Unveiling the nexus between corporate social responsibility, industrial integration, economic growth and financial constraints under the node of firms sustainable performance

Figures & data

Table 1. Represents the classification of research variables.

Classification of Variables	Symbols	definition
Dependent variable	FC	Financial Constraints
Independent Variables	CSR	Corporate Social Responsibility
	conpsm	Industrial Integration
	GDP	Economic growth
Control Variables	Tobinq	Investment Opportunity
	Lev	Leverage
	divschg	Dividend Payment Ratio
	sustrt	Sustainable Growth Rate

Source: The authors.

Figure 1. Moran scatter plot of all provinces of China.

Source: The authors.

Table 2. Represents Moran’s index.

Years	Moran Index
2010	0410***	(3.793)
2011	0.419***	(3.838)
2012	0.409***	(3.747)
2013	0.394***	(3.614)
2014	0.380***	(3.498)
2015	0.377***	(3.466)
2016	0.375***	(3.457)
2017	0.367***	(3.395)
2018	0.356***	(3.308)
2019	0.348***	(3.244)

Notes: W1 is the 0–1 spatial weight; W2 is the spatial weight of geographical distance; and W3 is the spatial weight of economic distance, hereinafter the same.

Source: The authors.

Table 3. Spill-over effect decomposition of SDM.

Model variables	Direct effect			Indirect effect			Total effect
	W1	W3	W3	W1	W3	W3	W1	W3	W3
Economic growth (GDP)	0.090***	0.075***	0.089***	0.057	0.065	0.064	0.129***	0.175**	0.158**
Financial Constraints (FC)	0.133***	0.158***	0.151***	0.059	0.085	0.075	0.300***	0.315***	0.305***
Industrial Integration (Industry)	0.635***	0.510***	0.583***	−0.035	−0.158	−0.118	0.515***	0.351***	0.355***
Investment Opportunity (Tobinq)	0.01	0.011	0.013	0.092***	0.105***	0.151***	0.108***	0.118***	0.153***
Corporate Social Responsibility (CSR)	0.038	0.011	0.015	−0.428	−0.345	−0.331*	−0.193	−0.335	−0.315
Leverage (Lev)	−0.358**	−0.353**	−0.675	−0.833**	0.153	−0.033	−0.632	−0.31	−0.643

Notes: t statistics and standards error not reported for the sake of brevity.

*** ,

** and

* are significance at the 1%, 5% and 10% levels.

Source: The authors.

Table 4. Shows the regression results of the applied models.

Variable	SAR		SEM		SDM
lnCSR	−0.205*	−0.329***	−0.206*	−0.332***	−0.196*	−0.325***
	(-1.93)	(-3.18)	(-1.93)	(-3.20)	(-1.83)	(-3.10)
lntobinq	−0.252**	−0.247**	−0.251**	−0.248**	0.240*	−0.231*
	(-2.14)	(-2.13)	(-2.13)	(-2.13)	(-2.03)	(-1.96)
lnlev	1.01***	1.001***	1.018***	1.008***	0.987***	0.987***
	(5.93)	(5.94)	(5.95)	(5.96)	(5.70)	(5.78)
lnsustrt	−0.172**	−0.202**	−0.170**	−0.201**	−0.186**	−0.214***
	(-2.90)	(-3.14)	(-2.49)	(-3.10)	(-2.74)	(-3.30)
lndivschg	0.118***	−0.098**	0.117***	0.097**	0.129***	0.104***
	(2.90)	(2.55)	(2.89)	(2.57)	(3.15)	(2.71)
lnconpsm	−0.588*		−0.579*	−0.674*	−0.577*	−0.550*
	(-1.82)	−0.679* (−1.71)	(-1.89)	(-1.89)	(-1.92)	(-1.97)
lnconpsm^2	−0.078	−0.088*	−0.078*	−0.087*	−0.078*	−0.068* (−1.91)
	(-1.29)	(-1.82)	(-1.91)	(-1.91)	(-1.93)
c	−2.78***		−2.934***		−5.428**
	(-2.88)		(-3.09)		(-3.01)
w* lnFC					0.022*	0.039*
					(1.72)	(1.73)
w* lnCSR					0.056*	0.068*
					(1.83)	(1.83)
w* lntobinq					0.155	0.01
					(0.63)	(0.04)
w* lnlev					0.078	0.115
					(0.21)	(0.30)
w* lnsustrt					−0.339**	−0.262*
					(-2.25)	(-1.77)
w* lndivpschg					0.006	0.069
					(0.86)	(0.92)
w* conpsm					−1.339*	−1.189*
					(-1.93)	(-1.90)
w*conpsm^2					−0.245*	−0.210*
					(-1.84)	(-1.86)

(Note: The table is a coefficient, the z value in parentheses,

* means significant at the 10% level,

** means significant at the 5% level and

*** means significant at the 1% level).

Source: The authors.

Table 5. Regression results of effects of the Spatial Dubin model.

	Direct effect	Indirect effect	Total effect	Direct effect	Indirect effect	Total effect
lnCSR	−0.192*	0.065	−0.126	−0.320***	−0.0488	−0.272*
	(-1.74)	(0.38)	(-0.67)	(-2.97)	(-0.26)	(-1.82)
lntobinq	−0.245**	0.163	−0.082	−0.238**	0.027	−0.212
	(-2.10)	(0.67)	(-0.31)	(-2.05)	(0.11)	(-0.81)
lnlev	0.994***	−0.095	0.899**	0.997***	−0.085	0.912**
	(5.83)	(-0.27)	(2.45)	(5.96)	(-0.24)	(2.48)
lnsustrt	−0.190***	−0.338*	0.528***	−0.218***	−0.286**	−0.504***
	(-2.98)	(-2.16)	(-3.11)	(-2.84)	(-2.05)	(-3.32)
lndivschg	0.129***	0.067	0.196**	0.105***	0.078	0.184**
	(3.30)	(1.19)	(2.28)	(2.84)	(0.96)	(2.14)
lnconpsm	−0.560*	−1.41*	−1.97*	−1.351*	−1.351*	−1.886*
	(-1.71)	(-1.79)	(-1.67)	(-1.92)	(-1.79)	(−1.96)
lnconpsm^2	−0.075*	−0.259*	−0.335*	−0.236*	−0.236	−0.302*
	(-1.95)	(-1.91)	(-1.95)	(-1.93)	(-1.25)	(-1.99)

(Note: The table is a coefficient, the z value in parentheses,

* means significant at the 10% level,

** means significant at the 5% level and

*** means significant at the 1% level).

Source: The authors.

Table 6. Show the results of additional inspections early stage.

Variable	SDM
lnCSR*initial	0.588***	0.560***
	(5.25)	(5.20)
lnCSR	−0.207**	−0.331***
	(-2.02)	(-3.29)
lntobinq	−0.240**	−0.267**
	(-2.137)	(-2.37)
lnlev	0.925***	0.951***
	(5.53)	(5.81)
lnsustrt	−0.161**	−0.187***
	(-2.46)	(-3.00)
lndivschg	0.102**	−0.081**
	(2.58)	(-2.17)
lnconpsm	−0.589	−0.533
	(-0.98)	(-0.88)
lnconpsm^2	−0.096	−0.081
	(-1.04)	(-0.88)
c	−5.083***	–
	(-3.95)
w* lnFC	−0.082	−0.116
	(-0.49)	(-0.68)
w* lnCSR	−0.037*	−0.022*
	(-1.70)	(-1.82)
w* lnCSR*initial	0.184	0.286*
	(0.87)	(1.81)
w* lntobinq	0.116	−0.026
	(0.50)	(-0.11)
w* lnlev	−0.052	−0.091
	(-0.14)	(-0.25)
w* lnsustrt	−0.267*	0.201
	(-1.85)	(1.42)
w* lndivpschg	0.056	0.043
	(0.73)	0.58)
w* lnconpsm	−1.189*	−1.054*
	(-1.85)	(-1.81)
w*lnconpsm^2	−0.285*	−0.261*
	(-1.71)	(-1.82)

(Note: The table is a coefficient, the z value in parentheses,

* means significant at the 10% level,

** means significant at the 5% level and

*** means significant at the 1% level).

Source: The authors.

Table 7. Shows the effects of GDP growth stage.

Variable	SDM
lnCSR*growth stage	0.529***	0.523***
	(3.69)	(3.82)
lnCSR	−0.212**	−0.360***
	(-2.12)	(-3.49)
lntobinq	−0.232**	−0.223*
	(-2.00)	(-1.93)
lnlev	0.929***	0.915***
	(5.42)	(5.36)
lnsustrt	−0.165**	−0.192***
	(-2.49)	(-3.01)
lndivschg	0.138***	0.113***
	(3.44)	(3.45)
	−0.370*	−0.367*
	(-1.32)	(-1.39)
lnconpsm^2	−5.537*	−0.037*
	(-1.45)	(-1.40)
c	−5.538***
	(-3.12)
w* lnFC	0.034*	0.048*
	(1.21)	(1.29)
w* lnCSR	0.089*	0.096*
	(1.33)	(1.33)
w* lnCSR*growth	−0.195*	−0.144*
	(-1.24)	(-1.28)
w* lntobinq	0.289	0.139
	(1.81)	(0.58)
w* lnlev	−0.221	−0.259
	(-0.59)	(-0.69)
w* lnsustrt	−0.358**	0.211*
	(-2.42)	(1.95)
w* lndivpschg	0.076	0.078
	(0.97)	(1.05)
w* lnconpsm	−1.527*	−1.329*
	(-1.32)	(-1.15)
w*lnconpsm^2	−0.277*	−0.229*
	(-1.43)	(-1.18)

(Note: The table is a coefficient, the z value in parentheses,

* means significant at the 10% level,

** means significant at the 5% level and

*** means significant at the 1% level).

Source: The authors.

Table 8. Shows the spatial correlation of maturity stage.

Variable	SDM
lnCSR*mature	−0.349***	−0.337***
	(-2.77)	(-2.89)
lnCSR	−0.135	−0.259**
	(-1.25)	(-2.44)
lntobinq	−0.227*	−0.226*
	(-1.94)	(-1.93)
lnlev	0.928***	0.932***
	(5.39)	(5.50)
lnsustrt	−0.177**	−0.203***
	(-2.64)	(-3.16)
lndivschg	0.125***	0.102***
	(-3.11)	(2.68)
lnconpsm	−0.545	−0.501
	(-0.87)
		(-0.79)
lnconpsm^2	−0.069	−0.380
	(-0.73)	(-0.59)
c	−4.888***	--
	(-2.71)
w* lnFC	−0.008	0.013*
	(-0.05)	(1.78)
w* lnCSR	0.049*	0.034*
	(1.69)	(1.87)
w* lnCSR*mature	−0.030*	−0.055*
	(-1.84)	(-1.96)
w* lntobinq	0.125	−0.028
	(0.51)	(-0.11)
w* lnlev	−0.065	−0.065
	(-0.18)	(-0.17)
w* lnsustrt	−0.336**	−0.271*
	(-2.26)	(-1.86)
w* lndivpschg	0.077	0.074
	(0.98)	(1.21)
w* lnconpsm	−1.019*	−0.843*
	(-1.87)	(-1.93)
w*lnconpsm^2	−0.198*	−0.156*
	(-1.93)	(-1.78)

(Note: The table is a coefficient, the z value in parentheses,

* means significant at the 10% level,

** means significant at the 5% level and

*** means significant at the 1% level).

Source: The authors.

Table 9. Shows the results of declining stage.

Variable	SDM
lnCSR*declining	0.01	−0.015
	(0.07)	(-0.10)
lnCSR	−0.208*	−0.332***
	(-1.90)	(-3.11)
lntobinq	−0.238**	−0.224*
	(-1.98)	(-1.86)
lnlev	1.005***	0.996***
	(5.59)	(5.56)
lnsustrt	−0.187**	−0.217***
	(-2.72)	(-3.30)
lndivschg	0.128***	0.104***
	(3.12)	(2.68)
lnconpsm	−0.577	−0.535
	(-0.92)	(-0.84)
lnconpsm^2	−0.076	−0.065
	(-0.79)	(-0.68)
c	−5.469**	_---___
	(-3.03)
w* lnFC	−0.024	0.045
	(-0.14)	(0.27)
w* lnCSR	0.032	0.063
	(0.18)	(0.31)
w* lnCSR*declining	−0.295	−0.294
	(-1.00)	(-0.08)
w* lntobinq	0.117	−0.02
	(0.47)	(-0.08)
w* lnlev	−0.025	−0.076
	(-0.07)	(-0.20)
w* lnsustrt	−0.323**	0.248*
	(-2.13)	(1.67)
w* lndivpschg	0.069	0.072
	(0.87)	(0.95)
w* lnconpsm	−1.347*	−1.205
	(-1.74)	(-1.02)
w*lnconpsm^2	−0.236*	−0.205
	(-1.82)	(-1.03)

(Note: The table is a coefficient, the z value in parentheses,

* means significant at the 10% level,

** means significant at the 5% level and

*** means significant at the 1% level).

Source: The authors.

Table 10. Chow test results of moderating effects of CSR & GDP*Lifecycle of FC.

Dependent variable = ${FC}_t$
Variables	Initial vs. Growth	Initial vs. Mature	Initial vs. Declining	Growth vs. Mature	Growth vs. Declining	Mature vs. Declining
lifecycle *CSRt	0.034**	−0.067**	−0.043*	−0.018	0.041	0.010
lifecycle *GDPt	0.564	0.276	0.453	−0.320	0.010	0.206
lifecycle *conpsmt	−4.098***	−3.00***	−1.018**	2.065***	3.056***	1.456**
lifecycle *Tobinqt	−0.045	−0.327***	−0.465**	−0.325***	−0.398**	0.010
lifecycle*levt	0.789	−2.109**	−2.045**	−3.074***	−3.099***	−0.105
lifecycle *divschgt	0.376	−0.426	0.093	−0.407	−0.428	0.467
lifecycle *sustrtt	−4.109*	−2.109	−0.629	2.10	3.006	2.067
CSRt	0.005	0.010	0.009	−0.189*	−0.0347*	−0.037***
GDPt	−0.045	−0.109	−0.064	0.427	0.422	0.064
conpsmt	−5.458***	−5.109***	−5.001***	−9.056***	−9.091***	−7.109***
Tobinqt	0.096	0.093	0.110	0.094	0.187	−0.136***
levt	1.396**	1.353**	1.294**	2.115***	2.128***	−0.381
divschgt	−3.310*	−3.009*	−3.076*	−2.893*	−2.098*	−0.753
sustrtt	−3.209***	−3.872***	−3.487***	−7.092***	−7.009***	−6.092***
Intercept	128.762***	125.293***	120.891***	181.223***	181.356***	156.372***
Wald test χ^2	732.28	901.24	709.29	909.88	782.08	967.09
statistics and p-value in parentheses	0	0	0	0	0	0

Notes: t statistics and standards error not reported for the sake of brevity.

*** ,

** and

* are significance at the 1%, 5% and 10% levels.

Source: The authors.

Table 11. Robustness test by controlling additional variables and adopting two-step GMM methods.

	Model 1	Model 2	Model 3	Model 4
Lag FC	0.047***	0.061***	0.081***	0.072***
	(3.78)	(5.230)	(8.105)	(7.810)
CSR	−0.053***	−0.050***	−0.050***	−0.058*
	(-3.36)	(-3.28)	(-3.26)	(-2.85)
GDP	–0.030	–0.086*	–0.085*	–0.028**
	(–0.20)	(–1.63)	(–1.62)	(–2.85)
Tobinq	–0.026	–0.028	–0.0285	–0.082
	(–0.20)	(–0.23)	(–0.23)	(–2.23)
w* sustrt	−0.065***	−0.062***	−0.062***	−0.062***
	(-8.50)	(-6.68)	(-6.58)	(-6.06)
conpsm	–0.026	–0.002*	–0.022	−0.022**
	(–1.55)	(–1.86)	(–1.24)	(2.62)
lev	0.022**	0.025**	0.025**	0.026*
	(2.66)	(2.85)	(2.80)	(1.63)
sustrt	−0.028**	−0.026**	−0.062**	−0.056**
	(-2.68)	(-2.58)	(-2.56)	(-0.560)
w* conpsm		−0.022***	−0.022***	−0.020***
		(-5.36)	(-5.36)	(-3.35)
lnconpsm^2			–0.055	–0.058**
			(–0.02)	(–2.68)
			–0.088	0.066
			(–0.33)	(0.02)
CONSTANT	0.025	0.026	0.026	0.268**
	(0.56)	(0.85)	(0.85)	(2.81)
N	2260	2260	2260	2265

Note:

* ,

** and

*** indicate statistical significance at the 20%, 5% and 2% levels, respectively.

Source: The authors.

Table 12. CSR and FC: Two-stage least square (2SLS) estimation.

Variables	Model 1	Model 2	Model 3	Model 4
Lag FC	0.070***	0.069***	0.075***	0.067***
	(5.34)	(5.310)	(6.416)	(5.015)
CSR	−0.050***	−0.055***	−0.054***	−0.059***
	(-5.55)	(-5.06)	(-5.63)	(-5.432)
GDP	–0.035***	–0.044***	–0.035***	–0.033**
	(–3.55)	(–3.94)	(–5.34)	(–4.35)
Tobinq	–0.053	–0.035***	0.030	–0.033***
	(–0.45)	(–4.35)	(0.05)	(–3.59)
w* sustrt	–0.030***	−0.055***	–0.030*	−0.055***
	(–3.56)	(-9.54)	(–2.93)	(-9.65)
conpsm	0.003	–0.046***	0.055	–0.045***
	(0.43)	(–4.53)	(0.56)	(–4.54)
lev		0.0546***	–0.044	0.033***
		(3.96)	(–0.35)	(4.46)
sustrt			−0.063***	−0.033***
			(-3.50)	(-3.39)
w* conpsm			–0.443*	–0.094***
			(–1.90)	(–4.55)
Conpsm^2				−0.056***
				(-4.45)
				0.0506***
CONSTANT	3.555**	0.055***	5.355***
	(4.05)	(3.55)	(4.54)	(4.05)
Weak IV F	33,039.90		33,055.90
Statistics
N	3635	3635	3635	3635
R4	0.9996	0.4604	0.9005	0.465
F	4433.53	-	3539.35	–

* ,

** and

*** indicate statistical significance at the 10%, 5% and 1% levels, respectively.

Source: The authors.