企业社会责任与财务绩效的关系分析-基于利益相关者理论

由于选择不同的指标体系,企业社会责任与财务绩效存在不同的关系。本文基于利益相关者理论的财务绩效计量模式,参考文献资料和分析总结已用的指标体系,尝试设计新的指标体系,从政府、债权人、员工、供应商、客户这五个维度衡量企业社会责任,选择一组财务指标全面评价财务绩效,分析企业社会责任与财务绩效的内在逻辑关系。     

企业社会责任影响财务绩效的传导机理——基于多元资本共生的理论解释框架

虽然关于企业社会责任与财务绩效关系的研究成果已经很多,但是关于企业社会责任影响财务绩效机理的研究还比较有限。针对这一问题,文章借鉴生物共生理论和利益相关者理论,通过利益相关者满意和多元资本共生的中介作用,构建了企业社会责任影响财务绩效的理论解释框架。文章认为:企业是利益相关者的多元资本共生系统;企业社会责任是对利益相关者投入资本的一种回报;企业社会责任的内容和边界随着企业多元资本共生关系的演变而演变;企业社会责任影响财务绩效的前提是利益相关者满意并以此引发的资本持续投入的行动。利益相关者对企业社会责任的满意能够促进利益相关者多元资本的共生,进而产生共生的过程能量和结果能量。     

企业社会责任缺失的动因及经济后果研究

文章以上市公司为研究对象,对企业社会责任缺失进行定量衡量,使用不完全契约、委托代理、交易成本和利益相关者理论分析发生企业社会责任缺失的动因,及其发生后对企业盈余质量、财务绩效、资本成本的影响.结果显示,我国上市公司发生社会责任缺失会降低其盈余质量和财务绩效,提高其资本成本,应进一步提高相关信息披露及监管.     

不同企业性质的社会责任与财务绩效相关性研究

文章以入选2012年中国绿色公司百强为样本,以2011年度财务报告数据为依据,分析了民营企业和国有企业的社会责任与财务绩效之间的关系。研究表明:绿色公司社会责任与财务绩效具有相关性。民营企业的经济责任、利益相关者责任与财务绩效具有正相关,但环境责任、透明度责任和创新责任,由于财务绩效的衡量标准不同而表现出与财务绩效的不同相关性。国有企业的企业社会责任与财务绩效表现不如民营企业,多数为负相关。     

企业共生战略绩效评价理念与评价内容探究

由生物学共生理论演化而来的企业共生理论,为我们打开了新的思想窗口,即如何以共生理论为平台,融入企业社会责任理论,形成新的战略绩效评价理念——企业共生战略绩效,并以此构建融“社会绩效”、“经营绩效”和“财务绩效”三大绩效为一体的企业共生战略绩效评价内容,进而实现企业与其利益相关者和潜在的利益相关者之间共生共赢、持续发展的愿景.     

旅游企业社会责任与财务绩效关系实证研究

企业社会责任与财务绩效间的关系问题在学术界和企业界尚未形成统一结论.文章基于利益相关者理论,结合我国旅游行业上市公司的实际情况,以我国沪深交易所上市的24家旅游企业为对象,选取2007-2013年的财务数据进行相关性分析和面板数据回归分析,研究旅游企业社会责任和财务绩效之间的关系.结果表明:旅游企业社会责任与财务绩效之间存在正相关关系,企业社会责任对财务绩效的影响长期内更显著.     

企业社会责任对企业绩效的影响研究

本文首先明确了企业社会责任和绩效的概念,然后分析了企业承担社会责任时的成本和利益,从利益相关者,对企业社会责任和企业绩效二者间的关系进行了相关研究的综述,探讨了企业社会责任对企业绩效的影响,明确了企业履行社会责任对于企业发展的重要性。     

民营企业社会责任与财务绩效关系研究

我国民营经济经过20多年的改革与发展,已经成为国民经济发展的重要组成部分。同时,我国民营企业在承担社会责任方面也取得了一定的成绩。文章基于利益相关者理论,对民营上市公司企业社会责任与财务绩效的关系进行实证研究。通过相关性分析和回归分析,得出民营上市公司企业社会责任与财务绩效之间呈显著的正相关关系,且二者之间互为因果关系。     

企业社会责任与财务绩效关系研究——基于利益相关者视角

本文基于利益相关者理论,以电力企业为例对企业社会责任与财务绩效关系进行了研究。研究表明：企业较好的履行社会责任有利于企业财务业绩的提升。并对电力企业在履行社会责任提出了对策建议。     

企业社会责任对财务可持续增长的影响研究——基于创业板企业数据

文章选取24家创业板企业连续3年的数据为研究样本,分别从总体社会责任和各利益相关者责任角度对社会责任指标与财务可持续增长指标的关系进行了实证分析。研究发现:企业总体社会责任履行情况与财务可持续增长指标正相关,不显著,而从利益相关者角度来看,只有企业履行对供应商的责任与财务可持续增长指标在5%的水平上显著正相关,其他利益相关者责任与其财务可持续增长指标无显著相关性。这种结果可能与创业板企业所处的发展阶段以及自身的发展状况有关,建议创业板企业履行社会责任要量力而行,各个利益相关者对企业的期望要符合企业的实际发展情况。     

CORPORATE SOCIAL RESPONSIBILITY AND CORPORATE GOVERNANCE1

Corporate social responsibility (‘CSR’) is often associated with hopes for improved corporate governance. As understood conventionally, however, CSR is conceptually incoherent, practically unworkable, and wholly unjustified. To be compatible with corporate governance, ‘CSR’ needs to be understood not as Counterproductive Stakeholder Regimentation, but as Conscientious Stakeholder Responsibility.     

Corporate performance patterns of Canadian listed firms: Balancing financial and corporate social responsibility outcomes

Based on stakeholder theory and considering the conflicting performance interests of a wide range of stakeholders, this research investigates corporate performance patterns using a cluster analysis of financial, social, and environmental performance dimensions. An analysis of a Canadian sample of 771 company-year observations for the period 2014–2018 reveals three types of corporate performance: financially focused performance, balanced performance, and corporate social responsibility (CSR)-focused performance. Firms in the largest cluster, financially focused performance, deliver poor sustainable performance and prioritize financial performance over social and environmental performance. The CSR-focused performance cluster scores low for financial performance and high for environmental and social performance. The balanced-performance cluster also has higher levels of sustainable performance but is the smallest cluster, accounting for a quarter of the sample. Overall, this study presents a portrait of corporate performance balancing financial and CSR objectives and the evolution of this activity over the research period.     

THE ECONOMICS OF CORPORATE SOCIAL RESPONSIBILITY: A FIRM‐LEVEL PERSPECTIVE SURVEY

This paper analyzes the economics of Corporate Social Responsibility (CSR), as a private response to market imperfections in order to satisfy social preferences. Depending on whether they affect regulation, competition or contracts, market imperfections driving CSR decisions are classified in three categories: public goods and bads and altruism; imperfect competition; and incomplete contracts. We successively present these drivers of CSR decisions and highlight the nature of incentives (external or internal) at work and the testable (and tested) hypotheses in the reviewed studies. We finally review the link between CSR and financial performance, as well as between CSR and social and environmental performance. A twofold discrepancy appears in the literature, opening future research paths: a disconnection between our understanding of CSR drivers and CSR impacts; and a knowledge gap between CSR financial and social consequences, the latter having received little attention.     

How Corporate Social Responsibility Engagement Strategy Moderates the CSR–Financial Performance Relationship

We propose that firm profits are shaped by how firms engage in corporate social responsibility. Recent research on the corporate social responsibility (CSR)–corporate financial performance (CFP) relationship proposes a variety of contextual and organizational factors to create a more robust link. However, few of these studies explore the role of the CSR engagement strategy. Drawing on absorptive capacity theory and related perspectives such as time compression diseconomies, asset mass efficiencies, and path dependence theory, we argue that when a firm engages in CSR slowly and consistently, focuses on related CSR dimensions, and starts with internal dimensions of CSR, CFP will be enhanced. With longitudinal data collected from 130 firms from 1995 to 2007, we find that firms benefit more when they adopt a CSR engagement strategy that is consistent, involves related dimensions of CSR, and begins with aspects of CSR that are more internal to the firm. The pace of the CSR engagement strategy, however, does not moderate the CSR–CFP relationship. This study helps fill the gap in CSR research by showing that, regardless of contextual factors, a firm can choose the proper strategy to enhance the financial benefits of the CSR engagement.     

Do board sustainability committees contribute to corporate environmental and social performance? The mediating role of corporate social responsibility strategy

The purpose of this study is to investigate the impact of board sustainability committees on environmental and social performance and to examine the mediating effect of corporate social responsibility (CSR) strategy on the relationship between the presence of board sustainability committees and corporate sustainability performance. Using data of U.K. listed firms for the period of 2009–2016, the study employs panel regression analysis and bootstrapping techniques to test study hypotheses. The results suggest that the presence of a sustainability committee improves the effectiveness of CSR strategies. The results also indicate that firms with effective CSR strategies exhibit better environmental and social performance. Further, the empirical results show that the effectiveness of CSR strategy explains the positive relationship between board sustainability committees and corporate environmental and social performance, thus supporting the theoretical framework of the study. The findings of the study shed new light on this research direction and could be of interest to board members, managers, practitioners, investors, policy makers, and regulators that plan to promote sustainability practices and strategies needed for sustainable development.     

The Financial Effects of Uniform and Mixed Corporate Social Performance

Firms typically present a mixed picture of corporate social performance (CSP), with positive and negative indicators exhibited by the same firm. Thus, stakeholders' judgments of corporate social responsibility (CSR) typically evaluate positives in the context of negatives, and vice versa. Building on social judgment theory, we present two alternative accounts of how stakeholders respond to such complexity, which provide differing implications for the financial effects of CSP: reciprocal dampening and rewarding uniformity. Echoing notable findings on strategic consistency, our US panel study finds that firms that exhibit uniformly positive or uniformly negative indicators in particular dimensions of CSP outperform firms that exhibit a mixed picture of positives and negatives, which supports the notion that stakeholders' judgments of CSR reward uniformity.     

Board internationalization and corporate social responsibility

This study examines the association between board internationalization and firms’ corporate social responsibility (CSR) performance in China during 2009–2019. Using a large dataset of director nationalities and CSR scores, we find that foreign directors promote CSR performance as evidenced by higher CSR scores. We further document that this relationship is more pronounced among government-controlled firms, firms with better corporate governance, and firms operating under stricter institutional environments. These findings remain valid after sequential robustness checks. Overall, our findings imply that foreign directors motivate the board of directors and their firms to actively pursue and practice social responsibility. Our study enriches the literature on the outcomes of board internationalization and determinants of CSR and provides the internationalization of corporate governance mechanisms a reasonable basis.     

Strategic CSR: A Concept Building Meta-Analysis

This study develops the concept of Strategic Corporate Social Responsibility (Strategic CSR) by meta-analyzing the available empirical evidence on the relationship between CSR and corporate financial performance (CFP). Using meta-analytic structural equation modeling on effect size data from 344 primary studies, our study documents four empirical mechanisms explaining how CSR positively affects CFP: by 1) enhancing firm reputation, 2) increasing stakeholder reciprocation, 3) mitigating firm risk, and 4) strengthening innovation capacity. We propose these four mechanisms to identify four causally relevant attributes that allow us to conceptually distinguish Strategic CSR from CSR more generally. Our findings indicate that the four mechanisms combined explain 20 per cent of the CSR-CFP relationship, suggesting that considerable room remains for future empirical research. The development of an empirically informed, causal conceptualization of Strategic CSR responds to a long-heard call for better-specified concepts in empirical CSR research.     

When do corporate social responsibility initiatives impact on customer-facing employees? Evidence from India and the Netherlands

The vast majority of the extant literature on corporate social responsibility (CSR) has focused on the macro (firm) level of analysis by examining the linkage between CSR and firm-level outcomes. As such, very few studies have focused on the micro (individual) level of analysis. Against this backdrop, the present study focuses on the individual level of analysis thereby contributing to the emerging psychology of CSR literature, which considers employees' perceptions of their employing organizations' social actions as more important than organizations' objective CSR performance (Rupp, Shao, Thornton and Skarlicki (2013), ‘Applicants’ and Employees’ Reactions to Corporate Social Responsibility: The Moderating Effects of First-Party Justice Perceptions and Moral Identity,’ Personnel Psychology, 66, 895–933). Moreover, the study is one of the first examining the role of context in employee attitudes toward CSR. In particular, it builds on the psychology of CSR (e.g. Rupp et al. 2013) literature to propose a research framework that delineates the moderating effects of satisfaction with payment, satisfaction with the job itself and individualism in the relationship between corporate social performance (CSP) perceptions and customer-facing employees' behavioral outcomes. Data are collected from customer-facing employees in two major organizations in the Netherlands and India. Results suggest a complex interplay between CSP perceptions and the two facets of job satisfaction, and that national context is likely to moderate the contingent effects of CSP perceptions on customer-facing employees' behavioral outcomes.     

Sustainable Development and Corporate Financial Performance: A Study Based on the FTSE4Good IBEX Index

The social and environmental aspects of business investment and financing are becoming increasingly important. Most studies on corporate social responsibility (CSR) focus on analysing the relationship between company performance in the financial and social fields. However, the results obtained have not been conclusive, mainly due to the variables used to measure CSR. In order to simplify its measurement, in this work we used an empirical analytical method to determine possible differences between the financial variables of firms considered to be socially responsible and those not considered to be such. The results obtained show that socially responsible corporations obtain higher profits for the same level of systematic risk and show greater sensitivity to market changes, leverage levels and company size. This pioneering study is the first to make use of the first, and at the present time only, Spanish sustainability index, the FTSE4Good IBEX. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.