Research on the Impact of Macroeconomic Fluctuations on the Corporate Social Responsibility

The corporate social responsibility is the one of the most important micro behaviors of the companies, many scholars do research on the impact of the company's own factors on corporate social responsibility. However, the effect of macroeconomic factors can't be ignored. This paper uses the listed companies, which has published the report of CSR during the 2009-2014, as the sample to investigate the relationships between macroeconomic fluctuations and the CSR. The results show that the level of CSR has a positive u-shaped relationship with GDP growth rate and unemployment rate, and has an inverse u-shaped relationship with financial expenditure growth rate, money supply growth rate and consumer price index. The result also shows that the fluctuations of the macroeconomy have different influence on the state-owned and the non-state-ownedcompanies. The state-owned companies have more significant influence of the macroeconomic factors than non-state-owned.