Korporativne društvene performanse i korporativne finansijske performanse - uloga produktivnosti i inovacija u modelu moderisane medijacije

In this chapter, the authors attempt to investigate the possible connection between corporate social responsibility (CSR) performance and corporate financial performance in China. In the process, we utilize data on corporate social responsibility performance (proxied using CSR report ratings) and corporate financial performance (proxied using ROA&ROE and Tobin’s q). The overarching hypothesis may be phrased simply as: Is the company rewarded by its CSR activities from profitability perspective? The results suggest that there is significant link that indicates positive correlation between corporate social responsibility performance and corporate financial performance both in short term and long term. Most intriguingly is our finding of sharp contrast between the CSR mandatory corporations and voluntary corporations. The financial performances of corporations that are mandated (under obligation) to report on CSR activities are significantly higher than those of firms that volunteered (but not required by policy) such information. Good corporate social responsibility activities have impacts on both short- and long-term financial performances of the China firms. Corporations may achieve twin goals of earning profits and serving society. Industry executives and managers should embed CSR as part of overall corporate strategy as this will lead to improving short-term profitability and enhancing long-term competitive advantage. On the basis of our empirical finding of CSR activities to impact on profitability, we suggest a new body of thinking to be developed: there are strong financial dimensions to being socially responsible. Both investors and debt providers of companies ought to keenly emphasize good CSR practices especially in enhanced, quality reporting. Practically, it means that from a financial, fund-raising perspective, it pays for top management to emphasize a higher CSR performance.

Prior studies report mixed findings on the relationship between corporate social responsibility (CSR) and financial performance. This paper argues that the relationship between CSR and corporate financial performance also depends on whether firms incorporate their strategic orientations (i.e., prospector vs. defender) into CSR activities. At the same time, divide CSR into “public CSR” and “internal CSR” instead of focusing on aggregate CSR as usual. This article selects the data of 728 manufacturing listed companies in China from 2010 to 2014, exploring the relationship between CSR and corporate financial performance with corporate strategy. Our results show that prospectors engaging in public CSR can get better performance than defenders. However, defenders that invest in internal CSR perform better than prospectors.

Recently, the corporate social performance (CSP) is not less important than the corporate financial performance (CFP). Debate still exists about the nature of the relationship between the CSP and CFP, whether it is a positive, negative or a neutral correlation. The objective of this study is to explore the relationship between corporate social responsibility (CSR) reports and CFP. The study uses the accounting-based and market-based quantitative measures to quantify the financial performance of seven organizations listed on the Egyptian Stock Exchange in 2007-2014. Then uses the information retrieval technologies to quantify the contribution of each of the three dimensions of the corporate social responsibility report (environmental, social and economic). Finally, the correlation between these two sets of variables is viewed together in a model to detect the correlations between them. This model is applied on seven firms that generate social responsibility reports. The results show a positive correlation between the Earnings per share (market-based measure) and the economical dimension in the CSR report. On the other hand, total assets and property, plant and equipment (accounting-based measure) are positively correlated to the environmental and social dimensions of the CSR reports. While there is not any significant relationship between ROA, ROE, Operating income and corporate social responsibility. This study contributes to the literature by providing more clarification of the relationship between CFP and the isolated CSR activities in a developing country.

This paper assesses the causal relationship between corporate social responsibility (CSR) activities and corporate financial performance using a sample of 43 hotels for the period 2007–2018. The research employs a dynamic panel vector autoregressive model (PVAR) which brings more analytical insights in the CSR- Financial Performance modeling. The results show that CSR has a positive and significant impact on corporate financial performance and lend support to the theoretical underpinnings with respect to the CSR and financial performance nexus. The results suggest that growth opportunities mediate the relationship between CSR and performance. High-growth hotels will have better opportunities to engage in CSR activities which in turn positively impact on their performance. Practically, our findings suggest that CSR is an important mechanism to improve the efficiency of organizations.

With the improvement of living conditions, more and more people have begun to pay attention to environmental safety and social responsibility issues. The market’s growing resistance to irresponsible companies may be that these companies are not aware of the seriousness of the consequences of their consequences on corporate finances. Facing the increasingly harsh product safety environment in recent years, people are increasingly focusing on the pursuit of quality products. With the development of the global corporate social responsibility movement, the relationship between corporate social responsibility and financial performance has gradually attracted people’s attention. A comprehensive study of domestic and foreign scholars found that most scholars’ studies have demonstrated that the relationship between corporate social responsibility and financial performance is positively correlated, followed by irrelevant and uncertain relationships, and negatively related to only a small portion. It can be seen that the fulfillment of corporate social responsibility is generally necessary for the enterprise. In the domestic and foreign literature review, financial performance also takes its related corporate value and other related indicators as part of its performance. Research and development space is huge. This article is a study of corporate social responsibility research on how corporate financial performance affects corporate social responsibility. It aims to provide a clear analysis and explanation of the relationship between corporate social responsibility and financial performance through accurate theoretical introduction and empirical analysis by exploring the relationship between the two.

A decade's debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011

Three Models of Corporate Social Responsibility: Interrelationships between Theory, Research, and Practice

Beyond Outreach: Corporate Social Responsibility and the Financial Performance of Microfinance Institutions

The concept of ‘corporate social responsibility’ has become popular in recent years particularly in the developing countries. The present paper is aimed to examine the relationship between Corporate Social Responsibility and financial performance of companies in India. This paper is based on the analysis and findings of 27 empirical studies conducted by various researchers and related literature in India. The paper seeks to answer the question how financial performance is affected by the corporate social responsibility. An attempt has been made to find out whether corporate social responsibility has either a positive impact, a negative impact or no impact on financial performance of a corporate. It has been observed that there is positive relationship between the corporate social responsibility and financial performance of companies.

Corporate Social Responsibility and Corporate Financial Performance

The purpose of this study is to determine the effect of the mechanism of Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), and the corporate's financial performance on corporate values, the case of the banking sector in the Indonesia Stock Exchange (IDX). Based on the complete banking data listed on the Indonesia Stock Exchange (IDX) processed by using Eviews software, the results of the research are as follows: The Independent Board of Commissioners (IDC) influences the values of banking companies in Indonesia, while Institutional Ownership (IO), Corporate Social Responsibility (CSR), and Financial Performance (FP) of banking companies do not affect the corporate values of banking companies in the Indonesia Stock Exchange (IDX). Keywords : Good Corporate Governance, Corporate Social Responsibility, Financial Performance, and Corporate Value. DOI : 10.7176/JESD/10-16-16 Publication date : August 31 st 2019

Drawing on agency theory concerning corporate social responsibility (CSR) activities, this study investigates the relationship between corporate social performance (CSP) and corporate financial performance (CFP) at each stage of the firm life cycle (FLC). It also verifies how this relationship is affected by large business groups. This study shows a significant positive relationship between CSP and CFP at the growth and mature stages. This relationship is more pronounced in mature firms than in growth firms. This result indicates that CSR activities increase CFP in the long-term perspective by mitigating the agency problem. Furthermore, at the growth and mature stages, the positive relationship between CSP and CFP changed to be negative in firms of large business groups. This result indicates that the degree to which CSP leads to an increase in CFP is more weakened in large business groups where the agency problem between controlling and other shareholders can be more severe. Finally, this study contributes to prior research by presenting consistent results on the relationship between CSP and CFP using the FLC and large business groups.

This paper extends empirical research that examines the Corporate Social Performance (CSP)-Corporate Financial Performance (CFP) relationship. Previous studies display mixed findings with no unified evidence regarding the CSP-CFP relationship’s direction or impact. We introduce the concepts of strategic CSP and ad-hoc CSP, which we collectively term “CSP maturity.” Using panel data on 86 large European banks and insurance companies, we investigate whether there is a relationship between a company’s financial performance (CFP) and CSP maturity and, if a relationship is present, its direction and causality. Correlation analysis suggests CSP maturity and CFP are negatively related to one another; independent sample t-tests show statistically significant different means of ROA and ROS for companies engaged in strategic and ad-hoc CSP. Ad-hoc companies were on average associated with better ROA and ROS. No significant difference was present for ROE. In contrast, regression analysis did not show a relationship between CSP maturity and CFP, suggesting CSP maturity does not have an impact on CFP nor can CFP be used to explain CSP maturity. The results of this study may be limited in their generalizations because the data includes 2007-2008; a period of time the global economy experienced a major recession.

In an attempt to explain the relationships between principles of good governance, marketing practices and financial performances of companies in Turkey, the authors examined the inter-relationships between board composition characteristics, corporate social responsibility practices and financial performance in this study. The population of this study is Turkish firms that are listed in the Istanbul Stock Exchange (ISE) in 2007 and have a published corporate governance compliance report. Using content and logistic regression analyses, the authors found that smaller board size leads to better financial performance, whereas inside directors and CEO duality lead to worse financial performance. On the other hand, independent directors lead to better corporate social responsibility. By providing evidence from an emerging country, Turkey, this study provided some meaningful insights into the board of directors’ composition, corporate social responsibility practices and the effects of both on the various financial output of a company. Emphasizing the importance of corporate social responsibility practices and board composition characteristics, the current study offered in-depth information to companies that aim to gain a competitive financial advantage in Turkey. Key words: Turkey, board characteristics, corporate social responsibility, financial performance.

PurposeThe purpose of the paper is to examine empirically Granger causality relationships between corporate social performance (CSP) and corporate financial performance (CFP) in four different industries.Design/methodology/approachThe paper uses the Granger causality test to analyse the causality relationships between CSP and CFP in clothing, energy, food and forest industries in the USA. The panel data used combined CSP and CFP measures over the years 1991-2009. CSP strengths and concerns are handled as distinct constructs.FindingsThere is some evidence of bidirectional causality between CSP and CFP in the clothing, energy and forest industries; but in the food industry, CSP appears not to Granger-cause CFP. The results encourage accounting for the industry in empirical analyses, as well as the use of more than one measure for CFP in the analyses.Originality/valueThe direction of causality between CSP and CFP has been specifically addressed in only a few studies. Because the causality relationship may, in addition, be concealed when multi-industry data are used, this paper contributes to the literature by examining the Granger causality between CSP and CFP in four different industry contexts using two different measures of CFP.