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The path selection of financial performance improvement of pharmaceutical companies under the perspective of social responsibility

In: Proceedings of the 2023 3rd International Conference on Financial Management and Economic Transition (FMET 2023)

Author

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  • Jiawen Zhang

    (Shandong Technology and Business University (STBU))

Abstract

This paper uses 47 Chinese listed pharmaceutical manufacturing companies in 2019–2021 as a research sample to explore the path selection of the multidimensional linkage effect of social responsibility on pharmaceutical companies to improve their financial performance based on stakeholder theory and using the fsQCA method. It is found that: the combination of different dimensions of social responsibility can improve the financial performance of enterprises, and none of the individual dimensions of social responsibility is necessary for high financial performance; there are three different groupings that can help improve the financial performance of pharmaceutical enterprises, namely, shareholder-government-driven, shareholder-creditor-driven, and shareholder-employee-driven. employee-driven, where social responsibility to shareholders is key and there is a significant substitution effect between the social responsibility of employees and creditor and government portfolios. The findings reveal the linkage effect between the social responsibility of pharmaceutical companies and different stakeholders and can give relevant suggestions to pharmaceutical companies, i.e., to reasonably allocate social responsibility among different stakeholders according to their own situations to achieve the improvement of financial performance of pharmaceutical companies.

Suggested Citation

  • Jiawen Zhang, 2024. "The path selection of financial performance improvement of pharmaceutical companies under the perspective of social responsibility," Advances in Economics, Business and Management Research, in: Vilas Gaikar & Min Hou & Yan Li & Yan Ke (ed.), Proceedings of the 2023 3rd International Conference on Financial Management and Economic Transition (FMET 2023), pages 13-20, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-272-9_3
    DOI: 10.2991/978-94-6463-272-9_3
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