The Impact of CSR and Financial Distress on Financial Performance—Evidence from Chinese Listed Companies of the Manufacturing Industry

Round 1

Reviewer 1 Report

In my opinion, the article is very interesting, but I think that you should show more the impact of stakeholder theory and signaling theory.
What about the discussion in the article?
I think that in this paper conclusion, should show the impact of the research much more wide context. I think that it should be a compare of your research result with the earlier research.
Line 5 - previous research - which? Could you underline in the article who made such research?
Line 203 - mistake "china" should be written from a big letter - China"
Line 223 - Why you did not use the modified Altman Model which minimizes the impact of industry specifics on the effectiveness of prediction: Z =6,56x +3,26x +6,72x +1,05x
Altman E.I., Hotchkiss E. (2005). Corporate Financial Distress and Bankruptcy, Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt, John Wiley & Sons, Inc., Hobo- ken, New Jersey.

Author Response

Please see the attachment

Author Response File: Author Response.pdf

Reviewer 2 Report

The study proposed by the authors is interesting and concerns an absolutely topical issue.

In order to improve the quality of the paper we recommend the following changes.

In the introduction it would be appropriate to specify in detail the originality of the work.

In the paragraph "CSR in China" a brief reference could be made to CSR in the international context also with regard to CSR rating agencies to be coherent with the paragraph "Measurement of CSR".

The authors should add to the manuscript a section clearly dedicated to results presentation.

Author Response

Please see the attachment

Author Response File: Author Response.pdf