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author:

Long, Houyin (Long, Houyin.) [1] (Scholars:龙厚印) | Lai, Guansen (Lai, Guansen.) [2] | Jiang, Jiaoliang (Jiang, Jiaoliang.) [3] | Liu, Ruonan (Liu, Ruonan.) [4]

Indexed by:

SSCI Scopus

Abstract:

This paper investigates the impact of top-down amplification of economic growth targets on corporate social responsibility (CSR) performance. We find a significant negative relationship between the amplification and CSR performance. We further explore the underlying mechanisms for such an effect and find that top-down amplification of economic growth targets aggravates firms' operating risk and increases their financial constraints, thereby leading to a decline in CSR performance. Further analysis shows that the effect is more pronounced among firms with less economically important, inefficient external and internal monitoring, in non-state-owned enterprises (non-SOEs), and those with lower facilitation payments. Additionally, we also find that firms with lower CSR performance are more affected by the top-down amplification of economic growth targets in terms of worse operating performance and lower total factor productivity. Overall, our findings provide new insights into the consequences of the top-down amplification of economic growth targets in emerging markets, thus expanding and complementing the existing literature.

Keyword:

CSR performance GDP targets Top-down amplification Total factor productivity

Community:

  • [ 1 ] [Long, Houyin]Fuzhou Univ, Sch Econ & Management, Fuzhou, Peoples R China
  • [ 2 ] [Lai, Guansen]Fuzhou Univ, Sch Econ & Management, Fuzhou, Peoples R China
  • [ 3 ] [Jiang, Jiaoliang]South China Univ Technol, Sch Business Adm, Guangzhou, Peoples R China
  • [ 4 ] [Liu, Ruonan]Zhongnan Univ Econ & Law, Sch Finance, Wuhan, Peoples R China

Reprint 's Address:

  • [Jiang, Jiaoliang]South China Univ Technol, Sch Business Adm, Guangzhou, Peoples R China

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Source :

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS

ISSN: 1057-5219

Year: 2025

Volume: 101

7 . 5 0 0

JCR@2023

Cited Count:

WoS CC Cited Count: 1

SCOPUS Cited Count:

ESI Highly Cited Papers on the List: 0 Unfold All

WanFang Cited Count:

Chinese Cited Count:

30 Days PV: 4

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