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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:7755
论文字数:5600论文编号:org201008281305449657语种:英语 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https://www.51lunwen.org/
Diltz, J.D., 1995, The private cost of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。