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摘要：本文是作者的一篇英国本科毕业论文。任何一个企业和社会组织都是存在于环境之中的。企业环境可分成微观环境和宏观环境。微观环境包括那些直接影响企业履行其使命状况的行动者、供应商、各种市场中间商、顾客、竞争对手等。宏观环境包括那些影响企业微观环境中所有行动者的较广泛的社会力量或因素，包括人口的、经济的、技术的、政治的、法律的、以及社会文化方面的力量和因素。企业的经济环境包括：1、宏观经济形势，如国民经济发展水平及其发展趋势，政府财政。金融情况;2、本行业在整个经济体系中的地位和行业特点;3、企业的直接经济环境，包括人均实际收入、平均消费取向、消费支出分配模式。

try level. (Mcwilliams and Siegel, 2000) Corporate social performance can lead to improve the level of differentiation of the firm. But firms in the industries with high levels of differentiation respond less to the changes in differentiation made by CSP than those within low-differentiation industries. Because firms within low-differentiation industries are not familiar with differentiation, so once a firm improves the differentiation by CSP itself, the others may not know how to imitate even if they had the ability to do so. According toHulland Rothenberg (2008), high differentiation leads to better financial performance. Therefore, CSP has more positive impact on financial performance in the low-differentiation industries than it does in the high-differentiation industries Then it is reasonable to consider advertising intensity as a control variable or moderator in the model. Similarly, it is too difficult to collect data for advertising intensity within limit time, so I did not include this control variable.

Empirical studies suggested several other variables, which should be considered as control variables or moderator in the model of testing CER-CFP relationship. For instance, Roberts (1992) controlled for ‘age’ of the firm. He pointed out that there was a positive relationship between firm’s age and social responsibility.

And Surroca, Tribo and Waddock (2010) examined how a firm’s intangible resources, including Innovation Resources, Human resources, Reputation and Culture, mediated the CER-CFP relationship. And it suggested there was no direct relationship between CER and CFP, when considering intangible resources. Moreover, Russo and Fouts (1997) took ‘industry growth’ into account, while Toms (2002) suggested ‘governance structures’ as moderators.

To sum up, it is not enough to consider only three control variables (size, risk and industry), which is a limitation of this study.

5.4.3 Measurements for financial performance and CER

As discussed in the Methodology section, there are some limitations for both financial performance and CER measures I selected.

I examined the CER-CFP relationship by using accounting-based (ROCE) and market-based (EPS) measures to assess CFP. Both of them have their own advantages and disadvantages, which have been mentioned in the literature review and methodology sections. The mixed results of these two measures show that accounting-based measure is better than market-based measure. Maybe, further research could try to find out a new kind of measure, which is most reasonable and objective, to assess financial performance.

For MAC ratings, the most important flaw is that the survey might be not objective enough, as senior managers and analysts marked those companies. They are still human beings, and then there might be bias or preconception. Overall, MAC survey is still a representative and reasonable measure.

5.4.4 Analysis method: median regression analysis

In this study, OLS regression is employed to investigate the relationship between CER and CFP. However, Salama (2005) found out that median regression should be better than OLS regression to test CER-CFP link.本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。