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

In the context of the new normal in China's economy, the 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.