Do negative investor attitudes drive corporate social responsibility? Evidence from China

摘要

This study explores the association between negative investor attitudes and corporate social responsibility. We conjecture that negative investor attitudes may drive firms to engage more actively in corporate social responsibility to improve shareholder perceptions. Consistent with this expectation, we find that firms facing negative investor attitudes exhibit better CSR performance, and this association is more pronounced in firms that receive more attention from investors and attach more importance to investor relationships. Overall, this study highlights the influence of investor attitudes on corporate social responsibility and contributes to the literature on the determinants of corporate social responsibility.