Reviewing the Business Case for Corporate Social Responsibility: New Evidence and Analysis |
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Authors: | Philipp Schreck |
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Institution: | (1) Simon Fraser University, 8888 University Drive, Burnaby, British Columbia, V5A 1S6, Canada |
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Abstract: | This study complements previous empirical research on the business case for corporate social responsibility (CSR) by employing
hitherto unused data on corporate social performance (CSP) and proposing statistical analyses to account for bi-directional
causality between social and financial performance. By allowing for differences in the importance of single components of
CSP between industries, the data in this study overcome certain limitations of the databases used in earlier studies. The
econometrics employed offer a rigorous way of addressing the problem of endogeneity due to simultaneous causality. Although
the study’s results provide no evidence that there is a generic or universal business case for CSR, they indicate that there
is a strong link between single stakeholder-related issues of CSR and financial performance. However, the analysis does not
establish causality within these relationships. |
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Keywords: | |
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