Research On Investment Path Of Corporate Social Responsibility Based On Qualitative Comparative Analysis Of Fuzzy Set

Under the concept of sustainable development,corporate social responsibility is not only a moral requirement,but also an important way to obtain market competitiveness.However,most of the performance of responsibilities is only the result of competing imitation.Blindly investing in social responsibility will not improve the value,but will lead to a waste of resources.Therefore,this paper focuses on exploring the social responsibility investment behavior for the purpose of improving enterprise value,so as to improve the enthusiasm of enterprises to perform their responsibilities.Since the assumption of social responsibility is regarded as a kind of resource investment,only by selecting the right investment object of social responsibility can we realize the win-win situation between enterprises and stakeholders.This paper focuses on the following three issues: First,clarifying the relationship between social responsibility and its stakeholders;Second,explore how to coordinate different stakeholders in order to enhance the value of social responsibility investment;Third,the impact of situational heterogeneity on corporate social responsibility investment and its value.In order to answer the above three questions,firstly,on the theoretical basis,it is considered that the relationship between stakeholders is interrelated and unity of opposites,which can not be treated independently,but should be regarded as the object of corporate social responsibility investment in the form of configuration.Based on the specific division of stakeholders,the life cycle at the micro level and the regional institutional environment at the macro level are introduced as the situational conditions affecting social responsibility investment;Clarify the enterprise value as the performance index to measure the investment of corporate social responsibility and the proxy index to define each variable.Select the enterprise data of China’s A-share listed companies as the sample.Finally,based on the configuration theory,make a fuzzy set qualitative comparative analysis on the whole sample,enterprises in different life cycles,enterprises in different institutional environments,and enterprise sample data under the interaction of situations.The research results are as follows:(1)the level of enterprise value depends on the combination of social responsibility investment objects.Compared with social responsibility investment only for a single object,the effect of coordinating social responsibility investment for multiple objects is better,and shareholders occupy a prominent position in the path;(2)Corporate life cycle and institutional environment have an impact on corporate social responsibility investment respectively.The more mature the development stage and the more perfect the institutional environment,the more diversified the choice of corporate social responsibility investment path;(3)The more mature and perfect the regional institutional environment,the more diversified the choice of objects in the path of corporate social responsibility investment.The innovation of this paper lies in:(1)different from the view that the factors affecting the investment of corporate social responsibility are regarded as a single and independent point of view,this paper introduces the qualitative comparative analysis method based on the configuration theory,and analyzes the interaction between corporate stakeholders and their joint effect on Corporate Social responsibility in the form of combination;(2)The macro and micro level situational factors are introduced,and the multi situational interaction analysis is added on the basis of single situational heterogeneity analysis,which provides reference for different types of enterprises to integrate social responsibility into their strategic decision-making process in reality.