite the positive contributions of eco-friendly corporate operations, there is still limited knowledge about sustainable entrepreneurial intentions and their environmental value. Current research examines the impact of attitudes toward sustainable entrepreneurship, perceived behavioral control, and subjective norms, as well as environmental value on sustainable entrepreneurial intentions. The study uses survey responses from 418 students in Lahore and Faisalabad, Pakistan, and evaluates a revised version of the theory of planned behavior using structural equation modeling. The findings of the study suggest that environmental value has a direct and indirect impact on attitudes towards sustainable entrepreneurship, and perceived behavioral control and environmental value support sustainable entrepreneurial intentions. However, subjective norms were found to be insignificant in influencing sustainable entrepreneurial intentions. Furthermore, this study explores the connection between environmental values, attitudes towards sustainable entrepreneurship, and how perceived behavioral control is moderated by entrepreneurial experience. Entrepreneurs with prior experience might expect a stronger correlation between their environmental values and their desire to launch a sustainable venture. Policymakers and managers need to prioritize the development of ecological values and sustainable entrepreneurial intentions to support the growth of sustainable enterprises. The findings have significant implications for developing effective strategies to foster sustainable development in businesses. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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16 pages, 394 KiB  
Article
Exploring the Impact of Corporate Social Responsibility on Financial Performance: The Moderating Role of Media Attention
by Jiangjun Li, Tao Fu, Shengyue Han and Rui Liang
Sustainability 2023, 15(6), 5023; https://doi.org/10.3390/su15065023 - 12 Mar 2023
Cited by 7 | Viewed by 4166
Abstract
In the post-epidemic era, more and more enterprises have realized the crucial significance of corporate social responsibility for enterprise development. However, there is no consensus on the relationship between CSR and financial performance (FP). We collected data on listed companies in China from [...] Read more.
In the post-epidemic era, more and more enterprises have realized the crucial significance of corporate social responsibility for enterprise development. However, there is no consensus on the relationship between CSR and financial performance (FP). We collected data on listed companies in China from 2014 to 2020 in order to demonstrate whether CSR is positively or negatively correlated with financial performance and studied this relationship for the first time using media attention as a moderating variable. Through a regression analysis, we found that (1) companies with good CSR performance show a high level of FP; (2) the higher the media’s attention on the company, the better the CSR performance; and (3) based on the nature of the emotion, we divided media attention into positive and negative reports. Positive reports weaken the positive impact of CSR on financial performance, while negative reports reinforce this positive effect. These empirical findings remain robust after controlling for endogeneity and employing alternative variable measures. The results in this paper complement recent nexus modeling work and give a better understanding of the interaction mechanism in the CSR-FP nexus with useful implications for future enterprises’ sustainable development. Full article
(This article belongs to the Special Issue Corporate Social Performance, Responsibility and Value)
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