Corporate social responsibility, financing constraints, and corporate carbon intensity: new evidence from listed Chinese companies

Abstract

Corporate social responsibility (CSR) is becoming increasingly important in the field of corporate sustainability. However, little literature has focused on the relationship between CSR and corporate carbon emissions in developing countries. This paper aims to fill this gap by exploring the relationship between CSR and corporate carbon intensity from the perspective of financing constraints. We examine the mediating effects of financing constraints using a mediating effects model by using Chinese listed companies data from 2011 to 2019. The analysis results of this paper are as follows: (1) CSR can reduce corporate carbon intensity. (2) Financing constraints have a positive mediating role between the two. Namely, CSR can reduce the financing difficulties of enterprises, and enhance carbon–neutral capacity. (3) The carbon emission reduction effect of CSR is different in different life cycles. (4) CSR has a greater impact on the carbon intensity of state-owned enterprises, high-tech enterprises, and heavy polluting enterprises. These facts provide meaningful references for developing countries such as China to promote CSR and carbon governance.