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Abstract Based on the panel data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2014 to 2019, this paper empirically examined the moderating effect of competitive strategy on the curve relationship between corporate social responsibility (CSR) and market performance curve. The results show that the enterprise self capital level and CSR stimulation level constitute the restrictive conditions for the effectiveness of CSR investment, as a result, there is an inverted U-shaped relationship between CSR and market performance. Meanwhile, contrary to the low-cost strategy, the inverted U-shaped relationship between CSR and market performance under the differentiation strategy is strengthened. When an enterprise realizes effective integration of the two strategies, its market performance brought by the appropriate CSR investment will be significantly improved. The results support the view that competitive strategy is an important complementary mechanism for CSR to produce benefits, which has obviously synergistic effect with CSR, and the effective integration of strategies and appropriate CSR investment can cooperatively promote the long-term development of enterprises.
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Received: 29 October 2020
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