TY  - RPRT
        AU  - Wu, Shuangqi
AU  - Appleton, Simon
AU  - Song, Lina
AU  - Wang, Jinmin
        TI  - The Determinants of Virtue: Modelling Changes in the CSR Ratings of Chinese Firms
        PY  - 2017/Nov/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 11153
        UR  - https://www.iza.org/publications/dp11153
        AB  - Most empirical studies on Corporate Social Responsibility (CSR) use cross-sectional data or case studies, making causality hard to establish. We overcome this limitation by using panel data on Chinese firms. We find no effect of last year's profits on CSR ratings, although their negative contemporaneous relation suggests a trade-off. Managerial shareholdings reduce CSR ratings while rising wages and employment are the main drivers of increasing CSR ratings. This suggests the CSR agenda aligns with the interests of labour, but not capital. However, the positive effect of Tobin's Q may indicate CSR is associated with intangibles of value to a firm.
        KW  - firms
KW  - corporate social responsibility
KW  - China
        ER  -