Slack And Corporate Social Responsibility Performance

Facing the increasingly fierce competition and the progressively powerful stakeholder forces,enterprises are no longer a single profit tool for entrepreneurs.The community began to appeal: consumers pay attention to product quality,environmentalists stress sustainable development,and the government attaches importance to paying taxes according to law.Enterprises are personalized into social citizens.While enjoying the benefits that society gives them to use public resources,they must also fulfill their responsibilities to the society.In the past ten years,the domestic scholars' research on corporate social responsibility mainly focused on the question of why enterprises should fulfill their social responsibilities,trying to explore their economic value from the relationship between corporate social responsibility,financial performance and corporate value.However,there is little literature on the issue of “how companies can improve their social responsibility performance”.Compared with developed countries in Europe and America,the awareness of social responsibility of Chinese enterprises is generally lacking,and the enthusiasm for participating in social responsibility activities is not strong.Therefore,the research on the influencing factors of corporate social responsibility performance is particularly important.Enterprises fulfilling their social responsibilities need to rely on a large amount of resources.The slack as the part that exceeds the needs of maintaining the business can meet the requirements of the operators.The attributes to be configured and the resource consumption characteristics of fulfilling social responsibilities are functionally mutually satisfied.Considering that China is still in the period of economic and social transformation,the government's macro-control has played a role together with the market's self-regulation.The government's involvement and influence on the market far exceeds that of the Western countries.Political intervention is an important institutional feature.This provides a good institutional environment and experimental scenarios for studying the potential adjustment effects of political connections and financial pressures on the relationship between organizational slack and corporate social responsibility performance(csp).This study takes the manufacturing A-share listed companies in 2012-2016 as a sample,empirically explores the impact of slack on csp,and the regulatory role of political and financial pressures.We found that:(1)Absorbed slack and csp showedan "inverted U-shaped" relationship in the group of state-owned enterprises,and showed a positive correlation in private enterprises.(2)Political association as an informal system,there is an inverted U-type relationship with the performance of private enterprises' social responsibility: When the political connection level of senior management reaches the municipal level,political connection begin to play an alternative protective role for enterprises.Under the protection of the government,there is intention to evade social responsibility,and this effect is not seen in the group of state-owned enterprises.(3)Political connection weakens the positive effect of absorbed slack of private enterprises on their csp.(4)The financial pressure has different effects on the behavioral performance of enterprises with different property rights.When the financial pressure increases and the government hopes to get rid of the economic contribution of the enterprise,the social responsibility of the private enterprise is weakened,and the performance of the state-owned enterprise is more prominent.(5)Fiscal pressure has a negative adjustment effect on the relationship between absorbed slack and csp,and state-owned enterprises are more affected.(6)Although private enterprises lack self-awareness and their csp is weaker than that of state-owned enterprises,their profitability is generally stronger than that of state-owned enterprises,and they have great potential in the future.This paper jumps out of the previous research paradigm of "financial performance-corporate social responsibility ",analyzes the disputes between organizational theory and agency theory around organizational slack,and provides empirical evidence for slack to promote corporate social responsibility,for enterprises in resource constraints.The realization of economic and social benefits in the environment provides a win-win situation.Combining the two factors of fiscal pressure and political connection,it enriches the research on the interaction between macroeconomic policy,informal system and micro-enterprise behavior.Fully consider the behavioral motives of enterprises with different property rights,and clarify the fundamental differences between state-owned enterprises and private enterprises in undertaking social responsibility,and expand the theoretical research on corporate social responsibility based on Chinese context.