High speed rail and corporate social responsibility performance: Analysis of intra-regional location and inter-regional spillover

This paper aims to reveal whether high-speed rail (HSR) can affect corporate social responsibility (CSR). First, based on difference-in-differences (DID) model, it is found that HSR promotes CSR, and the characteristics such as urban HSR kilometers (HSRM), number of cities directly connected by HSR (HSRL) and number of HSR stations (HSRS) also show a positive correlation with CSR. Second, by setting cross-effect model, it is found that HSR promotes monetary capital responsibility (MCR) by increasing government supervision pressure, promotes human capital responsibility (HCR) by promoting industrial agglomeration, and it promotes social capital responsibility (SCR) by strengthening financing screening function. From the perspective of economic geography, this paper analyzes intra-regional HSR station location effect and inter-regional CSR spillover effect. Third, through sub-sample regression, this paper analyzes the impact of intra-regional HSR stations on CSR. As HSR station-firm distance is within 10 km, HSR inhibits CSR; HSR promotes CSR as the distance is within 10–150 km; HSR inhibits CSR as the distance exceeds 150 km. Fourth, analyze the impact of inter-regional HSR on CSR spillover, HSR has a positive impact on CSR spillover, while HSR accelerates negative spillover of MCR and HCR. This study provides a theoretical basis for increasing CSR from the perspective of HSR construction.