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Sustainability 2018, 10(2), 301; https://doi.org/10.3390/su10020301

The Impacts of Social Responsibility and Ownership Structure on Sustainable Financial Development of China’s Energy Industry

1
School of Economics and Management, Zhuhai City Polytechnic, Zhuhai 519000, China
2
School of Business, Macau University of Science and Technology, Taipa 999078, Macau, China
3
Zhejiang Zheneng Lanxi Electric Power Generation Co., Ltd., Jinhua 321100, China
*
Author to whom correspondence should be addressed.
Received: 12 December 2017 / Revised: 16 January 2018 / Accepted: 21 January 2018 / Published: 24 January 2018
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
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Abstract

In the analysis, we integrated stakeholder and agency theories to explore the connection between corporate social responsibility (CSR) and sustainable financial development by considering the moderating effect of ownership structure. After empirical analysis, we found the following conclusions. First, the short-term and long-term economic performance is positively affected by CSR, which leads to sustainable financial development. Second, ownership circulation has a positive relationship with economic performance in the short run, which short-term profit increases as ownership circulation strengthens. Third, the effect of CSR on short-term economic performance is moderated by ownership structure. Excessive concentrated ownership may lead to decisions that do not satisfy all key stakeholders and may reduce the positive effect of CSR on economic performance. Finally, we suggest that Chinese energy companies should pay more attention to improving corporate social responsibility to maintain good economic performance and develop sustainable competitive advantage. Meanwhile, companies should optimize ownership concentration to avoid weakening the positive effects of social responsibility on short-term economic performance. View Full-Text
Keywords: corporate social responsibility; ownership structure; sustainable financial development; Chinese energy industry corporate social responsibility; ownership structure; sustainable financial development; Chinese energy industry
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).
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Feng, Y.; Chen, H.H.; Tang, J. The Impacts of Social Responsibility and Ownership Structure on Sustainable Financial Development of China’s Energy Industry. Sustainability 2018, 10, 301.

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