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| Capital Structure, Social Responsibility and Firm Performance——Based on the Empirical Analysis of Listed Companies in China |
| YANG Nan |
| 1. Nanjing University, Nanjing, China; 2. Zhongyuan University of Technology, Zhengzhou, China |
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Abstract Based on the samples of the data of A-share listed companies during the period of 2009 and 2013, this study examined the relationship among the capital structure, social responsibility and corporate performance. By employing panel data regression model and using the generalized least squares to estimate panel data, the results show that the level of corporate social responsibility is negatively related to the capital structure. The results also show that the level of social responsibility moderates the relationship between the capital structure and corporate performance. The capital structure would be negatively related to corporate performance if the levels of corporate social responsibility were higher, and the capital structure would be positively related to corporate performance if the levels of corporate social responsibility were lower. The effect of capital structure on corporate performance will change with the level of the social responsibility.
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Received: 15 September 2014
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2015, Vol. 12 
