Faculty of Business Administration


FBE Brown Bag Seminar

Corporate social responsibility and investment efficiency: The role of ownership and growth opportunity

Prof. Chunxia JIANG
Associate Professor, Business School, University of Aberdeen

Date:          7 November, 2019 (Thu)

Time:         13:00~14:30

Venue:       E22-2014


Applying a recently developed four random-component stochastic frontier analysis framework to estimate investment efficiency, this paper examines the impact of corporate social responsibility (CSR) on investment performance. We find that CSR has a positive effect on investment efficiency, and the realization of this effect is conditional on firm ownership and growth opportunities. In particular, the CSR effect on investment efficiency becomes weaker for state-owned firms but stronger for growing firms. Our findings are robust to alternative variable measurements and different model specifications.


Dr Chunxia JIANG is a Senior Lecturer (Associate Professor) in Finance and the Programme Leader of the MSc International Business and Finance, at the Business School, University of Aberdeen. She holds PhD in Economics and MSc Money, Banking and Finance from Middlesex University Business School, UK. Dr. JIANG also holds visiting positions at Bank of Finland and a number of universities in China, such as University of Chongqing, Xi’an Jiaotong University, Beijing University of Technology, and Hainan University.

Dr. JIANG’s research works have appeared in leading peer-reviewed academic journals such as the Journal of Banking & Finance, Journal of Financial Stability, International Journal of Finance & Economics, International Review of Financial Analysis, and Energy Economics. Her research works have also appeared in top economics journal in China to enhance the impact of her research. Dr. JIANG has published a research monograph: Chinese Banking Reform – From the Pre-WTO to Financial Crisis and Beyond by Palgrave Macmillan.