The impact of peer effect on corporate social responsibility: the moderating role of rent-seeking behavior and stakeholder pressure

This study empirically investigates the impact of peer effects on corporate social responsibility (CSR) performance, incorporating the moderating roles of rent-seeking behavior and stakeholder pressure. Utilizing a panel dataset of 2668 Chinese A-share listed companies from 2015 to 2022, we construct regression models with industry and regional peer effects as explanatory variables, CSR as the dependent variable, and rent-seeking along with multi-dimensional stakeholder pressure as moderators. The results demonstrate that peer effects exert a statistically significant positive influence on CSR performance at the 1% level. Stakeholder pressure and rent-seeking behavior are found to positively moderate this relationship. Furthermore, the influence of peer effects is more pronounced in state-owned enterprises, larger firms, and those with higher profitability, compared to their private, smaller, and less profitable counterparts. This research contributes to the literature by unraveling the intrinsic mechanisms and boundary conditions of peer effects on CSR, offering valuable insights for policymakers and corporate managers aiming to enhance CSR engagement within industrial and regional contexts.