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Chen, Y., Zhan, Y. H., Wang, L. X., Li, Y., & Zhai, R. R. (2018). R&D, Independent Director Structure, Innovation Performance—An Empirical Test on Chinese Listed Family Enterprises. Science Research Management, 39, 95-107.

has been cited by the following article:

• TITLE: Corporate Social Responsibility, Manager’s Characteristics and Corporate Value of Digital Creative Enterprises

  AUTHORS: Zhen Wang, Xiaohong Zhou

  KEYWORDS: Digital Creative Enterprises, CSR, R&D Investment Intensity, Manager’s Characteristics, Corporate Value

  JOURNAL NAME: Open Journal of Business and Management, Vol.11 No.4, July 12, 2023

  ABSTRACT: The aim of this paper is to analyze the impact of corporate social responsibility (CSR) performance of digital creative enterprises on corporate value. The study takes 397 listed digital creative firms from 2016-2020 as a sample. A fixed-effects model is used to empirically test the relationship between CSR and corporate value of digital creative firms. We also analyzed the moderating effect of R&D investment intensity on the relationship between CSR and corporate value. And the influence of manager’s characteristics on the moderating effect of R&D investment intensity of enterprises. The study shows that the performance of social responsibility of digital creative firms contributes to the enhancement of corporate value. R&D investment intensity positively moderates the relationship between CSR and corporate value. Chairman’s age further amplifies the moderating effect of R&D investment intensity. However, in the case where the chairman is also the CEO, it weakens the moderating effect of the intensity of R&D investment. The findings of the study can provide valuable insights for digital creative enterprises to achieve high-quality development.