Research On The Impact Of Corporate Social Responsibility On Corporate Systemic Risk

With the rapid development of national economy,enterprises no longer just pursue profit maximization.While pursuing profits,enterprises also need to meet the needs of stakeholders.In recent years,a variety of crisis events lacking corporate social responsibility occurred frequently,which caused strong negative reactions from market investors,consumers,governments and other stakeholders.Enterprises also fell into economic crisis due to the condemnation and boycott of stakeholders,thus bringing higher risks to enterprises.In the past,scholars have made a large number of studies on the relationship between CSR and financial performance.Enterprises usually focus on how CSR creates value and profits,but ignore the risks associated with the operation of enterprises.It is necessary to study the impact of CSR on corporate systemic risk under the regulation of disclosure intention,ownership nature and economic cycle,which is of great significance for promoting the development of CSR and promoting the healthy and stable development of enterprises and stock market.Adopt literature analysis and panel data analysis,this study use embellish spirit global corporate social responsibility report,a rating agency,taian database provided by the relevant financial data and China statistical yearbook data,to discuss the nature of disclosure willingness,equity,economic cycle under the action of regulating variable,the influence of enterprise social responsibility on systemic risk.Considering the time-lag of corporate social responsibility,the inter-temporal impact of corporate social responsibility on corporate systemic risk was tested by adding a lagging phase of corporate social responsibility,and the fixed effect model was adopted for regression analysis.Regression results show that: first,there is a significant negative correlation between corporate social responsibility and corporate systemic risk in the current period;There was a negative correlation between CSR with a lag of one period and the systemic risk of the current period,but it was not significant.Secondly,after the second adjustment of the economic cycle is added,the interaction between the CSR and the willingness to disclose and the economic cycle has a significant negative correlation with the current corporate systemic risk.Third,after the second adjustment of the economic cycle,the interaction between the economic cycle and the nature of equity and the current corporate social responsibility is significantly positively correlated with the current corporate systemic risk.Finally,there is a significant positive correlation between the lagged CSR and the interaction between the nature of equity and the economic cycle and the current corporate systemic risk.The research on the impact of corporate social responsibility on corporate systemic risk enriches the research in related fields and expands and deepens the theoretical research on corporate social responsibility.Through empirical analysis,we can know the actual performance level and difference of corporate social responsibility of China’s listed companies.Through empirical analysis of the regulatory effect of disclosure intention,ownership nature and economic cycle,empirical experience can be provided for the actual operation and development of enterprises in the economic contraction period,so as to provide mana gement enlightenment for the stable and healthy development of listed companies.