The impact of top-down amplification of economic growth targets on CSR performance-evidence from China

IF 7.5 1区 经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2025-02-12 DOI:10.1016/j.irfa.2025.103995
Houyin Long , Guansen Lai , Jiaoliang Jiang , Ruonan Liu
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Abstract

This paper investigates the impact of top-down amplification of economic growth targets on corporate social responsibility (CSR) performance. We find a significant negative relationship between the amplification and CSR performance. We further explore the underlying mechanisms for such an effect and find that top-down amplification of economic growth targets aggravates firms' operating risk and increases their financial constraints, thereby leading to a decline in CSR performance. Further analysis shows that the effect is more pronounced among firms with less economically important, inefficient external and internal monitoring, in non-state-owned enterprises (non-SOEs), and those with lower facilitation payments. Additionally, we also find that firms with lower CSR performance are more affected by the top-down amplification of economic growth targets in terms of worse operating performance and lower total factor productivity. Overall, our findings provide new insights into the consequences of the top-down amplification of economic growth targets in emerging markets, thus expanding and complementing the existing literature.
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来源期刊
CiteScore
10.30
自引率
9.80%
发文量
366
期刊介绍: The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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