企业社会责任对财务绩效的作用机理及其实现条件

企业承担社会责任获得了利益相关者的回应和支持,即形成企业社会绩效,企业社会绩效有助于企业积累更多的社会资本,获得更多的资源支配,并最终提升企业的财务绩效。企业社会责任对财务绩效的这一作用机理过程的实现需要企业、利益相关者和社会等方面条件的具备。     

基于社会责任的企业信誉资本生成机制

企业信誉是一种资本,能提升企业竞争力和经济业绩.本文基于社会责任讨论了企业信誉资本及其价值,企业社会责任与信誉资本关系,以及信誉资本的生成机制,包括内生机制和外生机制.内生机制是企业为信誉资本生成要主动承担社会责任,尤其处理好企业与利益相关者关系.外生机制是政府、投资者等外在机构选择信誉资本好的企业投资,迫使企业为提升信誉资本而承担社会责任.     

企业社会责任对企业财务绩效到底有怎样的影响

<正>企业社会责任要求企业不仅要尽可能多地创造价值和利润,满足股东的经济目标,同时也要对员工、消费者、供应商、社会、环境负责,满足利益相关者的利益。企业社会责任要求的双向性引发了学术界对企业社会责任履行必要性的争议性讨论。随着企业社会责任的研究的深入,学者们逐渐聚焦企业社会责任与企业财务绩效的关系,认为企业是否应当履行社会责任,与财务绩效息息相关,如果企业履行社会责任有助于财务绩效的增加,则企业应当积极履行,反之,如果企业履行社会责任降低了财务绩效,则企业可以不用履行;然而,无论是从理论还是从实证视角,     

社会责任之于小微企业是负担吗

小微企业是否应该承担社会责任一直存在争议。运用利益相关者理论,从理论上分析了小微企业承担社会责任对财务绩效的促进作用。在对宁波小微企业调查的基础上,运用回归分析,构建并估计了社会责任的四个层面对小微企业财务绩效的影响。回归结果表明,小微企业在员工和消费者层面上的社会责任对财务绩效有显著的正向影响效应,而小微企业在环境层面的社会责任对小微企业的财务绩效有正向影响效应,但社会公益层面的社会责任对小微企业的财务绩效不具有统计意义上显著的正向效应。总体而言,本文认为承担相应的社会责任能够提升小微企业的财务绩效。     

企业社会责任与财务绩效的关系研究——以信息技术业上市公司为例

近年来,关于企业社会责任与财务绩效两者关系的研究层出不穷,但由于研究使用的财务绩效指标和社会责任的评价方法各异,研究结论不尽相同。在梳理相关文献的基础上,以信息技术业上市公司为研究对象进行实证研究,结果表明信息技术业上市公司各企业社会责任变量对当期财务绩效的影响大多为负,但长期来看,企业履行社会责任对其财务绩效具有正向影响作用。     

企业社会责任对企业绩效的影响——来自我国信息技术产业的证据

随着可持续发展理念的提出，企业的ESG表现逐渐深入人心，成为评价企业履行社会责任情况的重要标准。文章结合利益相关者、社会责任相关的理论，以我国2008—2020年证券交易所全部A股信息技术类上市公司为样本，基于线性回归模型，以企业规模、上市日期、成长能力和资本结构为控制变量，探讨企业社会责任（CSR）对企业财务绩效的影响。研究发现：企业的财务表现与其承担的社会责任密切相关。其中，企业规模会对企业财务绩效产生影响，但影响不显著；企业社会责任的股东责任与企业社会责任总指标和企业绩效显著正相关。这表明通过承担责任，企业可以提升其财务绩效。同时，企业履行对股东的责任也会推进企业绩效的提升。研究成果能引起社会公众对社会责任的关注，促使企业积极履行社会责任，重视社会责任管理，实现可持续发展，从而为企业积极承担社会责任提供更加坚实的依据。     

企业社会责任与财务绩效因果分析

2008年下半年的三聚氰胺事件,再一次叩响了企业社会责任的警钟。当以利润最大化的企业目标遇到社会责任之时,一些企业往往出现短视选择。运用分布滞后模型和Granger因果关系实证企业社会责任与财务绩效的相关性,找出企业社会责任对财务绩效的影响度。实证结果表明企业良好的社会责任,对财务绩效有正面的影响。     

企业社会责任对财务绩效的影响研究——以食品行业上市公司为例

食品安全关乎人民生命健康,但是许多食品类上市公司存在社会责任意识淡薄的问题。本文期望以理论与实证相结合的分析方法,探索企业承担社会责任对财务绩效的影响,为企业积极履行社会责任提供强有力的支持,促使食品行业上市公司重视社会责任。本文基于上市公司数据,分析企业履行社会责任对其财务绩效的影响。从总体来看,企业履行社会责任有利于财务绩效的提升。     

企业社会责任、人力资源管理与财务绩效的关联性分析

国内关于企业社会责任如何作用于财务绩效的研究仍非常有限,且研究结论也不太一致。于是,有学者开始从人力资源管理、企业创新、竞争优势等角度来分析企业社会责任对财务绩效的影响。但企业社会责任通过人力资源管理作用于财务绩效的路径仍不清晰。本文拟从理论和实证角度来分析企业社会责任、人力资源管理与财务绩效三者之间的关联性。     

股权性质、财务绩效与企业社会责任、信息披露研究

文章实证分析了财务绩效与企业社会责任信息披露之间的关系以及股权性质对财务绩效与企业社会责任信息披露的关系的影响.研究发现:企业的财务绩效与其社会责任信息披露呈显著正相关关系;进一步考虑企业的股权性质,较之非国有企业,国有企业的财务绩效更能促进其社会责任信息披露水平的提高.这些发现丰富了企业社会责任信息披露方面的文献,并对政策制定机构进一步制定和完善企业社会责任信息披露的政策有一定的指导意义.     

Effects of corporate social responsibility on customer satisfaction and organizational attractiveness: A signaling perspective

In recent years, many researchers have attempted to determine the mechanisms of how corporate social responsibility (CSR) brings financial benefits to a firm. However, many chief financial officers (CFOs) throughout the world are uncertain about the strategic value of CSR, and no consensus has been reached on defining how CSR creates value. Drawing on signaling theory, we explore the effects of the multidimensional construct of CSR on organizational performance by examining the relationships among CSR, corporate reputation, customer satisfaction, and organizational attractiveness from the perspectives of both customers as well as job seekers. Consistent with the European Commission's view, CSR is defined as having three components: CSR for employees, CSR for customers, and CSR for social public welfare. Data are collected through an online survey of a convenient sample of 500 individuals from different organizations in China. Results indicate that corporate reputation plays a mediating role in the relationship between CSR and customer satisfaction and that between CSR and organizational attractiveness. Further, the impact mechanisms of the three components of CSR are different. For CSR for employees, both cognitive and affective reputation work as mediators, with the former playing a bigger mediating role than the latter. For CSR for customers, only cognitive reputation works as a mediator, whereas for CSR for social public welfare, only affective reputation works as a mediator. This study's findings show that the abovementioned relationships are more complex than previous studies have revealed. These insights provide guidelines for firms to better adjust their CSR strategies to improve customer satisfaction and organizational attractiveness.     

Consumer Perceptions of the Antecedents and Consequences of Corporate Social Responsibility

Perceptions of a firm’s stance on corporate social responsibility (CSR) are influenced by its corporate marketing efforts including branding, reputation building, and communications. The current research examines CSR from the consumer’s perspective, focusing on antecedents and consequences of perceived CSR. The findings strongly support the fact that particular cues, namely perceived financial performance and perceived quality of ethics statements, influence perceived CSR which in turn impacts perceptions of corporate reputation, consumer trust, and loyalty. Both consumer trust and loyalty were also found to reduce the perceived risk that consumers experience in buying and using products. From these significant findings, we draw several conclusions and implications, including the importance of enhancing firm focus toward its ethical commitment and long-term reputation.     

In search of the roots of corporate reputation management: Being a consistent corporate social performer

Corporate social performance (CSP) has received a particularly high share of attention as one of the main determinants of corporate reputation. However, few studies have tested the extent to which the relationship between CSP and corporate reputation may be affected by industry, country, or other context-related variables. Besides, some conceptual thinking suggests that the impact of CSP on corporate reputation may vary according to the level of consistency of a firm's behaviors. However, this view has not been empirically addressed. For this reason, the main objective of this study is to explore the impact of consistency in CSP management on corporate reputation. Specifically, we analyze both the effect of CSP internal consistency (or consistency between environmental and social performance) and CSP consistency over time on corporate reputation. The results based on data from an international sample of 133 companies for the period 2011 to 2016, support either CSP internal consistency or CSP consistency over time (positive increment of CSP over time) positively affecting corporate reputation. The results also confirm the moderation effect of CSP internal consistency on the relationship between CSP and corporate reputation. These results reveal that consistency in social responsibility management helps a firm to consolidate its corporate reputation.     

The interplay of corporate social responsibility and corporate political activity in emerging markets: The role of strategic flexibility in non‐market strategies

Corporate social responsibility (CSR) and corporate political activities are complementary, and the coordinated management of corporate social responsibility and corporate political activities may lead to better firm performance. However, corporate social responsibility and corporate political activities should be aligned carefully to utilize this complementarity. Strategic flexibility, which is the ability of a firm to adapt to changes in the external environment and make necessary organizational modifications quickly, can help firms to align their corporate social responsibility and corporate political activities. This paper empirically investigates the political dimension and the interactive dimension which describes interactions between corporate social responsibility and corporate political activities together with strategic flexibility and their effects on firm performance through a study of 142 firms in Turkey using moderated multiple regression methods. The results show that, while the political dimension had an inverted U‐shaped effect on firm performance, indicating that only a moderate level of corporate political activities may improve financial performance, the interactive dimension had positive but limited implications for performance. Finally, it was found strategic flexibility plays a positive moderating role on the relationships between the interactive dimension and firm performance. It is concluded that complementarity between corporate social responsibility and corporate political activities which may result in better performance is contingent on strategic flexibility.     

Corporate Social Responsibility and Firm Value: Disaggregating the Effects on Cash Flow,Risk and Growth

This paper investigates the effect of corporate social responsibility (CSR) on firm value and seeks to identify the source of that value, by disaggregating the effects on forecasted profitability, long-term growth and the cost of capital. The study explores the possible risk (reducing) effects of CSR and their implications for financial measures of performance. For individual dimensions of CSR, in general strengths are positively valued and concerns are negatively valued, although the effect is not universal across all dimensions of CSR. We show that these valuation effects are principally driven by CSR performance associated with better long run growth prospects, with an additional minor contribution made by a lower cost of equity capital.     

Do Investors Value a Firm’s Commitment to Social Activities?

Previous empirical research has found mixed results for the impact of corporate social responsibility (CSR) investments on corporate financial performance (CFP). This paper contributes to the literature by exploring in a two stage investor decision-making model the relationship between a firm’s innovation effort, CSR, and financial performance. We simultaneously examine the impact of CSR on both accounting-based (financial health) and market-based (Tobin’s Q) financial performance measures. From a sample of top corporate citizens, we find that: (1) a firm’s social responsibility commitment (CSR) contributes to its financial performance; (2) after controlling for investment in innovation activities, CSR continues to have a positive impact on a firm’s financial performance; (3) the customer dimension of CSR has a positive effect on both CFP measures, whereas the employee dimension indicates a significant impact only on financial heath; and (4) the community relation dimension of CSR only affects the market-based CFP measure of firms with high innovation intensity.     

The Effects of Corporate Social Responsibility on Brand Performance: The Mediating Effect of Industrial Brand Equity and Corporate Reputation

In this article, the researchers explore the following question. Can corporate social responsibility (CSR) and the corporate reputation of a firm lead to its brand equity in business-to-business (B2B) markets? This study discusses CSR from customers’ viewpoints by taking the sample of industrial purchasers from Taiwan small-medium enterprises. The aims of this study are to investigate: first, the effects of CSR and corporate reputation on industrial brand equity; second, the effects of CSR, corporate reputation, and brand equity on brand performance; and third, the mediating effects of corporate reputation and industrial brand equity on the relationship between CSR and brand performance. Empirical results support the study’s hypotheses and indicate that CSR and corporate reputation have positive effects on industrial brand equity and brand performance. In addition, corporate reputation and industrial brand equity partially mediate the relationship between CSR and brand performance.     

Is your organization conducive to the continuous creation of social value? Toward a social corporate entrepreneurship scale

Over the last decade, explicit emphasis on the creation of social value has grown in profit-seeking firms as well as nonprofits and has even led to the emergence of a new legal organizational classification known as for-benefit corporations. Like financial value, social value is dynamic and therefore subject to perpetual changes in the firm’s external environment, changes that yield opportunities and threats for the firm. Although social entrepreneurship researchers have begun to study the identification and exploitation of opportunities to create social value, this research has taken place primarily within the context of startup organizations. In contrast, corporate entrepreneurship research has emphasized value creation within existing firms, but focused primarily on the identification and exploitation of opportunities to create financial value. Combining the two, we examine the creation of social value within the firm by proposing the social corporate entrepreneurship scale (SCES), a new instrument that measures organizational antecedents for social corporate entrepreneurship and offers managers an opportunity to analyze whether the perceived environment is supportive of corporate entrepreneurial behaviors intended to create social as well as financial value. The article concludes with a discussion of the instrument’s potential contribution to managerial practice.     

Comparing Big Givers and Small Givers: Financial Correlates of Corporate Philanthropy

In a departure from the traditional studies of corporate philanthropy that focus on board composition, advertising, and social networks, the authors investigate the financial correlates of corporate philanthropy. The research design controls for firm size and industry while observing firms from a variety of industries. The sample contains matched pairs of generous and less generous corporate givers. The authors find, as hypothesized, a positive relationship between a firm's cash resources available and cash donations, but no significant relationship between corporate philanthropy and firm financial performance, regardless of whether corporate philanthropy is measured as cash payouts or the aggregate contributions that charities actually receive, and regardless of whether financial performance is gauged using accounting measures or market measures. Whereas the link between available resources and corporate philanthropy is well accepted in the literature on corporate social responsibility, it has been rarely tested and never so definitively found as in this research.     

A Social Contract Account for CSR as an Extended Model of Corporate Governance (II): Compliance,Reputation and Reciprocity

This essay seeks to give a contractarian foundation to the concept of Corporate Social Responsibility (CSR), meant as an extended model of corporate governance of the firm. Whereas, justificatory issues have been discussed in a related paper (Sacconi, L.: 2006b, this journal), in this essay I focus on the implementation of and compliance with this normative model. The theory of reputation games, with reference to the basic game of trust, is introduced in order to make sense of self-regulation as a way to implement the social contract on the multi-fiduciary model of corporate governance. This affords understanding of why self-regulation, meant as mere recourse to a long-run strategy in a repeated trust game, fails. Two basic problems for the functioning of the reputation mechanism are examined: the cognitive fragility problem, and the motivational problem. As regards the cognitive fragilities of reputation (which result from the impact of unforeseen contingencies and from bounded rationality), the paper develops the logic and the structure that self-regulatory norms must satisfy if they are to serve as gap-filling tools with which to remedy cognitive limitations in the reputation mechanism. The motivation problem then arises from the possibility of sophisticated abuse by the firm. Developed in this case is an entirely new application of the theory of conformism-and-reciprocity-based preferences, the result of which is that the stakeholders refuse to acquiesce to sophisticated abuse on the part of the firm. Lorenzo Sacconi is professor of economics and Unicredit Chair in economic ethics and corporate social responsibility at the Department of Economics of the University of Trento, where he leads the LaSER - Laboratory of research in Social responsibility, Ethics and Rationality, and head of the graduate program (laurea magistralis) in “economic decisions, enterprise and corporate social responsibility”. He is also director of EconomEtica, the interuniversity centre for economic ethics and corporate social responsibility joining over 20 Italian Universities placed at the Milano-Bicocca University. Past president of tthe Italian Business Ethics Network and past member of the EBEN executive committtee, currrently he is a member of the executive committee of the Italian chapter of EBEN (EBEN Italy). On related subjects, he is author of the book: The social contract of the firm, Springer, 2000