The impact of corporate targeted poverty alleviation on corporate value
DOI:
https://doi.org/10.54097/4cbjqw45Keywords:
Targeted poverty alleviation, corporate value, property rights nature, regional differences.Abstract
Based on data from A-share listed companies from 2016 to 2020, this paper employs a nonlinear regression model, U-test, and Propensity Score Matching (PSM) method to investigate the impact of corporate participation in targeted poverty alleviation on corporate value. The research reveals a significant positive U-shaped relationship between the intensity of corporate targeted poverty alleviation and corporate value. Specifically, there is an inflection point in corporate value as the intensity of targeted poverty alleviation increases. On the left side of the inflection point, corporate participation in targeted poverty alleviation reduces corporate value; on the right side, it enhances corporate value. Further research indicates that the positive U-shaped relationship between participation in targeted poverty alleviation and corporate value is more pronounced among state-owned enterprises and enterprises located in the eastern region. This paper provides a decision-making basis for enterprises to continue participating in poverty alleviation and offers new empirical evidence for consolidating and expanding the achievements of poverty eradication.
Downloads
References
[1] Cheng Yang, Huang Yujing, Huang Caiwen, Xia Wenlei. Corporate Targeted Poverty Alleviation and Debt Financing Capacity [J]. Accounting and Finance Communication, 2022 (11): 68 - 73. 2022.11.025.
[2] Zhen Hongxian, Li Yuchuang, Sun Xiaoyu. Does Corporate Targeted Poverty Alleviation Affect Corporate Value? [J]. Investment Research, 2021, 40 (03): 4 - 19.
[3] Hu Haozhi, Zhang Xiuping. The Impact of Participating in Targeted Poverty Alleviation on Corporate Performance [J]. Reform, 2020 (08): 117 - 131.
[4] He Kang, Xiang Houjun, Fang Xiancang. Does Participation in Targeted Poverty Alleviation Help Enterprises Obtain Government Subsidies? - From the Perspective of Top Management Experience [J]. Journal of Finance and Economics, 2022 (03): 15 - 25. 2022.03.002.
[5] Zhen Hongxian, Wang Sanfa. Does Corporate Targeted Poverty Alleviation Affect Corporate Risk? [J]. Journal of Financial Research, 2021 (01): 131 - 149.
[6] Yin Zhong, Sun Mengchen, Wu Yibo. Can Precision Poverty Alleviation Policies Ease the Financing Constraints of Chinese Enterprises? - From the Perspective of Policy-Oriented Corporate Social Responsibility [J]. Journal of Northeastern University (Social Science Edition), 2021, 23 (06): 32 - 39. 1008 - 3758. 2021.06.005.
[7] Dong Zhu, Zhang Xin. Participation in targeted poverty alleviation and corporate innovation: An analysis from the perspective of external financing [J]. Southern Economic Journal, 2021 (10): 48 - 65.390212.
[8] Liu Yingxuan, Li Peisi. Innovation Investment, Entrepreneurship, and Corporate Value [J]. Chinese Certified Public Accountant, 2022 (03):44 - 48. 2022.03.002.
[9] Wang Linlun, Lian Yonghui, Dong Jie. Research on the Impact Mechanism of ESG Performance on Corporate Value [J]. Securities Market Herald, 2022 (05): 23 - 34.
[10] Kim H R, Lee M, Lee H T, Kim N M. Corporate social responsibility and employee-company identification [J]. Journal of Business Ethics, 2010, 95 (4): 557 - 569. DOI: https://doi.org/10.1007/s10551-010-0440-2
[11] Zhang Yazhou. Effectiveness of Internal Control, Financing Constraints, and Corporate Value [J]. Research on Financial and Economic Issues, 2020 (11): 109 - 117. 2020.11.012. DOI: https://doi.org/10.5604/01.3001.0013.8210
[12] Wang Xiaohong, Lei Kun, Fan Jiajia. Financial Flexibility, Employee Training Investment, and Corporate Value [J]. Journal of Accounting Friends, 2022 (01): 106 - 111.
[13] Yi Xuan, Wu Rong, and Xie Zhiming. Have the New Policies for Poverty Alleviation in the Capital Market Promoted Value Creation in Enterprises in Poverty-stricken Areas? An Empirical Study Based on Enterprises Listed on the National Equities Exchange and Quotations (NEEQ) [J]. Accounting Research, 2021 (09): 136 - 149.
[14] Xu Yude, Yang Xiaoxuan, Liu Jianmin. Informatization Density, Social Trust, and Corporate Value Creation [J]. China Soft Science, 2022 (01): 98 - 110.
[15] Wang Jiaxin, Chen Jin, Liu Zhiyu. Precision Poverty Alleviation, Policy Benefits for Enterprises, and Corporate Value [J]. Modern Finance (Journal of Tianjin University of Finance and Economics), 2022, 42 (07): 74 - 93. 2022.07.005.
[16] Cheng Qiongwen, Liu Feng. Research on the Impact of Environmental Information Disclosure on Corporate Value: Based on Empirical Data from Listed Companies in Heavy Pollution Industries [J]. Science and Technology Management Research, 2022, 42 (01): 177 - 185.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Highlights in Business, Economics and Management
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
