Does Social Responsibility Increase Corporate Value of China’s Coal Enterprises? The Mediating Effect of Capital Enrichment Based on the Generalized Moment Estimation

development of coal enterprises continues to be sluggish, and their
social responsibility issues have received increased attention from
all walks of life. The stakeholder model of social responsibility was
constructed based on the stakeholder theory to reveal the influence
of social responsibility on the corporate value in the Chinese coal
sector and their transmission mechanism. The panel data of coal
enterprises in Shenzhen and Shanghai Stock Exchanges from 2011
to 2019 was used to employ the system GMM (Generalized
Moment Estimation) and the mediating effect model for empirical
research. The results show that social responsibility has a positive
influence over corporate value, and the impact of social
responsibility on corporate value is heterogeneous for stakeholders
in different dimensions. Social responsibility towards employees,
shareholders, creditors, resources, and the environment has the
greatest contribution to corporate value. Additionally, capital
enrichment plays a mediating role in this effect, which enhances the
positive impact of social responsibility on corporate value. Such
findings reveal the transmission mechanism of social responsibility
on corporate value and provide policy suggestions for coal
enterprises to promote their sustainable development, which is
beneficial for the national energy security and strategy.