Study on the impact of corporate social responsibility on carbon performance in the background of carbon peaking and carbon neutrality

Abstract

Abstract In the context of “carbon peaking and carbon neutrality,” companies are responsible for actively reducing carbon emissions and achieving a balance among economic, environmental, and social benefits. From a non‐economic perspective, this study chose a sample of 9872 A‐share manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2019. This study used the fixed‐effect model to explore the mechanism of corporate social responsibility (CSR) and its three sub‐dimensions (shareholder rights, employee rights, and social contribution) on corporate carbon performance. This study also examined the mediating mechanism of government subsidy and the moderating effects of internationalization and corporate governance as internal and external factors. The results show that: (1) CSR can significantly improve corporate carbon performance, and government subsidies play a partial intermediary role. (2) CSR significantly promotes carbon performance for firms with lower internationalization levels and higher corporate governance levels. (3) Heterogeneous conditions such as CSR disclosure willingness, CSR report quality, and corporate attributes have different impacts on corporate carbon performance. These findings can help government agencies formulate policies to promote CSR and restrain corporate carbon emissions. Corporate managers can also fulfill CSR and improve carbon performance through government subsidies, internationalization, and corporate governance.

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