The Relationship between Corporate Social Responsibility and Firm Performance: An Application of Quantile Regression |
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Authors: | Yungchih George Wang Wen-Hsi Lydia Hsu Kuang-Wen Chang |
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Affiliation: | 1. Department of International Business, National Kaohsiung University of Applied Sciences; 2. Department of Business Administration, National Ping-Tung University of Science and Technology, Ping-Tung, Taiwan, China; 3. Department of Business Administration, Soochow University, Taiwan, China |
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Abstract: | This study empirically examines the relationship between a firm’s fulfilling of corporate social responsibility (CSR) and performance. We developed a CSR index (CSRI) to quantitatively evaluate CSR, which consists of four dimensions measuring a firm’s contributions to the economy, society, environment, and corporate governance, respectively. With data from publicly-listed firms in Taiwan during the period of 2004–2009, results of quantile regression show that fulfilling CSR has a significantly positive impact on firm performance, and that the impact in a more profitable firm tends to be significantly greater than that in a less profitable firm. Specifically, when a firm is more profitable, its management would be more willing to implement CSR. The implication is that a firm could pursue better performance while serving as a good corporate citizen. |
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Keywords: | corporate social responsibility (CSR) corporate social responsibility index (CSRI) stakeholders firm performance socially responsible investment |
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