Keywords
Economic Policy Uncertainty
Financial Performance
Sustainability
China
Panel Data
Strategic Resilience
How to Cite
Abstract
Objective: This study aims to examine the effects of Corporate Social Responsibility (CSR) on the financial performance of A-share listed companies in China from 2015 to 2024, particularly assessing whether CSR can function as a financial stabilizer during periods of economic uncertainty.
Methodology/Approach: A quantitative explanatory design was employed using panel data from 2,000 A-share companies. The analysis integrates data from the CSMAR, Hexun, and Bloomberg ESG databases, as well as China’s Economic Policy Uncertainty (EPU) index. Hierarchical and moderation regressions, alongside fixed effects and system-GMM estimations, were applied to ensure robustness. Subgroup and industry-level analyses were conducted to account for ownership and visibility heterogeneity.
Originality/Relevance: The study uniquely integrates stakeholder, resource-based, signaling, legitimacy, and agency theories to conceptualize CSR as “resilience capital” under economic distress. Unlike traditional views of CSR as a reputational or ethical tool, this research positions CSR as a strategic financial mechanism within China’s hybrid institutional environment characterized by state dominance and market competition.
Main Findings: CSR has a positive direct impact on financial performance (β = 0.154, p < 0.001) and significantly moderates the negative effect of economic policy uncertainty (β = 0.083, p < 0.01). This buffering effect is stronger in non-state-owned enterprises (β = 0.091, p < 0.01) and in industries with higher stakeholder visibility (β = 0.097, p < 0.01). CSR mitigates financial decline through innovation, information-signal, stakeholder-insurance, and financial-constraint channels.
Theoretical/Methodological Contributions:
This study advances CSR and sustainability literature by empirically validating a multi-channel moderation model and introducing a framework where CSR acts as a dynamic risk-mitigation and resilience-building capability. Methodologically, it contributes by employing advanced panel modeling, robustness checks, and 3D moderation visualizations—tools that can be replicated in future CSR–finance studies.
References
Alqatan, A., Journal, A. H.-R. A. I. B., & 2025, undefined. (2025). and earnings management: the mediating effect of accounting conservatism and the moderating effect of corporate governance: evidence from Finnish companies. Emerald.Com, 35(1), 32–52. https://doi.org/10.1108/CR-10-2023-0253/FULL/HTML
Boateng. (2025). Corporate Social Responsibility Expenditures and Bank Performance: Role of Size Among Listed Banks in Ghana. Mdpi.Com. https://www.mdpi.com/1911-8074/18/3/127
Chafai, A., Finance, F. A.-C. E. &, & 2025, undefined. (2025). The nonlinear relationship between corporate social responsibility disclosure and Islamic bank efficiency in GCC countries: the moderating role of audit quality. Taylor & Francis, 13(1), 667. https://doi.org/10.1080/23322039.2025.2499011
Cheng, P., Wang, M., Li, K., Choi, B., & Chen, W. (2025). The impact mechanism of geopolitical risks on ESG performance: The moderating effects of investor attention and government subsidies. Journals.Plos. Org, 20(1). https://doi.org/10.1371/JOURNAL.PONE.0311659
Cheng, P., Zhang, J., Chen, J., Zheng, Y., & Li, Z. (2025). Stakeholder attention and ambidextrous green innovation: Evidence from China. Wiley Online Library, 34(1), 1007–1026. https://doi.org/10.1002/BSE.4032
Ezquerro, L., Coimbra, R., Bauluz, B., Núñez-Lahuerta, C., Román-Berdiel, T., & Moreno-Azanza, M. (2024). Large dinosaur egg accumulations and their significance for understanding nesting behaviour. Geoscience Frontiers, 15(5). https://doi.org/10.1016/j.gsf.2024.101872
Gao, M., & Geng, X. (2024). The role of ESG performance during times of COVID-19 pandemic. Scientific Reports, 14(1), 1–15. https://doi.org/10.1038/S41598-024-52245-7;SUBJMETA
Gao, X., Hossain, M. M., Alam, M., & Edirisinghe, U. (2025). Corporate governance and corporate social responsibility disclosures: fresh evidence from China. Emerald.Com. https://doi.org/10.1108/JAOC-05-2024-0143/FULL/HTML
Gazi, M. A. I., Hossain, M. M., Islam, S., Al Masud, A., Amin, M. Bin, Senathirajah, A. R. bin S., & Abdullah, M. (2025). of corporate social responsibility on sustainable environmental performance: mediating effects of green capability and green transformational leadership; moderating …. Springer. https://doi.org/10.1007/S10668-025-06082-X
Haroon, M., Ullah, M., Li, Z., Zhu, S., & Wang, J. (2025). Impact of emerging technologies on corporate social responsibility in mining industry. Elsevier. https://www.sciencedirect.com/science/article/pii/S0301420724008213
Hu, S., & Letters, S. W. (2025). Female executives, corporate social responsibility, and green innovation. Elsevier. https://www.sciencedirect.com/science/article/pii/S1544612325005495
Huang, G., Li, J., & Shen, L. (2025). With higher leverage comes greater responsibility? Excess leverage and corporate social responsibility in China: the moderating role of CEO characteristics. Springer. https://doi.org/10.1007/S10490-025-10011-X
Khan, M. A., Meng, B., & Ullah, I. (2025). Uncertainty and Green Innovation Nexus: The Moderating Influence of Ownership Structure and Product Market Competition. Wiley Online Library, 32(3), 3262–3277. https://doi.org/10.1002/CSR.3128
Khemiri, M., Saidi, H., & … A. H. (2025). Climate Risk and Bank Performance: What Role does Corporate Social Responsibility Play? Researchgate.Net. https://www.researchgate.net/profile/Mohamed-Khemiri/publication/393001973_Climate_Risk_and_Bank_Performance_What_Role_does_Corporate_Social_Responsibility_Play/links/685bb48307d6d53e82ee66bf/Climate-Risk-and-Bank-Performance-What-Role-does-Corporate-Social-Responsibility-Play.pdf
Li, G., Hei, B., Ma, Q., & Wang, H. (2025). Subjective perception of economic policy uncertainty and ESG performance: Evidence from China. Taylor & Francis, 54(1), 93–109. https://doi.org/10.1080/10293523.2024.2370665
Li, Z., Feng, L., Pan, Z., & Sohail, H. M. (2022a). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications, 9(1), 1–10. https://doi.org/10.1057/S41599-022-01259-5;SUBJMETA
Li, Z., Feng, L., Pan, Z., & Sohail, H. M. (2022b). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications, 9(1), 1–10. https://doi.org/10.1057/S41599-022-01259-5;SUBJMETA
Shahzad, M. F., Xu, S., Lim, W. M., Yang, X., & Khan, Q. R. (2024). Artificial intelligence and social media on academic performance and mental well-being: Student perceptions of positive impact in the age of smart learning. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29523
Su, F., Song, N., Shang, H., & Fahad, S. (2022). The impact of economic policy uncertainty on corporate social responsibility: A new evidence from food industry in China. PLOS ONE, 17(6), e0269165. https://doi.org/10.1371/JOURNAL.PONE.0269165
Wang, J., Chaveesuk, S., Sustainability, V. K.-, & 2025, undefined. (2025). Corporate Social Responsibility and Financial Performance in the Chinese Pharmaceutical Sector: The Roles of Technological Innovation and Media. Mdpi.Com. https://www.mdpi.com/2071-1050/17/8/3300
Xu, J., & Letters, Q. L. (2025). Controlling shareholder equity pledging, financing constraints, and corporate social responsibility. Elsevier. https://www.sciencedirect.com/science/article/pii/S1544612325002600
Xu, N., Chen, J., Zhou, F., Dong, Q., & He, Z. (2023a). Corporate ESG and resilience of stock prices in the context of the COVID-19 pandemic in China. Pacific-Basin Finance Journal, 79, 102040. https://doi.org/10.1016/J.PACFIN.2023.102040
Xu, N., Chen, J., Zhou, F., Dong, Q., & He, Z. (2023b). Corporate ESG and resilience of stock prices in the context of the COVID-19 pandemic in China. Pacific-Basin Finance Journal, 79, 102040. https://doi.org/10.1016/J.PACFIN.2023.102040
Yang, R., Wang, J., & Feng, T. (2025). The Influence of Power on Manufacturers’ Social Responsibility Towards Suppliers in Supply Chains. Wiley Online Library, 32(4), 5401–5419. https://doi.org/10.1002/CSR.3254
Yi, Y., Zhang, Z., & Xiang, C. (2022). The value of CSR during the COVID-19 crisis: Evidence from Chinese firms. Pacific-Basin Finance Journal, 74, 101795. https://doi.org/10.1016/J.PACFIN.2022.101795
Yu, Z., Liu, X., Hsu, Y. T., & Wang, X. (2025). Gender and ESG Rating Divergence: Evidence from Chinese Board Secretaries. Springer. https://doi.org/10.1007/S10551-025-06122-6
Zekai Nie; Masooma Arshad; Syed Khaldoon Khurshid; Abqa Javed; Talha Waheed; Qianqian Zhang School of Marxism, C. U. of F. and E. B. C. (2025). Domain-Specific Multi-Document Political News Summarization Using BART and ACT-GAN. IEEE.Org, 13, 143737–143750.
Alqatan, A., Journal, A. H.-R. A. I. B., & 2025, undefined. (2025). and earnings management: the mediating effect of accounting conservatism and the moderating effect of corporate governance: evidence from Finnish companies. Emerald.Com, 35(1), 32–52. https://doi.org/10.1108/CR-10-2023-0253/FULL/HTML
Boateng. (2025). Corporate Social Responsibility Expenditures and Bank Performance: Role of Size Among Listed Banks in Ghana. Mdpi.Com. https://www.mdpi.com/1911-8074/18/3/127
Chafai, A., Finance, F. A.-C. E. &, & 2025, undefined. (2025). The nonlinear relationship between corporate social responsibility disclosure and Islamic bank efficiency in GCC countries: the moderating role of audit quality. Taylor & Francis, 13(1), 667. https://doi.org/10.1080/23322039.2025.2499011
Cheng, P., Wang, M., Li, K., Choi, B., & Chen, W. (2025). The impact mechanism of geopolitical risks on ESG performance: The moderating effects of investor attention and government subsidies. Journals.Plos. Org, 20(1). https://doi.org/10.1371/JOURNAL.PONE.0311659
Cheng, P., Zhang, J., Chen, J., Zheng, Y., & Li, Z. (2025). Stakeholder attention and ambidextrous green innovation: Evidence from China. Wiley Online Library, 34(1), 1007–1026. https://doi.org/10.1002/BSE.4032
Ezquerro, L., Coimbra, R., Bauluz, B., Núñez-Lahuerta, C., Román-Berdiel, T., & Moreno-Azanza, M. (2024). Large dinosaur egg accumulations and their significance for understanding nesting behaviour. Geoscience Frontiers, 15(5). https://doi.org/10.1016/j.gsf.2024.101872
Gao, M., & Geng, X. (2024). The role of ESG performance during times of COVID-19 pandemic. Scientific Reports, 14(1), 1–15. https://doi.org/10.1038/S41598-024-52245-7;SUBJMETA
Gao, X., Hossain, M. M., Alam, M., & Edirisinghe, U. (2025). Corporate governance and corporate social responsibility disclosures: fresh evidence from China. Emerald.Com. https://doi.org/10.1108/JAOC-05-2024-0143/FULL/HTML
Gazi, M. A. I., Hossain, M. M., Islam, S., Al Masud, A., Amin, M. Bin, Senathirajah, A. R. bin S., & Abdullah, M. (2025). of corporate social responsibility on sustainable environmental performance: mediating effects of green capability and green transformational leadership; moderating …. Springer. https://doi.org/10.1007/S10668-025-06082-X
Haroon, M., Ullah, M., Li, Z., Zhu, S., & Wang, J. (2025). Impact of emerging technologies on corporate social responsibility in mining industry. Elsevier. https://www.sciencedirect.com/science/article/pii/S0301420724008213
Hu, S., & Letters, S. W. (2025). Female executives, corporate social responsibility, and green innovation. Elsevier. https://www.sciencedirect.com/science/article/pii/S1544612325005495
Huang, G., Li, J., & Shen, L. (2025). With higher leverage comes greater responsibility? Excess leverage and corporate social responsibility in China: the moderating role of CEO characteristics. Springer. https://doi.org/10.1007/S10490-025-10011-X
Khan, M. A., Meng, B., & Ullah, I. (2025). Uncertainty and Green Innovation Nexus: The Moderating Influence of Ownership Structure and Product Market Competition. Wiley Online Library, 32(3), 3262–3277. https://doi.org/10.1002/CSR.3128
Khemiri, M., Saidi, H., & … A. H. (2025). Climate Risk and Bank Performance: What Role does Corporate Social Responsibility Play? Researchgate.Net. https://www.researchgate.net/profile/Mohamed-Khemiri/publication/393001973_Climate_Risk_and_Bank_Performance_What_Role_does_Corporate_Social_Responsibility_Play/links/685bb48307d6d53e82ee66bf/Climate-Risk-and-Bank-Performance-What-Role-does-Corporate-Social-Responsibility-Play.pdf
Li, G., Hei, B., Ma, Q., & Wang, H. (2025). Subjective perception of economic policy uncertainty and ESG performance: Evidence from China. Taylor & Francis, 54(1), 93–109. https://doi.org/10.1080/10293523.2024.2370665
Li, Z., Feng, L., Pan, Z., & Sohail, H. M. (2022a). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications, 9(1), 1–10. https://doi.org/10.1057/S41599-022-01259-5;SUBJMETA
Li, Z., Feng, L., Pan, Z., & Sohail, H. M. (2022b). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications, 9(1), 1–10. https://doi.org/10.1057/S41599-022-01259-5;SUBJMETA
Shahzad, M. F., Xu, S., Lim, W. M., Yang, X., & Khan, Q. R. (2024). Artificial intelligence and social media on academic performance and mental well-being: Student perceptions of positive impact in the age of smart learning. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29523
Su, F., Song, N., Shang, H., & Fahad, S. (2022). The impact of economic policy uncertainty on corporate social responsibility: A new evidence from food industry in China. PLOS ONE, 17(6), e0269165. https://doi.org/10.1371/JOURNAL.PONE.0269165
Wang, J., Chaveesuk, S., Sustainability, V. K.-, & 2025, undefined. (2025). Corporate Social Responsibility and Financial Performance in the Chinese Pharmaceutical Sector: The Roles of Technological Innovation and Media. Mdpi.Com. https://www.mdpi.com/2071-1050/17/8/3300
Xu, J., & Letters, Q. L. (2025). Controlling shareholder equity pledging, financing constraints, and corporate social responsibility. Elsevier. https://www.sciencedirect.com/science/article/pii/S1544612325002600
Xu, N., Chen, J., Zhou, F., Dong, Q., & He, Z. (2023a). Corporate ESG and resilience of stock prices in the context of the COVID-19 pandemic in China. Pacific-Basin Finance Journal, 79, 102040. https://doi.org/10.1016/J.PACFIN.2023.102040
Xu, N., Chen, J., Zhou, F., Dong, Q., & He, Z. (2023b). Corporate ESG and resilience of stock prices in the context of the COVID-19 pandemic in China. Pacific-Basin Finance Journal, 79, 102040. https://doi.org/10.1016/J.PACFIN.2023.102040
Yang, R., Wang, J., & Feng, T. (2025). The Influence of Power on Manufacturers’ Social Responsibility Towards Suppliers in Supply Chains. Wiley Online Library, 32(4), 5401–5419. https://doi.org/10.1002/CSR.3254
Yi, Y., Zhang, Z., & Xiang, C. (2022). The value of CSR during the COVID-19 crisis: Evidence from Chinese firms. Pacific-Basin Finance Journal, 74, 101795. https://doi.org/10.1016/J.PACFIN.2022.101795
Yu, Z., Liu, X., Hsu, Y. T., & Wang, X. (2025). Gender and ESG Rating Divergence: Evidence from Chinese Board Secretaries. Springer. https://doi.org/10.1007/S10551-025-06122-6
Zekai Nie; Masooma Arshad; Syed Khaldoon Khurshid; Abqa Javed; Talha Waheed; Qianqian Zhang School of Marxism, C. U. of F. and E. B. C. (2025). Domain-Specific Multi-Document Political News Summarization Using BART and ACT-GAN. IEEE.Org, 13, 143737–143750.
Zhang, J., Zi, S., Shao, P., & Xiao, Y. (2020). The value of corporate social responsibility during the crisis: Chinese evidence. Pacific-Basin Finance Journal, 64, 101432. https://doi.org/10.1016/J.PACFIN.2020.101432
Zhang, W., Xu, M., Feng, Y., Mao, Z., & Yan, Z. (2024). The Effect of Procrastination on Physical Exercise among College Students—The Chain Effect of Exercise Commitment and Action Control. International Journal of Mental Health Promotion, 26(8), 611–622. https://doi.org/10.32604/ijmhp.2024.052730
Zhao, M., Feng, Y., & Finance, S. N. (2025). Promoting corporate social responsibility through green finance legislation. Elsevier. https://www.sciencedirect.com/science/article/pii/S0275531925000340
Zhu, L., Wang, Y., & Zhang, Q. (2025). Financial market regulation and corporate social responsibility: Evidence from China’s new asset management regulation. Journals’. Org, 20(5 May). https://doi.org/10.1371/JOURNAL.PONE.0323742
Zhuang, X., Markets, J. D.-I. J. of E., & 2025, undefined. (2025). Under rising environmental uncertainty Chinese enterprises pursue fame or profits? Evidence from corporate social responsibility and financial investment. Emerald.Com, 20(3), 1190–1213. https://doi.org/10.1108/IJOEM-04-2022-0639/FULL/HTML
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright (c) 2024 Journal of Sustainable Competitive Intelligence