Impact of Corporate Social Responsibility on the Effectiveness of Companies' Business Activities

Marina V. Vasiljeva, Alexander N. Semin, Vadim V. Ponkratov, Nikolay V. Kuznetsov, Evgeniy V. Kostyrin, Nadezhda N. Semenova, Marina I. Ivleva, Angelina O. Zekiy, Natalia V. Ruban-Lazareva, Alexander L. Elyakov, Iskandar Muda


Background: Corporate social responsibility (CSR) has a great influence on the sustainability of company development, so it can be considered a business model for business effectiveness. Objective: The objective of the research is to determine the mutual influence of real-estate companies’ activities and CSR effectiveness in different countries. This study examines indicators for assessing companies’ financial stability, CSR, and working capital management's influence on the activity effectiveness of real-estate companies. Methods/Analysis: Questionnaires, the principal component method, the Sobel test, and linear regression analysis are used to evaluate the relationship between CSR and the business performance of autocratic management-style companies. The authors’ algorithm for assessing a company’s financial stability, CSR, and capital management, which affect the efficiency of companies, is proposed. Findings: Empirical analysis has shown that management has no mediating effect on CSR and enterprise performance relationships for companies with high financial stability and working capital, though it has a stimulating effect for low financial stability companies. CSR and business performance have positive relationships in companies, but despite financial stability growing, the autocratic leadership style reduces interest in CSR development. This paper conceptualizes the impacts of CSR on the effectiveness of companies. Novelty: The novelty of this study is to create theoretical and practical provisions aimed at laws and regulations.


Doi: 10.28991/ESJ-2023-07-03-08

Full Text: PDF


Sustainable Management; Corporate Social Responsibility; Financial Sustainability; Working Capital Management; Business Effectiveness.


Townsend, B. (2020). From SRI to ESG: The Origins of Socially Responsible and Sustainable Investing. The Journal of Impact and ESG Investing, 1(1), 10–25. doi:10.3905/jesg.2020.1.1.010.

Tencati, A., Misani, N., & Castaldo, S. (2020). A qualified account of supererogation: Toward a better conceptualization of corporate social responsibility. Business Ethics Quarterly, 30(2), 250–272. doi:10.1017/beq.2019.33.

Barnett, M. L. (2019). The Business Case for Corporate Social Responsibility: A Critique and an Indirect Path Forward. Business & Society, 58(1), 167–190. doi:10.1177/0007650316660044.

Stojanović, A., Mihajlović, I., Safronova, N. B., Kunev, S., & Schulte, P. (2021). The multi-criteria analysis of corporate social responsibility: A comparative study of Russia, Bulgaria and Serbia. Journal of Management & Organization, 27(4), 809–829. doi:10.1017/jmo.2020.40.

Pustokhin, D. A., & Pustokhina, I. V. (2020). National Models of Corporate Social Responsibility: Comparative Analysis. Intelligence. Innovations. Investment, 5(5), 93–103. doi:10.25198/2077-7175-2020-5-93.

Belousov, K. (2020). Corporate Social Responsibility and Sustainable Development of Modern Russian Companies as a Challenge of Business Globalization. SHS Web of Conferences, 74, 06004. doi:10.1051/shsconf/20207406004.

Varyash, I., Mikhaylov, A., Moiseev, N., & Aleshin, K. (2020). Triple bottom line and corporate social responsibility performance indicators for russian companies. Entrepreneurship and Sustainability Issues, 8(1), 313–329. doi:10.9770/jesi.2020.8.1(22).

Cheglakova, L.M., Bataeva, B.S., Melitonyan, O.A. (2022). Development of Environmental Responsibility and Related Practices among Russian SMEs (Based on a Survey). In: Zavyalova, E.B., Popkova, E.G. (eds) Industry 4.0. Palgrave Macmillan, Cham, Switzerland. doi:10.1007/978-3-030-79496-5_6.

Garanina, T., & Kim, O. (2023). The relationship between CSR disclosure and accounting conservatism: The role of state ownership. Journal of International Accounting, Auditing and Taxation, 100522. doi:10.1016/j.intaccaudtax.2023.100522.

Golrida Karyawati, P., Subroto, B., T., S., & Saraswati, E. (2020). Explaining the complexity relationship of CSR and financial performance using neo-institutional theory. Journal of Asian Business and Economic Studies, 27(3), 227–244. doi:10.1108/JABES-10-2019-0106.

Kumar, A., Sinha, A., Arora, A., & Aggarwal, A. (2018). Impact of CSR Activities on the Financial Performance of Firms. MUDRA: Journal of Finance and Accounting, 5(01), 75–89. doi:10.17492/mudra.v5i01.13037.

Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the relationship between CSR and financial performance. Sustainability (Switzerland), 11(2), 343. doi:10.3390/su11020343.

Thu Truong, T. T., & Kim, J. (2019). Do corporate social responsibility activities reduce credit risk? Short and long-term perspectives. Sustainability (Switzerland), 11(24), 6962. doi:10.3390/SU11246962.

Yeh, C. C., Lin, F., Wang, T. S., & Wu, C. M. (2020). Does corporate social responsibility affect cost of capital in China? Asia Pacific Management Review, 25(1), 1–12. doi:10.1016/j.apmrv.2019.04.001.

Barauskaite, G., & Streimikiene, D. (2020). Corporate social responsibility and financial performance of companies: The puzzle of concepts, definitions and assessment methods. Corporate Social Responsibility and Environmental Management, 28(1), 278–287. doi:10.1002/csr.2048.

Dutta, S., Katti, S., Phani, B. V., & Zhu, P. (2022). Corporate social responsibility spending as a building block for sustainable corporate ethical identity: Lessons from Indian business groups. Managerial and Decision Economics, 43(3), 696–717. doi:10.1002/mde.3412.

Suttipun, M., Lakkanawanit, P., Swatdikun, T., & Dungtripop, W. (2021). The impact of corporate social responsibility on the financial performance of listed companies in Thailand. Sustainability (Switzerland), 13(16), 8920. doi:10.3390/su13168920.

Quan, X. F., Wu, S. N., & Yin, H. Y. (2015). Corporate social responsibility and stock price crash risk: Self-interest tool or value strategy. Economic Research Journal, 11, 49-64.

Mukherjee, A., Bird, R., & Duppati, G. (2018). Mandatory Corporate Social Responsibility: The Indian experience. Journal of Contemporary Accounting & Economics, 14(3), 254–265. doi:10.1016/j.jcae.2018.06.002.

Awaysheh, A., Heron, R. A., Perry, T., & Wilson, J. I. (2020). On the relation between corporate social responsibility and financial performance. Strategic Management Journal, 41(6), 965–987. doi:10.1002/smj.3122.

Minh Hiep, P., Hoang Tien, N., Paul Dana, L., Rafal Kuc, B., Van Tien, N., Chi Minh City, H., & Vu Xuan Ha, V. (2021). Enhancing Social Responsibility and Sustainability in Real Estate Industry. Turkish Journal of Computer and Mathematics Education, 12(14), 4999–5013.

Tretyachenko, T., Pivovarova, G., & Sogomonyan, S. (2021). COVID-19: assessment and forecast of the development of the residential real estate market of the Russian Federation using the housing affordability factor model. SHS Web of Conferences, 101, 02013. doi:10.1051/shsconf/202110102013.

De Ruiter, M., Schaveling, J., Ciulla, J. B., & Nijhof, A. (2018). Leadership and the Creation of Corporate Social Responsibility: An Introduction to the Special Issue. Journal of Business Ethics, 151(4), 871–874. doi:10.1007/s10551-018-3883-5.

Karácsony, P. (2020). Analyzing the relationship between leadership style and corporate social responsibility in Hungarian small and medium-sized enterprises. Acta Polytechnica Hungarica, 17(7), 183–198. doi:10.12700/APH.17.7.2020.7.10.

Lassala, C., Orero-Blat, M., & Ribeiro-Navarrete, S. (2021). The financial performance of listed companies in pursuit of the Sustainable Development Goals (SDG). Economic Research, 34(1), 427–449. doi:10.1080/1331677X.2021.1877167.

Cheng, E. (2022). Chinese property developers’ cash flows have plunged by more than 20%. CNBC. Available online: (accessed on March 2023).

Rezaeinejad, I., Khaniwadekar, A., & Singh Rana, K. (2021). The analytic study of the Russian experience in the context of corporate social responsibility (CSR): the lessons for Iran and developing countries. SHS Web of Conferences, 114, 01028. doi:10.1051/shsconf/202111401028.

Khizar, H. M. U., Iqbal, M. J., & Rasheed, M. I. (2021). Business orientation and sustainable development: A systematic review of sustainability orientation literature and future research avenues. Sustainable Development, 29(5), 1001–1017. doi:10.1002/sd.2190.

Husted, B. W. (2015). Corporate Social Responsibility Practice from 1800-1914: Past Initiatives and Current Debates. Business Ethics Quarterly, 25(1), 125–141. doi:10.1017/beq.2014.1.

Knowledge at Wharton. (2009). The Sichuan earthquake and the changing landscape of CSR in China. A business journal from the Wharton School of the University PF Pennsylvania. Available online: (accessed on April 2023).

Watts, J. (2008). Sichuan quake: China's earthquake reconstruction to cost $150bn. The Guardian. Available online: (accessed on April 2023).

Zavyalova, E., & Ostrovskaya, E. (2020). Corporate social responsibility in Russia. SHS Web of Conferences, 89, 06008. doi:10.1051/shsconf/20208906008.

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2020). Financial accounting: tools for business decision-making. John Wiley & Sons, New York, United States.

Nasution, M. I., Fahmi, M., Jufrizen, Muslih, & Prayogi, M. A. (2020). The Quality of Small and Medium Enterprises Performance Using the Structural Equation Model-Part Least Square (SEM-PLS). Journal of Physics: Conference Series, 1477(5), 52052. doi:10.1088/1742-6596/1477/5/052052.

Bag, S., Wood, L. C., Mangla, S. K., & Luthra, S. (2020). Procurement 4.0 and its implications on business process performance in a circular economy. Resources, Conservation and Recycling, 152, 104502. doi:10.1016/j.resconrec.2019.104502.

Luo, Y. (2021). New OLI advantages in digital globalization. International Business Review, 30(2), 101797. doi:10.1016/j.ibusrev.2021.101797.

Schneider, A., & Scherer, A. G. (2019). State Governance Beyond the ‘Shadow of Hierarchy’: A social mechanisms perspective on governmental CSR policies. Organization Studies, 40(8), 1147–1168. doi:10.1177/0170840619835584.

Nguyen, T. T. H., Pham, T. T. H., Le, Q. B., Pham, T. T. H., Bui, T. V. A., & Nguyen, T. Q. A. (2020). Impact of corporate social responsibility on organizational commitment through organizational trust and organizational identification. Management Science Letters, 10(14), 3453–3462. doi:10.5267/j.msl.2020.5.032.

Shanyu, L. (2022). Corporate social responsibilities (CSR) and sustainable business performance: evidence from BRICS countries. Economic Research-Ekonomska Istrazivanja, 35(1), 6105–6120. doi:10.1080/1331677X.2022.2047085.

Ievdokymova, M. (2019). Corporate Social Responsibility Development in Russian Business Environment Based on Non-Financial Reporting. PhD Thesis, Université de Strasbourg, Strasbourg, France.

Tu, G., Chen, S. (2020). China. Private International Law Aspects of Corporate Social Responsibility. Ius Comparatum - Global Studies in Comparative Law, 42, Springer, Cham, Switzerland. doi:10.1007/978-3-030-35187-8_7.

The World Bank Group. (2018). China: building back stronger. Available online: 2018/05/11/building-back-better-plus (accessed on March 2023).

Climatetrade Corp. (2021). Which countries are the world’s biggest carbon polluters? Climate Trade. Available online: (accessed on April 2023). (2021). China's environmental data: The world's biggest polluter in numbers. Available online: (accessed on April 2023).

García-Herrero, A., & Tagliapietra, S. (2021). China has a grand carbon neutrality target but where is the plan? Bruegel. Available online: (accessed on March 2023).

SGS. (2022). Administrative measures for the legal disclosure of enterprise environmental information effect from Feb. 8, 2022. Available online: (accessed on March 2023).

Golden Bee. (2021). China Corporate Social Responsibility Report Research Release. Available online: (accessed on April 2023). (In Chinese).

Xi, J. (2021). Understanding the New Development Stage, Applying the New Development Philosophy, and Creating a New Development Dynamic. Qiushi Journal (website of CPC Central Committee Bimonthly), 2021-07.

Sina Finance. (2020). The government should highlight the "visible hand" in the joint governance of corporate social responsibility. Available online: (accessed on March 2023). (In Chinese).

Gu, L., Guo, J., & Wang, H. (2020). Corporate Social Responsibility, Financing Constraints, and the Financialization of Enterprise. Journal of Financial Research, 476(2), 109–127.

Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does corporate social responsibility reduce financial distress risk? Economic Modelling, 91, 835–851. doi:10.1016/j.econmod.2020.05.012.

Yu, F. (2016). The impact of corporate social responsibility upon corporate financial performance and its transmission mechanism. Journal of Shenzhen University (Humanities & Social Sciences), 33(2), 82–87.

Gupta, K., & Krishnamurti, C. (2021). Corporate social responsibility, competition, and firm value. Pacific-Basin Finance Journal, 68, 101622.

Hao, D., Qi, G., & Wang, J. (2018). Corporate Social Responsibility, Internal Controls, and Stock Price Crash Risk: The Chinese Stock Market. Sustainability, 10(5), 1675. doi:10.3390/su10051675.

Hunjra, A. I., Mehmood, R., & Tayachi, T. (2020). How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk? Journal of Risk and Financial Management, 13(2), 30. doi:10.3390/jrfm13020030.

Havlinova, A., & Kukacka, J. (2023). Corporate Social Responsibility and Stock Prices after the Financial Crisis: The Role of Strategic CSR Activities. Journal of Business Ethics, 182(1), 223–242. doi:10.1007/s10551-021-04935-9.

Kudłak, R., Szőcs, I., Krumay, B., & Martinuzzi, A. (2018). The future of CSR - Selected findings from a Europe-wide Delphi study. Journal of Cleaner Production, 183, 282–291. doi:10.1016/j.jclepro.2018.02.119.

Myšková, R., & Hájek, P. (2019). Relationship between corporate social responsibility in corporate annual reports and financial performance of the US companies. Journal of International Studies, 12(1), 269–282. doi:10.14254/2071-8330.2019/12-1/18.

Nirino, N., Petruzzella, F., Alam, G. M., & Campobasso, F. (2022). Can sustainable practices protect investors during financial market instability? A multi-sector analysis during the COVID-19 pandemic. Management Decision, 60(10), 2875–2894. doi:10.1108/MD-12-2021-1654.

Kendrick, S. K., Kendrick, M., & Saakova, A. (2014). A Case Study in Corporate Social Responsibility. Journal of Eastern European and Central Asian Research (JEECAR), 1(1), 10. doi:10.15549/jeecar.v1i1.36.

Cherian, J., Umar, M., Thu, P. A., Nguyen-Trang, T., Sial, M. S., & Khuong, N. V. (2019). Does corporate social responsibility affect the financial performance of the manufacturing sector? Evidence from an emerging economy. Sustainability (Switzerland), 11(4), 1182. doi:10.3390/su11041182.

Turyakira, P., Venter, E., & Smith, E. (2014). The impact of corporate social responsibility factors on the competitiveness of small and medium-sized enterprises. South African Journal of Economic and Management Sciences, 17(2), 157–172. doi:10.4102/sajems.v17i2.443.

Nguyen, P. A., Nguyen, A. H., Ngo, T. P., & Nguyen, P. V. (2019). The relationship between productivity and firm’s performance: Evidence from listed firms in Vietnam stock exchange. Journal of Asian Finance, Economics and Business, 6(3), 131–140. doi:10.13106/jafeb.2019.vol6.no3.131.

Fourati, Y. M., & Dammak, M. (2021). Corporate social responsibility and financial performance: International evidence of the mediating role of reputation. Corporate Social Responsibility and Environmental Management, 28(6), 1749–1759. doi:10.1002/csr.2143.

Yoo, J. M., Choi, W., & Chon, M. L. (2019). Do Employees Matter in the Relationship between Corporate Social Responsibility and Financial Performance? Sustainability, 11(22), 6251. doi:10.3390/su11226251.

Thuy, C. T. M., Trung, T. Q., Khuong, N. V., & Liem, N. T. (2021). From corporate social responsibility to stock price crash risk: Modelling the mediating role of firm performance in an emerging market. Sustainability (Switzerland), 13(22), 12557. doi:10.3390/su132212557.

McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate Social Responsibility and Firm Financial Performance. Academy of Management Journal, 31(4), 854–872. doi:10.2307/256342.

McGuire, J. B., Dow, S., & Argheyd, K. (2003). CEO incentives and corporate social performance. Journal of Business Ethics, 45, 341-359. doi:10.1023/A:1024119604363.

Ho, K. C., Wang, Q., Sun, X., & Wang, L. F. S. (2022). How does corporate social responsibility affect firm leverage? Kybernetes, 51(10), 2902–2926. doi:10.1108/K-10-2020-0708.

Hussain, R. I., Bashir, S., & Hussain, S. (2020). Financial Sustainability and Corporate Social Responsibility under Mediating Effect of Operational Self-Sustainability. Frontiers in Psychology, 11. doi:10.3389/fpsyg.2020.550029.

Lee, S., & Park, S.-Y. (2009). Do socially responsible activities help hotels and casinos achieve their financial goals? International Journal of Hospitality Management, 28(1), 105–112. doi:10.1016/j.ijhm.2008.06.003.

Lech, A. (2013). Corporate Social Responsibility and Financial Performance. Theoretical and Empirical Aspects. Comparative Economic Research, 16(3), 49–62. doi:10.2478/cer-2013-0018.

Ruggiero, P., & Cupertino, S. (2018). CSR strategic approach, financial resources and corporate social performance: The mediating effect of innovation. Sustainability (Switzerland), 10(10), 3611. doi:10.3390/su10103611.

Hopkins, M. (2006). What is corporate social responsibility all about? Journal of Public Affairs, 6(3–4), 298–306. doi:10.1002/pa.238.

Zhu, Y. M., Xue, W. J., & An, Z. X. (2016). Financing constraints, corporate social responsibility performance and corporate performance. Finance and Accounting Monthly, 29, 27–31. doi:10.19641/j.cnki.42-1290/f.2016.29.005.

Zhang, M., Wang, Q., & Chu, S. Z. (2021). Analysis on the relationship between corporate social responsibility, financing constraints and corporate performance of listed pharmaceutical companies in China. China Pharmacy, 32(5), 518–523. doi:10.6039/j.issn.1001-0408.2021.05.02.

Ronald, S., Ng, S., & Daromes, F. E. (2019). Corporate Social Responsibility as Economic Mechanism for Creating Firm Value. Indonesian Journal of Sustainability Accounting and Management, 3(1), 22. doi:10.28992/ijsam.v3i1.69.

Kang, J. J., Li, X., & Li, N. (2017). Research on relationship between working capital management and enterprise performance under financing constraints. Statistics & Decision, 11, 181–184.

Jabbouri, I., Satt, H., El Azzouzi, O., & Naili, M. (2022). Working capital management and firm performance nexus in emerging markets: do financial constraints matter? Journal of Economic and Administrative Sciences. doi:10.1108/jeas-01-2022-0010.

Altaf, N., & Ahmad, F. (2019). Working capital financing, firm performance and financial constraints: Empirical evidence from India. International Journal of Managerial Finance, 15(4), 464–477. doi:10.1108/IJMF-02-2018-0036.

Brigita, M. A., & Widjaja, I. (2021). Evaluation of the Effect of Financial Constraints on the Relationship between: Working Capital Financing dengan Firm Performance. Journal of Business Management and Entrepreneurship, 5(4), 408. doi:10.24912/jmbk.v5i4.12802.

Cheng, A. H., Xu, H. H., & Cheng, G. H. (2020). Working capital management and performance inspection of coal enterprises under financing constraints. Coal Economic Research, 40(5), 63–68. doi:10.13202/j.cnki.cer.2020.05.010.

Kosov, M. E., Eremin, V. V., Pobyvaev, S. A., & Gaibov, T. S. O. (2022). Applying the Investment Multiplier to Identify Key Points of Economic Growth. Emerging Science Journal, 6(2), 273–285. doi:10.28991/ESJ-2022-06-02-05.

Sood, A., & Arora, B. (2006). The political economy of corporate responsibility in India. Business & Human Rights Resource Centre. Available online: (accessed on April 2023).

Loan, H. T. P. (2016). The importance of business ethics in business development. Tap Chi Giao Thong. Available online: (accessed on April 2023).

Carroll, A. B. (2016). Carroll’s pyramid of CSR: taking another look. International Journal of Corporate Social Responsibility, 1(1). doi:10.1186/s40991-016-0004-6.

Thomas, A. S., & Simerly, R. L. (1995). Internal Determinants of Corporate Social Performance: the Role of Top Managers. Academy of Management Proceedings, 1995(1), 411–415. doi:10.5465/ambpp.1995.17536691.

Simerly, R. L. (2003). An empirical examination of the relationship between management and corporate social performance. International Journal of Management, 20(3), 353.

Paine, L. S. (2003). The thought leader interview. Strategy & Business, 31, 97–105.

Gorski, H. (2017). Leadership and Corporate Social Responsibility. International Conference KNOWLEDGE-BASED ORGANIZATION, 23(1), 372–377. doi:10.1515/kbo-2017-0061.

Bryan, D. J., Derek, A. E., & Frank, R. B. (2019). Democracy, authoritarianism, and policy punctuations. International Review of Public Policy, 1(1), 7–26. doi:10.4000/irpp.318.

Dyczkowska, J., & Dyczkowski, T. (2018). Democratic or autocratic leadership style? Participative management and its links to rewarding strategies and job satisfaction in SMEs. Athens Journal of Business & Economics, 4(2), 193–218. doi:10.30958/ajbe.4.2.5.

Wang, H., & Guan, B. (2018). The positive effect of authoritarian leadership on employee performance: the moderating role of power distance. Frontiers in Psychology, 9. doi:10.3389/fpsyg.2018.00357.

Wu, X., & Hąbek, P. (2021). Trends in corporate social responsibility reporting. The case of Chinese listed companies. Sustainability, 13(15), 8640. doi:10.3390/su13158640.

Wu, S., Zhang, H., & Wei, T. (2021). Corporate social responsibility disclosure, media reports, and enterprise innovation: evidence from Chinese listed companies. Sustainability, 13(15), 8466. doi:10.3390/su13158466.

Nguyen, T. H., Vu, Q. T., Nguyen, D. M., & Le, H. L. (2021). Factors influencing corporate social responsibility disclosure and its impact on financial performance: the case of Vietnam. Sustainability, 13(15), 8197. doi:10.3390/su13158197.

Yamane, T., & Kaneko, S. (2021). What motivates stakeholders to demand corporate social responsibility: a survey experiment? Sustainability, 13(15), 8313. doi:10.3390/su13158313.

Zhong, M., Xu, R., Liao, X., & Zhang, S. (2019). Do CSR ratings converge in China? A comparison between RKS and Hexunscores. Sustainability, 11(14), 3921. doi:10.3390/su11143921.

Google Forms (2023). Indicators of implementation of the sustainable development goals of Chinese real estate listed companies. Available online: (accessed on March 2023).

United Nations Development Programme. (2022). Sustainable Development Goals. Available online: (accessed on March 2023).

Menke, W. (2018). Factor analysis. Geophysical Data Analysis (4th Ed.) Academic Press, New York, United States.

Dass, N., Kale, J. R., & Nanda, V. (2015). Trade credit, relationship-specific investment, and product market power. Review of Finance, 19(5), 1867–1923. doi:10.1093/rof/rfu038.

Peng, S., Shu, Z., & Zhang, W. (2022). Does service trade liberalization relieve manufacturing enterprises’ financial constraints?Evidence from China. Economic Modelling, 106, 105710. doi:10.1016/j.econmod.2021.105710.

Cao, S., & Leung, D. (2020). Credit constraints and productivity of SMEs: Evidence from Canada. Economic Modelling, 88, 163–180. doi:10.1016/j.econmod.2019.09.018.

Pesqueux, Y. (2005). An ‘Anglo-American’ Model of CSR?. Stakeholder Theory. Palgrave Macmillan, London, United Kingdom. doi:10.1057/9780230524224_2.

Charlie, Z., & Emma, D. (2021). China tightens use of property proceeds as fed sees risks. Bloomberg. Available online: (accessed on March 2023).

Tang, H. (2022). The Effect of ESG Performance on Corporate Innovation in China: The Mediating Role of Financial Constraints and Agency Cost. Sustainability, 14(7), 3769. doi:10.3390/su14073769.

Qiu, M., & Yin, H. (2019). An analysis of enterprises’ financing cost with ESG performance under the background of ecological civilization construction. The Journal of Quantitative and Technical Economics, 36, 108123.

Ju, X. S., Lu, D., & Yu, Y. (2013). Financing constraints, working capital management and the persistence of firm innovation. Economic Research Journal, 1, 4–16.

Full Text: PDF

DOI: 10.28991/ESJ-2023-07-03-08


  • There are currently no refbacks.

Copyright (c) 2023 Marina V. Vasiljeva, Alexander N. Semin, Vadim V. Ponkratov, Nikolay V. Kuznetsov, Evgeniy V. Kostyrin, Nadezhda N. Semenova, Marina I. Ivleva, Angelina O. Zekiy, Natalia V. Lazareva, Alexander L. Elyakov, Iskandar Muda