The Research On The Relationship Between Social Responsibility Cost Stickiness And Enterprise Value

Corporate social responsibility has always been a heated topic in academia.With the charitable donation of 1 hundred million in 2008 and the name of JDB group be widely known in China,the practical circle began to realize that "doing good deeds" could bring benefits to them.In recent years,more and more Chinese enterprises have been devoting themselves into the corporate social responsibility movement,no matter it is from spontaneity or policy pressure.It has been discussed a lot about whether corporate social responsibility can create financial performance for enterprises in academia,but there is still no conclusions yet.In the perspective of corporate social responsibility cost stickiness,this paper linked the theory of corporate social responsibility and cost stickiness,and studied the relationship between the stickiness of social responsibility cost and the value of enterprises.After that,it finally answered the question that whether the corporate should bear the social responsibility actively.Studying the social responsibility cost stickiness and exploring its relationship with the enterprise value can not only deepen the related research on the corporate social responsibility and develop the cost stickiness theory in academy,but also guide corporate cost management in practice,and provide some suggestions for the improvement of enterprise financial performance.We first defined the basic concepts of corporate social responsibility,CSR cost,stickiness,social responsibility cost stickiness and enterprise value.Then we reviewed the related research on the social responsibility cost stickiness and found that more and more scholars paid attention to the research of cost stickiness,and the discussion of the relationship between corporate social responsibility and enterprise value was also widespread,but there were few studies involved in the stickiness of social responsibility cost.Therefore,this paper mainly used both methods of normative and empirical to study the following aspects:(1)we firstly analyzed the reasons for the social responsibility cost stickiness,then tested its existence with the ABJ model,and social responsibility cost stickiness(anti-stickiness)was also calculated with the help of the Weiss model.(2)using the study of relationship between corporate social responsibility and enterprise value,cost stickiness and enterprise value at home and abroad,we analyzed the value driven mechanism of the social responsibility cost stickiness,and tested the relationship betweensocial responsibility cost stickiness(anti-stickiness)and enterprise value.This paper selected 2012-2016 Shanghai and Shenzhen listed manufacturing companies as samples for the empirical research.First,we tested the existence of social responsibility cost stickiness.Then the regression analysis of the relationship between social responsibility cost stickiness with the enterprise value was carried out,and finally the conclusions were that:(1)social responsibility cost stickiness and anti-stickiness were widespread in listed manufacturing companies,and social responsibility cost stickiness was slightly less than anti-stickiness,which may indicate that the corporate social responsibility of manufacturing listed companies in China was not up to expectation.(2)Social responsibility cost stickiness was positively related to corporate value.(3)Further research showed that social responsibility cost anti-stickiness was significantly negatively correlated with enterprise value,indicating that corporate indeed invest in social responsibility.