Abstract
This study develops a data-driven typology of Corporate Social Responsibility (CSR) strategies among Chinese manufacturing firms. Using cluster analysis, companies were categorized into three groups: CSR Leaders, CSR Developers, and CSR Minimalists. The findings show that firms with comprehensive CSR engagement achieve stronger financial performance, operational efficiency, and reputational strength. CSR Developers demonstrate moderate success through selective investments, while CSR Minimalists face greater sustainability risks. The study highlights how industry characteristics, ownership structure, and external pressures shape CSR adoption patterns. It offers practical insights for businesses, policymakers, and investors seeking to enhance CSR effectiveness in China’s evolving market landscape.
References
Abu Khalaf, B. (2024). Impact of board characteristics on the adoption of sustainable reporting practices. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2391563
Ağan, Y., Kuzey, C., Acar, M. F., & Açıkgöz, A. (2016). The relationships between corporate social responsibility, environmental supplier development, and firm performance. Journal of Cleaner Production, 112, 1872–1881. https://doi.org/10.1016/j.jclepro.2014.08.090
Attig, N., Boubakri, N., El Ghoul, S., & Guedhami, O. (2016). Firm Internationalization and Corporate Social Responsibility. Journal of Business Ethics, 134(2), 171–197. https://doi.org/10.1007/s10551-014-2410-6
Buch Thu, P. T. (2024). Research on Effects of Board of Directors’ Characteristics on Corporate Social Responsibility Disclosure - Manufacturing Listed Firms on the Stock Exchange of Vietnam. Asian Journal of Business and Accounting, 17(1), 147–171. https://doi.org/10.22452/ajba.vol17no1.5
David, L. K., Wang, J., Angel, V., & Luo, M. (2024). China’s ESG scorecard: A predictive machine learning model. Corporate Social Responsibility and Environmental Management, 31(4), 3468–3486. https://doi.org/10.1002/csr.2746
Dawar, G., & Bhatia, S. (2023). Corporate Social Performance and Firm Location. International Journal of Social Ecology and Sustainable Development, 14(1), 1–16. https://doi.org/10.4018/IJSESD.323800
Figueira, S., Gauthier, C., & Torres de Oliveira, R. (2023). CSR and stakeholder salience in MNE subsidiaries in emerging markets. International Business Review, 32(5), 102159. https://doi.org/10.1016/j.ibusrev.2023.102159
Hluszko, C., Barros, M. V., Souza, A. M. de, Ramos Huarachi, D. A., Castillo Ulloa, M. I., Moretti, V., Puglieri, F. N., & de Francisco, A. C. (2024). Sustainability in practice: Analyzing environmental, social and governance practices in leading Latin American organizations’ reports. Cleaner Production Letters, 7, 100069. https://doi.org/10.1016/j.clpl.2024.100069
Ko, K.-C., Nie, J., Ran, R., & Gu, Y. (2020). Corporate social responsibility, social identity, and innovation performance in China. Pacific-Basin Finance Journal, 63, 101415. https://doi.org/10.1016/j.pacfin.2020.101415
Lau, A. K. W., Jiang, Y. M., & Lee, P. K. C. (2023). The direct and interacting effects of strategic environmental management and socially responsible practices on new product advantage. Journal of Cleaner Production, 421, 138510. https://doi.org/10.1016/j.jclepro.2023.138510
Li, L., Wang, Y., Sun, H., Shen, H., & Lin, Y. (2023). Corporate Social Responsibility Information Disclosure and Financial Performance: Is Green Technology Innovation a Missing Link? Sustainability, 15(15), 11926. https://doi.org/10.3390/su151511926
Liu, C., Chen, S., & Shao, Q. (2019). Do CEO Rhetorical Strategies Affect Corporate Social Performance? Evidence from China. Sustainability, 11(18), 4907. https://doi.org/10.3390/su11184907
Liu, H., & Lee, H. (2024). The Role of Ownership Structure in the Relationship Between Environmental, Social, and Governance Practices and Financial Reporting Quality: Evidence from China. Sustainability, 16(23), 10687. https://doi.org/10.3390/su162310687
Lu, Y., & Abeysekera, I. (2014). Stakeholders’ power, corporate characteristics, and social and environmental disclosure: evidence from China. Journal of Cleaner Production, 64, 426–436. https://doi.org/10.1016/j.jclepro.2013.10.005
Lyu, L., Zhai, L., Boukhris, M., & Akbar, A. (2023). Impact of Corporate Social Responsibility Practices on Impulse Buying Intention: Exploring the Moderating Influence of Social Media Advertising. Sustainability, 15(23), 16258. https://doi.org/10.3390/su152316258
Madhura, G., Dissanayake, H., & Iddagoda, A. (2024). The Impact of Corporate Governance on Corporate Sustainability: Empirical Insights from Listed Companies in Emerging Economy (pp. 525–538). https://doi.org/10.1007/978-3-031-71329-3_32
Mura, M., Longo, M., Boccali, F., Visani, F., & Zanni, S. (2024). From outcomes to practices: Measuring the commitment to sustainability of organisations. Environmental Science & Policy, 160, 103868. https://doi.org/10.1016/j.envsci.2024.103868
Nguyen, G. N. T., Mani, V., Kha M., K., & Papadopoulos, T. (2023). Supply chain social responsibility in labour- intensive industries: a practitioner’s perspective. Production Planning & Control, 34(4), 371–390. https://doi.org/10.1080/09537287.2021.1925172
Pasko, O., Yang, Z., Tkachenko, V., Proskurina, N., & Pushkar, I. (2022). Does female representation on corporate boards boost the strengthening of internal control in socially responsible firms? Investment Management and Financial Innovations, 19(4), 294–308. https://doi.org/10.21511/imfi.19(4).2022.24
Pasko, O., Zhang, L., Markwei Martey, E., Kuts, T., & Baka Joshua, L. (2024). Does managerial ability matter in corporate sustainability-related dynamics? An empirical investigation. Problems and Perspectives in Management, 22(1), 128–146. https://doi.org/10.21511/ppm.22(1).2024.12
Pasko, O., Zhang, L., Oriekhova, A., Aleksanyan, V., Hordiyenko, M., & Tkal, Y. (2023). Do financial auditors impact sustainability reporting? The effects of big four financial audits on the quality of CSR reports in China. Intellectual Economics, 17(2), 330–361. https://doi.org/10.13165/IE-23-17-2-05
Pasko, O., Zhang, L., Oriekhova, A., Gerasymenko, N., & Polishchuk, O. (2023). Solving the choice puzzle: Financial and non-financial stakeholders preferences in corporate disclosures. Investment Management and Financial Innovations, 20(4), 434–451. https://doi.org/10.21511/imfi.20(4).2023.34
Pasko, O., Zhang, L., Oriekhova, A., Hordiyenko, M., & Tkal, Y. (2023). Corporate social responsibility and corporate tax aggressiveness: Evidence of mandatory vs. voluntary regulatory regimes impact. Problems and Perspectives in Management, 21(2), 682–700. https://doi.org/10.21511/ppm.21(2).2023.61
Shu, P., Chiang, S., & Wu, T. (2024). Board network and ESG performance: Evidence from China. Corporate Social Responsibility and Environmental Management, 31(6), 5709–5729. https://doi.org/10.1002/csr.2887
Tajpour, M., Farsi, J. Y., & Mohsen, B. (2023). A Review of Corporate Social Responsibility Literature and Future Directions (pp. 48–65). https://doi.org/10.4018/978-1-6684-6766-4.ch003
Zhang, C., Wang, J., Hu, S., Wu, Y., & Zhu, W. (2024). Research on mining high performance path rules for new energy enterprises from the perspective of social responsibility—Empirical data from China. Journal of Renewable and Sustainable Energy, 16(2). https://doi.org/10.1063/5.0189232