Stakeholder-Centered Corporate Governance and Corporate Sustainable Development: Evidence from CSR Practices in the Top Companies by Market Capitalization at Shanghai Stock Exchange of China

This study aims to investigate the nature and intensity of changes in corporate sustainable development as a result certain relationships between stakeholder-centered governance (CG) social responsibility CSR practices leading firms with respect their market capitalization (MC) Shanghai stock exchange (SSE) China. selected top 100 companies from manufacturing sector at Stock Exchange by for period 10 years (2012–2021). For this quantitative study, financial performance data were collected China Securities Market Accounting Database (CSMAR), reliable database examining research on Chinese listed companies. analysis, we applied different statistical tools that include descriptive statistics; correlation matrix, fixed effect regression moderation analysis government subsidies relationship explanatory variables dependent variable (firm performance) applied. The adjusted R-square values suggests there has been considerable change value explained Firm Performance (FP), represented ROA, TbQ, Grow caused including Government-centered (GCR), community-centered (COMCR), firm age (FA), size (FS), leverage (LV). Supplier-centered (SCR), customer-centered (CCR), creditor-centered (CRCR), total risk (TR) were, respectively, 1% 5% level significance. extracted show Sub is key factor motivating well-established large focus stakeholders-centered practices, which ultimately improves FP short long run.