A new approach for addressing endogeneity issues in the relationship between corporate social responsibility and corporate financial performance
نویسندگان
چکیده
This paper aims to reexamine the relationship between corporate social responsibility (CSR) and financial performance (CFP) using a panel dataset of Chinese listed firms. Previous studies obtained divergent empirical evidence on CSR-CFP due unclear, incomplete, or inappropriate consideration endogeneity issues. By introducing Heckman-2SLS model, we comprehensively address main problems (i.e., sample selection bias, reverse causality, unobserved heterogeneity) simultaneously within relationship. Results not only indicate robust after correcting for issues but also serve as strong case future investigation correction
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ژورنال
عنوان ژورنال: Finance Research Letters
سال: 2021
ISSN: ['1544-6131', '1544-6123']
DOI: https://doi.org/10.1016/j.frl.2020.101623