An Examination of the Effects of Corporate Social Responsibility on Corporate Financial Performance

This study aims to examine the influence of CSR on the financial performance of firms. The analysis utilizes pertinent data from Chinese A-share manufacturing firms listed on the Shanghai and Shenzhen stock exchanges, covering the period from 2012 to 2022. The text analysis method of machine learning is used to construct CSR indicators. The empirical analysis results show that CSR has a significant positive impact on corporate financial performance, and the results remain consistent after endogeneity treatment. Based on this, insights are presented in terms of both CSR measurement and endogeneity treatment.