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| The Relationship between Industrial Policy Relevance and Corporate Social Responsibility:A Big Data Analysis Based on Policy Texts and Financial Annual Reports |
| Yang Changjin1,2,Luo Renjie2,Liu Ruitong2,Huang Jun2 |
| (1.School of Economics, Sichuan University, Chengdu 610000,China;2.School of Economics and Management, Southwest University, Chongqing 400712, China) |
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Abstract Since the 19th National Congress, China's economic growth has shifted to the stage of high-quality development.The government is devoted to the "double carbon goals", and it has become an important task for China to improve energy efficiency by optimizing industrial structure and improving energy methods, and to enhance social responsibility at the corporate level to promote sustainable development.The new energy vehicle industry is an emerging industry and an important link for China to achieve sustainable development.The industry is closely related to environmental protection, and solving the environmental pollution caused by the automotive industry has become a focus of attention from all walks of life.Thus, it is of significant value to take the new energy vehicle industry as the research object.However, some short-term behaviors, such as harming the legitimate rights and interests of consumers, polluting the environment, and infringing on the legitimate rights and interests of employees, still occur in some new energy vehicle enterprises, affecting their long-term development.Corporate social responsibility (CSR) refers to a company's responsibility to consumers, communities and the environment while the company is creating profits and assuming legal responsibilities to shareholders and employees, and this notion emphasizes the contribution to the environment, consumers and society.Since corporate social responsibility has become one of the most important indicators for evaluating an enterprise, it has become the focus of academic and business circles to explore how to improve corporate social responsibility, promote prosocial behavior and create more value for stakeholders.#br#Existing research on industrial policy and corporate social responsibility has mostly examined the relationship between industrial policy and corporate social responsibility from macro perspectives such as different policy types and policy characteristics.Few have explored the impact of industrial policy on corporate social responsibility from a micro perspective of corporate behavior, which presents a new perspective for this study.On the basis of the analysis of policy relevance, a sample of listed companies of new energy vehicles in Shanghai and Shenzhen from 2012 to 2021 is selected to measure the relevance of governmental new energy vehicle industry policies and corporate annual reports, and the impact of policy relevance on corporate social responsibility is empirically tested.It is found that there is a relationship between policy relevance and corporate social responsibility in China's new energy vehicle industry, and there is a threshold value for this relationship.Above the threshold value, there is a significant positive relationship between policy relevance and corporate social responsibility for state-owned enterprises, large-scale enterprises, profitable enterprises, and enterprises in the eastern regions , while there is no significant correlation between policy relevance and corporate social responsibility among private enterprises, small-scale enterprises, loss-making enterprises, and enterprises in the western regions; when below this threshold, the relationship between policy relevance and corporate social responsibility is not significant.The study helps to promote the enterprises strengthening to maintain high relevance with policies so as to better fulfill corporate social responsibility.#br#It is acknowledged that the better the performance of corporate social responsibility, the higher the quality of information disclosure, and the higher the market evaluation, which is beneficial for enterprises to carry out financing activities, alleviate financing constraints, and reduce operational risks.Therefore, enterprises need to pay attention to policy changes, and actively respond to industrial policies.For enterprises unable to effectively utilize industrial policies to promote their business development due to individual characteristics, it is suggested that they adjust their micro behavior according to their own situation, and cooperate with large enterprises in different regions so as to maintain a high degree of correlation with industrial policies, take on more social responsibility, and promote the better development of the enterprise.Future research could strengthen comparative research on the relationship between social responsibility and industrial policy relevance of foreign new energy vehicle companies, and explore the relationship between policy relevance and corporate social responsibility in different industries.#br#
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Received: 01 December 2022
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