Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies
Abstract
:1. Introduction
- To explore the CSR of listed Chinese manufacturing companies and its effect on financial performance based on stakeholder theory;
- To examine the impact of companies’ concerns on different stakeholders.
2. Literature Review
2.1. CSR in China
2.2. CSR and Financial Performance
2.3. Theoretical Review: Stakeholder Theory
2.4. Theoretical Review: Legitimacy Theory
3. Methodological Application
3.1. Sampling
3.2. Corporate Financial Performance Measurement
3.3. Corporate Social Responsibility Measurement
3.4. Control Variables
4. Results and Analysis
4.1. Descriptive Statistics
4.2. Correlation Analysis and Multicollinearity Test
4.3. Regression Analysis
4.3.1. Association between CSR and ROA
4.3.2. Association between CSR and Tobin’s Q
4.4. Robust Testing
5. Conclusions and Policy Implications
Policy Implications
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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First-Level Indicators | Second-Level Indicators | Third-Level Indicators |
---|---|---|
Responsibility to shareholders (30%) | Profitability (10%), debt paying (3%), return (8%), credits (5%), and innovation (4%) | ROE (2%), ROA (2%), return on sales (2%), cost margin (1%), EPS (2%), quick ratio (0.5%), liquidity ratio (0.5%), retained earnings per share (1%), cash ratio (0.5%), equity ratio (0.5%), asset liability ratio (1%), dividend capital ratio (2%), bonus share allocation ratio of profit (3%), number of penalties by stock exchange (5%), dividend yield (3%), R &D expenditure (1%), concept of technological innovation (1%), and number of technological innovations (2%) |
Responsibility to employees (15%) | Performance (5%), safety (5%), and caring for the employees (5%) | Per capital income of the employees (4%), staff training (1%), security checks (2%), safety training (3%), policy of caring (1%), amount of caring (2%), and caring payments (2%) |
Responsibility to suppliers and customers (15%) | Product quality (7%), after-sales service/customer service (3%), and mutual good faith (5%) | Policy on quality management (3%), quality management system certificate (4%), customer satisfaction survey (3%), fair competition (3%), and anti-bribery training (2%) |
Responsibility to the environment (20%) | Environmental governance (20%) | Environmental protection policy (2%), environmental management system certificate (3%), amount invested in the environment (5%), amount of sewage (5%), and number of types of green energy (5%) |
Responsibility to society (20%) | Contribution value (20%) | Tax (10%) and donation amount (10%) |
CSR | EMP | ENV | FINL | GROWTH | LIQ | ROA | SCC | SHA | SIZE | SOC | TA | TQ | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mean | 28.368 | 3.460 | 3.179 | 42.216 | 15.479 | 3.665 | 9.813 | 3.140 | 13.584 | 21.827 | 4.466 | 74.528 | 1.761 |
Max | 78.890 | 15.000 | 27.000 | 99.810 | 219.671 | 204.742 | 2078.546 | 20.00 | 20.470 | 26.487 | 22.190 | 3186.332 | 31.383 |
Min | −8.660 | −0.020 | 0.000 | 0.710 | −33.922 | 0.138 | −51.371 | 0.000 | −8.370 | 18.008 | −15.000 | 0.662 | 0.183 |
.Std Dev. | 17.387 | 3.763 | 6.705 | 22.015 | 21.454 | 10.396 | 71.114 | 5.518 | 3.672 | 1.167 | 3.605 | 193.555 | 1.636 |
Obs | 859 | 859 | 859 | 859 | 859 | 859 | 859 | 859 | 859 | 859 | 859 | 859 | 859 |
EMP | ENV | FINL | GROWTH | LIQ | ROA | SCC | SHA | SIZE | SOC | TA | TQ | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
EMP | 1 | |||||||||||
ENV | 0.900 | 1 | ||||||||||
FINL | 0.115 | 0.118 | 1 | |||||||||
GROWTH | −0.021 | −0.019 | −0.011 | 1 | ||||||||
LIQ | −0.0395 | −0.044 | −0.406 | −0.027 | 1 | |||||||
ROA | 0.005 | 0.008 | −0.038 | 0.046 | 0.013 | 1 | ||||||
SCC | 0.846 | 0.883 | 0.062 | −0.018 | −0.076 | 0.020 | 1 | |||||
SHA | 0.221 | 0.208 | −0.358 | 0.114 | 0.145 | 0.100 | 0.254 | 1 | ||||
SIZE | 0.322 | 0.307 | 0.481 | 0.084 | −0.195 | 0.020 | 0.273 | 0.140 | 1 | |||
SOC | 0.106 | 0.136 | −0.062 | 0.002 | 0.030 | 0.022 | 0.261 | 0.269 | 0.079 | 1 | ||
TA | 0.216 | 0.194 | 0.252 | −0.001 | −0.081 | 0.001 | 0.167 | 0.083 | 0.638 | 0.037 | 1 | |
TQ | −0.101 | −0.117 | −0.341 | 0.024 | 0.151 | 0.217 | −0.080 | 0.074 | −0.403 | −0.0075 | 0.173 | 1 |
Variable | Coefficient Variance | Uncentered VIF | Cantered VIF |
---|---|---|---|
EMP | 0.0011 | 8.722 | 5.423 |
ENV | 0.0012 | 6.724 | 5.358 |
FINL | 0.0005 | 8.444 | 1.965 |
GROWTH | 0.0013 | 1.265 | 1.035 |
LIQ | 0.0051 | 1.522 | 1.201 |
ROA | 0.0015 | 1.122 | 1.065 |
SHA | 0.0041 | 8.609 | 1.505 |
SIZE | 0.0020 | 4.370 | 2.690 |
SOC | 0.0081 | 2.464 | 1.091 |
TQ | 0.0024 | 2.625 | 1.328 |
SCC | 0.0012 | 1.412 | 1.201 |
Variable | Equation (1) | Equation (2) |
---|---|---|
C | −15.5410 *** (4.0914) | −14.5541 *** (4.1364) |
CSR | 0.0226 *** (0.0039) | |
SHA | 0.1584 *** (0.0145) | |
EMP | 0.0974 *** (0.0461) | |
SCC | −0.0374 (0.0274) | |
ENVIR | 0.0005 (0.0246) | |
SOC | −0.0417 ** (0.0159) | |
SIZE | 1.2026 *** (0.1841) | 1.1679 *** (0.1862) |
GROWTH | 0.0114 *** (0.0016) | 0.01062 *** (0.0017) |
LIQ | −0.0710 * (0.0305) | −0.0702 * (0.0308) |
FINL | −0.1236 *** (0.0085) | −0.1287 *** (0.0086) |
R squared | 0.6226 | 0.6135 |
Adj. R squared | 0.5464 | 0.5358 |
F stat | 8.1538 *** | 7.8922 *** |
DW | 2.0235 | 1.8785 |
Obs | 5154 | 5154 |
Variable | Model 3 | Model 4 |
---|---|---|
C | 7.6883 *** (0.5175) | 7.6828 *** (0.5154) |
CSR | 0.0015 *** (0.0002) | |
SHA | 0.0058 *** (0.0015) | |
EMP | 0.0020 ** (0.0025) | |
SCC | −0.0074 *** (0.0018) | |
ENV | 0.0010 (0.0014) | |
SOC | −0.0026 * (0.0011) | |
SIZE | 0.2289 *** (0.0235) | 0.2277 *** (0.0234) |
GROWTH | 0.0005 ** (0.0002) | 0.0004 ** (0.0002) |
LIQ | −0.0305 *** (0.0056) | −0.0316 *** (0.0056) |
FINL | −0.0097 *** (0.0009) | −0.0101 *** (0.0009) |
R squared | 0.8482 | 0.8468 |
Adj. R squared | 0.8175 | 0.8160 |
F stat | 27.6235 *** | 27.4751 *** |
DW | 1.5927 | 1.5886 |
Obs | 5153 | 5153 |
Variable | Equation (1) | Equation (2) | Equation (3) | Equation (4) |
---|---|---|---|---|
C | 5.2454 *** (0.0332) | 5.2319 *** (0.0335) | 2.1544 *** (0.0065) | 7.6827 *** (0.5154) |
CSR | 0.0156 *** (0.0015) | 0.0015 *** (0.0002) | ||
SHA | 0.1177 *** (0.0074) | 0.0069 *** (0.0009) | ||
EMP | 0.0473 ** (0.0160) | 0.0009 (0.0023) | ||
SCC | −0.0206 * (0.0082) | −0.0091 *** (0.0015) | ||
ENV | 0.0077 (0.0089) | −0.0006 (0.0014) | ||
SOC | −0.0293 *** (0.0064) | −0.0019 * (0.0010) | ||
SIZE | 4.3899 *** (0.2060) | 4.4777 *** (0.2068) | −0.3888 ** (0.0425) | −0.2277 *** (0.0234) |
GROWTH | 0.0053 *** (0.0012) | −0.0063 *** (0.0012) | 0.0015 *** (0.0003) | 0.0004 * (0.0002) |
LIQ | −0.0152 * (0.0071) | −0.0158 * (0.0071) | 0.0017 (0.0015) | −0.0317 *** (0.0056) |
FINL | −0.0991 *** (0.0043) | −0.0928 *** (0.0043) | −0.0116 *** (0.0007) | −0.0101 *** (0.0008) |
R squared | 0.8819 | 0.8899 | 0.8577 | 0.8468 |
Adj. R squared | 0.8581 | 0.8678 | 0.8289 | 0.8160 |
F stat | ||||
DW | 1.9137 | 1.8168 | 1.6506 | 1.5886 |
Obs | 5154 | 5154 | 5153 | 5153 |
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Oino, I.; Yekini, S. Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies. Sustainability 2024, 16, 3806. https://doi.org/10.3390/su16093806
Oino I, Yekini S. Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies. Sustainability. 2024; 16(9):3806. https://doi.org/10.3390/su16093806
Chicago/Turabian StyleOino, Isaiah, and Sina Yekini. 2024. "Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies" Sustainability 16, no. 9: 3806. https://doi.org/10.3390/su16093806