Business Tax reform and CSR engagement: Evidence from China |
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| Affiliation: | 1. School of Economics, Huazhong University of Science and Technology, Wuhan 430074, China;2. School of Economics and Trade, Guangdong University of Foreign Studies, Guangzhou 510006, China;3. College of Environmental Sciences and Engineering, Peking University, Beijing 100871, China;1. School of Economics, Huazhong University of Science and Technology, Wuhan 430074, China;2. School of Management, Guangzhou University, Guangzhou 510006, China;3. School of Management, Jinan University, Guangzhou 510000, China;1. Lingnan College, Sun Yat-sen University, Guangzhou, PR China;2. School of Finance & Southern China Institute of Fortune Management Research, Guangdong University of Foreign Studies, Guangzhou, PR China;3. School of Finance & China Financial Policy Research Center, Renmin University of China, Beijing, PR China;1. Ben-Gurion University of the Negev, Guilford Glazer Faculty of Business and Management, Beer-Sheva 84105, Israel;2. University of Bristol, School of Accounting and Finance, 15-19 Tyndall''s Park Road, BS8 1PQ, UK;3. College of Law & Business, Israel, David Ben Gurion Rd 26, Ramat Gan 5110801, Israel |
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| Abstract: | This study investigates the impacts of tax incentives on firms' CSR engagement. Using the staggered Business Tax reform in China as exogenous shocks, our difference-in-differences estimation shows that tax incentives facilitate firms' CSR disclosure, and a plausible mechanism is the released financial burden. The result remains valid under a battery of robustness checks and is more pronounced for state-owned firms, firms with tighter political connections, firms with transparent information and firms locate in areas with higher degree of social trust. The study provides clear policy implications by elaborating on the favorable impacts of tax incentives on firms' CSR performance. |
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