Research On The Impact Of Social Responsibility Fulfillment On The Growth Ability Of Listed Companies In Sports Industry

In October 2021,the "14th Five-Year" Sports Development Plan issued by the State Sports General Administration clearly pointed out that it is necessary to cultivate and expand sports market entities by actively promoting the concentration of sports resources and production factors in high-quality enterprises.In fact,as an important driving force for the high-quality development of the sports industry,the introduction of relevant policies not only emphasizes the key role played by sports companies in the process of achieving the high-quality development of the sports industry,but also drives the development of the sports industry to a certain extent.The rapid development of listed companies in the sports industry.However,the salary arrears of football clubs,the financial fraud of Anta Sports,the strike of Yue Yuen Group,etc.,show that some listed companies in the sports industry still have problems such as poor awareness of fulfilling social responsibilities and lack of content in fulfilling social responsibilities.In the long run,it will not only affect the growth ability of listed companies in the sports industry and the improvement of their corporate competitiveness,but also affect the regulation of the sports market operation order and the high-quality development of the sports industry.Academia has formed relatively rich research results on the relationship between corporate social responsibility and corporate growth capabilities,but it is less involved in the field of sports industry.At this stage,the sports industry,as an emerging industry,has entered a critical period of high-quality development.If sports companies want to gain a competitive advantage in the fierce market competition,they must pay attention to the role and value of social responsibility fulfillment in enhancing the growth ability of the company.In view of this,this study takes 29 listed companies in the sports industry listed on the Hong Kong Stock Exchange,Shanghai Stock Exchange and Shenzhen Stock Exchange from 2012 to 2019 as the research sample,and downloads related companies through the Cathay Pacific（CSMAR）database,wind database,etc.Panel data,using the static panel model and the dynamic panel system generalized method of moments（SYS-GMM）to empirically analyze the impact of my country’s sports industry listed companies’ fulfillment of social responsibilities on the growth ability of enterprises,and empirically explore the fulfillment of social responsibilities with sports involvement as the starting point The impact on the growth ability of different types of listed companies in the sports industry in my country is different,and relevant development suggestions are put forward for different types of sports corporate social responsibility fulfillment and corporate growth ability improvement.The main research conclusions are as follows:（1）The fulfillment of social responsibilities by listed companies in my country’s sports industry can significantly promote the improvement of corporate growth capabilities.Both the static panel model and the dynamic panel model illustrate the positive impact of fulfilling social responsibilities on the growth ability of listed companies in my country’s sports industry.The static model shows that each additional unit of social responsibility of listed companies in the sports industry can promote the growth of the company by 8.997 percentage points.The dynamic model shows that each additional unit of social responsibility of listed companies in the sports industry can promote the growth of the company by 4.632 percentage points.（2）There are significant differences in the impact of different types of listed companies in the sports industry on their ability to fulfill their social responsibilities.The performance of social responsibilities by listed companies in the diversified development sports industry has a significant negative impact on the growth ability of enterprises,while the performance of social responsibilities by listed companies in the emerging growth and traditional stable sports industry has a significant role in promoting the growth ability of enterprises.Among them,the traditional stable enterprises have the most obvious promotion effect,the emerging growth enterprises are the second,and the diversified development enterprises are the lowest.Based on the above research conclusions,the following management implications are put forward:（1）Continuous involvement in sports business is a rational way for sports enterprises to fulfill their social responsibilities.（2）Actively fulfilling social responsibilities is the key to improving the growth ability of sports enterprises.（3）Establishing a sound supervision system is an effective guarantee for sports enterprises to enhance their awareness of social responsibility fulfillment.