ZHANG, Yang
(2020)
The study of the impact of social responsibilities fulfillment of food industry on firm value.
[Dissertation (University of Nottingham only)]
Abstract
In recent years, Shuanghui "Clenbuterol", Shanghai "Stained Bread" and other food safety incidents cause people to concern the fulfillment of social responsibility in the food industry. Enterprises neglect the implementation of social responsibility to expand market share as well as to improve profitability. In the enterprises’ view, the performance of social responsibility may reduce the value of the enterprise. So, can the fulfillment of social responsibility in the food industry really reduce the value of the firm? This paper discusses the relationship between the fulfillment of corporate social responsibility and corporate value in the food industry, and how it affects different stakeholders.
Firstly, this paper reviews the relevant research literature, which is based on the stakeholder theory and the social contract theory. Next, this paper expounds on the impact of social responsibility fulfillment on the enterprise value from the perspective of five stakeholders. And then, this paper conducts empirical research to have a check.
In this paper, the Tobin Q value is used as a substitute variable for the firm value. Based on five different stakeholders, including shareholders, creditors, employees, suppliers, and consumers, this paper establishes five different social responsibility fulfillment evaluation indicators. With respective social responsibility fulfillment evaluation indicators, this paper lists five years of financial data of 2012-2016 of listed companies in Shanghai and Shenzhen A-shares on the Chinese food industry as the observation sample. As a whole, it is found that the social responsibility fulfillment in the food industry has a positive effect on the current and the next year’s enterprise value, but for different stakeholders, the impact is different through the descriptive statistics and the multiple regression analysis. On this basis, the paper puts forward some countermeasures and suggestions on how to better fulfill the social responsibility on the food industry from government and enterprises themselves to promote the development of the market and the entire food industry.
Keywords: Corporate Social Responsibility, Food industry, Firm Value, Stakeholder
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