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A Study on Relation of Corporate Social Responsibility and Corporate Value:Empirical Evidence from Shanghai Securities Exchange

LI Zheng(College of Management,Xiamen University,Xiamen 361005,China)  
By using 521 companies listed in Shanghai Securities Exchange in 2003,I did empirical research on relationship between corporate value and corporate social responsibility(CSR).In 2003,the more of the CSR activities a corporate undertook,the less the corporate value was.However,in the long run,based on primary stakeholder theory and social capital theory,CSR activities don't decrease corporate value.I also found that the company's size,debt to asset ratio and highly polluted industry category positively affect CSR activities significantly.ST type of company,profitability of last year was negatively related to the CSR activities significantly.
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