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CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE “VIRTUOUS CIRCLE” REVISITED

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2010-08-28编辑:vshellyn点击率:5449

论文字数:5600论文编号:org201008281305449657语种:英语论文 English地区:爱尔兰价格:$ 66

关键词:JEL Classification CodesG34 - Corporate GovernanceM14 - Corporate CultureSocial Responsibility

 


corporate social responsibility AND FINANCIAL PERFORMANCE:  THE “VIRTUOUS CIRCLE” REVISITED
 
    Abstract
  
 We examine the causal relation  between corporate social responsibility (CSR) and financial  performance.  Consistent with past studies, we  find that the two variables appear to be related  when we use traditional statistical techniques.   However, using a time series fixed effects  approach, we find that the relation between CSR and financial performance is much weaker than  previously thought.  We also find little evidence of causality between financial performance and  narrower measures of social performance that  focus on stakeholder management.  Our results  suggest that strong stock market  performance results in leads to greater firm investment in  aspects of CSR devoted to employee relations, but CSR activities do not affect financial  performance.  We conclude that corporate social responsibility is driven more by unobservable  firm characteristics than by financial performance.   

Keywords:  JEL Classification Codes:  G34 - Corporate Governance; M14 - Corporate Culture; Social  Responsibility    

Introduction

The area of corporate social responsibility (CSR) has become a notable topic both in the  business and academic press.  However, opinions differ as to whether a firm’s CSR activity  provides any economic benefits.  A 2005 article in The Economist described CSR as being “little  more than a cosmetic treatment,” whereas a  Global Finance article in 2004  reports on the  advantages of practicing corporate social responsibility.
   
Academic research on the causal relation between CSR and financial performance – what  is sometimes referred to as the “virtuous circle” – generally find that the two are directly related.   Waddock and Graves (1997) and Hillman and Keim (2001) find that increased CSR leads to  enhanced financial performance and vice versa.  Verschoor and Murphy (2002), using the top  100 “Best Corporate Citizens” as  reported by Business Ethics magazine, find that firms with  strong social values and practices exhibit superior financial performance.  McGuire, Sundgren  and Schneeweis (1988) find that prior year’s  stock returns and accounting-based performance  measures are related to current measures of  CSR, but that a past record of good social  performance does not affect the current financial performance of a firm.  


CONTENT
I. Introduction
II. II. Data and research methods
III. III. Results
IV. Results of OLS models
V. 
VI. Results of fixed effects models
VII. Results of Granger causality models
VIII. Results of Granger causality models with fixed effects
IX. IV. Narrowing the definition of social responsibility
X. V. Conclusions
 


References
 
Bello, Z., 2005, Socially responsible investing and portfolio diversification, Journal of Financial
Research, 28, 41-57. 留学生论文http://www.51lunwen.org/
 
Diltz, J.D., 1995, The private cost of 论文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。

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