Eme ging Ma ke s Re iew 55 (2023) 101021
A ailable online 16 Ma ch 2023
1566-0141/© 2023 The Au ho s. Published by Else ie B.V. This is an open access a icle unde he CC BY-NC-ND license
(h p://c ea i ecommons.o g/licenses/by-nc-nd/4.0/).
The mode a ing ole o a co po a e li e cycle wi h he impac o
economic alue-added on co po a e social esponsibili y: E idence
om China’s lis ed companies
Xiaojuan Wu
a
,
c
, Dana Dluhoˇ
so ´
a
b
, Zdenˇ
ek Zmeˇ
skal
b
,
*
a
Hebei GEO Uni e si y, School o Managemen , Depa men o Accoun ing, Shijiazhuang 050031, China
b
VSB-Technical Uni e si y o Os a a, Facul y o Economics, Depa men o Finance, Sokolska 33, 702 00 Os a a, Czech Republic
c
VSB-Technical Uni e si y o Os a a, Facul y o Economics, Depa men o Business Adminis a ion, Sokolska 33, 702 00 Os a a, Czech Republic
ARTICLE INFO
O iginal con en : “Xiaojuan Wu, Dana
Dluhoˇ
so ´
a and Zdenˇ
ek Zmeˇ
skal, Da ase : The
mode a ing ole o a co po a e li e cycle on
co po a e social esponsibili y China
companies” (O iginal da a)
JEL:
D22
D91
L25
M14
O1
Keywo ds:
Co po a e social esponsibili y pa icipa ion
index
Co po a e inancial pe o mance
Co po a e li e cycle s age
Economic alue added
Analy ic ne wo k p ocess
F ac ional eg ession
ABSTRACT
The mode a ing ole o co po a e li e cycle s ages wi h he impac o ela i e economic alue
added (EVA) indica o on co po a e social esponsibili y pa icipa ion index (CSRPI). Chinese A-
sha e lis ed companies a e in es iga ed. The CSRPI weigh s a e calcula ed by Analy ic Ne wo k
P ocess. F ac ional eg ession wi h in e ac ion is used. The co po a e li e cycle s ages mode a e
he ela ionship be ween ela i e EVA measu e and CSRPI. Su p isingly, his impac is con i med
o companies a non-ma u e s ages, bu no o ma u e companies. Model ype, weigh s and
co po a e li e cycle obus ness we e con i med. The indings ha e implica ions o s akeholde s in
unde s anding companies’ social beha iou in he Chinese ma ke .
1. In oduc ion
Co po a e Social Responsibili y (CSR) has become an impo an issue acing mode n companies (Jiao e al., 2021). The phenomena
Abb e ia ions: EVA, economic alue added; CSR, co po a e social esponsibili y; CRSPI, co po a e social esponsibili y pa icipa ion index; CLC,
co po a e li e cycle; CFP, co po a e inancial pe o mance; ANP, analy ic ne wo k p ocess; CSMAR, China S ock Ma ke and Accoun ing Resea ch
Da abases.
** Co esponding au ho .
E-mail add esses: [email p o ec ed], [email p o ec ed] (X. Wu), [email p o ec ed] (D. Dluhoˇ
so ´
a), [email p o ec ed]
(Z. Zmeˇ
skal).
Con en s lis s a ailable a ScienceDi ec
Eme ging Ma ke s Re iew
jou nal homepage: www.else ie .com/loca e/em
h ps://doi.o g/10.1016/j.emema .2023.101021
Recei ed 30 June 2022; Recei ed in e ised o m 23 Feb ua y 2023; Accep ed 10 Ma ch 2023
Eme ging Ma ke s Re iew 55 (2023) 101021
2
a e deeply analysed and in es iga ed. Jo and Ha jo o (2011) poin ed ou ha CSR engagemen can posi i ely in luence a company’s
alue. The bene i s o CSR a e also associa ed wi h i s impac on company epu a ion (Fa ma e al., 2015; Fomb un, 2005), company
inno a ion (Chki e al., 2021), consume loyal y (Pa k e al., 2017; Islam e al., 2021), and isk educ ion (Jo and Na, 2012). These
ad an ages b ough abou by CSR pa icipa ion ha e a ac ed mo e and mo e companies o in es in CSR ac i i ies. Acco ding o he
Global Sus ainable In es men Re iew (2020) eleased by he Global Sus ainable In es men Alliance (GSIA), global sus ainable in-
es men has eached US$35.30 illion in 2020, an inc ease o 15% in wo yea s (2018–2020).
Co po a e Financial Pe o mance (CFP), as one o he c ucial indica o s measu ing he esul s o co po a e ope a ions, is also one o
he indispensable ac o s in de e mining co po a e ac i i ies. The di ec ion o causali y be ween CFP and CSR has always been a opic
ha esea che s ha e discussed. Bu e en i he same me hod (me a-analysis) is used o examine hei ela ionship, di e en e-
sea che s d aw di e en conclusions. Fo example, O li zky e al. (2003) ound ha CSR seems mo e ele an o accoun ing-based CFP
indica o s han ma ke -based indica o s; Wang e al. (2016) ound ha subsequen CFP is associa ed wi h p io CSR, while he e e se
di ec ion is no suppo ed. Fu he mo e, End ika e al. (2014) disco e ed a posi i e and pa ially bidi ec ional ela ionship be ween
co po a e en i onmen al pe o mance (CEP) and CFP, and Hang e al. (2019) sugges ha CFP can inc ease CEP in he sho - un (one
yea ). Howe e , he e ec s disappea in he long un (a e mo e han one yea ), and in u n, inc easing CEP has no sho - e m impac
on a CFP, while a company bene i s signi ican ly in he long- e m pe iod.
In he ace o inconsis en s udy esul s, some schola s claim ha he e is s ill a lo o esea ch o be done be o e he ela ionship
be ween CSR and CFP is ully unde s ood (Ma golis and Walsh, 2003; Alshehhi e al., 2018). In pa icula , Ma golis and Walsh (2003)
ha e s essed he impo ance o de eloping models inco po a ing omi ed a iables, es ing media ing mechanisms and con ex ual
condi ions, and es ablishing causal links be ween CFP and CSR in heo y. Alshehhi e al. (2018) also emphasise he impo ance o
mode a o s in unde s anding his ela ionship.
Some schola s ha e s a ed o ake s eps along hese lines. Su oca e al. (2010) disco e ed an indi ec ela ionship be ween CSR
and CFP ha elies on he media ing e ec o a company’s in angible esou ces bu no di ec ela ionship be ween hem. Wang e al.
(2016) examined he mode a ing e ec o en i onmen al con ex on he link be ween CSR and CFP based on li e a u e analysis. They
obse ed ha companies om ad anced economies had s onge CSR-CFP ela ionships han companies om de eloping economies.
Acco ding o a US sample, Cho and Lee (2017) ound ha CSR is posi i ely associa ed wi h CFP wi h e icien manage s. Li e al. (2021)
explo e whe he he eligious a mosphe e mode a es he impac o co po a e philan h opy on CFP based on a Chinese sample. Ahmad
e al. (2021) disco e ed ha CSR ini ia i es posi i ely in luence CEP h ough media o employee p o-en i onmen al beha iou . Mos
o he exis ing li e a u e ocuses on s udying how mode a o s o media o s in luence he esul o CSR on CFP. Few s udies a e con-
ce ned wi h he e e se e ec , ha is, how mode a o s o media o s a ec he impac o CFP on CSR.
Acco ding o he “dynamic esou ce-based iew”, companies ha e di e en capaci ies and esou ce o e ime (Hel a and Pe e a ,
2003), which is he ounda ion o di e en s a egies he companies adop (We ne el , 1984) depending on he co po a e li e cycle
(CLC). Tha being so, companies a di e en li e cycle s ages a e associa ed wi h a ying le els o esou ces, which a e he basis o
o ming CSR s a egies and beha iou s (Hasan and Habib, 2017). Ma u e companies ha e su icien esou ces and ob ious compe i i e
ad an ages, so he impac o ma u e companies’ CFP on CSR engagemen le el is mo e subs an ial han ha o companies in o he
s ages o CLC. As he la ges de eloping economy in he wo ld, China has p ominen en i onmen al p oblems in economic de el-
opmen (Wu and Hąbek, 2021). Majo pollu an s such as sul u dioxide, indus ial soo , was ewa e and solid was e emissions a e he
mos conce n ela ed o u banisa ion de elopmen (Hao e al., 2020), and China’s indus ial s uc u e is domina ed by hea y indus y
(Liu and Lin, 2019). CFP is one o he impo an sou ces o in e nal esou ces o companies. Whe he CFP plays a ole in Chinese
companies’ CSR pa icipa ion and whe he his ole is consis en in each s age o CLC is a opic wo hy o s udy.
The e o e, based on he dynamic esou ce-based iew and slack esou ce heo y, he aim o he pape is o in es iga e how he
mode a o o CLC s ages a ec s he impac o CFP on CSR in Chinese lis ed companies, including CLC, weigh s and model ype
obus ness. CSR is de ined as a pa icipa ion le el exp essed by he co po a e social esponsibili y pa icipa ion index (CSRPI)
calcula ed by he weigh ed a i hme ic mean o dummy c i e ia wi h weigh s compu ed using he Analy ic Ne wo k P ocess (ANP).
Because he CSRPI alues belong o a disc e e, closed in e al [0,1] and non-Gaussian dis ibu ion, he ac ional eg ession wi h a
mode a ing e ec is applied. S emming om companies’ abili y o c ea e slack esou ces, CFP is measu ed by he ela i e economic
alue added (EVA) indica o , which, aking in o accoun all capi al cos s, is mo e complex and can imp o e CFP measu ing analysis.
Fo compa ison, he ROE measu e is also in es iga ed. Bo h measu es s em om he slack esou ce heo y. Robus ness es s e i y he
esul s on he CRSPI weigh s composi ion, model ype, and CLC ca ego isa ion. All A-sha e lis ed companies excep inancial com-
panies in he Chinese s ock exchange a e aken in o accoun in he analysed sample. Thus, he pape no el y o explo e whe he and
how he CLC s age in he Chinese economy mode a es he impac o CFP, measu ed by ela i e EVA, on CSRPI, measu ed by ANP,
employing a ac ional eg ession model.
The pape is s uc u ed as ollows: Sec ion 2 includes he heo y and exis ing li e a u e on he e ec o CFP on CSR and how he CLC
s ages mode a e his e ec , which acili a es he de elopmen o he hypo heses o his pape . Sec ion 3 p esen s he esea ch sample,
measu emen o a iables, esea ch design and ac ional eg ession model o mula ions. Sec ion 4 subsequen ly shows he esea ch
esul s and obus ness es s. Finally, Sec ion 5 includes a summa y o he esul s and conclusions.
2. Li e a u e e iew and hypo heses de elopmen
2.1. The impac o co po a e inancial pe o mance on co po a e social esponsibili y
CSR usually ep esen s a ela i ely high a ea o managemen disc e ion (Ca oll, 1979, 1991). The implemen a ion o CSR- ela ed
X. Wu e al.
Eme ging Ma ke s Re iew 55 (2023) 101021
3
p ojec s may be pa icula ly sensi i e o he exis ence o slack esou ces (McGui e e al., 1988). Waddock and G a es (1997) pu
o wa d he slack esou ce heo y claiming ha be e inancial pe o mance may cause a ailable slack ( inancial and o he ) esou ces.
I allows companies o in es in CSR- ela ed p ojec s, such as communi y ela ions and employee bene i s, philan h opic dona ions o
en i onmen al p o ec ion. I slack esou ces a e a ailable, alloca ing hese esou ces o he social domain p oduces be e social
pe o mance. The e o e, be e inancial pe o mance is a mo e e ec i e p edic o o be e co po a e social pe o mance. Shahzad
e al. (2016) u he di ide he slack esou ces in o inancial slack, human esou ces slack, and inno a ional slack, and explo e how
hey a ec CSR, espec i ely.
Al hough he empi ical e idence o he e ec o CFP on CSR is no unique, much ex an li e a u e suppo s he posi i e ela-
ionship. Cla kson e al. (2011) used he ou mos pollu ing indus ies in he USA as samples and ound ha he company’s p e ious
be e inancial esou ces led o imp o ed en i onmen al pe o mance in he subsequen pe iod. Based on Indonesian companies,
Swanda i and Sadikin (2016) concluded ha p o i abili y signi ican ly in luences CSR because “companies wi h high p o i s ha e he
lexibili y und o implemen CSR p og ams”. Gianna akis (2014) ook a sample consis ing o 100 companies om he Fo une 500 lis
o 2011 and disco e ed ha p o i abili y is posi i ely associa ed wi h he ex en o CSR disclosu e. The same esul is ob ained om
he Chinese sample s udied, e. g., by Li and Zhang (2010) and Wu e al. (2021). Based on he a o emen ioned a gumen s, he ollowing
hypo hesis is s a ed.
Hypo hesis (H1). : CFP posi i ely impac s CSR pa icipa ion le el o all sample companies.
2.2. The mode a ing ole o co po a e li e cycle s ages
The heo y o CLC is de i ed om he scien i ic li e a u e conce ning he o ganisa ion and da es back se e al decades (Pen ose,
1959). Exis ing models di e in he numbe o s ages and ac i i ies wi hin each s age (Jawaha and McLaughlin, 2001), bu some
commonali ies exis (Les e e al., 2003). The ou -s age model used in his pape is consis en wi h he main li e a u e. So, he li e cycle
o a ypical o ganisa ion comp ises “ ou iden i iable bu o e lapping” s ages: in oduc ion, g ow h, ma u i y, and decline. Nex , in
ligh o he dynamic esou ce-based iew, he ole o he CLC s age in mode a ing he ela ionship be ween CFP and CSR is analysed.
The “dynamic esou ce-based iew” o he company a icula es “gene al pa e ns and pa hs in he e olu ion o o ganisa ional
capabili ies o e ime” (Hel a and Pe e a , 2003). This esou ce-based iew posi s ha companies should iden i y and cul i a e
aluable, a e, inimi able and i eplaceable esou ces (Chaha baghi e al., 1999). So, hey a e he basis o he co po a e s a egy
(We ne el , 1984) and he in e nal sou ce o sus ainable compe i i e ad an age (Ba ney, 1991). The dynamic esou ce-based heo y
explains co po a e capabili y’s ounding, de elopmen , and ma u i y om he sou ces o he e ogenei y in o ganisa ional capabili ies
and how he esou ces and capabili ies o compe i i e ad an age e ol e (Hel a and Pe e a , 2003).
Companies in di e en li e cycle s ages a e linked wi h a ying le els o esou ces ha shape hei CSR beha iou (Hasan and
Habib, 2017). Companies in he in oduc ion s age o he li e cycle a e usually small in scale, lack a s able cus ome base, assume
“liabili y o newness” (S inchcombe, 1965), and ha e high ini ial exi isks. In he ea ly li e cycle s ages, companies highly e alua e
ma ke sha e gains and capi al capabili ies (Shahzad e al., 2019). They canno a o d in es men s ela ed o CSR ac i i ies, and hei
u u e sus ainabili y is unce ain (Pa k, 2021). Once he ma ke ecognises p oduc s, sales soa while companies en e he g ow h
s age. Howe e , acing ie ce ma ke compe i ion, g ow h companies ha e o ocus on in as uc u e (Pa k, 2021), esea ch and
de elopmen (R&D), and ad e ising o dis inguish hei p oduc s om hei compe i o s (Shahzad e al., 2019) o achie e high-p o i
ma gins o suppo u he de elopmen . Companies in he decline s ages usually ha e a sca ci y o esou ces and new plans (Shahzad
e al., 2019). I is di icul o hem o ind any u he g ow h oppo uni ies in he ma ke , leading o a decline in hei ma ke sha e, a
de e io a ion in p o i abili y, an inc ease in deb , and a dec ease in liquidi y (Mille and F iesen, 1984). These companies pay mo e
ex ensi e a en ion o su i al s a egies. I companies wi h such a weak inancial pe o mance in es in CSR, i is likely o h ea en
sha eholde alue (Hasan and Habib, 2017). The e o e, he limi ed capaci y and esou ce base es ic companies om using sca ce
esou ces o CSR p ojec s in he s ages men ioned abo e, hus signi ican ly educing hei CSR pa icipa ion.
On he o he hand, ma u e companies ha e a well-es ablished cus ome base as well as s able and p edic able pe o mance and cash
lows (Ji apo n and Wi hisuphako n, 2016). In he ma u e s age, he e ec i eness o companies is g ea ly imp o ed, bu he inno a ion
abili y is isibly educed (Mille and F iesen, 1984). Faced wi h h ea s om compe i o s, ma u e companies can choose a s a egy o
build an ou s anding epu a ion and public ecogni ion o dis inguish hemsel es om o he companies (McWilliams e al., 2002). And
mo e pa icipa ion in CSR ac i i ies is a wise mo e o achie e his goal (Fomb un, 2005; Mino and Mo gan, 2011). Mo eo e , he
expe ise and capabili ies gene a ed by o ganisa ional ma u i y enable hese companies o make mo e meaning ul CSR con ibu ions.
Companies wi h la ge ope a ing scales can alloca e and use hei esou ces mo e e ec i ely o p o ide specialised CSR ini ia i es
wi hou incu ing high addi ional cos s (Udayasanka , 2008). Based on he abo e analysis, a good esou ce base, supe esou ce
in eg a ion abili y, and s ong demand o unique s a egies enable ma u e companies o be able and willing o pa icipa e in mo e
CSR- ela ed ac i i ies. In ligh o he abo e discussion, he ollowing hypo hesis is s a ed.
Hypo hesis (H2). : The posi i e e ec o CFP on CSR pa icipa ion is mo e po en o companies in he ma u e s age han o
companies in o he s ages o CLC.
X. Wu e al.
Eme ging Ma ke s Re iew 55 (2023) 101021
4
3. Me hodology applied
3.1. Sample da a
Chinese A-sha e lis ed companies a e conside ed he ini ial sample o 2018 and 2019 yea s. All he da a in ol ed in his pape is
ob ained om he China S ock Ma ke and Accoun ing Resea ch Da abase (CSMAR). The sample is il e ed as ollows: (1) inancial
companies a e excluded because hei accoun ing in o ma ion is di e en om non- inancial companies; (2) company obse a ions
yea ly wi h missing a iables a e d opped; (3) he obse a ions wi h ou lie s o he independen a iable a e excluded. Howe e , due
o esea ch pu poses, he companies labelled as special ea men (ST o ST*) by he China Secu i ies Regula o y Commission (CSRC)
a e no d opped like e. g. in he pape (Wang and Lu, 2021). This is because such ST companies’ abno mal inancial condi ions usually
indica e he declina ion s age o he li e cycle. A e il a ion, he inal sample comp ises 6730 companies (3328 companies in 2018
and 3402 companies in 2019) obse ed, and hei dis ibu ion ac oss CLC s ages is shown in Table 1.
3.2. Dependen a iable – co po a e social esponsibili y pa icipa ion index
The CSR con en disclosed in he CSR epo and annual s a emen s collec ed by CSMAR cons i u es he basis o judging he deg ee
o CSR pa icipa ion o he sample companies. D awing on he exis ing li e a u e (Sial e al., 2018; Wang and Lu, 2021), he dummy
a iables o each c i e ion acco ding o whe he he company discloses ele an in o ma ion a e used, whe eas numbe one means
disclosu e and ze o non-disclosu e. The e o e, he co po a e social esponsibili y pa icipa ion index (CSRPI) is de ined and used. Some
s udies (Gulza e al., 2019; Sial e al., 2018) adop he simple a i hme ic mean me hod o calcula e he CSR index. In he me hod, all
c i e ia a e conside ed o ha e he same impo ance, so hey a e gi en he same weigh . Howe e , he ela ions among c i e ia a e o en
complex and non-linea ; he e o e, he Analy ic Ne wo k P ocess (ANP) me hod is applied, see e. g., Huang e al. (2005), Tsai e al.
(2010), Okan e al. (2015), Yuan and Wu (2010), and Poplawska e al. (2015). Because o he di e en impo ance o hese c i e ia in
p ac ice, he calcula ion me hod o he CSRPI o be e measu e he le el o pa icipa ion in CSR o he sample companies is compu ed
by he weigh ed a i hme ic mean and wi h weigh s de e mined by he ANP me hod. So, he compensa ion e ec o c i e ia is supposed,
CSRPIi =∑
j
wj·xi j (1)
he e w
j
is he c i e ion weigh , x
i j
is he c i e ion dummy alue.
CSMAR classi ies he con en s o CSR disclosu e in o ele en c i e ia, i.e., p o ec ion o igh s and in e es s o s akeholde s
(sha eholde s, c edi o s, employees, supplie s, cus ome s), en i onmen and sus ainable de elopmen , public ela ions and social
wel a e, CSR sys em cons uc ion and imp o emen , wo king condi ions, CSR de ec disclosu e, and CSR epo ce i ica ion. The
ele en c i e ia a e ca ego ised in o h ee g oups based on hei con en –s akeholde p o ec ion, en i onmen al and social e-
sponsibili y, and he o e all e alua ion o CSR pa icipa ion. Speci ically, he inancial s akeholde s (sha eholde s and c edi o s) and
business s akeholde s (employees, cus ome s, and supplie s) (Gi e d-Po in e al., 2014) a e combined in o he s akeholde p o ec ion
g oup. The en i onmen al and social esponsibili y g oup includes en i onmen and sus ainable de elopmen , public ela ions, and
social wel a e. The emaining ou c i e ia belong o he o e all e alua ion o he CSR pa icipa ion g oup. See Table 2 o de ails o he
CSR c i e ia and hei g oups.
The ne wo k ela ionship be ween a goal, g oups and c i e ia was p oposed, as shown in Fig. 1. The ela ions among g oups a e
non-linea , wi h backwa d and cyclical ones. Thus, he ANP me hod is used o compu e c i e ia weigh s. The i s s ep o he ANP is
c ea ing local weigh s ela ed o gi en c i e ia o goals. Weigh s a e calcula ed h ough pai wise c i e ia compa isons, making a Saa y
ma ix (Saa y, 1980, 1996). The nex s ep is he cons uc ion o he ini ial supe ma ix W by inse ing local weigh s in o i .
Fu he mo e, he weigh ed supe ma ix W is de i ed by ans o ming he ini ial supe ma ix column sums o he uni y, ensu ing he
sum o hese p obabili ies o all s a es is equal o 1. The las s ep o a supe ma ix wi hou cyclici y is o aise he weigh ed supe ma ix
o limi powe s. Fo mally,
W∝=lim
j→∝Wj, whe e W∝ is a limi ing supe ma ix, Wj is a weigh ed supe ma ix powe ed j- imes, and Wj=Π
i=[1;j]Wi. The inal
supe ma ix is W=W∝.
The inpu supe ma ix wi h local weigh s calcula ed h ough he Saa y ma ix is p esen ed in Appendix Fig. A1. The p ocedu e
desc ibed led o he calcula ion o he limi ing supe ma ix, see Appendix Fig. A2, whe e in he i s column a e global weigh s o
c i e ia. The weigh esul s a e also shown in he las column o Table 2. I shows he di e ence in he impo ance o c i e ia. I is wo h
Table 1
Sample dis ibu ion ac oss CLC.
CLC 2018 2019 To al
In oduc ion 333 232 565
G ow h 900 861 1761
Ma u e 1740 2017 3757
Decline 355 292 647
To al 3328 3402 6730
X. Wu e al.
Eme ging Ma ke s Re iew 55 (2023) 101021
5
emphasising ha in o de o highligh ha he en i onmen al c i e ion is he mos impo an o all CSR c i e ia in he cu en Chinese
con ex , i s weigh s a e se o be he highes among all c i e ia. Finally, he CSRPI o companies is ob ained by calcula ing he weigh ed
a e age me hod due o (1) and is in he ange [0, 1].
3.3. Independen a iable – ela i e EVA measu e
The pape applies he ela i e Economic Value Added (EVA) as he independen a iable o measu e CFP. EVA combines he
amilia concep o esidual income and he p inciple o mode n co po a e inance. In addi ion, he capi al should c ea e alue o
sha eholde s (Die ks and Pa el, 1997). Many pape s ega d he opic, see e. g., (Dluhoˇ
so ´
a, 2004; Eh ba , 1998; G an , 1997; Rap-
papo , 1986; S ewa , 1991; Young e al., 2000). I is impo an o he owne s ha he sp ead be as la ge as possible and posi i e.
In es men in he company b ings mo e han an oppo uni y cos in his case. The alue o ela i e EVA is independen o capi al o
equi y le el, and he ela i e company’s pe o mance is measu ed. Gi en ha all capi al cos s a e conside ed in ela i e EVA, he
measu e is be e han CFP measu es like ROE (Re u n on Equi y), ROA (Re u n on Asse s), and ROS (Re u n on Sales) in measu ing he
company’s abili y o c ea e slack esou ces. The ela i e EVA alue depic ed as EVA
comes om he CSMAR da abase and is calcula ed
in his way:
EVA
≡EVA/C =NOPAT/C −WACC, whe e NOPAT =NP +(in +R & D −NI) ⋅ (1 − ), WACC =REE
A+RD·(1− )D
A, C =E +D −
(in +CL +CP), and C is he o al capi al, NOPAT is ne ope a ing p o i a e ax, WACC is he weigh ed cos o capi al, NP is ne p o i ,
in is he in e es , R & D is an adjus men o R&D expenses, NI is non-ope a ing income, is he income ax a e, R
E
is he cos o equi y,
R
D
is he cos o deb , D is he alue o deb , E is he equi y alue, A is he asse alue, CL is cu en liabili ies, CP is cons uc ion in
p og ess.
3.4. Mode a ing a iable – co po a e li e cycle
In he exis ing CLC li e a u e, a ious measu es a e used o ep esen he CLC s ages, o example, i m age (Ji apo n and Wi h-
isuphako n, 2016), g ow h (u Rehman e al., 2016; Lee and Choi, 2018), size (Po e , 2004), and he e ained ea nings o o al asse s
a io (DeAngelo e al., 2006). These me hods po en ially ea CLC as a sequen ial pa e n. Howe e , some s udies a gue ha CLC does
Table 2
oups and c i e ia o CSRPI decomposi ions including weigh s.
Symbol G oups and c i e ia Weigh s
A S akeholde s p o ec ion
A1 The p o ec ion o sha eholde s’ igh s and in e es s 0.1011
A2 The p o ec ion o c edi o s’ igh s and in e es s 0.0348
A3 The p o ec ion o employees’ igh s and in e es s 0.1011
A4 The p o ec ion o supplie s’ igh s and in e es s 0.0569
A5 The p o ec ion o he igh s and in e es s o cus ome s and consume s 0.1763
B En i onmen al and social esponsibili y
B1 The en i onmen and sus ainable de elopmen 0.2833
B2 Public ela ions and social wel a e unde akings 0.0708
C The o e all e alua ion o CSR pa icipa ion
C1 Implemen a ion o CSR sys em cons uc ion and op imisa ion 0.0818
C2 Sa e y p oduc ion con en 0.0350
C3 The company’s de iciencies 0.0350
C4 Ve i ica ion o CSR epo by he hi d agency 0.0241
Fig. 1. C i e ia ANP decomposi ion o CSRPI.
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Eme ging Ma ke s Re iew 55 (2023) 101021
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no ollow a sequen ial pa e n (Les e e al., 2003; Mille and F iesen, 1984). The e o e, ollowing p e ious esea ch (Pa k, 2021;
Shahzad e al., 2019; Zhao and Xiao, 2019), he CLC p oxies o Dickinson (2011) a e adop ed o cap u e he dynamic na u e o he CLC.
I is assumed ha cash low e lec s di e ences in company p o i abili y, g ow h, and isk. Hence i is sugges ed o use cash low om
ope a ion (ONCF), in es men (INCF) and inancing (FNCF) o assign companies in o di e en li e cycle s ages. A signi ican ad an age
o his di ision me hod is ha i does no imply a s ic o de ac oss CLC s ages. Ins ead, i allows companies o mo e back and o h
dynamically be ween CLC s ages (D obe z e al., 2015). As shown in Table 3, he eigh pa e ns gene a ed om he possible combi-
na ion o he sign (posi i e o nega i e) o h ee cash lows a e di ided in o i e s ages by Dickinson (2011). Mo eo e , Dickinson
(2011) also men ions ha “ he li e a u e is silen ega ding cash lows o shake-ou i ms. Consequen ly, shake-ou i ms a e classi ied
by de aul i he cash low pa e ns do no all in o one o he o he heo e ically de ined s ages.” O he au ho s, e. g., Jawaha and
McLaughlin (2001) and Gup a and Chin (1994), p opose ou CLC s ages (excluding he shake-ou s age).
Acco ding o he au ho s’ analysis and expe ience i is p oposed in he pape an o iginal di ision o he h ee si ua ions o he shake-
ou s age in Dickinson (2011) in o ma u e o decline s ages. Speci ically, among he h ee si ua ions o he shake-ou s age, o pa e n
4 and 5 shown in Table 3: ONCF >0 indica es ha company ope a ion ac i i y is unning no mally; INCF >0 indica es ha he
company may dispose o some asse s; FNCF >0 indica es he company’s in es men demand; FNCF <0 indica es he company is
e u ning in es o s as he ma u e company does, all his in o ma ion shows he company is close o he ma u e s age. Fo pa e n 6,
ONCF <0 means ha he company’s ope a ional ac i i ies a e abno mal and se ious business p oblems occu , which signals ha he
company is likely o en e he decline s age. The o iginal au ho s’ di ision p oposal o ma ching he ela ionship be ween he CLC
s age and cash low symbols o he sample companies is shown in Table 3, ow E. The inal applied au ho s model di ision o CLC by he
dummy a iable MA cha ac e ised by he ma u e (pa e ns 3–5) and non-ma u e (pa e ns 1–2, 6–8) companies’ s ages is p esen ed in
Table 3, ow F. I s ems om s ages dis ibu ion, see Table 1, and di e en companies’ beha iou in he ma u e and non-ma u e s ages.
He e, i he company is ma u e, MA is equal o 1; o he wise, i equals 0.
3.5. Con ol a iables desc ip ion
Con ol a iables conside ed a e based on he ea ly esea ch esul s o con ol he po en ial ac o s ha may a ec he le el o CSR
pa icipa ion. Fo ins ance, esea ch shows ha he la ge he scale and he lowe he inancial le e age, he be e he CSR (Co dei o
e al., 2018; Li and Zhang, 2010). The e o e, company size (SIZE) measu ed by he na u al log o o al asse s and inancial le e age
(LEV) measu ed by he a io o o al deb o o al asse s a e con ol a iables included analogically in Alsai i e al. (2021). The le el o
equi y owne ship concen a ion also a ec s companies’ CSR engagemen (Falle and Knyphausen-Au seß, 2018; Dam and Schol ens,
2013), so equi y owne ship concen a ion (EOC) equalling he sha eholding a io o he la ges sha eholde is included. Fu he mo e,
cash and R&D a e impo an esou ces o business ope a ion and de elopmen and s ongly in luence CSR (Habib and Huang, 2019;
Su oca e al., 2010). And R&D expense a e (R&D) is measu ed by he a io o R&D expense o o al asse s, as in Cla kson e al. (2011).
The cash holding a e (CH), measu ed by he a io o he sum o he cash balance and ma ke able secu i ies o o al asse s, is used
simila ly o Hsu (2018). In addi ion, olde companies in es signi ican ly mo e in CSR, especially in di e si y and en i onmen al issues
(Ji apo n and Wi hisuphako n, 2016). Company age (AGE) is con olled and measu ed by he na u al loga i hm o company age
(Madden e al., 2020). Finally, yea and indus y ca ego ial a iables in he eg ession analyses o con ol he impac s o ime and
indus y a e included (Khan e al., 2021).
3.6. F ac ional eg ession models o mula ion
In many s a egy and managemen cases, he dependen a iable o in e es is a p opo ion o a ac ion, i.e. i anges in he in e al
[0, 1]. Papke and Woold idge (1996) in oduced ac ional eg ession applied in economics, and Woold idge (2010) added echnical
discussion. By me hod compa ison, Villadsen and Wul (2021) demons a ed ha ac ional eg ession is a bes -p ac ice echnique o
many ou comes in he o m o ac ions, p opo ions, o pe cen ages ha a e o in e es o managemen and s a egy esea che s. In he
pape , i s , he dependen a iable CSRPI anges in he closed [0, 1] in e al wi h he disc e e non-Gaussian dis ibu ion. So he
ac ional esponse unc ion eg ession is sui able o he in ended model es ima ion (Baum, 2008). Second, he pape aims o
in es iga e he impac o CFP on CSR (H1) and he mode a ing e ec s o he CLC s ages on he associa ion be ween CFP and CSR (H2).
The e o e, Model 1, (2) which se es o es H1, is p oposed, and he mode a ing and in e ac ion e ec o CLC hypo hesised by H2 is
e i ied by Model 2, (3),
Table 3
Company li e cycle s ages and di isions.
Row Di ision /Pa e ns 1 2 3 4 5 6 7 8
A Dickinson’s In oduc ion G ow h Ma u e Shake-Ou Decline
B ONCF − + + + + − − −
C INCF − − − + + − + +
D FNCF + + − + − − + −
E Au ho s’ In oduc ion G ow h Ma u e Decline
F Au ho s’ model Non-ma u e Ma u e Non-ma u e
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CSRPIi =β0+β1·EVA i +
+β2·SIZEi +β3·LEVi +β4·EOCi +β5·CHi +β6·R&Di +β7·AGEi +β8·Indus yi +β9·Yea i +
ε
i
(2)
CSRPIi =β0+β1·EVA i +β2·MAi +β3·EVA i ·MAi +
+β4·SIZEi +β5·LEVi +β6·EOCi +β7·CHi +β8·R&Di +β9·AGEi +β10 ·Indus yi +β11 ·Yea i +
ε
i
(3)
He e i is a company; is a yea ; CSRPI is pa icipa ion index o company CSR; EVA is ela i e EVA and ep esen s CFP; MA is a
dummy a iable e e ing o he company ma u e s age; EVA ⋅ MA is he in e ac ion e ec be ween ela i e EVA and he CLC s ages.
The es o he company-le el con ol a iables: SIZE is asse size, LEV is le e age, EOC is equi y owne ship concen a ion, CH is cash
holding a e, R & D is esea ch and de elopmen expendi u e a e, AGE is company age, Indus y is he indus y o he company, and
Yea is he pe iod o sample;
ε
is andom esidual de ia ion. The de ini ion o each a iable and how hey a e measu ed a e explained in
Table 4. The model compu a ions we e ca ied ou using STATA so wa e wi h a ac ional eg ession module.
4. Resul s and discussion
4.1. Desc ip i e s a is ics and co ela ion ma ix
Table 5 summa ises he s a is ics o all a iables used in he analysis. Fo he 6730 obse a ions, he mean alue o CSRPI is 0.643,
e lec ing he sample companies’ a e age CSR pa icipa ion le el, and he mean alue o EVA is −0.011, which means he a e age CFP
o sample companies is no desi able. Mo eo e , he s a is ical esul s show ha 55.8% o he s udy sample companies a e ma u e. The
CSRPI anges closed [0, 1] in e al dis ibu ion wi h he disc e e non-Gaussian dis ibu ion. The signi icance o he SK es (Skewness/
Ku osis) o no mali y e i ica ion in S a a is 0.0000, so he null hypo hesis o he no mali y dis ibu ion o CSRPI is ejec ed.
Table 6 highligh s he esul s o he co ela ion be ween he models’ a iables. Because bo h ROE and EVA a e CFP measu es, hei
co ela ion coe icien alue is 0.782. Bu hey do no appea in a model simul aneously; he e o e, hey do no a ec mul icollinea i y.
On he o he hand, ROE and ela i e EVA a e s a is ically di e en measu es. The coe icien alues o all o he independen a iables
a e less han 0.60, indica ing ha he e is no issue o mul icollinea i y and ha he es ima ed a iables a e su icien ly independen . In
addi ion, a posi i e co ela ion be ween independen a iables EVA and CSRPI exis s, which p o ides p elimina y e idence ha CFP
is posi i ely associa ed wi h CSR pa icipa ion le el. And ma u e companies show a posi i e co ela ion wi h CSRPI.
4.2. Reg ession ela ionship o EVA and CSRPI - Model 1
Table 7 epo s he esul s ob ained by ac ional eg essing CSRPI on EVA and con ol a iables in Model 1 o s udy he i s
hypo hesis o e alua ing he impac o EVA on CSRPI. The coe icien o EVA is posi i e and s a is ically signi ican (β =0.282, p <
0.01), indica ing ha , on he whole, he inc ease in EVA has a posi i e impac on he ac i e pa icipa ion o Chinese lis ed companies
in CSR ac i i ies. This esul is consis en wi h p e ious s udies (Sial e al., 2018; Naci i, 2019; Zahid e al., 2019). Hence, in Hy-
po hesis H1, a posi i e associa ion be ween EVA and CSRPI is con i med.
4.3. The mode a ing e ec es ima ion o CLC s ages - Model 2
Table 7 p esen s esul s ega ding he second hypo hesis, hypo hesising ha ma u e companies may signi ican ly s eng hen he
ela ionship be ween EVA and CSRPI. To es his p oposi ion, he con inuous a iable EVA was used in he in e ac ion e m wi h he
mean cen e ea men acco ding o he p e ious li e a u e (Guo and Shen, 2019; Chen e al., 2012) and was hen included in he
analysis o alle ia e he p oblem o mul icollinea i y and acili a e he in e p e a ion o he main e ec . Nex , he mode a ing e ec o
CLC s ages is examined by he link be ween EVA and CSRPI. Model 2 es s he mode a ing e ec s o CLC s ages. As shown in he esul s
o Model 2, MA is connec ed signi ican ly posi i ely wi h CSRPI (β =0.058, p <0.05). This esul is consis en wi h p e ious esea ch
esul s (Hasan and Habib, 2017; Ji apo n and Wi hisuphako n, 2016). I means ma u e companies a e mo e in ol ed in CSR ac i i ies
han non-ma u e companies. The esul s o Model 2 also show ha he in e ac ion o he EVA ⋅MA is connec ed signi ican ly nega i ely
Table 4
Va iables desc ip ion.
Symbol C i e ia Calcula ion o mula
CSRPI co po a e social esponsibili y pa icipa ion index a weigh ed a e age o c i e ia and weigh s
EVA ela i e EVA he a io o EVA o o al capi al
MA company ma u e s age o a ma u e company 1, o he wise 0
SIZE company size he na u al log o o al asse s o a company
LEV inancial le e age he a io o o al deb o o al asse s
EOC equi y owne ship concen a ion he a io o he la ges sha eholde owne ship
CH cash holding a e he a io is he sum o cash balance and ma ke able secu i ies de ided by o al asse s
R&D R&D expense a e he a io o R&D expense o o al asse s
AGE company age indica o he na u al loga i hm o company age
Indus y The company’s indus y ca ego ical a iable wi h wo-digi codes o each indus y
Yea yea s o analysis he 2018 sample is 2018, and he 2019 sample is 2019
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Eme ging Ma ke s Re iew 55 (2023) 101021
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wi h CSRPI (β = − 0.413, p <0.05), which means ha he e ec o EVA on CSRPI o ma u e companies is no s eng hened bu
weakened. This esul is con a y o Hypo hesis H2.
Because he pa ame e s es ima ed in he ac ional eg ession model only p o ide he sign o he ma ginal e ec o he co a ia es on
he ou come, he magni ude is di icul o in e p e . The e o e, he magni ude by calcula ing he a e age ma ginal e ec is in es i-
ga ed. F om he ma ginal e ec o Model 2 in Table 7, o ma u e companies, he a e age ma ginal e ec o EVA on CSRPI is posi i e
bu no signi ican (p >0.1). In con as , o non-ma u e companies, he a e age ma ginal e ec o EVA on CSRPI is posi i e and
Table 5
Desc ip i e s a is ics.
Va iables Mean SD Min P5 P50 P95 Max
CSRPI 0.643 0.252 0.000 0.071 0.753 0.941 0.976
EVA −0.011 0.160 −3.071 −0.258 0.005 0.137 1.574
MA 0.558 0.497 0.000 0.000 1.000 1.000 1.000
SIZE 22.301 1.355 17.545 20.446 22.142 24.764 28.636
LEV 0.432 0.206 0.008 0.119 0.420 0.788 1.758
EOC 33.140 14.477 3.003 12.797 30.761 59.962 89.093
CH 0.182 0.129 0.001 0.037 0.148 0.451 0.926
R&D 0.019 0.023 0.000 0.000 0.015 0.056 0.702
AGE 2.227 0.801 0.693 0.693 2.303 3.258 3.401
ROE 0.024 0.328 −7.091 −0.344 0.067 0.218 5.013
Table 6
Co ela ion ma ix.
Va iables (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
(1) CSRPI 1.000
(2) EVA 0.120* 1.000
(3) MA 0.054* 0.104* 1.000
(4) SIZE 0.199* 0.134* 0.013 1.000
(5) LEV −0.020 −0.272* −0.159* 0.449* 1.000
(6) EOC 0.033* 0.172* 0.092* 0.193* 0.009 1.000
(7) CH −0.031* 0.172* 0.143* −0.201* −0.357* 0.069* 1.000
(8) R&D 0.038* 0.023 0.037* −0.236* −0.193* −0.108* 0.174* 1.000
(9) AGE 0.032* −0.134* 0.054* 0.428* 0.292* −0.076* −0.141* −0.288* 1.000
(10) ROE 0.100* 0.782* 0.064* 0.091* −0.293* 0.118* 0.141* 0.011 −0.097* 1.000
*
Signi icance a he 5% le el.
Table 7
Resul s o Models 1 and 2 execu ed h ough ac ional logi eg ession.
Va iables Model 1 Model 2
CSRPI Ma gins CSRPI Ma gins
(logi ) (logi ) Non-ma u e Ma u e
EVA 0.282 0.063 0.437 0.098 0.005
(2.61)** (2.61)** (3.01)** (3.02)** (0.17)
MA 0.058
(2.12)*
EVA ⋅MA −0.413
(−2.14)*
SIZE 0.245 0.055 0.245 0.055 0.054
(18.21)** (18.55)** (18.24)** (18.55)** (18.51)**
LEV −0.570 −0.127 −0.563 −0.127 −0.125
(−6.55)** (−6.57)** (−6.42)** (−6.45)** (−6.42)**
EOC −0.001 0.000 −0.001 0.000 0.000
(−1.35) (−1.35) (−1.43) (−1.43) (−1.43)
CH −0.226 −0.051 −0.230 −0.052 −0.051
(−1.95) (−1.95) (−1.98)* (−1.98)* (−1.98)*
R&D 3.086 0.690 3.058 0.688 0.679
(3.79)** (3.8)** (3.77)** (3.78)** (3.78)**
AGE −0.027 −0.006 −0.030 −0.007 −0.007
(−1.32) (−1.32) (−1.46) (−1.46) (−1.46)
Indus y/ Yea inco po a ed inco po a ed inco po a ed inco po a ed inco po a ed
Cons an −4.563 −4.578
(−15.64)** (−15.67)**
* and ** deno e signi icance a 5% and 1%, espec i ely.
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Eme ging Ma ke s Re iew 55 (2023) 101021
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signi ican (p <0.01). These esul s imply ha o ma u e companies, he e ec o EVA on CSRPI is weakened, while o non-ma u e
companies, he e ec o EVA on CSRPI is enhanced. Mo eo e , o non-ma u e companies, he a e age ma ginal e ec o EVA on
CSRPI is 0.098, which is much highe han he o e all a e age ma ginal e ec o EVA on CSRPI in Model 1 (0.063). These esul s mo e
accu a ely demons a e ha non-ma u e companies a e mo e in ol ed in CSRPI ac i i ies wi h he inc ease o EVA . In addi ion,
Hoe ke (2007) emphasised ha a g aphical p esen a ion allows eade s o ha e he mos comple e unde s anding o he in e ac ion
e ec . The phenomenon ound in he s udy is illus a ed in ui i ely in Fig. 2.
Fo ins ance, Allison (1999) and Williams (2009, 2010) ha e men ioned ha he e may be p oblems using in e ac ion e ms o
non-linea models, such as logi and p obi . In pa icula , when he esidual a iabili y be ween g oups is di e en , ha is, when he e
is he e oscedas ici y, pa ame e es ima ion may be biased and ine icien . In o he wo ds, once he e oscedas ici y is p esen , he
in e ac ion e m based on homoscedas ici y in he o iginal model is no longe signi ican . F ac ional p opo ional models su e
sho comings jus like he logi and p obi models, as emphasised by Williams (2015). In o de o sol e his po en ial p oblem a ec ing
esul s, a he e oskedas ic p obi model whe e esidual a iance can di e and he same da a in Model 2 a e used. The esul epo s ha
he e oscedas ici y in he sample does no exis (p >0.1 o ln (sigma)), which indica es ha Model 2 is speci ied co ec ly and he
esul s a e easonable and accep able.
This phenomenon in non-ma u e companies could be explained by CSR in ol emen ’s epu a ional and s a egic alues (Hasan and
Habib, 2017). This a gumen sugges s ha ea ly-s age companies a e equally likely o in es in CSR ac i i ies. The su i al and
de elopmen o young en e p ises depend p ima ily on he suppo o s akeholde s in e ms o esou ces (Jawaha and McLaughlin,
2001). And CSR engagemen is conside ed an e ec i e ool o ge ing such suppo . Rega ding he a ailabili y o esou ces as a
p ecu so o CSR in es men , Udayasanka (2008) a gues ha e en esou ce-cons ained companies may bene i om CSR ac i i ies
because CSR pa icipa ion allows es ic ed companies o ob ain exclusi e access o c i ical esou ces.
Mo eo e , al hough CSR cos s a e high, he ma ginal bene i o CSR in es men s may be g ea e o younge companies han hei
ma u e coun e pa s (Hasan and Habib, 2017). The e o e, he non-ma u e companies a e willing o pa icipa e in CSR p ojec s when
hei esou ces a e a ailable ( o example, EVA is be e ). In o he wo ds, o non-ma u e companies, he e ec o EVA on CSRPI is
ob iously s eng hened.
The en y o a company in o he ma u e s age indica es i s success in he ie ce ma ke compe i ion. A his momen , hey do no
depend on he suppo om s akeholde s o su i al because hey can de elop by hemsel es and ha e he abili y o “ ul il all he
esponsibili ies hey ha e owa d each p ima y s akeholde g oup” (Jawaha and McLaughlin, 2001). One o he esul s con i med ha
ma u e companies ha e a highe CSR pa icipa ion le el han non-ma u e companies. Bu ma u e companies in his s udy seem o be
mo e inclined o adop a main enance s a egy in e ms o he ange o CSR pa icipa ion because hei CSR pa icipa ion (CSRPI) le el
is no longe a ec ed by EVA . Howe e , p e ious s udies show ha ma u e companies may be mo e willing o pa icipa e in ce ain
CSR ac i i ies. Such ma u e companies a e mo e esponsible o di e si y and en i onmen al awa eness bu weake in human igh s
and p oduc sa e y (Ji apo n and Wi hisuphako n, 2016). Since he esea ch only deals wi h he impac o EVA on he ex en o
company pa icipa ion in CSR ac i i ies, i was ound ha ma u e companies weaken his ela ionship. The impac o EVA on he
dep h o CSR ac i i ies can be one o he u u e esea ch di ec ions.
Fig. 2. The ela ionship be ween EVA and CSRPI in di e en CLC s ages.
X. Wu e al.
Eme ging Ma ke s Re iew 55 (2023) 101021
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