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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。

a, Anderson and Toms (2011) achieved the result that there would be only a 0.02 reduction in firm’s risk when a 1.0 increase in CER.

Pava and Krausz (1996) defined these measures, such as size, capital investment intensity, as the fourth financial performance criteria, namely other firm-specific characteristics. The results show that there are few associations when using these financial performance measures.

Some studies employ more than one kind of criteria to assess financial performance, as they would like to achieve more representative results while testing which measure would be better indicator of financial performance, such as McGuire, Sundgren and Schneeweis (1988).

To sum up, it is important to select the most suitable measures for financial performance in the research, as different measures lead to different results. There should not be only one best choice, as these measures have their own advantages and disadvantages; therefore, researchers should choose the one according to their own research characteristics.

2.4 Different control variables

Control variables, which have been mentioned above, are important factors in the research of the relation between CEP and CFP.

Early studies did not take control variables into account when testing the relationship. However, later studies have paid more and more attention to control variables. Some studies only control for the basic variables, such as size, risk, and industry. (eg., Waddock andGraves,1997; Stanwick and Stanwick, 1998) The most recent studies started the research of the moderators of the relationship between CEP and CFP, and they achieved some valuable results, which give a direction for future research in this field. Russo and Fouts (1997) took industry growth as the moderator, and only indicated that there is a positive relationship between industry growth and CFP.Hulland Rothenberg (2008) found that corporate social performance have more impact on the financial performance of firms with low innovation and low level of differentiation in the industry.www.51lunwen.org/business Both Mcwilliams and Siegel (2000) and Surroca, Tribo and Waddock (2010) suggested that there is no direct link between CEP and CFP when considering the moderators. The former study chose R&D investment as the moderator, while the latter one selected intangible resources of the firm, including ‘innovation resources’, ‘human resources’, ‘reputation’ and ‘culture’. (Surroca, Tribo and Waddock, 2010)

Control variables significantly affect the results of the research of the link between CEP and CFP. Therefore, it is important to select the correct control variables.

2.5 Applied different theories

Theory background is also an important part of the research. There are several theories related to the research in this field, such as Stakeholder Theory (eg. Roberts, 1992; Clarkson, 1995), Legitimacy Theory (eg. Guthrie & Parker, 1989) Political Economy Theory (eg. Cooper & Sherer, 1984), Resource-Based View Theory (eg. Toms, 2002; Russo and Fouts, 1997), Slack Resources Theory and Good Management Theory. (Waddock and Graves, 1997)

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