Do The Journals Prefer Positive Results?A Study on the Publication Bias of CSR and CFP Relationship in China

摘要

The relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has become one of the most controversial topic in Chinese management studies. However, there is no agreeable conclusion about this issue in spite of many relative published papers. This article aims to find out the truth of CSR and CFP relationship and examine whether extant studies are reliable without publication bias. The meta-analysis including 34 Chinese empirical research papers shows that the two are positively correlated. Publication bias tests using multiple methods such as funnel plot, Begg's rank and Egger's regression method, fail-safe N etc., indicate that the conclusion is valid without obvious publication bias. Thus the argument that the relationship between CSR and CFP is positive proves to be not only objective but also universal. That is to say, CSR also pays off in the Chinese context.