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| Impacts of Corporate Social Responsibility Consistency on Financial Performance |
| LI Qian，XU Jiaming，XIONG Jie，LIU Haixin |
| 1. Shanghai International Studies University, Shanghai, China; 2. ESSCA School of Management, Angers, France; 3. Beijing Jiaotong University, Beijing, China |
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Abstract Based on the instrumental stakeholder theory, this study pays attention to the impact of time and structure consistency in corporate social responsibility (CSR) on company financial performance (CFP), and tests the mediating effects of trust, as well as the moderating effects of overall level of CSR and attention from various stakeholders. Using samples of non-financial companies listed on Shanghai and Shenzhen Stock Exchanges, the research finds that time consistency is positively related to CFP, while structure consistency has opposite effect. Results also confirm the mediating effect of trust, through which CSR consistencies are able to exert their influence. Further, in terms of time consistency, the increase of overall CSR level strengthens its negative relationship with CFP, and analysists will eliminate the positive relationship. Besides, for structure consistency, its negative effects on CFP will be amplificated by the existence of the public as well as analysts, while be alleviated by attention from independent directors.
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Received: 28 December 2020
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