The internal mechanism of corporate social responsibility fulfillment affecting debt risk in China: Analysis of intermediary transmission effect based on degree of debt concentration and product market competitive advantage
National Natural Science Foundation of China Area Project ‘Research of Party Committee Governance of State-Owned Enterprises, External Governance Circumstance and Corporate Merger and Acquisition: based on Background of the Reform of Introducing Mixed Ownership to SOEs’ (662034); Funded by China's Ministry of Finance ‘Accounting Master Training Project’ from 2017–2021
机构署名：
本校为其他机构
院系归属：
管理学院
摘要：
This paper takes the degree of debt concentration and product market competitive advantage as intermediary variables to explore the internal mechanism of the impact of CSR fulfilment on firm debt risk. It is found that the fulfilment of CSR can reduce the debt risk of firms by dispersing the degree of debt concentration and enhancing the competitive advantage of product market. The mediating effect of the degree of debt concentration has a direct impact on the competitive advantage of a product market and is particularly obvious in private firms and firms in the eastern...
