TITLE:
Corporate Social Responsibility, Manager’s Characteristics and Corporate Value of Digital Creative Enterprises
AUTHORS:
Zhen Wang, Xiaohong Zhou
KEYWORDS:
Digital Creative Enterprises, CSR, R&D Investment Intensity, Manager’s Characteristics, Corporate Value
JOURNAL NAME:
Open Journal of Business and Management,
Vol.11 No.4,
July
12,
2023
ABSTRACT: The aim of this paper is to analyze the impact of
corporate social responsibility (CSR) performance of digital creative
enterprises on corporate value. The study takes 397 listed digital creative
firms from 2016-2020 as a sample. A fixed-effects model is used to empirically
test the relationship between CSR and corporate value of digital creative
firms. We also analyzed the moderating effect of R&D investment intensity
on the relationship between CSR and corporate value. And the influence of
manager’s characteristics on the moderating effect of R&D investment
intensity of enterprises. The study shows that the performance of social
responsibility of digital creative firms contributes to the enhancement of
corporate value. R&D investment intensity positively moderates the
relationship between CSR and corporate value. Chairman’s age further amplifies
the moderating effect of R&D investment intensity. However, in the case
where the chairman is also the CEO, it weakens the moderating effect of the
intensity of R&D investment. The findings of the study can provide valuable
insights for digital creative enterprises to achieve high-quality development.