Interactive Cross-period Impact between Corporate Social Responsibility and Corporate Value-- Empirical Study for Listed Companies in Chinese Chemical Industry

Abstract

In this paper, the chemical companies were taken as research samples by adopting the data from 2015 and 2016 of 134 chemical companies listed in China. The multiple regression model was applied to analyse the interactive cross-period impacts between corporate social responsibility (CSR) and corporate value. Through empirical study, it’s concluded in this paper that the current-period CSR of chemical companies has a positive effect on the corporate value; while the current-period CSR has a reverse effect on the corporate value of the lag-period companies. This has certain implications for us to understand the mechanism of chemical companies’ CSR and corporate value, and also provides a theoretical reference for promoting chemical companies to actively fulfil their social responsibilities in the current period.