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Based on a sample of Chinese A-share listed companies from 2010 to 2020, this paper empirically examines the impact of corporate social responsibility (CSR) on short-term debt for long-term investment (SDFLI). The study finds that CSR is significantly negatively related to SDFLI, indicating that CSR helps alleviate maturity mismatch. Industry competition significantly enhances this negative relationship, while market status weakens it. The above findings remain robust after several robustness tests. The results of the mechanism tests reveal that alleviating financing constraints and reducing agency costs are two underlying channels. Heterogeneity analysis suggests that the inhibitory effect of CSR on SDFLI is more significant in non-state-owned companies. This paper explores the mitigation mechanism of SDFLI from the perspective of CSR, which is not only a useful supplement and expansion of the existing research, but also provides real and reliable empirical references for the sustainable and healthy development of companies.
Zhan et al. (Wed,) studied this question.