How Does Transportation Infrastructure Improve Corporate Social Responsibility? Evidence from High-Speed Railway Openings in China

The socioeconomic impacts of infrastructure investment are worth examining in both academic and practical areas. Regarding Chinese high-speed railway construction, the existing literature mainly focuses on macro-economic level consequences openings, leaving micro-economic commonly untested. Using archival data listed companies from 2009 to 2018 difference-in-difference (DID) approach, this paper examines influential effect openings corporate social responsibility (CSR) performance. Empirical results show that can significantly improve companies’ CSR performance, positive is more salient when experiencing lower information transparency. Mediating tests illustrate increased investor site visits caused by one internal mechanism behind main connection. Overall, a micro-level perspective, article provides additional evidence impact transportation investments.