Palavras-chave
Incerteza de Política Econômica
Desempenho Financeiro
Sustentabilidade
China
Dados em Painel
Resiliência Estratégica
Como Citar
Resumo
Objetivo: O estudo tem como objetivo analisar os efeitos da Responsabilidade Social Corporativa (RSC) sobre o desempenho financeiro de empresas listadas na bolsa chinesa (A-share) entre 2015 e 2024, investigando se a RSC pode atuar como um estabilizador financeiro em períodos de incerteza econômica.
Metodologia/Abordagem: Trata-se de uma pesquisa quantitativa explicativa baseada em dados em painel de 2.000 empresas A-share. As informações foram obtidas das bases CSMAR, Hexun e Bloomberg ESG, além do índice de Incerteza de Política Econômica (EPU) da China. As análises foram realizadas por meio de regressões hierárquicas e de moderação, com estimadores de efeitos fixos e System-GMM para robustez. Também foram conduzidas análises por subgrupos e setores, considerando heterogeneidades de propriedade e visibilidade.
Originalidade/Relevância: O trabalho integra de forma inédita as teorias dos stakeholders, baseada em recursos, de sinalização, legitimidade e agência, para conceituar a RSC como “capital de resiliência” em contextos de crise econômica. Diferentemente das abordagens tradicionais que tratam a RSC como instrumento moral ou reputacional, o estudo a posiciona como mecanismo financeiro estratégico no contexto institucional híbrido da China, marcado pela combinação entre domínio estatal e competição de mercado.
Principais Conclusões: A RSC apresenta efeito direto positivo sobre o desempenho financeiro (β = 0.154, p < 0.001) e modera significativamente o impacto negativo da incerteza econômica (β = 0.083, p < 0.01). O efeito moderador é mais forte em empresas não estatais (β = 0.091, p < 0.01) e em setores com maior visibilidade perante os stakeholders (β = 0.097, p < 0.01). A RSC atua como amortecedor por meio dos canais de inovação, sinal informacional, seguro de stakeholders e restrição financeira.
Contribuições Teóricas/Metodológicas: O estudo contribui ao validar empiricamente um modelo de moderação multicanal, demonstrando que o retorno financeiro da RSC é contingente ao contexto institucional e dependente da governança corporativa. Metodologicamente, inova ao utilizar modelagem em painel, testes de robustez e visualizações 3D de moderação, oferecendo um modelo replicável para futuras pesquisas em RSC e finanças sustentáveis.
Referências
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
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
Copyright (c) 2024 Revista Inteligência Competitiva