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| A Study of the Impact of Corporate Social Responsibility Investment on Organizational Resilience in Manufacturing Enterprises |
| ZHU Danyang，LI Xuhong |
| Fudan University, Shanghai, China |
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Abstract Based on stakeholder theory, this study draws on theoretical deduction, field investigation together with in-depth interviews with corporate executives, and theorizes that the investment in corporate social responsibility (CSR) towards different stakeholders positively affects organizational resilience. By tracking how Chinese A-share listed manufacturing companies recovered from a specific public health event, event history analysis is used to empirically examine our theory. Results show that corporate social responsibility investment may advance the firm’s post-pandemic recovery in both accounting performance and market performance, which are manifested in net profit and stock price, respectively. Furthermore, CSR investment towards the government and the society has stronger effects on the recovery of net profit than on share price. This study reveals that a firm’s past CSR investment may enhance or improve stakeholder relationships, which may strengthen the firm’s ability to over come crisis, and ultimately advance organizational resilience.
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Received: 26 September 2022
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