Does Social Responsibility Increase Corporate Value of China’s Coal Enterprises? The Mediating Effect of Capital Enrichment Based on the Generalized Moment Estimation

摘要

In the context of the new normal in China’s economy, thedevelopment of coal enterprises continues to be sluggish, and theirsocial responsibility issues have received increased attention fromall walks of life. The stakeholder model of social responsibility wasconstructed based on the stakeholder theory to reveal the influenceof social responsibility on the corporate value in the Chinese coalsector and their transmission mechanism. The panel data of coalenterprises in Shenzhen and Shanghai Stock Exchanges from 2011to 2019 was used to employ the system GMM (GeneralizedMoment Estimation) and the mediating effect model for empiricalresearch. The results show that social responsibility has a positiveinfluence over corporate value, and the impact of socialresponsibility on corporate value is heterogeneous for stakeholdersin different dimensions. Social responsibility towards employees,shareholders, creditors, resources, and the environment has thegreatest contribution to corporate value. Additionally, capitalenrichment plays a mediating role in this effect, which enhances thepositive impact of social responsibility on corporate value. Suchfindings reveal the transmission mechanism of social responsibilityon corporate value and provide policy suggestions for coalenterprises to promote their sustainable development, which isbeneficial for the national energy security and strategy.