Abstract
Taking China’s A-share listed companies as the research sample, this paper studies the relationship between corporate social responsibility, internal control and enterprise value. The research results show that there is a positive correlation between the corporate social responsibility and the enterprise value. It shows corporate social responsibility behavior will enhance the enterprise value. At the same time, the behavior of corporate social responsibility also contributes to the improvement of enterprise internal control. Internal control has a partial intermediary role in the process of social responsibility affecting enterprise value. In that way, the corporate social responsibility can affect enterprise value by improving enterprise internal control. Further research shows that compared with the private enterprises, the internal control in the state-owned enterprises has a more significant partial mediating effect in the process of corporate social responsibility affecting enterprise value.
Highlights
As the issue of Corporate Social Responsibility (CSR) is more and more concerned, shareholders, investors and other stakeholders, are increasingly demanding that companies should be responsible for them, and for the society
Based on the data of China’s A-share listed companies from 2012 to 2017, this paper finds that corporate social responsibility can significantly affect the enterprise value, and internal control plays a partial intermediary role between corporate social responsibility and enterprise value
The SD of the CSR is 18.782, indicating that there is a big difference in the corporate social responsibility of the sample companies
Summary
As the issue of Corporate Social Responsibility (CSR) is more and more concerned, shareholders, investors and other stakeholders, are increasingly demanding that companies should be responsible for them, and for the society. Investors will consider the company’s moral issues when they are making investment decisions, and customers will pay attention to the social impact of the enterprise when they are making purchase decisions. Gao order to meet the growing demand for corporate social responsibility, enterprises begin to disclose their corporate social responsibility reports and take corporate social responsibility as an important part of corporate strategy. Does corporate social responsibility increase or decrease shareholder wealth? Is it good for the long-term development of the enterprise? Does corporate social responsibility increase or decrease shareholder wealth? Is it good for the long-term development of the enterprise?
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