Corporate social responsibility, monetary policy and trade credit financing

Science Research Management ›› 2018, Vol. 39 ›› Issue (5): 94-102.

Previous Articles Next Articles

Corporate social responsibility, monetary policy and trade credit financing

Zhang Zhengyong¹, Deng Bofu²

1. Accounting School, Nanjing University of Finance and Economics, Nanjing 210023, Jiangsu, China; 
2. Accounting School, Southwest University of Finance and Economics, Chengdu 611130, Sichuan, China

Received:2015-05-21 Revised:2017-05-16 Online:2018-05-20 Published:2018-05-21

Abstract

Abstract: Abstract: This paper investigates the impacts of the corporate social responsibility (CSR) on trade credit financing using domestic listed firms from 2004 to 2013 from the view of the monetary policy changes through Tobit regression approach. Our results indicate that compared with firms with low quality of the CSR, firms with high quality of the CSR are more likely to obtain more trade credit. Especially during monetary contracting periods when firm obtains less trade credit financing, high quality CSR help firms to obtain more trade credit financing, and these results hold after we control the endogeneity. This paper extends the literature about the research of interaction relationship between macroeconomic and micro enterprise behavior, and also enriches the trade credit as a substitute for intuitional finance.

Key words: corporate social responsibility, monetary policy, trade credit financing

Zhang Zhengyong, Deng Bofu. Corporate social responsibility, monetary policy and trade credit financing[J]. Science Research Management, 2018, 39(5): 94-102.

[1]	Ran Rong, Dong Di, Hu Xuan, Fang Tingting. Inhibited or promoted: Corporate social responsibility and green technology innovation performance of enterprises [J]. Science Research Management, 2023, 44(6): 95-106.
[2]	Zhang Jiemei, Wang Hao. The influencing factors on the willingness to participate in virtual corporate social responsibility co-creation [J]. Science Research Management, 2022, 43(8): 90-99.
[3]	Han Zhen, Wang Han, Yang Li. A game study of management of hazardous cargoes in ports based on CSV [J]. Science Research Management, 2022, 43(1): 161-167.
[4]	Yang Zhen, Ling Hongcheng, Chen Jin. Does social trust help enterprises fulfill their social responsibilities? [J]. Science Research Management, 2021, 42(5): 143-152.
[5]	Zhuang Ying, Mai Sheng. A research on the influence of state-owned enterprises′ mixed ownership reform on their corporate social responsibility [J]. Science Research Management, 2021, 42(11): 118-128.
[6]	Zhao Qing, Yu Mei, Li Jing, Meng Yuzhu, Xiao Xiaohong . Responsible innovation: The practice and theoretical analysis [J]. Science Research Management, 2021, 42(11): 1-7.
[7]	Li Xinran, Xu Yuqing. A research on the closed-loop supply chain decisions by considering CSR and quality effort [J]. Science Research Management, 2020, 41(6): 256-267.
[8]	Meng Bin, Li Fei, Yang Yue. A research on the CSR evaluation of the transportation industry based on circulating revision [J]. Science Research Management, 2020, 41(10): 174-184.
[9]	Wang Xuedong, Kuang Haibo, Dong Dahai. A research on the business model innovation through embedding corporate social responsibility [J]. Science Research Management, 2019, 40(5): 47-56.
[10]	Luo Jiaqi, Kuang Haibo, Shen Siyi. Impact of corporate social responsibility on financial performance by taking the transportation industry as an example [J]. Science Research Management, 2019, 40(2): 199-208.
[11]	Qi Liyun, Shang Ke, Wang Weinan. A research on construction of social responsibility performance evaluation system of transportation enterprises [J]. Science Research Management, 2018, 39(4): 102-112.
[12]	Xu Xixiong, Li Yaoqin. Management gender, institutional environment and CSR decisions of enterprises [J]. Science Research Management, 2018, 39(3): 80-89.
[13]	Zhang Sixue， Lin Hanchuan. Innovation, social responsibility and overseas image of products—An empirical study of the emerging markets in the world [J]. Science Research Management, 2018, 39(12): 69-77.
[14]	Wang Zhanjie, Mai Sheng，Li Wanming. Impact of organizational justice climate on employees’ turnover intention—The mediated-moderation model of corporate social responsibility [J]. Science Research Management, 2017, 38(8): 101-109.
[15]	Qi Liyun， Li Tengfei， Guo Yanan. An empirical study of the impacts of corporate social responsibility on corporate reputation—The moderating role based on strategic choices [J]. Science Research Management, 2017, 38(7): 117-127.

Corporate social responsibility, monetary policy and trade credit financing

Knowledge

Abstract

Cite this article

share this article

References

Related Articles 15

Recommended Articles

Metrics