Examining the Role of Stakeholder-Oriented Corporate Governance in Achieving Sustainable Development: Evidence from the SME CSR in the Context of China
Abstract
:1. Introduction
2. Theoretical Background and Hypotheses Development
2.1. SME CSR and Stakeholder-Oriented CG
2.2. Sustainable Development and Firm Performance
2.3. Studies on SME CSR, Firm Performance, and in the Context of Chinese SMEs
2.4. The Moderating Role of Government Subsidy
3. Research Design
3.1. Sample and Data Collection
3.2. Measures of Variables
3.2.1. Dependent Variables
3.2.2. Independent Variables
3.2.3. Moderator Variable
3.2.4. Control Variables
3.2.5. Model Specification
4. Research Results
4.1. Descriptive Results
4.2. Regression Analysis and Discussion
4.3. Robustness Check
5. Discussion
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
Variable | VIF | 1/VIF |
---|---|---|
CUSR | 2.610 | 0.383 |
OTR | 2.610 | 0.384 |
CRER | 1.500 | 0.667 |
LEV | 1.430 | 0.699 |
Firm Size | 1.180 | 0.844 |
Subsidy | 1.110 | 0.900 |
SUPR | 1.080 | 0.927 |
Firm Age | 1.060 | 0.947 |
ITR | 1.030 | 0.971 |
COMR | 1.030 | 0.972 |
Test Summary | Chi-Sq. Statistic | Prob. |
---|---|---|
OTR | 100.28 | 0.000 |
ITR | 79.86 | 0.000 |
Subsidy_OTR | 44.14 | 0.000 |
Subsidy_ITR | 31.29 | 0.018 |
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Study Aspect | Value |
---|---|
Time | 2015–2019 |
Location | China |
Sector | Manufacturing SMEs |
Initial Sample Size | 344 firms |
Final Sample Size for test | 172 firms |
Name | Code | Description |
---|---|---|
Employee Responsibility | ER | Cash Paid to Employee and for Employee/Operating Revenue |
Government Responsibility | OTR | Operating Tax and Extra Charges/Operating Revenue |
ITR | Actual Paid Tax/Total Profit | |
Supplier Responsibility | SUPR | Operating Cost/Average Accounts payable Average Accounts payable = (Opening Accounts Payable + Closing Accounts Payable)/2 |
Customer Responsibility | CUSR | Operating Cost/Operating Revenue |
Community Responsibility | COMR | Donation/Operating Revenue |
Creditor Responsibility | CRER | Current Asset/Current Liability |
Variable | Min | Max | Mean | S.D. |
---|---|---|---|---|
ROA | −0.652 | 0.531 | 0.041 | 0.091 |
TQ | 0.944 | 122.2 | 4.433 | 6.010 |
GROWTH | −0.982 | 45.88 | 0.162 | 1.608 |
ER | 0.004 | 2.733 | 0.140 | 0.130 |
OTR | −0.009 | 0.264 | 0.011 | 0.013 |
ITR | −117.9 | 13.12 | −0.046 | 4.139 |
SUPR | 0.701 | 256.4 | 12.98 | 21.27 |
CUSR | 0.429 | 22.31 | 1.045 | 0.972 |
COMR | 0.000 | 0.027 | 0.001 | 0.002 |
CRER | 0.177 | 80.66 | 4.678 | 6.252 |
Subsidy | −1.63 × 106 | 3.26 × 107 | 1.22 × 107 | 2.04 × 107 |
LEV | 0.008 | 1.227 | 0.282 | 0.185 |
Firm Size | 51.00 | 995.0 | 552.9 | 214.7 |
Firm Age | 7.000 | 39.00 | 17.44 | 5.246 |
Total Risk | 0.000 | 0.094 | 0.034 | 0.013 |
ROA | OTR | ITR | ER | SUPR | CUSR | COMR | CRER | |
---|---|---|---|---|---|---|---|---|
ROA | 1.000 | |||||||
OTR | −0.197 *** | 1.000 | ||||||
ITR | 0.026 | −0.093 *** | 1.000 | |||||
ER | −0.285 *** | 0.511 *** | 0.025 | 1.000 | ||||
SUPR | 0.050 | −0.065 * | 0.002 | −0.152 *** | 1.000 | |||
CUSR | −0.379 *** | 0.764 *** | −0.009 | 0.501 *** | 0.020 | 1.000 | ||
COMR | −0.014 | 0.085 ** | 0.012 | 0.160 *** | −0.049 | 0.051 | 1.000 | |
CRER | 0.136 *** | 0.017 | 0.033 | 0.133 *** | 0.192 *** | −0.055 | −0.040 | 1.000 |
Subsidy | 0.070 ** | −0.025 | 0.023 | −0.005 | −0.103 *** | −0.050 | 0.056 | −0.026 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
ER | −0.156 ** (0.074) | −0.142 * (0.079) | −0.520 * (0.273) | −0.822 ** (0.323) |
OTR/ITR | 1.583 * (0.866) | 0.001 *** (0.000) | −2.552 (3.192) | 0.004 (0.003) |
SUPR | −0.000 (0.000) | −0.000 (0.000) | −0.002 (0.001) | −0.002 (0.001) |
CUSR | −0.036 ** (0.016) | −0.020 (0.016) | 0.112 (0.143) | 0.127 (0.133) |
COMR | −0.128 (1.170) | −0.161 (1.188) | 25.305 (16.974) | 26.075 (20.581) |
CRER | 0.000 (0.000) | −0.000 (0.000) | 0.007 (0.004) | 0.007 (0.004) |
Subsidy | −0.000 (0.002) | −0.000 (0.002) | 0.005 (0.008) | 0.005 (0.008) |
Subsidy_ER | 0.026 (0.018) | 0.048 ** (0.024) | ||
Subsidy_OTR/ITR | 0.304 (0.215) | −0.000 (0.000) | ||
Subsidy_SUPR | 0.000 (0.000) | 0.000 (0.000) | ||
Subsidy_CUSR | −0.011 (0.010) | −0.010 (0.009) | ||
Subsidy_COMR | −1.703 (1.126) | −1.745 (1.356) | ||
Subsidy_CRER | −0.000 * (0.000) | −0.000 * (0.000) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
Number of Observation | 859 | 859 | 859 | 859 |
R-squared | 0.321 | 0.304 | 0.357 | 0.328 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
ER | −0.091 (0.074) | −0.090 (0.093) | −0.554 ** (0.274) | 0.719 ** (0.331) |
OTR/ITR | 2.257 ** (1.043) | 0.000 (0.000) | −0.795 (2.865) | 0.005 ** (0.002) |
SUPR | −0.000 (0.000) | −0.000 (0.000) | −0.002 (0.002) | −0.002 (0.002) |
CUSR | −0.038 ** (0.017) | −0.014 (0.015) | 0.059 (0.150) | 0.124 (0.146) |
COMR | 0.821 (1.433) | 0.640 (1.442) | 17.857 (16.984) | 18.963 (19.196) |
CRER | −0.003 *** (0.001) | −0.003 *** (0.001) | 0.003 (0.004) | 0.004 (0.005) |
Subsidy | 0.001 (0.001) | 0.001 (0.001) | 0.002 (0.009) | 0.006 (0.009) |
Subsidy_ER | 0.032 * (0.020) | 0.044 * (0.025) | ||
Subsidy_OTR/ITR | 0.260 (0.196) | −0.000 ** (0.000) | ||
Subsidy_SUPR | 0.000 (0.000) | 0.000 (0.000) | ||
Subsidy_CUSR | −0.008 (0.011) | −0.010 (0.010) | ||
Subsidy_COMR | −1.155 (1.121) | −1.220 (1.270) | ||
Subsidy_CRER | −0.000 (0.000) | −0.001 (0.000) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
Number of Observation | 859 | 859 | 859 | 859 |
R-squared | 0.156 | 0.099 | 0.213 | 0.122 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
ER | −2.717 *** (0.942) | −2.829 *** (0.949) | −0.486 (2.003) | −1.360 (1.202) |
OTR/ITR | −12.155 *** (3.288) | −0.003 (0.002) | −20.984 * (11.828) | 0.029 (0.030) |
SUPR | 0.007 *** (0.002) | 0.007 *** (0.002) | 0.005 (0.007) | 0.008 (0.005) |
CUSR | 0.113 (0.073) | −0.008 (0.105) | −0.104 (0.470) | −0.459 (0.376) |
COMR | −19.752 *** (7.230) | −19.534 ** (7.711) | 167.365 * (92.359) | 225.473 ** (112.807) |
CRER | −0.005 (0.005) | −0.005 (0.005) | −0.035 * (0.019) | −0.033 ** (0.016) |
Subsidy | 0.009 * (0.005) | 0.009 (0.005) | 0.000 (0.029) | −0.014 (0.019) |
Subsidy_ER | −0.159 (0.100) | −0.106 (0.069) | ||
Subsidy_OTR/ITR | 0.624 (0.810) | −0.002 (0.002) | ||
Subsidy_SUPR | 0.000 (0.000) | −0.000 (0.000) | ||
Subsidy_CUSR | 0.015 (0.031) | 0.032 (0.022) | ||
Subsidy_COMR | −12.294 ** (6.204) | −16.094 ** (7.543) | ||
Subsidy_CRER | 0.002 * (0.001) | 0.002 * (0.001) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
Number of Observation | 859 | 859 | 859 | 859 |
R-squared | 0.758 | 0.747 | 0.765 | 0.754 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
ER | −0.928 (0.618) | −0.905 (0.590) | −0.099 (1.062) | −1.102 ** (0.488) |
OTR/ITR | −4.001 (2.511) | −0.009 *** (0.001) | −16.544 ** (7.785) | −0.051 *** (0.009) |
SUPR | 0.005 *** (0.001) | 0.005 *** (0.001) | 0.004 (0.003) | 0.004 (0.003) |
CUSR | −0.103 ** (0.040) | −0.147 *** (0.041) | −0.176 (0.267) | −0.365 * (0.196) |
COMR | −0.267 (6.312) | −0.130 (6.233) | 36.781 (46.893) | 30.362 (46.691) |
CRER | −0.019 *** (0.005) | −0.018 *** (0.004) | −0.001 (0.009) | 0.004 (0.010) |
Subsidy | 0.005 (0.004) | 0.006 (0.004) | 0.006 (0.018) | −0.004 (0.012) |
Subsidy_ER | −0.058 (0.054) | 0.017 (0.047) | ||
Subsidy_OTR/ITR | 0.982 * (0.530) | 0.003 *** (0.001) | ||
Subsidy_SUPR | 0.000 (0.000) | 0.000 (0.000) | ||
Subsidy_CUSR | 0.004 (0.018) | 0.015 (0.013) | ||
Subsidy_COMR | −2.555 (2.979) | −2.078 (2.919) | ||
Subsidy_CRER | −0.001 * (0.001) | −0.002 ** (0.001) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
Number of Observation | 859 | 859 | 859 | 859 |
R-squared | 0.585 | 0.563 | 0.562 | 0.515 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
ER | 2.974 (1.884) | 3.126 * (1.865) | −24.199 (17.368) | −21.049 (13.619) |
OTR/ITR | 12.955 (24.161) | −0.022 (0.063) | −6.249 (75.236) | −2.990 (2.667) |
SUPR | −0.003 (0.005) | −0.003 (0.005) | −0.007 (0.036) | −0.084 * (0.045) |
CUSR | −0.632 ** (0.288) | −0.505 * (0.277) | 1.456 (2.583) | 0.106 (2.317) |
COMR | 17.555 (73.123) | 18.375 (74.330) | −2073.153 * (1204.801) | −3212.398 * (1843.475) |
CRER | −0.015 (0.021) | −0.014 (0.021) | −0.347 * (0.179) | −0.184 ** (0.092) |
Subsidy | −0.271 * (0.155) | −0.270 * (0.154) | −0.577 (0.399) | −0.647 (0.404) |
Subsidy_ER | 1.934 (1.206) | 1.740 * (0.944) | ||
Subsidy_OTR/ITR | 1.309 (5.116) | 0.196 (0.174) | ||
Subsidy_SUPR | 0.000 (0.002) | 0.005 * (0.003) | ||
Subsidy_CUSR | −0.145 (0.181) | −0.038 (0.161) | ||
Subsidy_COMR | 136.675 * (78.276) | 211.037 * (119.592) | ||
Subsidy_CRER | 0.021 * (0.011) | 0.010 (0.006) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
Number of Observation | 859 | 859 | 859 | 859 |
R-squared | 0.407 | 0.407 | 0.434 | 0.497 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
ER | 0.313 (1.351) | 0.436 (1.279) | −9.907 (8.341) | 2.396 (4.467) |
OTR/ITR | −0.466 (22.003) | −0.046 (0.059) | 103.672 (65.076) | −2.482 (2.334) |
SUPR | −0.011 * (0.006) | −0.012 ** (0.006) | −0.011 (0.025) | −0.067 * (0.040) |
CUSR | 0.048 (0.241) | 0.038 (0.096) | 1.020 (1.711) | 0.502 (1.982) |
COMR | −89.385 * (45.616) | −90.245 ** (45.210) | −182.837 (492.457) | −1873.226 (1277.349) |
CRER | −0.040 (0.038) | −0.039 (0.037) | −0.006 (0.065) | 0.131 (0.133) |
Subsidy | −0.092 ** (0.041) | −0.091 ** (0.041) | −0.029 (0.156) | −0.060 (0.165) |
Subsidy_ER | 0.736 (0.581) | −0.002 (0.338) | ||
Subsidy_OTR/ITR | −7.900 * (4.049) | 0.161 (0.152) | ||
Subsidy_SUPR | −0.000 (0.001) | 0.003 (0.002) | ||
Subsidy_CUSR | −0.063 (0.113) | −0.037 (0.142) | ||
Subsidy_COMR | 6.655 (32.502) | 115.994 (81.687) | ||
Subsidy_CRER | −0.002 (0.005) | −0.011 (0.010) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
Number of Observation | 859 | 859 | 859 | 859 |
R-squared | 0.166 | 0.163 | 0.152 | 0.216 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
L.ROA | 0.967 *** (0.126) | 0.839 *** (0.118) | 0.720 *** (0.176) | 0.708 *** (0.161) |
ER | −0.189 *** (0.046) | −0.184 *** (0.044) | −2.647 *** (0.996) | −1.830 ** (0.766) |
OTR/ITR | 2.506 *** (0.621) | 0.000 (0.001) | 8.467 (5.681) | 0.001 (0.001) |
SUPR | −0.000 (0.000) | −0.000 (0.000) | −0.011 *** (0.004) | −0.011 *** (0.004) |
CUSR | −0.036 *** (0.009) | −0.008 * (0.005) | 0.491 (0.323) | 0.649 ** (0.279) |
COMR | −1.625 (1.875) | −1.168 (1.804) | 314.202 ** (152.080) | 202.578 * (116.517) |
CRER | −0.001 (0.001) | −0.001 (0.001) | 0.028 ** (0.011) | 0.018 ** (0.008) |
Subsidy | 0.001 (0.002) | 0.001 (0.002) | 0.025 (0.016) | 0.033 ** (0.014) |
L.Subsidy | −0.002 (0.004) | −0.003 (0.004) | −0.005 (0.006) | −0.002 (0.006) |
Subsidy_ER | 0.172 ** (0.070) | 0.114 ** (0.054) | ||
Subsidy_OTR/ITR | −0.420 (0.399) | 0.182 *** (0.049) | ||
Subsidy_SUPR | 0.001 *** (0.000) | 0.001 *** (0.000) | ||
Subsidy_CUSR | −0.038 * (0.023) | −0.049 ** (0.020) | ||
Subsidy_COMR | −20.929 ** (10.079) | −13.525 * (7.718) | ||
Subsidy_CRER | −0.002 *** (0.001) | −0.001 ** (0.001) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
AR(2) (z, Pr > z) | 0.328 | 0.495 | 0.131 | 0.077 |
Sargan test excluding group(1) | 0.600 | 0.492 | 0.556 | 0.348 |
Sargan test excluding group(2) | 0.496 | 0.370 | 0.811 | 0.664 |
(1) OTR | (2) ITR | (3) OTR | (4) ITR | |
---|---|---|---|---|
L.GROWTH | 0.600 *** (0.025) | 0.624 *** (0.024) | 0.608 *** (0.059) | 0.612 *** (0.058) |
ER | −1.000 *** (0.111) | −0.954 *** (0.109) | −8.638 ** (3.919) | −10.951 *** (3.160) |
OTR/ITR | −2.839 ** (1.435) | −0.010 *** (0.002) | −21.622 (23.481) | −0.010 *** (0.004) |
SUPR | 0.004 *** (0.001) | 0.004 *** (0.001) | −0.043 *** (0.015) | −0.046 *** (0.015) |
CUSR | −0.098 *** (0.020) | −0.134 *** (0.012) | 4.533 *** (1.317) | 4.201 *** (1.217) |
COMR | −5.597 (4.261) | −4.995 (4.197) | 1441.338 ** (605.768) | 1634.430 *** (480.780) |
CRER | −0.006 *** (0.002) | −0.006 *** (0.002) | 0.043 (0.043) | 0.072 ** (0.033) |
Subsidy | −0.004 (0.004) | −0.004 (0.004) | 0.256 *** (0.067) | 0.235 *** (0.063) |
L.Subsidy | 0.045 *** (0.010) | 0.045 *** (0.010) | 0.040 (0.026) | 0.033 (0.024) |
Subsidy_ER | 0.523 * (0.276) | 0.689 *** (0.224) | ||
Subsidy_OTR/ITR | 1.273 (1.652) | −0.357 (0.219) | ||
Subsidy_SUPR | 0.003 *** (0.001) | 0.003 *** (0.001) | ||
Subsidy_CUSR | −0.333 *** (0.095) | −0.308 *** (0.088) | ||
Subsidy_COMR | −95.977 ** (40.197) | −108.752 *** (31.905) | ||
Subsidy_CRER | −0.003(0.003) | −0.005 ** (0.002) | ||
Year | YES | YES | YES | YES |
Firm Characteristics | YES | YES | YES | YES |
AR(2) (z, Pr > z) | 0.034 | 0.176 | 0.245 | 0.354 |
Sargan test excluding group(1) | 0.000 | 0.000 | 0.640 | 0.779 |
Sargan test excluding group(2) | 0.000 | 0.000 | 0.112 | 0.278 |
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Zhang, L.; Zhang, X.; An, J.; Zhang, W.; Yao, J. Examining the Role of Stakeholder-Oriented Corporate Governance in Achieving Sustainable Development: Evidence from the SME CSR in the Context of China. Sustainability 2022, 14, 8181. https://doi.org/10.3390/su14138181
Zhang L, Zhang X, An J, Zhang W, Yao J. Examining the Role of Stakeholder-Oriented Corporate Governance in Achieving Sustainable Development: Evidence from the SME CSR in the Context of China. Sustainability. 2022; 14(13):8181. https://doi.org/10.3390/su14138181
Chicago/Turabian StyleZhang, Lin, Xiaochen Zhang, Jingjing An, Wei Zhang, and Jingshen Yao. 2022. "Examining the Role of Stakeholder-Oriented Corporate Governance in Achieving Sustainable Development: Evidence from the SME CSR in the Context of China" Sustainability 14, no. 13: 8181. https://doi.org/10.3390/su14138181
APA StyleZhang, L., Zhang, X., An, J., Zhang, W., & Yao, J. (2022). Examining the Role of Stakeholder-Oriented Corporate Governance in Achieving Sustainable Development: Evidence from the SME CSR in the Context of China. Sustainability, 14(13), 8181. https://doi.org/10.3390/su14138181