Effect of Equity Checks and Balances on Corporate Social Responsibility: The Mediation and Moderator Roles of Green Innovation Performance and Environmental Uncertainty

In order to explore the interaction between internal factors of corporate governance, this study combined with principal-agent theory and stakeholder theory, using a sample of Chinese A-share listed companies on Shanghai and Shenzhen stock exchanges from 2012 to 2019, constructs a regulated mediation effect model, empirically examines the impact of equity checks and balances on corporate social responsibility and the mediation and mediator roles of green innovation performance and environmental uncertainty. The results show that: (1) Equity checks and balances among shareholders have a significant positive impact on corporate social responsibility; (2) Equity checks and balances have a positive impact on green innovation performance, green innovation performance has a positive impact on corporate social responsibility, and green innovation performance plays a partial mediation effect between equity checks and balances and corporate social responsibility; (3) Additionally, environmental uncertainty not only moderates the relationship between Green Innovation Performance and CSR, but also moderates the direct effect between equity balance and CSR, which verifies the existence of a moderated mediation effect. The effect of the robustness test is significant. These results can be used as a reference for corporate governance, improving innovation performance, and fulfilling CSR.

本研究旨在探讨公司治理内部因素之间的相互作用，结合代理理论及利益相关者理论，选取2012年至2019年间在上海和深圳证券交易所上市的中国A股公司样本，构建了调节中介效应模型，实证检验了股权制衡对公司社会责任的影响，以及绿色创新绩效和环境不确定性在其中的中介和调节作用。研究发现：（1）股东之间的股权制衡对公司社会责任具有显著的积极影响；（2）股权制衡对绿色创新绩效具有正向影响，绿色创新绩效对社会责任亦具有正向影响，且绿色创新绩效在股权制衡与社会责任之间起到部分中介作用；（3）此外，环境不确定性不仅调节了绿色创新绩效与CSR之间的关系，还调节了股权平衡与CSR之间的直接效应，从而验证了调节中介效应的存在。稳健性检验的结果显著。这些研究结果可为公司治理、提升创新绩效及履行社会责任提供参考。