An Empirical Study On The Relationship Between Corporate Social Responsibility And Firm Value Under Life Cycle Perspective

With the rapid development of word economy, human material properties have been greatly enriched. The environmental and social problems are becoming increasingly prominent because the humanity’s over-consumption of natural resources, such as ecological deterioration, tainted products, resource scarcity and so on. For one critical reason: some companies have ignored social responsibilities to pursue high profit. So in the late’90s, the western-led campaign of social responsibility on a global scale set off a wave. The theory and practice of corporate social responsibility(CSR) flourish gradually. Now, the research about should the enterprise bear the social responsibility is beside the point. Companies should bear social responsibility has become a global consensus within and beyond the enterprise. The key questions are how to take responsibilities for companies and how to push firms to take responsibilities actively. The solution to the problems is also the meaning of the paper.This paper reviews firstly the study on the relationship between corporate social responsibility and firm value under life circle perspective, next discusses their relationship in the different periods of the firm development through theory analysis. Then raises the hypothesis and establish the research model. Last the study selects 422 manufacturing listed companies and gathers data from 2012 to 2013. Use descriptive statistical analysis, correlation analysis, empirical studies with panel data, robust test to the study model. The research result shows that consumer responsibility, supplier responsibility and government responsibility have positive influence on firm value in growing stage, investor responsibility has negative influence on firm value. And there are no significant relationship between employee responsibility, community responsibility and firm value. In mature stage, investor responsibility, consumer responsibility and government responsibility have positive influence on firm value, consumer responsibility, supplier responsibility and community responsibility have no significant influence on firm value.This paper offers suggestions about how to take responsibility for companies and how to push firms to take responsibilities actively at the level of stakeholder. First, companies should take more community responsibility. Second, companies should strengthen the utilization of human resources. Last, government should improve the legal restraint mechanism and punishment mechanism to guide enterprises to take social responsibility actively.