Corporate Social Responsibility

At present, the measurement methods of CSR mainly include content analysis method, reputation index method, professional agency rating method, and KLD index, which is an evaluation index of CSR proposed by Kinder, Lydenberg and Domini (Zhou et al., 2016; Park and Jeun, 2019; Joo, 2020). The professional agency rating method is used commonly, which is mainly measured by corporate responsibility score of “Hexun.com” or Runling global corporate responsibility rating. The data about CSR in this study uses the method of Python to capture the score of CSR from the social responsibility scoring standard of listed companies published by Hexun.com. The professional evaluation system of CSR report of listed companies of Hexun.com is divided into the following five aspects: Shareholder responsibility, employee responsibility, supplier, customer and consumer responsibility, environmental responsibility, and social responsibility. We use the total score of the five aspects to represent the corporate's degree of CSR.

The dimension division of CSR in this study is based on the view of triple bottom line (Park and Jeun, 2019). According to this basis, shareholder responsibility, employee responsibility, supplier, customer and consumer responsibility belong to the responsibility of direct interests, which is defined as economic CSR in this study. The data is from the sum of the rating scores of the three kinds of responsibility in Hexun.com.

Different from economic CSR, “Hexun.com” distinguishes industries when scoring environmental CSR, and focuses on different scoring standards for manufacturing and service industries in environmental and social CSR. Specifically, for the manufacturing industry, the environmental CSR is empowered by 30% and the social CSR is 10%; for the service industry, the environmental CSR is empowered by 10% and the social CSR is 30%; for other industries, the environmental CSR and social CSR are both empowered by 20%. Considering the accuracy of the data, we calculate the weight according to the industry of the enterprises, and get the environmental CSR and social CSR scores of each enterprise.