Network infrastructure and corporate development: A dual perspective on corporate social responsibility performance and productivity performance

This paper systematically evaluates the microeconomic effects of network infrastructure from the dual perspectives of corporate social responsibility (CSR) performance and productivity performance. By utilizing the “Broadband China” policy as an exogenous shock, a difference-in-differences model is constructed. Based on 2010–2023 microdata on Chinese A-share listed companies, the empirical results indicate that network infrastructure enhances CSR performance and productivity performance, with this effect being more pronounced for enterprises operating within regions with an underdeveloped digital economy, non-high-tech industries, and firms characterized by higher human capital levels. This conclusion remains after endogeneity concerns are addressed and robustness tests are conducted. Mechanism analysis suggests that network infrastructure facilitates corporate digital transformation and alleviates financing constraints, ultimately improving social responsibility performance and productivity performance. The findings of this study underscore the critical value of enhancing network infrastructure in emerging market economies and enrich the understanding of the factors influencing corporate development.