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留学生论文范文:企业社会责任与财务业绩

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企业社会责任与财务业绩 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

Diltz, J.D., 1995, The private cost of socially responsible investing, Applied Financial Economics, 5, 69-77. 
Fisman, R., G. Heal, and V. Nair, 2005, Doing well by doing good?, working paper, University of Pennsylvania. 
Granger, C.W.J., 1969, Investigating causal relations by econometric models and cross-spectral methods, conometrica 37, 428-438. 
Harrison, J. and R. Freeman, 1999, Stakeholders, social responsibility, and performance: empirical evidence and theoretical perspectives, Academy of Management Journal, 42, 479-487. 
Hillman, A. and G. Keim, 2001, Shareholder value, stakeholder management, and social issues: what's the bottom line? Strategic Management Journal, 22, 125-139. 
Maddala, G.S., 1971, Generalized least squares with an estimated variance-covariance matrix, Econometrica 39, 23-33.
McGuire, J., A. Sundgren, and T. Schneeweis, 1988, Corporate social responsibility and firm financial performance, Academy of Management Journal, www.dxlwwang.com/thesis/  31, 854-872. 
Statman, M., 2000, Socially responsible mutual funds, Financial Analysts Journal, 56, 30-38. 
Verschoor, C. and E. Murphy, 2002, The financial performance of large US firms and those with global prominence: how do the best corporate citizens rate? Business and Society Review, 107, 371-380. 
Waddock, S. and S. Graves, 1997, The corporate social performance-financial performance link, Strategic Management Journal, 18, 303-319.

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论文关键字:JEL Classification Codes Corporate Culture Social Responsibility