Earnings Pressure and Corporate Social Responsibility Impression Management.

This article investigates the buffering effect of corporate social responsibility (CSR) on Chinese listed firms facing earnings pressure from 2010 to 2018 and examines its consequences on CSR disclosure impression management. The study finds that CSR, particularly technical CSR (TCSR) targeting primary stakeholders, mitigates the negative impact of earnings pressure on stock prices, CEO stability, and top management team stability. However, firms under earnings pressure tend to engage in impression management in CSR disclosures—improving report quality without corresponding improvements in actual CSR performance—indicating symbolic CSR or greenwashing. These findings highlight the dual role of CSR as both a protective mechanism for firms and managers and a potential tool for impression management, with implications for investors, regulators, and future research on CSR disclosure practices.