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Corporate Social Responsibility and Environmental Resource Governance

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 (30 June 2023) | Viewed by 28496

Special Issue Editors

Business School, Central South University, Changsha 410083, China
Interests: environmental management accounting; corporate environmental responsibility; circular economy resource value flow analysis; policy effect assessment
Special Issues, Collections and Topics in MDPI journals
Business School, Central South University, Changsha 410083, China
Interests: environmental management accounting; corporate environmental responsibility
Special Issues, Collections and Topics in MDPI journals
Business School, Central South University, Changsha 410083, China
Interests: corporate social responsibility; the effects of informal and informal institutions on accounting information quality, auditing behaviors, and financial behaviors
Special Issues, Collections and Topics in MDPI journals
Business School, Central South University, Changsha 410083, China
Interests: environmental accounting; circular economy accounting; corporate socail responsibility
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Corporate social responsibility (CSR) has always played an important role in promoting social welfare and achieving positive social impacts, and the implementation of corporate environmental responsibility (CER) reflects the attitude and method of corporate environmental governance. In recent years, with increasingly prominent environmental problems such as the continuous deterioration of water quality, the increasingly serious soil pollution and the decline in air quality, it is particularly urgent to implement the United Nations 2030 sustainable development goals, which not only have a significant impact on the global sustainable development at the macro level but also constitute a new situation of corporate environmental governance at the micro level.  In the current development stage, CSR, especially CER, is endowed with new connotations and significance of the times, which is not only related to the strategy and behavior of the corporate itself but also crucial to the sustainable development of the whole country and society. Based on the above situations, this Special Issue calls for in-depth exploration of issues related to CSR and environmental resource management, aiming to create a series of rigorous research papers to explore and examine what conditions and mechanisms can promote the role of CSR in green and sustainable development. We invite articles that address the important issues of environmental governance and sustainable development in different industries, regions, and countries around the world.  The scope of this Special Issue includes, but is not limited to:

  • The dynamic interaction between CSR and environmental management activities in different development stages of corporations;
  • The impact of environmental regulation policy on environmental responsibility and environmental performance;
  • Environmental resource governance and sustainable development of corporations or regions;
  • Implementation of CER under the background of digital transformation;
  • ESG performance and corporate sustainable development;
  • Corporate environmental governance under the vision of carbon peaking and neutrality goals.

Dr. Huixiang Zeng
Prof. Dr. Zhifang Zhou
Dr. Zongfeng Xiu
Prof. Dr. Youliang Jin
Guest Editors

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
  • environmental resource governance
  • ESG
  • firm digitalization
  • sustainable development

Published Papers (14 papers)

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Editorial

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6 pages, 181 KiB  
Editorial
Corporate Social Responsibility and Environmental Resource Governance
by Huixiang Zeng, Zhifang Zhou, Zongfeng Xiu and Youliang Jin
Sustainability 2023, 15(21), 15350; https://doi.org/10.3390/su152115350 - 27 Oct 2023
Viewed by 901
Abstract
The construction of an ecological civilization is receiving increasing attention from countries worldwide [...] Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)

Research

Jump to: Editorial

18 pages, 457 KiB  
Article
Local Government Debt and Its Impact on Corporate Underinvestment and ESG Performance: Empirical Evidence from China
by Mingyao Cao, Keyi Duan and Haslindar Ibrahim
Sustainability 2023, 15(14), 11116; https://doi.org/10.3390/su151411116 - 17 Jul 2023
Cited by 4 | Viewed by 1672
Abstract
ESG ratings are closely linked to corporate resource allocation and overarching macroeconomic constituents. Nevertheless, there is a noticeable lack in the literature investigating the interconnected relationship between the growth of local government debt, corporate underinvestment, and ESG ratings. This study aims to investigate [...] Read more.
ESG ratings are closely linked to corporate resource allocation and overarching macroeconomic constituents. Nevertheless, there is a noticeable lack in the literature investigating the interconnected relationship between the growth of local government debt, corporate underinvestment, and ESG ratings. This study aims to investigate the impact of local government debt on corporate underinvestment and its subsequent effects on corporate ESG performance. To achieve this goal, this study utilizes special bond data from Chinese provinces spanning the period between 2015 and 2021. The findings suggest that as local government debt swells, it imposes financing constraints on local companies, leading to underinvestment, particularly for listed companies with a high proportion of fixed assets and non-state-owned enterprises. A key effect is a “crowding-out effect” in which local government debt absorbs resources that could otherwise be allocated to private corporations and non-investment sectors. This trend illuminates the concealed costs of a debt-reliant growth model extending beyond the financial sector to impact broader corporate behavior and ESG performance. Our research suggests that government debt, corporate financing constraints, and ESG investment are intimately linked. The study concludes with policy implications and recommendations aimed at mitigating the investment gap in Chinese enterprises and promoting sustainable economic growth. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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18 pages, 907 KiB  
Article
Environmental Regulation and Corporate Environmental Performance: Evidence from Chinese Carbon Emission Trading Pilot
by Lei Zheng, Akira Omori, Jin Cao and Xuemeng Guo
Sustainability 2023, 15(11), 8518; https://doi.org/10.3390/su15118518 - 24 May 2023
Cited by 3 | Viewed by 1467
Abstract
Using archival data of the Chinese A-share listed companies from 2011 to 2019, this article empirically examines the effectiveness of the Chinese carbon emission trading pilot, from the perspective of market-ranked corporate environmental performance. The main findings demonstrate that compared with companies not [...] Read more.
Using archival data of the Chinese A-share listed companies from 2011 to 2019, this article empirically examines the effectiveness of the Chinese carbon emission trading pilot, from the perspective of market-ranked corporate environmental performance. The main findings demonstrate that compared with companies not selected in the pilot, regulated enterprises tend to create a better environmental performance after the implementation of the pilot. Second, regarding the two possible influential channels, the lowering production level channel is empirically supported, while the increasing green investment channel lacks salient explanatory power. Finally, greater environmental pressures and better internal control quality present synergistic effects in amplifying the positive connection between the pilot and corporate environmental performance. Our conclusions remain valid under various robustness test methods. Potential related directions for future research are also identified and suggested in this article. Overall, using the Chinese carbon emission trading pilot as a research setting, our study provides additional evidence on whether and how environmental regulations affect corporate environmental performance ranked by capital market participants. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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19 pages, 488 KiB  
Article
Does the Environmental Tax Reform Positively Impact Corporate Environmental Performance?
by Manru Peng, Chendie Wei, Youliang Jin and Hangxin Ran
Sustainability 2023, 15(10), 8023; https://doi.org/10.3390/su15108023 - 15 May 2023
Cited by 3 | Viewed by 1121
Abstract
The environmental tax reform implemented in 2018 is an important initiative of Chinese tax reform, which is deemed a valuable opportunity to encourage firms to improve their environmental performance. This study empirically investigates the impact of the environmental tax reform on corporate environmental [...] Read more.
The environmental tax reform implemented in 2018 is an important initiative of Chinese tax reform, which is deemed a valuable opportunity to encourage firms to improve their environmental performance. This study empirically investigates the impact of the environmental tax reform on corporate environmental performance based on data from Chinese A-share listed firms with heavy pollution from 2016 to 2020 by the differences-in-differences method. It is found that the environmental tax reform can effectively improve corporate environmental performance, and the environmental supervision of local governments is an important channel to realize this. Heterogeneity tests show that the environmental tax reform better impacts the corporate environmental performance of non-state-owned enterprises and firms in western areas. This paper enriches the application scenarios of institutional theory, provides micro evidence for the impact of implementing the Environmental Protection Tax, and provides a decision-making basis for strengthening the environmental supervision of local governments, which has practical guidance significance in forcing corporations to modernize their green technology and realize sustainable economic growth. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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21 pages, 1038 KiB  
Article
Does ESG Impact Firms’ Sustainability Performance? The Mediating Effect of Innovation Performance
by Shukang Zhou, Md. Harun Ur Rashid, Shah Asadullah Mohd. Zobair, Farid Ahammad Sobhani and Abu Bakkar Siddik
Sustainability 2023, 15(6), 5586; https://doi.org/10.3390/su15065586 - 22 Mar 2023
Cited by 13 | Viewed by 6074
Abstract
In this age of global warming, academics and policymakers are increasingly concerned about firm environmental sustainability success. Therefore, this study aims to investigate whether Environmental, Social and Governance (ESG) performance impacts sustainability performance through the mediating effect of firm innovation. To this end, [...] Read more.
In this age of global warming, academics and policymakers are increasingly concerned about firm environmental sustainability success. Therefore, this study aims to investigate whether Environmental, Social and Governance (ESG) performance impacts sustainability performance through the mediating effect of firm innovation. To this end, Structural Equation Modeling (SEM) was deployed to analyze data collected from the employees of manufacturing industries in Bangladesh. The results revealed that ESG performance significantly enhances the innovation and sustainability performance of manufacturing industries, indicating that the higher the ESG performance of a firm, the greater its innovation and sustainability performance. Furthermore, the results confirmed that firm innovation performance fully mediates the relationship between ESG initiatives and sustainability performance. The findings of this study provide policymakers and industry authorities with valuable insight into the role of ESG and innovation performance in improving sustainability performance. Specifically, the study sheds knowledge on how firm ESG initiatives and innovation performance impact sustainability performance in the manufacturing sector of an emerging economy such as Bangladesh. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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20 pages, 936 KiB  
Article
Does Soil Pollution Prevention and Control Promote Corporate Sustainable Development? A Quasi-Natural Experiment of “10-Point Soil Plan” in China
by Qiong Zhou, Qian Tan, Huixiang Zeng, Yu-En Lin and Peng Zhu
Sustainability 2023, 15(5), 4598; https://doi.org/10.3390/su15054598 - 04 Mar 2023
Viewed by 1371
Abstract
The Action Plan for Soil Pollution Prevention and Control (“10-point Soil Plan”) provides the top-level design for soil environmental protection in China and motivates heavy polluters to participate in soil pollution prevention and control. Using a sample of Chinese-listed firms with key soil [...] Read more.
The Action Plan for Soil Pollution Prevention and Control (“10-point Soil Plan”) provides the top-level design for soil environmental protection in China and motivates heavy polluters to participate in soil pollution prevention and control. Using a sample of Chinese-listed firms with key soil pollution regulation from 2013 to 2020, this study utilized the Difference-in-Differences method to analyze the effect and mechanism of the “10-point Soil Plan” on corporate sustainable development. The “10-point Soil Plan” significantly promoted corporate sustainability via debt vacating and cash defense effects. However, this policy failed to achieve innovation compensation. Further, the promotion of corporate sustainability via the “10-point Soil Plan” is more significant in state-owned and large enterprises and depends on the intensity of local environmental regulations. This study provides a valuable reference for government and corporates to actively implement soil pollution prevention and control measures, which complements the systematic study of soil environmental planning and helps China integrate soil environmental planning with water and air environmental planning to build a comprehensive pollution prevention system. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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16 pages, 294 KiB  
Article
Does Environmental Cost Expenditure Matter? Evidence from Selected Countries in the Asia-Pacific Region
by Luluk Muhimatul Ifada and Romlah Jaffar
Sustainability 2023, 15(5), 4322; https://doi.org/10.3390/su15054322 - 28 Feb 2023
Viewed by 1341
Abstract
This study investigated the effect of companies’ environmental cost expenditure on environmental performance and the disclosure thereof by selected companies in the Asia-Pacific region. This region is vulnerable to significant environmental degradation due to its substantial economic development. This study examined the issue [...] Read more.
This study investigated the effect of companies’ environmental cost expenditure on environmental performance and the disclosure thereof by selected companies in the Asia-Pacific region. This region is vulnerable to significant environmental degradation due to its substantial economic development. This study examined the issue from a legitimacy theory perspective. Secondary data, collected from the Bloomberg database of 578 listed companies from 2008 to 2020, were used as the sample for the study. The results show that the level of environmental cost expenditure does matter because it was positively associated with environmental performance and its disclosure. The environmental performance variable also served as a mediating variable between environmental cost expenditure and disclosure. Disclosure provides a signal to investors to access companies’ environmental initiatives and risks, which could influence their investment decision. The findings highlight the importance of companies’ financial commitment to protect and preserve the environment in their daily operation. The findings also help managers to make strategic business decisions to strengthen their companies’ legitimacy by operating within the norms and values shared by society. The results from this study provide an insight which can be generalized with respect to companies from other regions. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
24 pages, 306 KiB  
Article
National Audit, Media Attention, and Efficiency of Local Fiscal Expenditure: A Spatial Econometric Analysis Based on Provincial Panel Data in China
by Dingzu Zhang, Xingjie Shen and Cong Peng
Sustainability 2023, 15(1), 532; https://doi.org/10.3390/su15010532 - 28 Dec 2022
Cited by 1 | Viewed by 1329
Abstract
Improving the efficiency of local fiscal expenditure is an important way to swiftly mitigate local fiscal risks according to the current economic situation. Based on the provincial panel data of 30 provinces in mainland China (except Tibet Autonomous Region) from 2007 to 2018, [...] Read more.
Improving the efficiency of local fiscal expenditure is an important way to swiftly mitigate local fiscal risks according to the current economic situation. Based on the provincial panel data of 30 provinces in mainland China (except Tibet Autonomous Region) from 2007 to 2018, a Tobit spatial error model was constructed to test the impact of national auditing on local fiscal expenditure efficiency and to investigate the intermediary role of media attention. Findings show that the disclosing, resisting, and preventing functions of the national audit significantly improve local fiscal expenditure efficiency. Media attention does play an intermediary role, indicating that the information transmission function of the national audit has governance effects. Coupling of the national audit and media attention also positively affects local fiscal expenditure efficiency. This research expands the mechanism of national audits, as they affect the efficiency of local fiscal expenditure; it also provides new empirical evidence for improving such efficiency while mitigating fiscal risks at the local level. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
20 pages, 873 KiB  
Article
Will Green Innovation Bring about the Financial Spillover Effect? Evidence from China’s High-Carbon Listed Companies
by Min Zhang, Yu Su and Peng Zhu
Sustainability 2023, 15(1), 89; https://doi.org/10.3390/su15010089 - 21 Dec 2022
Cited by 4 | Viewed by 1309
Abstract
Is there a spillover effect from enterprises’ green innovation activities that promotes the coordinated development of the economy and the environment? Very few studies examine the impact of green innovation on corporate performance. Based on the data from Chinese listed firms in high-carbon [...] Read more.
Is there a spillover effect from enterprises’ green innovation activities that promotes the coordinated development of the economy and the environment? Very few studies examine the impact of green innovation on corporate performance. Based on the data from Chinese listed firms in high-carbon industries from 2000 to 2021, this paper finds that green innovation has a significant promotion effect on enterprise performance, and the degree of regional intellectual property protection and enterprises’ financial resource base positively regulate the relationship between green innovation and enterprise performance. Further heterogeneity analysis shows that high-quality green innovation can better promote improvements in enterprise performance. In nonstate-owned enterprises, the spillover effect of such high-quality green innovation is more significant than that in state-owned enterprises. Meanwhile, the heterogeneity of the corporate governance level also affects the relationship between green innovation and enterprise performance. Green innovation has played a more significant role in promoting company performance in companies with high equity ratios. Finally, this paper proposes that companies should completely utilize their resource advantages to carry out high-quality green innovation practices to realize the coordinated development of the economy and the environment. This study provides empirical evidence and policy implications for accelerating the high-quality, sustainable development of enterprises. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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16 pages, 1316 KiB  
Article
The Recycling Strategy of Closed-Loop Supply Chain Considering CSR under the Government’s Reward–Penalty Policy
by Huaixi Song, Quanxi Li, Kailing Liu and Yi Li
Sustainability 2022, 14(21), 14228; https://doi.org/10.3390/su142114228 - 31 Oct 2022
Cited by 3 | Viewed by 1573
Abstract
A closed-loop supply chain (CLSC) is the process of adding a reverse supply chain to the traditional forward supply chain. It has a positive effect on reducing environmental pollution, and therefore many governments have introduced relevant policies to encourage enterprises to develop CLSCs. [...] Read more.
A closed-loop supply chain (CLSC) is the process of adding a reverse supply chain to the traditional forward supply chain. It has a positive effect on reducing environmental pollution, and therefore many governments have introduced relevant policies to encourage enterprises to develop CLSCs. Among them, the reward–penalty policy (RPP) for the recovery rate of waste electrical and electronic equipment (WEEE) is considered better. At the corporate level, the development of CLSCs can enhance the social responsibility awareness of the enterprise and effectively enhance the corporate image. Therefore, in order to study the decision making and recycling channel selection of CLSCs that consider corporate social responsibility (CSR) under the government’s RPP, this paper constructs a two-stage CLSC, including a manufacturer, a retailer, a third-party recycler, and the government. By adopting the Stackelberg game method, we determine the optimal results of the three models and draw a series of conclusions: (1) when the manufacturer is responsible for recycling WEEE, the profit is the largest, and it shows an increasing trend as the government’s reward–penalty coefficient increases; (2) the manufacturer recycling model enables the manufacturer to obtain the maximum CSR investment level, followed by the third-party recycler recycling model, and the smallest is the retailer recycling model; and (3) the government tends to build third-party recycling agencies, which is conducive to improving the level of contribution to GDP. The conclusion of this paper has certain management inspirations for the decision making of the enterprise and the formulation of government policies. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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22 pages, 331 KiB  
Article
Does ESG Performance Enhance Financial Flexibility? Evidence from China
by Dingzu Zhang and Luqi Liu
Sustainability 2022, 14(18), 11324; https://doi.org/10.3390/su141811324 - 09 Sep 2022
Cited by 13 | Viewed by 3278
Abstract
Environmental, social, and governance (ESG) performance may be one of the strategies firms adopt to enhance their financial flexibility in response to an increasingly uncertain environment and difficult sustainability conditions. We use A-share listed firms in China from 2015 to 2020 as samples [...] Read more.
Environmental, social, and governance (ESG) performance may be one of the strategies firms adopt to enhance their financial flexibility in response to an increasingly uncertain environment and difficult sustainability conditions. We use A-share listed firms in China from 2015 to 2020 as samples to test the influencing mechanism of ESG performance on financial flexibility. The empirical results indicate that ESG performance significantly enhances financial flexibility. The mechanism results show that financing constraints mediate ESG performance and firms’ financial flexibility. The additional analysis suggests that environmental uncertainty and market attention have significant positive moderating effects. That is, the promotion effect of firms in high uncertainty environments is more apparent, and the same is true in high market attention. This study supports instrumental stakeholder theory, signaling, and social impact hypothesis. It has enlightenment significance for firms, investors, and creditors to evaluate ESG performance and government departments to formulate relevant policies. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
20 pages, 1915 KiB  
Article
Coordination of Retailer-Led Closed Loop Supply Chain Considering Corporate Social Responsibility
by Huanhuan Zhao, Yong Liu and Zhiyang Liu
Sustainability 2022, 14(17), 10851; https://doi.org/10.3390/su141710851 - 31 Aug 2022
Cited by 6 | Viewed by 1315
Abstract
As resource waste and environmental degradation become increasingly serious, closed-loop supply chains have attracted more and more attention from the public. How to effectively undertake corporate social responsibility (CSR) and alleviate the conflict of closed-loop supply chains has become an urgent task for [...] Read more.
As resource waste and environmental degradation become increasingly serious, closed-loop supply chains have attracted more and more attention from the public. How to effectively undertake corporate social responsibility (CSR) and alleviate the conflict of closed-loop supply chains has become an urgent task for managers and researchers to resolve. With respect to the coordination problems of closed-loop supply chains led by retailers, based on Stackelberg game theory, we establish some models considering manufacturer’s CSR, exploit them to compare the optimal decisions under centralized and decentralized decisions, explore the impact of CSR on supply-chain decisions, then design a coordination mechanism through two-step pricing. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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16 pages, 289 KiB  
Article
The Construction of an Evaluation System of Corporate Social Responsibility to Employees: An Empirical Study in the Chinese Clothing Industry
by Yanting Jing, Wei Zhang, Yongjun Tang and Yuzi Zhang
Sustainability 2022, 14(16), 10215; https://doi.org/10.3390/su141610215 - 17 Aug 2022
Cited by 1 | Viewed by 1288
Abstract
Recently, with the intensification of employee suicides in well-known international companies such as Facebook and Pinduoduo, people are paying more and more attention to the violation of employee rights and interests. As an important embodiment of safeguarding the legitimate rights and interests of [...] Read more.
Recently, with the intensification of employee suicides in well-known international companies such as Facebook and Pinduoduo, people are paying more and more attention to the violation of employee rights and interests. As an important embodiment of safeguarding the legitimate rights and interests of employees, the corporate social responsibility to employees has become one of the focuses of academic discussions. The aim of this article is to build a corporate social responsibility evaluation system for employees for Chinese clothing companies. As a representative of labor-intensive enterprises, enterprises in the cloth industry often need to rely on the strength of their employees to create value more than ordinary enterprises. Therefore, it is of practical significance to study the corporate social responsibility of employees in the cloth industry. In addition, China is an important exporting country of clothing in the world, and its market environment is different from that of developed countries. Research with Chinese enterprises as samples may lead to different conclusions. Finally, unlike general CSR, the evaluation of employee CSR needs to consider the importance of subjective and objective factors. At this time, the use of the catastrophe progression method can more accurately evaluate the weight of each factor. The result of our research on 100 Chinese clothing companies shows that enterprises with higher rankings in clothing industry will fulfill social responsibility to employees better. The use of the catastrophe progression method to evaluate corporate social responsibility to employees can reduce errors caused by subjective steps such as assigning weights in Analytic Hierarchy Process (AHP) and improve the accuracy of evaluation. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
24 pages, 597 KiB  
Article
The Threshold Effect of Executive Compensation on Corporate Environmental Responsibility: Based on the Moderating Effect of Industry Competition
by Yang Zhang and Xinxin Zhang
Sustainability 2022, 14(14), 8711; https://doi.org/10.3390/su14148711 - 16 Jul 2022
Cited by 1 | Viewed by 1805
Abstract
In recent years, the relationship between the executive characteristics and corporate environmental responsibility has attracted much attention from academia, especially the relationship between executive compensation and corporate environmental responsibility. Based on the panel data of China’s Shanghai and Shenzhen A-share listed manufacturing companies [...] Read more.
In recent years, the relationship between the executive characteristics and corporate environmental responsibility has attracted much attention from academia, especially the relationship between executive compensation and corporate environmental responsibility. Based on the panel data of China’s Shanghai and Shenzhen A-share listed manufacturing companies from 2006 to 2018, this paper empirically tests the threshold effect of executive compensation on corporate environmental responsibility and explores this relationship under the moderation of industry competition. The results show the following: (1) The impact of executive compensation on corporate environmental responsibility represents a U-shaped threshold effect; that is, the promotion of corporate environmental responsibility by executive compensation only appears after reaching a certain boundary. (2) Industry competition has a positive moderating effect, which will shift the inflection point of the U-shaped curve between executive compensation and corporate environmental responsibility to the left. (3) Executive compensation of companies of different attributes, sizes, and regions has an impact on corporate environment responsibility, and industry competition has a varying impact on executive compensation and corporate environmental responsibility. This paper is based on the special situation of China and can be used for reference to other developing countries. This study not only expands the research perspective of corporate environmental responsibility and further reveals and verifies the manager effect in the field of environmental performance, but also has practical significance to further give full play to the incentive effect of compensation on corporate non-financial performance. Full article
(This article belongs to the Special Issue Corporate Social Responsibility and Environmental Resource Governance)
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