Research on the Impact of Corporate Social Responsibility on Corporate Value in Different Industries — Based on the Analysis of the Mediation Effect, the Regulation Effect and the GMM Model of Dynamic Panel System

Abstract

This paper focuses on listed companies in three sub-sectors of real estate, health care and information technology services, on the basis of studying the direct relationship between corporate social responsibility and its value, introduces the tax burden as an intermediary variable, studies the difference between the relationship established by the intermediary role of the two through the intermediary role of the tax burden compared to the direct relationship, and explores the degree of equity concentration, institutional investor shareholding degree in the moderating role between corporate social responsibility and value, respectively. The dynamic panel system GMM model is used to explore the impact of the first phase of enterprise value lag on its same period. Empirical analysis shows that in the sample of listed companies selected from the three industries, corporate social responsibility has a positive impact on corporate value, and the tax burden plays a certain intermediary role in it, the equity concentration of enterprises in different industries and the shareholding of institutional investors play a slightly different role in regulating corporate social responsibility and corporate value, and only the enterprise value of the healthcare industry lagging by one period has a significant impact on the current period.