Dissertations / Theses: 'Corporate sociale performance'

1

Nguyen, Lan Phuong. "The consequences of corporate social responsibility disclosure." Thesis, Rennes 1, 2019. http://www.theses.fr/2019REN1G013.

Full text

Abstract:

La thèse traite des conséquences de l’information portant sur la responsabilité sociale des entreprises. Après avoir expliqué l’intérêt de cette problématique et réalisé une revue de la littérature, nous analysons la relation susceptible d’exister entre l’information RSE et les performances RSE en utilisant l’approche de la causalité au sens de Granger. Ensuite, nous portons notre attention sur l’impact de l’information RSE sur les performances de l’entreprise en testant le caractère médiateur ou modérateur de la qualité du système de gouvernance. Pour terminer, nous étudions les effets de l’information RSE sur le niveau d’asymétrie d’information en lien avec la qualité de l’information financière. Les principaux résultats, la contribution de ce travail et les perspectives de recherche sont alors présentés en conclusion
The dissertation includes four chapters. All chapters cover the overall topic: The consequences of corporate social responsibility disclosure. Chapter 1 introduces the motivation of thesis and summarizes an overview of the literature. Chapter 2 investigates the relationship between CSRD and CSR performance using Granger causality approach. Chapter 3 studies the impact of CSRD on financial performance under the moderation of corporate governance quality. Chapter 4 investigates the effect of CSRD to the level of information asymmetry with the presence of financial reporting quality. The main findings, contribution and discussion for future research are presented at the end of thesis

APA, Harvard, Vancouver, ISO, and other styles

2

Ktat, Salma. "Impact des critères E-S-G sur la performance financière des entreprises de secteurs controversés." Thesis, Antilles, 2017. http://www.theses.fr/2017ANTI0154/document.

Full text

Abstract:

Cette thèse examine la responsabilité sociale des entreprises (RSE) par les entreprises de secteurs controverses. Dans le premier chapitre, on évalue les stratégies en RSE pour 565 entreprises de secteurs controverses de 1991 à 2013 en estimant la relation compensatoire entre Irresponsabilité Sociale des Entreprises (ISE) et RSE. On montre que ces entreprises tendent à compenser pour leur ISE en s'engageant dans des domaines stratégiques de RSE tels que la protection de l'environnement et le respect des communautés locales avec un manque d'engagement dans d'autres activités telles la gouvernance d'entreprise. Dans le deuxième chapitre, on examine si l'engagement RSE de 499 entreprises de secteurs controverses est susceptible de diminuer leur risque financier. Nos résultats montrent qu'un engagement RSE stratégique réduit le risque idiosyncratique et total pour certaines industries controversées et que le manque d'engagement dans les activités de gouvernance augmente leur risque. Le troisième chapitre examine la divulgation sociétale en tant que mécanisme de reddition de comptes dans le contexte d'un incident environnemental majeur. L'étude de cas des stratégies RSE utilisées par l'entreprise Canadienne En bridge, durant sa réponse a l'incident de déversement de parole en 2010 révèle que ses rapports RSE sont souvent optimistes et ne réussissent pas a décrire son incapacité à faire face aux problèmes de sécurité ayant entrainé l'incident; et ont aussi sous-estime le volume du déversement et la difficulté du nettoyage, ainsi mettant en question l'effet des activités RSE compare à l'effet de facteurs contextuels dans la protection de l'entreprise durant la crise
This thesis is composed of three chapters that examine corporate social responsibility (CSR) within firms in controversial sectors. In the first chapter, we evaluate patterns of investment in CSR for 565 US publicly traded companies in eight controversial sectors between 1991 and 2013 by assessing the relationship between CSR and Corporate Social Irresponsibility (CSI). We show that firms in controversial sectors compensate for their CSI by engaging in strategic CSR areas such as environmental protection and community development with a lack of engagement towards other areas, such as corporate governance. In the second chapter, we determine whether engagement in specific CSR activities for 499 US companies in controversial sectors decreases their financial risk. We show that engaging in specific CSR activities considered as strategic reduces idiosyncratic and total risk for some controversial industries; and that poor engagement in corporate governance activities increases firm risk. In the third chapter, we investigate CSR reporting as an important mechanism for stakeholder accountability in the context of an environmental crisis. We perform a case study analysis of the CSR strategies used by the Canadian oil company Enbridge in its response to the July 2010 Kalamazoo spill and revealed that Enbridge's CSR reports were frequently optimistic and failed to describe the company's inability to deal with known safety problems that led to spill; and underestimated both the volume of the spill and the difficulty of the cleanup, thus making it difficult to distinguish the effects of the CSR efforts from the effects of other contextual and external factors

APA, Harvard, Vancouver, ISO, and other styles

3

Declerck, Marion. "La concurrence, un mécanisme de gouvernance ? Effets sur les décisions de croissance externe et sur la performance sociale des entreprises." Thesis, Lille 2, 2014. http://www.theses.fr/2014LIL20006.

Full text

Abstract:

La concurrence est considérée, dans la littérature en finance d'entreprise, comme un mécanisme de gouvernance. En effet, celle-ci permet en théorie de réduire les comportements opportunistes des dirigeants aux dépens des actionnaires. Comment se phénomène se traduit-il dans la réalité et quelles sont les conséquences concrètement observées à l'échelle des entreprises? Ainsi pourrait-être résumée la question transversale qui anime les recherches présentées dans cette thèse. Un premier chapitre dresse un état des lieux des mesures de concurrence existantes, en identifie les limites et propose une approche alternative basée sur les rendements financiers. Un second chapitre étudie l'effet de la concurrence sur le marché des fusions et acquisitions. Le troisième chapitre examine l'impact de l'intensité concurrentielle sur la performance sociale et environnementale des entreprises. Les résultats empiriques manifestent que -1- la concurrence entre deux firmes se traduit sur les marchés financiers par des mouvements boursiers négativement corrélés, -2- les opérations de fusions et acquisitions sont plus efficientes lorsque la concurrence s'intensifie, -3- les initiatives socialement responsables ont un caractère stratégique plus prononcé dans un environnement compétitif. Ces conclusions sont cohérentes avec l'argument théorique statuant que la concurrence exerce une pression sur les dirigeants d'entreprise à agir de manière efficiente, et plus précisément dans le meilleur intérêt des actionnaires. Le troisième chapitre de la thèse soulève néanmoins qu'un marché concurrentiel n'entraîne statistiquement pas d'amélioration de la performance sociale des entreprises vis-à-vis de l'environnement et de la société en général (parties prenantes éloignées)
Product market competition is considered, in corporate finance, as a governance mechanism. It indeed theoretically reduces managerial opportunism at the expense of shareholders. How is this phenomenon actually reflected in reality and what are the concrete consequences at the firm level? This thesis proposes an investigation of this transversal question through three studies. The first chapter reviews existing measures of competitive intensity, identifies their limitations and proposes an alternative method based on financial returns. The second chapter studies the effect of competition on mergers and acquisitions. The third chapter examines the impact of competitive pressure on corporate social and environmental initiatives. The empirical results suggest that -1- intense competition between two firms leads to negative correlations of their stock returns, -2- mergers and acquisitions are more efficiency-driven when competition becomes more intense, and -3- socially responsible initiatives are more strategic under competitive pressure. These conclusions support the theoretical argument that competition exerts a pressure on managers to make efficient decisions, and more specifically to act in the best interest of shareholders. Nevertheless, the third chapter of the thesis raises that intense competition is not statistically associated with better social performance towards the environment and society at large (peripheral stakeholders)

APA, Harvard, Vancouver, ISO, and other styles

4

Côté, Mathieu. "Relation entre performance financière, niveau de risque et développement durable en contexte canadien." Mémoire, Université de Sherbrooke, 2014. http://hdl.handle.net/11143/5840.

Full text

Abstract:

Cette recherche vise à analyser les liens entre la performance financière (PF) et le niveau de développement durable (NDD) dans le contexte canadien et adapté à la conjoncture actuelle. Le premier objectif est de déterminer si les mesures de PF peuvent être expliquées par les mesures du NDD, tout en contrôlant pour la taille, le risque et l’industrie des entreprises. Le deuxième objectif est de vérifier s’il existe un lien entre les mesures de risque d’une entreprise et les mesures du NDD, tout en contrôlant pour la taille et l’industrie des entreprises. Le troisième objectif est de déterminer si les mesures du NDD peuvent être expliquées par les mesures de PF, tout en contrôlant pour la taille et le risque.

APA, Harvard, Vancouver, ISO, and other styles

5

Deschênes, Jérôme. "Governance and Corporate Social Performance (CSP) : the role of individual board directors and institutional investors." Doctoral thesis, Université Laval, 2019. http://hdl.handle.net/20.500.11794/33827.

Full text

Abstract:

Cette thèse présente une étude de la relation au niveau individuel entre, dans un premier temps, les administrateurs indépendants et la performance sociétale des entreprises (CSP) ainsi que, dans un second, les investisseurs institutionnels et cette même performance. Le réel pouvoir et l’impact véritable des administrateurs sur la performance d’une entreprise sont depuis longtemps sujets de débats. Cette discussion est d’autant plus vive lorsqu’il est question des administrateurs indépendants. Afin d’ajouter à cette question fondamentale, je considère une mesure de performance non financière : la CSP. Je m’interroge sur l’existence d’une affinité entre les administrateurs indépendants et la CSP. J’utilise des données concernant les administrateurs américains et des pointages de performances sociétales (globales, environnementales et sociales) pour les années 1999 à 2014 (inclusivement). En utilisant un effet fixe à deux niveaux (pour les entreprises et les administrateurs), je mets en lumière une association entre les administrateurs indépendants et la dimension environnementale de la CSP. Cependant, j’observe également que cette relation est beaucoup plus faible que pour les administrateurs internes. Dans un deuxième temps, je relie les caractéristiques individuelles des administrateurs indépendants aux effets fixes obtenus précédemment. Ce deuxième test me permet de mettre en relief le fait que les caractéristiques observables des administrateurs indépendants expliquent une très faible part de l’association entre ces individus et la CSP. Ce résultat souligne le fait qu’utiliser des attributs observables, comme c’est souvent le cas dans les écrits scientifiques, pourrait ne pas être suffisant pour étudier adéquatement la relation entre des individus et certaines mesures de performance. En revanche, la méthode utilisée dans cette thèse permet de prendre en compte à la fois des caractéristiques observables et non observables des administrateurs indépendants. Je m’intéresse également aux agissements des investisseurs institutionnels en ce qui concerne la CSP des sociétés qu’ils possèdent ou de celles qu’ils convoitent. Je teste d’abord l’intérêt des investisseurs envers la CSP. Ma mesure de détention de titres est la proportion de la valeur totale déclarée de fonds alloués à une entreprise donnée par un investisseur institutionnel. À l’aide d’un effet individuel (analogue à un effet fixe), je vérifie si les investisseurs institutionnels s’intéressent à la CSP au niveau individuel, ce qui est le cas pour certains. Ensuite, je me penche sur les deux hypothèses de base proposées par Hirschman (1970) en ce qui concerne les investisseurs institutionnels et leur capacité à obtenir un niveau de performance non financière déterminée : (1) ils peuvent acheter des actions et en vendre (ainsi, ils votent avec leurs pieds) ou (2) ils peuvent tenter d’influencer la direction de l’entreprise par l’entremise de discussions (in)formelles (l’approche vocale). J’observe que les investisseurs institutionnels, en tant que groupe, adoptent les deux méthodes. Cependant, certains ayant des besoins précis pour une composante spécifique de la performance choisissent l’une des deux méthodes.
This thesis presents an individual level investigation of, on one side, the link between independent directors and corporate social performance (CSP) and, on the other, the association of institutional investors to, again, CSP. The real power and the genuine impact of directors on the performance of the firm have always been subject to a lot of discussion. This is even truer with independent directors. To give insight into this fundamental question, I look at a non-financial performance metric: the CSP. I investigate whether there is an individual a priori regarding CSP issues by independent directors. I use directors’ data for US firms in the 1999–2014 period as well as CSP scores (global, environmental and social). By using a two-way fixed effect for both firms and directors, I discover that there is an association between individual independent directors and the environmental dimension of CSP. However, I uncover the fact that this association is considerably weaker than the relation between inside directors and CSP. In a second set of tests, I link individual attributes to the independent directors fixed effects obtained before. In this second regression, I uncover the fact that observable characteristics of independent directors account for a very small part of the association of individuals to CSP. It underlines the fact that using observable characteristics, as it is often done in the literature, might not be sufficient to uncover the fundamental association between individuals and a given performance metric. However, the method used here accounts for both observable and unobservable characteristics of independent directors. I also investigate the behaviours of institutional investors when it comes to attain a specific CSP from the firms they are invested in or plan to invest in. As an investor-level ownership measure, I compute the proportion invested in a firm over the total declared assets of an institutional investor. By computing individual institutional investor effects (similar to fixed effects), I first test whether institutional investors care about CSP, which some do. I then test the two basic hypotheses proposed by Hirschman (1970) when it comes to institutional investors' ability to obtain a given level of non-financial performance: (1) they can either sell or buy shares (the feet approach) or (2) they can try to influence the executives by having (in)formal discussions (the voice approach). I estimate my individual effect in two ways: observing the shareholding variable prior or after collecting the CSP score of a firm. I find out that institutional investors as a group adopt both approaches. Nevertheless, a fair portion of them seems to choose only one (often the feet approach) according to their need in CSP.

APA, Harvard, Vancouver, ISO, and other styles

6

Malki, Tarik el. "Environnement des entreprises, responsabilité sociale et performance : analyse empirique dans le cas du Maroc." Thesis, Aix-Marseille 2, 2010. http://www.theses.fr/2010AIX24022/document.

Full text

Abstract:

Ce travail de recherche a pour objectif global d’étudier le lien potentiel existant entre les différents environnements des firmes manufacturières marocaines –externe (institutionnel et réglementaire) et interne (relations avec ses parties prenantes) –et leur performance économique et financière mesurée par un certain nombre de ratios de rentabilité. Le contexte général de l’étude est l’ouverture, en 2012, des frontières du Maroc aux produits européens, et la signature, en 2008, du Statut avancé entre le Maroc et l’UE en conséquence duquel les firmes marocaines devront respecter un certain nombre de critères en termes de développement durable notamment. Aussi, la conjugaison de ces deux évènements bouleversera durablement l’environnement des affaires des firmes, impactera leur compétitivité et donc leur performance globale. Aussi, la première partie a été l’occasion de vérifier l’existence potentielle d’une relation entre le climat de l’investissement (CI) et la performance économique et financière des firmes, et de déterminer le cas échéant les éléments du CI qui exercent une influence sur leur performance. Les résultats indiquent qu’au plan du climat de l’investissement, l’impact de la fiscalité (mise en conformité) est très significatif sur la performance des firmes, alors que l’iniquité fiscale est négativement associée à la performance. La concurrence déloyale du secteur informel exerce également un impact négatif sur la performance. Au plan réglementaire, le niveau de contrainte à l’activité des firmes est négativement associé à la performance, alors que le niveau de contrainte administrative à l’export l’est positivement. En revanche nous n’avons pas établi de lien significatif entre le financement et la performance.Dans la seconde partie, nous mesurons l’engagement réel des firmes marocaines en matière de responsabilité sociale de l’entreprise (RSE) au moyen d’une mesure de performance sociale (PSE) adhoc, et vérifions si cette PSE se traduit par un quelconque impact (positif, négatif ou neutre) sur la performance financière des firmes (PF). Les résultats indiquentqu’aucun consensus autour d’une théorie n’émerge : la théorie des parties prenantes et celle des ressources disponibles se vérifie pour la dimension « employés » de la PSE ; la théorie dite « classique » pour les autres dimensions (environnement, etc.). En tout état de cause, il semblerait que l’engagement social des firmes marocaines en faveur des employés soit une dimension importante de la RSE, alors que les autres dimensions semblent ne pas l’être
This research aims to study the potential link existing between the different environments of Moroccan manufacturing firms, external (institutional and regulatory) as well as internal (relationships with stakeholders), and their economic and financial performance measured by profitability ratios. The general context of the study is the openness of Moroccan’s borders to European’s products in 2012, and the signature of the “Advanced statute” with European Union (EU) in 2008. In consequence of this, Moroccans firms will have to compete with European firms, which will impact their competitiveness, profitability and efficiency. The investment climate (IC) can therefore play an important role. In addition to that, Moroccanfirms will have to comply with European norms in terms of sustainable development and corporate social responsibility (CSR). In the first part of our study, we aim to identify the determining factors of the IC that impact the economic and financial performance of Moroccan firm. The results show that the taxation (in term of conformity) has a positive impact on performance while the fiscal’s iniquity has a negative effect. In addition, the disloyal informal sector competition has a negative impact on firms’ performance. The regulatory environment plays a role in a sense that firm’s performance is negatively associated with firm’s activity constraints, but positively related to firm’s export administrative constraints. Our results show also non significant link with the financing. In the second part, we measure the social and environmental engagement of Moroccan’s firms based on a measure of corporate social performance (CSP) created from perceptual data. We verified then the potential link existing between this CSP measure and the financialperformance. The results show that no consensus toward a theory is emerging: the stakeholder’s theory is validated for the social dimension (relation with employees) of CSP while the “classic” theory is validated for the other dimensions (environment, etc.). At last, the social commitment of Moroccan’s firms toward their employees seems to be an important dimension of the CSR, while the other dimensions are not

APA, Harvard, Vancouver, ISO, and other styles

7

Bouyoud, Floriane. "Le management stratégique de la responsabilité sociale des entreprises." Phd thesis, Conservatoire national des arts et metiers - CNAM, 2010. http://tel.archives-ouvertes.fr/tel-00486745.

Full text

Abstract:

La Responsabilité Sociale des Entreprises peut aujourd'hui être considérée comme un thème de gestion qui prend tout son sens dans le management opérationnel des entreprises et des organisations. C'est pourquoi, il semble nécessaire d'éclairer le concept de Responsabilité Sociale des Entreprises, notamment parce qu'il ne concerne pas uniquement le volet social des organisations et qu'il ne s'applique pas qu'aux entreprises stricto sensu. Il s'agit de commencer par traduire ce concept dans les décisions et les pratiques de management stratégique, mais également de proposer une ingénierie stratégique pour sa mise en œuvre. Enfin, il faut évaluer les effets sur la performance globale de l'entreprise ou de l'organisation, c'est-à-dire sur les trois performances : environnementale, sociale et économique, de manière à en mesurer l'efficacité et l'efficience dans le temps. Nous proposons une modélisation pour faciliter la mise en place de la Responsabilité Sociale dans les Entreprises à travers une ingénierie tridimensionnelle qui comprend les trois axes du processus d'implantation, les trois volets de la RSE et les trois étapes de mise en œuvre. Nos recherches ont débuté par une approche auprès de neuf terrains dits préliminaires qui nous ont permis d'obtenir les éléments nécessaires à la construction de notre modèle de management stratégique de la Responsabilité Sociale des Entreprises. Nous avons ensuite testé notre modèle auprès de deux organisations en menant une étude longitudinale de près de trois ans.

APA, Harvard, Vancouver, ISO, and other styles

8

Lachuer, Julien. "Performance financière et choix d'actifs responsables : une analyse du marché américain." Thesis, Rennes 1, 2017. http://www.theses.fr/2017REN1G021/document.

Full text

Abstract:

Cette thèse précise dans quelles mesures la performance responsable peut contribuer à l’amélioration de la performance financière pour un investisseur. En s’appuyant sur une base de données de 1992 à 2012 et un état de l’art de la notation responsable KLD, nous montrons que la Responsabilité Sociale de l’Entreprise (RSE) ne constitue pas invariablement un facteur de performance pour un portefeuille d’actions. Elle se révèle être un coût à consentir par les investisseurs soucieux de leur niveau d’éthique, du moins dans sa version proactive. Selon le secteur observé, la réduction des actes d’irresponsabilité peut néanmoins améliorer la performance financière. Nos développements mettent en évidence l’importance d’un choix préalable des actifs du portefeuille. En effet, les stratégies RSE améliorent la performance financière en fonction des caractéristiques qui limitent les comportements opportunistes des managers. Notre analyse multicritères révèle que les dépenses de responsabilités sont le fruit des excès de trésorerie. Le coût moyen pondéré de la dette déterminera l’efficacité de ces stratégies sur la rentabilité de l’entreprise. Enfin, nous mettons en exergue des dissemblances de langage dans les discours issues des rapports de responsabilité, selon le niveau d’éthique et de performance financière. Ces champs lexicaux renseignent l’investisseur sur les intentions des managers, afin de mieux sélectionner les actifs
This thesis explains and clarifies the ways in which responsible performance can increase financial performance for investors. Based on data gathered between 1992 and 2012 and a state-of-the-art KLD scoring system, we demonstrate that Corporate Social Responsibility (CSR) does not consistently increase the performance of a share portfolio. CSR, when proactively implemented, proves to be a cost granted by investors concerned about their ethical models. Depending on the sector observed, restrictions on irresponsible acts can however improve financial performance. Our research highlights the importance of selecting portfolio assets beforehand. We found that CSR strategies improve financial performance provided that some criteria which restrict managerial opportunism. Our multi-criteria analysis revealed that the expenditure of responsibility is a result of excess cash flow. The weighted average cost of the debt will determine the effectiveness of these strategies on the company's profitability. Finally, we highlight discrepancies in Corporate Social Responsibility reports, according to the ethical level and financial performance of each company. These lexical fields inform the investor of managers’ intentions and hence, allow a better selection of the assets

APA, Harvard, Vancouver, ISO, and other styles

9

El, aouadi Amal. "When CSR meets the stock market : the role of investor attention." Thesis, Clermont-Ferrand 1, 2016. http://www.theses.fr/2016CLF10497.

Full text

Abstract:

Cette thèse se compose de trois essais empiriques qui étudient le rôle de l’attention des investisseurs comme étant un déterminant de la relation entre la performance sociale de l’entreprise (PSE) et sa performance financière (PFE). Notre objectif étant de repenser la littérature controversée sur les répercussions financières des activités de l’entreprise en matière de RSE, nous émettons un nouveau postulat – l’attention des investisseurs joue un rôle important dans la relation PSE-PFE. En effet, en complément à l’attrait de l’attention des investisseurs sur les marchés financiers tel que suggéré par un bon nombre d’articles académiques, une littérature émergente mais conséquente a récemment souligné le rôle de la visibilité de l’entreprise ainsi que celui de l’attention des différentes parties prenantes comme étant des facteurs pertinents de la relation entre la PSE et la PFE. Par conséquent, nous avons jugé utile de revisiter les retours sur investissements de la PSE, tout en intégrant l’effet de l’attention des investisseurs.Un important courant de la littérature empirique sur la PSE témoigne d’une forte cohésion entre l’entreprise socialement responsable et ses différentes parties prenantes telles que les consommateurs, les employés, les fournisseurs, les investisseurs les analystes financiers ainsi que les militants et activistes, cette cohésion étant encore plus forte, pour les entreprises bénéficiant d’une attention plus accrue de la part des différentes parties prenantes. Dans ce travail de recherche, nous poursuivons dans une telle logique et plus particulièrement, nous mettons en œuvre une analyse plus fine de ce constat, à savoir, nous évaluons le rôle de l’attention des investisseurs, en tant que ressource cognitive rare et limitée, dans la relation PSE-PFE. Cette thèse comporte quatre chapitres. Un chapitre préliminaire passe en revue la littérature existante sur la valeur marché de la PSE. En particulier, nous identifions trois courants de recherche principaux portant sur cette question et discutons du rôle des mécanismes internes et externes qui affectent la réaction des marchés financiers à la performance sociale. Plus important encore, nous accordons une attention particulière à la littérature sur le rôle de la visibilité de l’entreprise pour traduire la PSE en PFE. Ce dernier constat ouvre le débat sur la pertinence probable de l’attention de l’investisseur comme un déterminant clé de la relation PSE-PFE. Ainsi, dans une deuxième partie, nous portons un intérêt particulier à la littérature antérieure sur l’attention, le traitement de l’information et la prise de décision sur les marchés financiers. Puis, après avoir correctement défini l’attention et présenté son rôle sur les marchés financiers, nous essayons dans la dernière section de ce chapitre, d’établir le lien entre la littérature sur l’attention des investisseurs et celle sur l’impact financier de la PSE afin de déceler les perspectives de recherche futures. En dernier lieu, nous concluons et donnons le ton à la question de recherche complexe et stimulante que nous essayons d’élucider tout au long des trois essais de cette thèse à savoir, comment l’attention des investisseurs transforme la PSE en PFE. [...]
This thesis consists of three empirical essays investigating the role of investor attention as a determinant of the relationship between corporate social performance (CSP) and financial performance. Our aim is to rethink the controversial literature on the financial implications of CSR activities by exploring a new premise – investor attention may shape the financial returns on corporate social impact. Since a growing stream of literature has highlighted the role of firm visibility as well as stakeholder attention to connect CSP to financial performance in addition to the complementary literature of investor attention and stock prices, we expect that controlling for firm-specific investor attention would provide novel insights to the literature on the potential financial effects of CSP.A consistent strand of literature has provided interesting evidence of a strong relationship between the firm CSP and its stakeholders such as consumers, employees, suppliers, investors, analysts, activists and communities, and regulators, with the benefits being stronger, the greater the attention to and salience of social activities among stakeholders. We complement and extend this literature by implementing a more granular analysis and particularly we focus on the relevance of investors’ attention, a scarce and limited cognitive resource.This research is divided in four chapters. The first chapter is a survey of prior theoretical and empirical literature on the controversial debate of the relation between CSR and financial outcomes. We have particularly reviewed potential mechanisms that allow CSP to translate into CFP. Most importantly, we rely on studies claiming that firm visibility is a crucial factor to connect social impact to financial performance. Another argument of great appeal is the stakeholder attention theory as proposed by Madsen and Rodgers (2015) from which our research question draws its full legitimacy. Then, we have connected the literatures on attention, information, decision making and CSR to remake the CSP-CFP puzzle and highlight potential research hypotheses. A more readable view is provided by Figure 1 (later in this document) which integrates and synthesizes key predictors, outcomes, mediators, and moderators of the CSP-CFP relation by focusing on studies related to CSR and firm visibility thereby introducing the role of investor attention. Figure 1 is not an exhaustive conceptualization of all the intervening variables in this relationship but rather meant as a multilevel lens and guiding framework to which other variables can be added in the future. However, despite all the advancements in assessing the returns on CSR investments, this debate remains unsettled and has yielded conflicting results. Thus, we conducted three empirical essays on the relation between CSP and financial performance and particularly provide new and unique evidence on the role of investor attention to shape this controversial empirical issue. Therefore, in the first essay, we conduct a multi-country event study and investigate the impact of environmental, social and governance (ESG) news headlines on the shareholder wealth. We find that investors do not value positive ESG news headlines but negatively react to negative ESG news headlines. This result is consistent with the idea that social responsibility and irresponsibility are not the two sides of the same coin. Furthermore, evidence reveals that shareholders only react to negative corporate governance related headlines. This suggests that investors may be especially prone to attend to corporate social responsibility (CSR) initiatives that directly impact their own interests as previously suggested by T. M. Jones et al. (2007). Most importantly, investor attention was found to shape the punishment and reward of CSP, after controlling for the additional role of firm’s internal moderators such as firm size and advertising expenditure. [...]

APA, Harvard, Vancouver, ISO, and other styles

10

Amri, Asma. "L’activisme actionnarial en France : les projets de résolution et leurs impacts sur la performance des entreprises cotées." Thesis, Paris 10, 2016. http://www.theses.fr/2016PA100068.

Full text

Abstract:

L’activisme actionnarial en France est un phénomène relativement récent comparé aux pays anglo-saxons. Les actionnaires activistes sont de plus en plus présents dans les entreprises françaises. Leur introduction dans le capital d’une société constitue une menace pour certains dirigeants, insoucieux des normes de bonne gouvernance et privilégiant leurs intérêts au détriment de ceux des autres actionnaires. Les moyens dont disposent les actionnaires et particulièrement les actionnaires minoritaires pour exercer un contrôle sur la direction diffèrent selon les pays. Cette différence s’explique par le degré de protection des actionnaires minoritaires et la réglementation en vigueur. En France, le recours aux projets de résolution externes par les actionnaires, constitue un des moyens disponibles pour contrôler les dirigeants et les obliger à maximiser la valeur actionnariale et servir les intérêts des actionnaires. Notre thèse étudie l’impact des projets de résolution sur la performance boursière des entreprises françaises, entre 2002 et 2015 et présente les déterminants de réussite d’une résolution déposée en Assemblée Générale
Shareholder activism in France is relatively a new phenomenon compared to the Anglo-Saxons countries. Activist shareholders are increasingly present in French companies. Their introduction into the capital of a company is a threat to some managers, heedless of standards of good governance and favoring their interests over those of other shareholders. The tools used by shareholders (especially minority shareholders) to exercise control over the management are different from one country to another. This difference can be explained by the degree of protection of minority shareholders and the regulatory framework. In France, submitting an external resolution by activist shareholders, allows them to control the board of directors and force them to maximize shareholder value and serve their interests. Our study investigates the impact of proposals on the market performance of French listed companies between 2002 and 2015 and presents the determinants of success of submitting resolutions at General Annual Meetings

APA, Harvard, Vancouver, ISO, and other styles

11

Kammas, Said. "Pratiques de développement durable chez les prestataires logistiques marocains : quel levier de performance globale ?" Thesis, Montpellier 3, 2015. http://www.theses.fr/2015MON30033/document.

Full text

Abstract:

Dans un environnement de plus en plus instable et incertain, les entreprises en général, n’ont d’autres choix que de rechercher la performance globale et durable qui seule pourrait constituer un facteur de pérennité et un avantage concurrentiel majeur. La performance globale des entreprises agit sur toutes les dimensions du cycle de vie du produit/service : de la conception, à la livraison au consommateur, réduction des coûts pour être en mesure d’offrir le meilleur prix au Client. Cette logistique d’optimisation de bout à bout de la chaîne est devenue, une nécessité vitale pour assurer la pérennité de l’entreprise. Aujourd’hui, les entreprises en général, et les prestataires logistiques en particuliers, sont confrontés à la prise de conscience que la modélisation de leur chaîne logistique doit être revue de façon plus performante et surtout que les impacts de leur activité doivent être pris en compte : intégrer les contraintes environnementales dans la gestion de leurs activités d’approvisionnement, de distribution, de transport, … et en dégager des voies de progrès économique, social et environnemental, va être l’enjeu stratégique de la prochaine décennie.D’où, la nécessité d’adoption d’un management spécifique ayant pour objectif de concilier entre les pratiques classiques d’aboutissement à la performance globale, et des pratiques novatrices et spécifiques qui prônent le développement durable.Notre travail de recherche traitera la problématique suivante : comment réaliser la performance globale des PME du secteur Transport et logistique au Maroc, en adoptant les pratiques de développement durable ? Ainsi, nous traiterons dans ce travail d’un modèle de Management spécifique capable de conduire les prestataires logistiques Marocain à la performance globale, tout en conciliant les différents enjeux financiers, sociaux et environnementaux.A cet effet, nous avons posé une question centrale : à savoir en quoi le développement durable se présente comme une opportunité pour atteindre la performance durable ?
In an environment of increasingly unstable and uncertain, companies in general, have other choices only to search the global and durable performance which only could constitute a factor of sustainability and a major competing advantage. The global performance of companies’ acts on all the dimensions of the cycle of life of the product / service: from design to delivery to the consumer, reducing costs to be able to offer the best price to the customer. This optimization’s logistics endwise of the chain has become a vital necessity for the sustainability of the company.Today, businesses in general and logistics providers in particular, are confronted with the realization that modeling their supply chain needs to be reviewed more efficient and especially that the impacts of their activity must be taken into account : integrating environmental constraints in the management of their supply activities, distribution, transportation, ... and supply, distribution, of transport,… and to release some ways for economic, social and environmental progress, that must be the strategic challenge of the next decade.Hence, the need to adopt a specific management aiming to reconcile classical practices leading to the global performance, and innovative and specific practices that promote on sustainable development.Our research will treat the following problematic: how to realize the global performance of SMEs in the Transportation and Logistics sector in Morocco, by adopting the practices of sustainable development?Thus, we will treat in this work, a model of specific Management able to lead the Moroccan logistics providers to the global performance, while reconciling the various financial, social and environmental challenges For this purpose, we ask a key question: how the sustainable development is presented as an opportunity to achieve sustainable performance?

APA, Harvard, Vancouver, ISO, and other styles

12

Fercoq, Alain. "Contribution à la modélisation de l’intégration lean green appliquée au management des déchets pour une performance équilibrée (économique, environnementale, sociale)." Thesis, Paris, ENSAM, 2014. http://www.theses.fr/2014ENAM0004/document.

Full text

Abstract:

Depuis les années 80, les entreprises des pays développés sont confrontées à une concurrence de plus en plus acérée. Dans ce contexte, l'adoption du Management Lean s'est généralisée. Il vise à accélérer les flux, à réduire les non valeurs ajoutées, dans le cadre d'un processus d'amélioration continue. Par ailleurs, depuis les années 90, le développement durable suscite un intérêt croissant. La responsabilité sociétale des entreprises (RSE) est la contribution des entreprises aux enjeux du développement durable. La démarche consiste pour les entreprises à prendre en compte les impacts sociaux et environnementaux de leur activité pour adopter les meilleures pratiques possibles et contribuer ainsi à l'amélioration de la société et à la protection de l'environnement. Cette étude positionne l'intégration Lean Green au service d'une stratégie de Responsabilité Sociétale de l'Entreprise (RSE). Un premier modèle stratégique Lean Green donne un cadre structuré pour des développements scientifiques ciblés, priorisant telle ou telle performance. Une segmentation selon la performance majeure impactée (économique, sociale) au-delà de la performance environnementale et le périmètre (interne / externe à l'entreprise), est proposée. Quatre stratégies se dégagent alors : l'éco-efficience, l'éco-responsabilisation, l'éco-partenariat, l'éco-solidarité. Chaque stratégie répond à des parties prenantes spécifiques de l'entreprise. Pour l'éco-efficience, une étude quantitative (plan d'expérience) hiérarchise les facteurs impactant la minimisation des déchets en Production et montre l'intérêt d'associer les 2 méthodes : les « 7 muda » du Lean et la hiérarchie 3R (Réduire, Réutiliser, Recycler) du Green. L'exploitation d'une « matrice Lean 3R » est même souhaitable. Pour l'éco-responsabilisation, un modèle de Management Visuel de l'Eco-Performance (MVEP), évalué qualitativement (recherche-intervention) améliore un indice de motivation. Il est révélé que l'intégration d'une dimension écologique dans l'animation d'une performance économique, est favorable à son amélioration
Since the 80s , companies in developed countries are facing with competition increasingly sharp . In this context, the adoption of lean management has become widespread. It aims to speed up the flow , to reduce non- value added , as part of a continuous improvement process. Moreover, since the 90s , sustainable development is a growing interest . Social responsibility (CSR) is the business contribution to sustainable development issues. The approach is for companies to take into account the social and environmental impacts of their business to adopt the best practices and contribute to the improvement of society and the protection of the environment. This study positions the integration Lean Green serving a strategy Corporate Social Responsibility (CSR) . A first strategic Lean Green model gives a structured framework for targeted scientific developments, prioritizing a particular performance. Segmentation according to the impacted (social, economic) major performance beyond environmental performance and the scope (internal / external to the company) , is proposed. Four strategies emerge then : eco-efficiency , eco-responsibility , eco-partnership , eco- solidarity. Each strategy responds to specific stakeholders of the company. For eco-efficiency, a quantitative study (design of experiment) prioritizes the factors affecting the minimization of waste in production and demonstrates the value of combining the two methods : the Lean "7 muda " and the Green 3Rs hierarchy ( reduce, Reuse, Recycle). Operating a "matrix Lean 3R " is desirable. For eco-responsibility, a model of Visual Management of Eco-Performance (VMEP), evaluated qualitatively (intervention research) improves an index of motivation. It is revealed that the integration of environmental considerations into the animation of economic performance , is in favor of improving

APA, Harvard, Vancouver, ISO, and other styles

13

Girel, Marc. "Approche exploratoire d’une possible évaluation multi-dimensionnelle de la performance de l’investissement socialement responsable." Thesis, Aix-Marseille, 2012. http://www.theses.fr/2012AIXM1088.

Full text

Abstract:

L'Investissement Socialement Responsable (ISR) est un mode d'investissement en pleine expansion. L'ontologie qui l'accompagne suggère que le caractère « socialement responsable » interpelle l'investisseur potentiel quant aux critères à retenir pour définir la recherche de performance. Celle-ci ne se mesure plus à travers un prisme exclusivement financier, mais s'ouvre à d'autres critères plus qualitatifs. La satisfaction de l'actionnaire bien que légitimement maximisée se trouve associée à la prise en compte d'intérêts des autres parties prenantes au processus de production. La Responsabilité Sociale de l'Entreprise (RSE) vérifie cette démarche validant ou invalidant ainsi l'éligibilité d'une entreprise à un processus d'investissement ISR. Cette thèse propose d'évaluer la performance d'un OPCVM ISR de manière multidimensionnelle en s'appuyant sur un possible triptyque de performance boursière, extra-financière et morale. Les conclusions de cette recherche soulignent la complexité de mise en œuvre d'une telle démarche tant les enjeux, les perceptions et les objectifs divergent d'une catégorie d'acteurs à l'autre. Enfin, la thèse souligne l'importance de la confiance des investisseurs à adhérer à la stratégie ISR d'un OPCVM conforme à leurs souhaits sans pour autant avoir la capacité de vérifier ou de contrôler de manière irréfutable la mise en œuvre de la démarche
The Socially Responsible Investment (SRI) is a mode of rapidly growing investment. The ontology which accompanies it suggests that the "socially responsible" character calls questions to the potential investor as for the criteria to be retained to define the research for performance. This one does not confront any more through an exclusively financial prism, but opens in the other more qualitative criteria. The satisfaction of the shareholder well that legally maximized is associated with the consideration of interests of the other stakeholders in the process of production. The Corporate Social Responsability (CSR) verifies this validating approach initiative or so invalidating the eligibility of a company in a process of investment ISR. This thesis estimates the performance of an OPCVM ISR in a multidimensional way by leaning on a possible triptych of stock-exchange, extra-financial and moral performance. The conclusions of this research underline the complexity of implementation of such an approach so much the stakes, the perceptions collections and the objectives can diverge from a category of actors in the other one. Finally, the thesis underlines the importance of the confidence of the investors to adhere to the strategy ISR of an OPCVM in compliance with their wishes without having the capacity to verify or to control in a irrefutable way the implementation of the approach

APA, Harvard, Vancouver, ISO, and other styles

14

Kanclerytė, Agnė. "The impact of corporate social performance on corporate financial performance." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100914_101805-16498.

Full text

Abstract:

This thesis attempts to extend the research in the Corporate Social Performance – Corporate Financial Performance relationship. The studies conducted previously display mixed findings with no unified evidence of the relationship direction and impact. This study reviews the existing literature on CSP and CFP as well as their link, identifying main problems and brings forward the concepts of strategic CSP and ad-hoc CSP. These concepts in a wider term are referred as CSP maturity. The main aim of this study is to investigate whether there is a relationship between company’s financial performance and CSP maturity and if the relationship is present, the relationship direction and causality. A study sample was constructed from large European banks and insurance companies. A panel data containing the information of 86 companies measured separately three times in three years period was analyzed. The empirical study used return on asset (ROA), return on equity (ROE) and return on sales (ROS) ratios for CFP operationalisation. CSP maturity was measured as years of continuous involvement into strategic CSP. The correlation analysis was build in order to verify the hypothesis about the CSP maturity and CFP relationship direction. Additionally the average mean of ROA, ROE and ROS was compared between the companies engaged in strategic and ad-hoc CSP. The weighted least squares regression, including several control variables was constructed to test two models of CSP maturity and CFP... [to full text]
Šiuo magistriniu darbu autorė siekia praplėsti įmonės socialnės veiklos (CSP) ir įmonės finansinių resultatų (CFP) sąryšio tyrimus. Ankstesnių tyrimų rezultatai yra prieštaraujantys ir nepateikiantys vienalyčių įrodymų apie šių dviejų kintamųjų ryšio kryptį bei stiprumą. Šis tyrimas apžvelgia ankstesnius tyrimus, atliktus siekiant ištirti ryšį tarp CSP ir CFP, identifikuoja pagrindines problemas ir pristato strateginės ir atsitiktinės socialinės veiklos sampratas. Šios sampratos apibendrintai yra vadinamos CSP branda. Pagrindinis šio tyrimo tikslas yra ištirti ar egzistuoja priežastinis ryšys tarp CSP and CFP ir jei egzistuoja, nustatyti jo kryptį bei priežastingumą. Tyrimui naudojama imtis buvo sudaryta iš stambių Europos bankų bei draudimo kompanijų. Tyrimui buvo naudojami paneliniai duomenys, kurie buvo gauti 86 įmones matuojant 3 kartus tryjų metų periode. Tyrime įmonių finansiniai rezsultatai buvo matuojami turto grąžos (ROA), nuosavybės grąžos (ROE) bei pardavimų grąžos (ROS) rodikliais. CSP branda buvo matuojama nepertraukiamos strategines CSP veiklos metų skaičiumi. Koreliacijos analizė parodė neigiamą ryšį tarp CSP brandos ir įmonės finansinų rezultatų (koreliacijos koeficinetai kievienam finansiniam rodikiui buvo -0.438, -0.358, -0.350). Nepriklausomų imčių vidurkių palyginimo T-testas parodė statistiškai reikšmingą skirtumą tarp ROA ir ROS rodiklių lyginant įmones, kurios CSP vykdė strategiškai ir atsitiktinai. Įmonės, kurios vykdė CSP atsitiktinai, jų ROA ir ROS... [toliau žr. visą tekstą]

APA, Harvard, Vancouver, ISO, and other styles

15

Sanchez, Mélissa. "L'intégration raisonnée de multiples normes exogènes et endogènes pour maintenir la performance socio-économique de l'entreprise." Thesis, Lyon, 2020. http://www.theses.fr/2020LYSE3035.

Full text

Abstract:

Les entreprises subissent une prolifération de normes pour maîtriser les impacts de leurs activités sur la société. Une norme consiste à fournir des « règles du jeu » pour encadrer des comportements humains et limiter des risques de dysfonctionnements et d’externalités négatives. La théorie néo-institutionnelle considère que respecter les normes est une condition sine qua non pour rester légitime sur son marché. Néanmoins, comme le montre la théorie de la Tétranormalisation, les normes sont abondantes, changeantes, complexes, coûteuses et parfois contradictoires entre elles. Un choix stratégique quant à l’intégration raisonnée des normes semble inévitable pour maintenir la capacité de survie et de développement de l’entreprise. Nous réalisons une enquête qualitative transversale auprès de neuf entreprises de tailles et secteurs différents. Les résultats montrent des dirigeants qui essaient de composer à la fois avec les normes exogènes (celles qui « naissent » à l’extérieur de l’entreprise) et avec les normes endogènes (celles qui « naissent » à l’intérieur de l’entreprise). Parallèlement, nous menons une recherche-intervention qualimétrique menée au sein d’une PME pour améliorer sa stratégie d’intégration des normes. Nous mesurons les coûts et performances cachés liés à l’intégration et aux écarts normatifs. En participant au processus d’amélioration, nous identifions les critères de choix pour l’intégration raisonnée d’une norme exogène. Nous expérimentons enfin des méthodes pédagogiques pour faciliter l’intégration des normes endogènes de l’entreprise dans les pratiques professionnelles des collaborateurs
Companies are undergoing a proliferation of norms and standards to control the impacts of their activities on society. A standard consists of providing "rules of the game" to regulate human behavior and limit the risks of malfunctioning and negative externalities. The neo-institutional theory considers that respecting standards is a sine qua non condition to remain legitimate in its market. Nevertheless, as the theory of Tétranormalization shows, norms and standards are abundant, changing, complex, costly and sometimes contradictory. A strategic choice as to the reasoned integration of standards seems inevitable to maintain the survival and development capacity of the company. We conduct a cross-sectional qualitative survey of nine companies of different sizes and sectors. The results show that managers who try to deal with both exogenous norms (those "born" outside the firm) and endogenous norms (those "born" inside the firm). At the same time, we are conducting a qualimetric research-intervention study in an SME to improve its standards integration strategy. We measure the hidden costs and performances related to integration and standards gaps. By participating in the improvement process, we identify the selection criteria for the reasoned integration of an exogenous standard. Finally, we experiment with pedagogical methods to facilitate the integration of the company's endogenous standards into the professional practices of employees

APA, Harvard, Vancouver, ISO, and other styles

16

Anders, Erik. "Classiﬁcation of Corporate Social Performance." Thesis, Linköpings universitet, Statistik och maskininlärning, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-176685.

Full text

Abstract:

Over the past few years there has been an exponentially increasing attention in financetowards socially responsible investments which creates a need to determine whether acompany is socially responsible or not. The ESG ratings often used to do this are based onEnvironmental, Social and Governance related data about the companies and have manyflaws. This thesis proposes to instead model them by their controversies discussed in themedia. It tries to answer the question if it is possible to predict future controversies of acompany by its controversies and ESG indicators in the past and to isolate predictors whichinfluence these. This has not been done before and offers a new way of rating companieswithout falling for the biases of conventional ESG ratings. The chosen method to approachthis issue is the Zero Inflated Poisson Regression with Random Intercepts. A selectionof variables was determined by Lasso and projection predictive variable selection. Thismethod discovered new connections in the data between ESG indicators and the numberof controversies but also made it apparent that it is difficult to make predictions for futureyears. Nether the less the coefficients of the selected indicators can give a valuable insightinto the potential risk of an investment.

APA, Harvard, Vancouver, ISO, and other styles

17

Lim, Christopher. "Relationship Between Corporate Social Responsibility and Corporate Financial Performance." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4529.

Full text

Abstract:

Consumers are demanding that corporations become more socially responsible. Executives are challenged to maximize shareholders' returns with achieving a favorable corporate citizen status. The research problem was a gap in knowledge and understanding of the impact of corporate social responsibility on financial performance. This study used multiple linear regression to assess the relationship between key indicators of corporate social responsibility and financial performance from 372 corporations in the S&P500 in 2014. The theoretical foundation was Freeman's stakeholder theory. Environment, community, human rights, diversity, employee relations, product quality, and corporate governance were measures of social performance. Return on assets was used to measure financial performance. When corporate social responsibility was evaluated as an aggregate variable, a significant and negative relationship was found in the financial and material sectors. When corporate social responsibility variables were evaluated independently, employee relations and product quality in the healthcare sector, and community in the financial sector, were found to be positively significant. Environment, product quality, and corporate governance in the financial sector, and employee relations in the consumer and energy sectors, were found to be negatively significant. This study revealed that the relationship between some social variables and financial performance are significant, but not always in a positive direction. Practitioners, executives, and managers can use the findings to evaluate their firm's social position, develop strategies to address gaps, and undertake actions to enhance their firm's social performance, thereby creating positive social change in the community.

APA, Harvard, Vancouver, ISO, and other styles

18

Daniel, Oluwakemi. "The Relationship Between Corporate Social Responsibility, Corporate Sustainability, and Corporate Financial Performance." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5847.

Full text

Abstract:

Some business executives are reluctant to engage in social responsibility and sustainability practices because of the assumption that these projects are costly and impair profitability. The purpose of this correlation study was to examine the relationship between corporate social responsibility, sustainability (as proxied by the 2016 Best Corporate Citizens index), and corporate financial performance (as measured by ROA and Tobin's Q). Stakeholder theory was the theoretical framework for the study. The results of linear regression analyses indicated an insignificant positive relationship between corporate social responsibility, sustainability, and financial performance. The yield of the linear regression analyses was as follows: F(1, 12) = .023, p = .881, R2 = .002 for ROA and F(1, 12) = .060, p = .811, R2 = .006 for Tobin's Q. The findings from the study revealed that the relationship between social and sustainable activities and financial performance is indifferent regardless of whether financial performance is assessed using accounting or market measures. The presence of a direct, though insignificant, association calls for business managers' attention. The reason is that with the positive association, it is arguably useful to suggest that the more social and sustainable projects are embarked on by firms, the greater the probability of an increased financial outcome.

APA, Harvard, Vancouver, ISO, and other styles

19

Lapointe, Vincent. "Essays on corporate social responsibility and socially responsible investment." Thesis, Aix-Marseille, 2013. http://www.theses.fr/2013AIXM1093/document.

Full text

Abstract:

Notre thèse traite des thématiques de la responsabilité sociétale des entreprises (RSE), de sa relation avec la performance économique et financière de l’entreprise, et de l’investissement socialement responsable (ISR). Ces thématiques ont récemment gagné en popularité, favorisées par un contexte de crise économique et environnementale. Notre thèse se compose de quatre principaux chapitres. Notre premier chapitre est une revue de la littérature académique sur la RSE et l’ISR. Nous proposons une revue interdisciplinaire de la littérature académique partagée entre l’économie et les sciences de gestion (éthique appliquée aux entreprises, stratégie et finance). Notre second chapitre est une analyse empirique de la relation entre RSE et performance financière de l’entreprise sous l’angle du coût du capital. Nous nous intéressons à l’impact de la publication d’une notation de la politique de RSE d’une entreprise sur la liquidité de ses titres et la taille de sa base d’actionnaires. Nos troisième et quatrième chapitres sont des analyses des propriétés de portefeuilles d’ISR construits à l’aide de nouvelles méthodes d’allocations. Ainsi nous analysons comment des stratégies d’allocations basées sur le risque modifient la performance des portefeuilles d’actifs financiers émis par des émetteurs ayant une politique de RSE, et réciproquement comment un univers d’investissement composé uniquement d’émetteurs ayant une politique de RSE modifie les propriétés de ces allocations alternatives
Our thesis examines corporate social responsibility (CSR) and how it is linked to a firm’s economic and financial performance, as well as socially responsible investment (SRI). With the current environmental and economic uncertainty, these issues are attracting increasing interest. Our thesis is organized in four chapters. Chapter 1 is a literature review on CSR and SRI. We propose an interdisciplinary review of the academic literature in both economics and management sciences (ethics applied to business, strategy and finance). Chapter 2 is an empirical analysis of the relationship between CSR and a firm’s financial performance in terms of cost of capital. We look at the impact of publishing an evaluation of the firm’s involvement in CSR on the liquidity of its stocks and the size of its investor base. Chapter 3 and Chapter 4 are analyses of the characteristics of SRI portfolios built according to new allocation methodologies. We analyze how risk-based allocations impact the performance of the portfolios of financial products of issuers involved in CSR, and reciprocally, how a universe of investment composed of the financial products of issuers involved in CSR impacts the properties of these alternative allocations

APA, Harvard, Vancouver, ISO, and other styles

20

Albers, Carsten. "Do good and talk about it: Corporate Social Performance and Corporate Social Reporting." Doctoral thesis, Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2013. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-108802.

Full text

Abstract:

Die Dissertation beschäftigt sich mit der Definition von Corporate Social Performance im ersten Teil. Hierbei wird zuerst geklärt, weshalb eine Definition notwendig ist und ob in empirischen Studien verwendete Maße die verwendeten Definitionen abbilden. Nachfolgend wird ein Definitionsvorschlag aus bekannten Definitionen entwickelt. Im zweiten Teil der Arbeit wird geklärt, welche Faktoren dazu führen, dass Unternehmen eine soziale Berichterstattung haben und ob diese Art der Berichterstattung auch zur finanziellen Leistung von Unternehmen beitragen kann.

APA, Harvard, Vancouver, ISO, and other styles

21

Miller, Dawn P. "The Relationship between Corporate Social Performance and Financial Performance." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2563.

Full text

Abstract:

Business leaders lack consistent information to make and support strategic budgetary decisions while supporting corporate social responsibility initiatives. Grounded in stakeholder and contract theory, this correlation study examined the relationship between Fortune reputation scores and return on asset, return on equity, and earnings per share, while controlling for total assets. Archival data were collected from 25 corporate websites of U.S. banks included in Fortune Most Admired Companies listing from 2011 to 2013. For 2011 there was a moderate positive partial correlation between Fortune reputation index (FRI) and return on equity (ROE) while controlling for total assets, r = .47, p < .05, with higher levels of FRI associated with higher levels of ROE. For 2012 there was a moderate positive partial correlation between FRI and ROE while controlling for total assets, r = .48, p < .05, with higher levels of FRI associated with higher levels of ROE. Correspondingly, there was a moderate positive partial correlation between FRI and EPS, r = .56, p < 0.5 with higher levels of FRI associated with higher levels of ROE in 2012. For 2013, there was also a moderate positive, but not statistically significant, partial correlation between FRI and EPS, r = .41, p > .05, with higher levels of FRI associated with higher levels of EPS. The implications for positive social change include greater support for socially responsible business strategies to promote sustainability and more business leaders promoting the provision of social benefits for stakeholders.

APA, Harvard, Vancouver, ISO, and other styles

22

Garcia, Editinete André da Rocha. "A influência do disclosure na relação entre corporate social performance e corporate financial performance." Universidade de Fortaleza, 2016. http://dspace.unifor.br/handle/tede/99810.

Full text

Abstract:

Made available in DSpace on 2019-03-29T23:51:09Z (GMT). No. of bitstreams: 0 Previous issue date: 2016-09-09
The Disclosure of the Corporate Social Performance (D-CSP) is a mechanism that can be used to evaluate the several social aspects involved in discretionary policies, actions, and activities identified in the managing process for stakeholders. As a result of such transparency, the D-CSP is a mechanism that may impact the relationship between the Corporate Social Performance (CFP), related to primary stakeholders and the Corporate Financial Performance (CFP). This research has the general objective to investigate the moderating effect of the D-CSP in the relationship between the CSP and CFP. Based on that objective, the research has presented a model where the D-CSP acts as a moderator in relation between CSP related to primary stakeholders, employees, community and suppliers, and CFP. A sample of 1,147 companies belonging to ten different sectors and five continents in the world was used to test the model. The data were collected from 2010 to 2014, totaling 5,735 observations. The Bloomberg database was used as a source of such secondary data. The models presented by the research were tested empirically by using the multiple linear regression model through panel data with fixed effects, and resorting to the Newey-West robust standard errors correction by using the Stata® software, version 13. The three D-CSP, CSP and CFP constructs were used to perform the tests. As a CSP measure, the CSP of the employee, supplier, and community stakeholder was used, since the research was developed in view of the Stakeholder Theory. As a D-CSP measure, the disclosure scores available in the database were used, and the ROA was used as a CFP measure. The tests performed resulted in a positive moderating effect of the disclosure in relation to the CSP of the employee and supplier stakeholders, significantly different from zero. The results of the test that verified the moderating effect of the CSP disclosure in the relationship between the primary employee stakeholder revealed that, besides presenting a CSP in relation to that stakeholder, it is necessary to externalize such result, based on its CSP disclosure, in order to achieve a higher CFP. Regarding the moderating effect of the D-CSP on the CSP of the community stakeholder, the results indicated a coefficient without statistical significance. Such result may demonstrate that by benefitting the company¿s shares, the community becomes aware of those actions, and the effect can be considered as immediate, thus the disclosure as a means to achieve the desired effect on the CFP is not necessary. Keywords: Corporate financial performace. Corporate social performance. Disclosure voluntário. Legitimacy theory. Stakeholders theory.
O Disclosure do Corporate Social Performance (D-CSP) é um mecanismo que poderá ser usado para avaliar os diversos aspectos sociais envolvidos nas políticas, ações e atividades discricionárias identificados no processo de gerenciamento para stakeholder. Em decorrência dessa transparência, o D-CSP é um mecanismo que pode impactar a relação entre o Corporate Social Performanece (CSP), relacionado a stakeholders primários, e o Corporate Financial Performance (CFP). Esta pesquisa tem como objetivo geral investigar o efeito moderador do D-CSP na relação entre CSP e CFP. Com base nesse objetivo, a pesquisa apresentou um modelo onde o D-CSP atua como moderador na relação entre CSP, relacionadas aos stakeholders primários, funcionários, comunidade e fornecedores e o CFP. Para testar o modelo utilizou-se uma amostra de 1.147 empresas pertencentes a dez diferentes setores e a cinco continentes do mundo. Os dados foram colhidos dos anos de 2010 a 2014, totalizando 5.735 observações. Foi utilizada a base de dados Bloomberg como fonte desses dados secundários. Os modelos apresentados pela pesquisa foram testados empiricamente utilizando o modelo de regressão linear múltipla com dados em painel com efeitos fixos, recorrendo-se a correção de Newey-West robust standard erros, utilizando-se o software Stata®, versão 13. Para efetuar os testes se utilizou de três construtos, D-CSP, CSP e CFP. Foi utilizada como medida de CSP, o CSP dos stakeholders funcionários, fornecedores e comunidade, uma vez que a pesquisa foi desenvolvida na perspectiva da Teoria dos Stakeholders. Como medida do D-CSP foi utilizada os scores de disclosure de CSP disponíveis na base de dados e como medida do CFP foi utilizado o ROA. Os testes realizados indicaram um efeito moderador positivo do disclosure em relação ao CSP dos stakeholders funcionário e fornecedor, significativamente diferente de zero. Os resultados do teste, que verificou o efeito moderador do disclosure de CSP na relação entre stakeholder primário funcionário, revelaram que, além de apresentar um CSP em relação a esse stakeholder é necessário externalizar esse resultado, a partir da divulgação, para alcançar CFP superior. Em relação ao efeito moderador do D-CSP sobre o CSP do stakeholder comunidade, os resultados não indicaram um coeficiente com significância estatística. Esse resultado pode demonstrar que ao se beneficiar das ações da empresa, a comunidade toma conhecimento dessas ações e o efeito pode ser considerado imediato, não sendo necessário a divulgação como um meio para atingir o efeito desejado no CFP. Palavra-chave: Corporate financial performace. Corporate social performance. Disclosure voluntário. Teoria da legitimidade. Teoria dos stakeholders.

APA, Harvard, Vancouver, ISO, and other styles

23

Dias, João Pedro Marques Duarte. "Corporate social performance and cost of capital." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20831.

Full text

Abstract:

Mestrado em Finanças
Este estudo analisa a associação entre Responsabilidade Social Corporativa (RSC) e Custo de Capital para empresas cotadas no índice STOXX Europe 600, de 2002 a 2018. Os modelos de Ohlson e Juettner-Nauroth (2005) e Easton (2004) são usados para calcular uma medida ex-ante do custo do capital próprio, enquanto o custo da dívida é medido através do rácio entre as despesas com juros e o total da dívida com juros. Uma medida de Desempenho Social Corporativo (CSP) foi calculada usando a medida Combined ESG (Environmental, Social and Governance) disponibilizada pela Refinitiv. Os resultados sugerem que o CSP é valorizado pelos mercados de dívida e ações. É encontrada uma relação negativa entre CSP e custo do capital próprio, enquanto a relação entre CSP e custo da dívida é positiva. Testes adicionais sugerem que os mercados de ações penalizam as empresas menos responsáveis em CSP em comparação com seus pares do setor, enquanto os mercados de dívida penalizam os líderes do setor em CSP. Os resultados são robustos para medidas alternativas de CSP, custo de capital próprio e custo de dívida. Além disso, as associações não se mantêm durante os períodos de crise, sugerindo que CSP não adiciona nem destrói valor durante tais períodos.
This study analyses the association between Corporate Social Responsibility (CSR) and Cost of Capital for companies listed in the STOXX Europe 600 index, from 2002 to 2018. The Ohlson and Juettner-Nauroth (2005) and Easton (2004) models are used to compute an ex-ante cost of equity measure, while the cost of debt is measured as the ratio of interest expenses to total interest-bearing debt. A measure of Corporate Social Performance (CSP) was computed using the Combined ESG (Environmental, Social and Governance) Score from Refinitiv. Results suggest that CSP is priced by both debt and equity markets. Furthermore, a negative relationship between CSP and cost of equity is found, while the relationship between CSP and cost of debt is positive. Additional tests suggest that equity markets penalize firms lagging in CSP when compared with industry peers, while debt markets penalize industry leaders in CSP. The results are robust for alternative measures of CSP, cost of equity and cost of debt. Furthermore, the associations do not hold during periods of crisis, suggesting CSP is not value relevant during such periods.
info:eu-repo/semantics/publishedVersion

APA, Harvard, Vancouver, ISO, and other styles

24

Yeh, Hsin-Yi. "Public relations, corporate social performance, and corporate financial performance triangular relationship in a global view." [Gainesville, Fla.] : University of Florida, 2009. http://purl.fcla.edu/fcla/etd/UFE0024829.

Full text

APA, Harvard, Vancouver, ISO, and other styles

25

Amiot, André, and Johansson Fredrik Hallin. "Corporate Social Responsibility, Corporate Governance and CEO compenastion incentives." Thesis, Högskolan i Gävle, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hig:diva-28334.

Full text

Abstract:

Society's awareness of the importance of environmental-, social- and economic issues has increased over the last decades. This increased interest has led to the development of the Corporate Social Responsibility concept (CSR) in which companies actively work simultaneously with environmental, social and economic issues that extend beyond what is legally required by these companies in order to achieve a more sustainable society. As the interest in CSR has increased, a debate whether CSR is value-creating or should be considered an agency cost has arisen. To approach this question previous researches have used the CEO compensation to examine if the engagement in CSR actually is an agency cost or a value creating activity and found that agency costs can be mitigated by tying incentives to performance. Based on these assumptions this study will examine the link between CSR and agency costs using the existence of a CSR related compensation incentives for CEOs related agency costs. This study is characterized to be positivistic and within the field of positive accounting research as it has deductive approach in which hypotheses are formulated that this study intends to test which are based on what fundamental economic theories and previous research have found that may affect agency costs. The empirical data are manually collected from companies’ on NasdaqOMX Stockholm 2016 annual reports followed by an analysis of the data using univariate t-test and multiple regressions in order to relate these findings to previous research. This study finds no direct evidence that CEO compensation incentives related to CSR affect agency costs which means that we have not closed the ongoing debate whether CSR engagement is creating shareholder value or should be considered an agency cost. Nonetheless, the results show indications that agency costs are higher for companies that use CEO compensation incentives related to CSR which indicates that CSR is not beneficial to shareholders but should instead be regarded as an agency cost at the expense of shareholders. The result also indicates that a positive accounting research is not particularly useful on a small stock market with reliable results because the findings can not be generalized in a broader perspective

APA, Harvard, Vancouver, ISO, and other styles

26

Patrisia, Dina. "The relationship between corporate diversification, corporate governance and corporate social performance in Indonesian companies." Thesis, University of Huddersfield, 2016. http://eprints.hud.ac.uk/id/eprint/32622/.

Full text

Abstract:

The effect of corporate diversification on behaviour of business towards stakeholder demands and social concerns has been overlook, especially in product diversification both related and unrelated diversification. This study investigates the relationship between corporate diversification (CD) (i.e. related, unrelated and international diversification) and Corporate Social Performance (CSP) in Indonesian listed companies. It explores the moderating effect of corporate governance (CG) (e.g. independent commissioner and ownership concentration) on the correlation between corporate diversification and CSP. This study takes 203 listed companies from the Indonesian Stock Exchange as the sample. It applied company annual report, Indonesian Capital Market Directory and Osiris database as sourced of data. Moreover, content analysis based on 80 indicators of Global Report Initiative is used to measure CSP, while multiple regression with one-year lag dependent variables is used as the primary data analysis. The result of multi regression analysis shows that related and unrelated diversification produced different outcomes whereby related diversification is negatively correlated with CSP. Unrelated diversification, conversely, reveals a positive relationship with CSP. Moreover, unrelated diversification is more positively correlated to CSP than the related CD, while international diversification also has a positive relationship with CSP. Furthermore, an independent commissioner could strengthen the CD-CSP relationship with regards to unrelated and international diversification. Conversely, ownership concentration could weaken the CD and CSP relationship for related diversification. In conclusion, this study contributes to theoretical development (i.e. it explains the link between product diversification, international diversification and CSP in emerging economies setting. It extends previous studies by considering the role of CG as a moderator, and uses content analysis based on GRI indicators in measuring CSP). Additionally, it has managerial implications, including a manager needs to consider CD and carefully manage the demands of an extensive range of stakeholders to increase CSP. Second, in order to maximise the impact of corporate diversification strategy on CSP, a manager has to think sensibly, based on the CG dimensions in the company, such as the number of independent commissioners and ownership concentration. Third, this study provides input to managers who run their businesses in emerging economies that have some differences with developed economies, for instance local rules, regulations and governmental control. Fourth, it also has an impact on the economy of Indonesia. For example, the government should establish regulations suitable for several types of industry and encourage the listed companies to implement good CG. Finally, limitations and further research directions are discussed.

APA, Harvard, Vancouver, ISO, and other styles

27

Malmlund, Alexander. "The Financial Incentives to Adopting Corporate Social Responsibility and Socially Responsible Investing Practices." Scholarship @ Claremont, 2019. https://scholarship.claremont.edu/cmc_theses/2103.

Full text

Abstract:

As corporate social responsibility and socially responsible investing practices have increased substantially over the past decade, the possible financial advantages have been examined in great depth. Utilizing firms from the S&P 500 I have investigated the possible outperformance of accounting based and market based measures. I did this by examining the relationship between ESG scores, a common measure of CSR level, and the following dependent variables: return on assets, total risk, systematic risk, and idiosyncratic risk. I obtained strong evidence that an increase in CSR levels are correlated with an increased return on assets.

APA, Harvard, Vancouver, ISO, and other styles

28

Bergquist, Gustav, and Pelle Sandström. "Är det lönsamt att investera i CSR? : Förhållandet mellan Corporate Social Performance och Corporate Financial Performance." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-355085.

Full text

Abstract:

Denna studie undersöker det finansiella värdeskapandet av CSR-aktiviteter genom att studera förhållandet mellan Corporate Social Performance (CSP) och Corporate Financial Performance (CFP). I enlighet med The CSP-CFP multilevel framework studeras ett avgränsat CSP-CFP samband med utgångspunkt i svenska konsumenter. Vidare undersöker studien den modererande effekten av företagsstorlek på det undersökta CSP-CFP sambandet. Av resultatet framkommer ett signifikant positivt CSP-CFP förhållande för CSR-aktiviteter riktade mot svenska konsumenter. Av resultatet framkommer även ett signifikant starkare positivt CSP-CFP samband för små svenska företag jämfört med för stora svenska företag. Resultatet bidrar till en ökad förståelse av CSP-CFP förhållandet på den svenska marknaden avgränsat för intressentgruppen konsumenter. Framtida forskning kan med fördel, genom kvalitativa metoder, undersöka de underliggande faktorerna som påverkar det finansiella värdeskapandet av CSR-aktiviteter riktade mot konsumenter.

APA, Harvard, Vancouver, ISO, and other styles

29

Abid, Raja. "Responsabilité sociale des entreprises envers les employés et performance financière." Thesis, 2020. http://hdl.handle.net/1866/24663.

Full text

Abstract:

Dans un contexte où les entreprises font face à des ressources limitées, à des contradictions entre les demandes des parties prenantes et à des impératifs de performance sociale et financière, cette thèse se penche sur la problématique de la relation entre la responsabilité sociale des entreprises et la performance financière. Particulièrement, cette recherche se focalise sur le conflit d’intérêts reconnu entre les actionnaires et les employés en étudiant la dimension « employés » de la responsabilité sociale des entreprises et sa relation avec la performance financière. Savoir si c’est la performance financière d’une entreprise qui lui donne les ressources nécessaires pour investir en responsabilité sociale envers les employés ou bien si c’est la responsabilité sociale envers les employés qui contribue à la prospérité financière de l’entreprise, ou les deux à la fois est un questionnement fondamental dans ce domaine. Pour l’approfondir, cette thèse développe un cadre d’analyse original qui regroupe différents fondements théoriques et les adapte au cas spécifique de la responsabilité sociale envers les employés. Nous partons du cadre de référence traditionnel qui unit l’hypothèse de disponibilité des ressources et la théorie des parties prenantes que nous complétons avec les apports de la théorie des ressources et de la théorie néo-institutionnelle. Cette thèse innove alors en mobilisant la théorie néo-institutionnelle non seulement pour expliquer les déterminants de la responsabilité sociale envers les employés, mais aussi pour éclairer les mécanismes institutionnels reliant les diverses dimensions de la responsabilité sociale des entreprises à la performance financière. Sur le plan méthodologique, cette thèse par article adopte un devis quantitatif qui mobilise plusieurs bases de données de responsabilité sociale des entreprises et de performance financière permettant d’inclure différentes approches d’opérationnalisation de ces deux concepts. Les méthodes d’analyse utilisées impliquent des régressions linéaires multiples, la méthode des études événementielles et les régressions sur des données de panel incluant la modélisation en vecteurs autorégressifs et le test de causalité de Granger. Les résultats de cette recherche montrent en premier lieu que la performance financière influence positivement la responsabilité sociale envers les employés qui apparait comme un investissement nécessitant des ressources financières. En deuxième lieu, cette recherche montre que l’influence de la responsabilité sociale envers les employés sur la performance financière est positive sur le long terme (lorsque la performance financière est évaluée par des mesures boursières) mais négative sur le court terme (lorsque la performance financière est évaluée par des mesures comptables). En effet, alors que les actionnaires réagissent positivement à l’annonce de pratiques de responsabilité sociale envers les employés sur le marché boursier, la performance financière comptable d’une année donnée est influencée négativement par le niveau de responsabilité sociale envers les employés des trois années précédentes. On peut alors dire que la tension entre les intérêts contradictoires des employés et des actionnaires se confirme sur le court terme, mais que les intérêts finissent par se rejoindre sur le long terme. Ceci suggère que les gestionnaires doivent faire preuve de patience pour observer les retombées positives de la responsabilité sociale envers les employés. En troisième lieu, notre recherche montre une relation bidirectionnelle entre la responsabilité sociale envers les employés et la performance financière qui s’influencent mutuellement. Cette thèse répond à plusieurs critiques adressées aux études sur la responsabilité sociale des entreprises notamment en désagrégeant le concept de responsabilité sociale des entreprises et en mettant de l’avant sa dimension « employés » qui est souvent occultée. Au niveau de la pratique, les résultats de cette recherche ont plusieurs retombées pour les entreprises, les investisseurs socialement responsables, les défenseurs de la responsabilité sociale des entreprises et les gouvernements. Par exemple, au-delà de renseigner les acteurs sur les facteurs qui amènent les entreprises à agir d’une manière socialement responsable envers leurs employés, les résultats montrent qu’il est possible d’être à la fois « un bon citoyen corporatif » et une entreprise capitaliste rentable, du moins sur le marché boursier.
In a context where companies face limited resources, conflicts between stakeholders’ claims and social and financial performance imperatives, this thesis examines the relationship between corporate social responsibility and financial performance. This research is particularly interested in the recognized conflict of interest between shareholders and employees and focuses on the « employees » dimension of corporate social responsibility and its relationship to financial performance. It aims to better understand this relationship and to investigate whether it is the firm financial performance that provides resources to invest in corporate social responsibility towards employees or whether it is the social responsibility towards employees that creates the resources and contributes to the financial prosperity of the company, or both. This thesis develops an original conceptual framework that brings together different theoretical foundations and adapts them to the specific case of corporate social responsibility towards employees. The main framework combines slack resources hypothesis and stakeholder theory and is complemented with contributions from resource-based view and neo-institutional theory. In this thesis, neo-institutional theory is employed not only to explain determinants of corporate social responsibility towards employees, but also to describe the institutional mechanisms linking various dimensions of corporate social responsibility to financial performance. The research design includes three quantitative studies use several databases of corporate social responsibility and financial performance. The analysis strategy involves multiple linear regressions, event study methodology and regressions on panel data including vector autoregressive models and Granger causality test. Research results show that financial performance positively influence social responsibility towards employees, which appears as an investment requiring financial resources. The results also suggest that corporate social responsibility towards employees positively influence long-term financial performance (when financial performance is evaluated by stock market measures) but influence negatively short-term financial performance (when financial performance is evaluated by accounting measures). In fact, while the stock market reacts positively to the announcement of socially responsible practices towards employees, the bottom line of a given year is negatively influenced by the level of social responsibility towards employees of the previous three years. The conflicting interests of employees and shareholders are confirmed in the short term, but they seem to become reconcilable in the long term. This suggests that managers must be patient to be able to observe the positive effects of corporate social responsibility towards employees. This research also shows a bidirectional relationship between corporate social responsibility towards employees and financial performance. This thesis responds to several corporate social responsibility studies’ limits. It disaggregates the corporate social responsibility concept and highlights its « employees » dimension, which is often overshadowed. This research also has several implications for companies, socially responsible investors, advocates of corporate social responsibility and governments. For example, beyond informing actors about the factors leading companies to act responsibly towards their employees, the results show that being a good corporate citizen and a profitable capitalist company can coexist, at least in the stock market.

APA, Harvard, Vancouver, ISO, and other styles

30

Chang, Yung-Ning, and 張詠寧. "The relationship between corporate social performance and corporate financial performanceThe relationship between corporate social performance and corporate financial performance." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/12646844799759581485.

Full text

Abstract:

碩士
中國文化大學
國際企業管理研究所
97
The concept of CSR (Corporate Social Responsibility) about to rise in the ear-ly 20th century in United States. Though the specific connotation of CSR has not unified, but the norms and standards related to CSR is developing now. There are more and more Taiwan enterprises participate in the lists of concering community, and contribute to the community with specific actions to expose their CSR related activities. Empirical Studies have indicated that the relationship between CSR and finan-cial performance is not clear. And the literature has also pointed out that innovation has a great impact between CSP and CFP. Therefore, this study in addition to adapt the scale and innovation as a control variable, but also the CSR and CFP of the elec-tronics and the financial industries. In this study, the Taiwan 50 Index and Taiwan medium-100 index included the listed companies as samples, to analysis its linkage of the relationship between CSP and CFP. This study use regression analysis as the main statistical examination. The results of this study pointed out that of the earlier stage pre-CSP has posi-tive impacts of the late return on assets, but the pre-CFP has nothing to do with the latter CSP. In considering the innovation and scale, the pre-CSP has a positive corre-lation of the late return of corporate assets. Besides, the CSP has a negative correla-tion of ROE(return on equity)in the finance industry. And CSP has nothing to do with CFP in the electronic industry.

APA, Harvard, Vancouver, ISO, and other styles

31

ErnestoEscobar, Jose, and 何義華. "Corporate Social Responsibility and Corporate Financial Performance." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/23785108680142769128.

Full text

Abstract:

碩士
國立成功大學
國際經營管理研究所碩士班
101
This thesis investigates the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). CSR is measured by an aggregated KLD score from 1998 to 2008. This thesis uses the market based assets and shareholder value framework to build a case for CSR. CFP is measured with both accounting based and market based financial measurements. The Fama-French three factor model is used to derive the numbers for abnormal return, idiosyncratic risk and systematic risk. In order to assess the relationship between CSR and CFP, a hierarchical multiple regression with a one year lag on the independent variable is used. The results show a U-shaped relationship between CSR and the accounting based financial measurements. Only Tobin’s Q shows an inverse U-shaped relationship. However, both results indicate that there is a threshold. The presence of CSR concurs with previous studies that it lowers idiosyncratic risk. However, it has no effect on systematic risk. In addition, higher association with CSR also yields lower abnormal return. The relationship between abnormal return and CSR may help explain the inverse U-shaped relationship between CSR and Tobin’s Q. At the peak of the inverse U, firms still enjoy many benefits from CSR and are less affected by lower return.

APA, Harvard, Vancouver, ISO, and other styles

32

Wang, Jhih-Yong, and 王智勇. "Corporate Social Responsibility and Corporate Performance Correlation." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/92343575252652391088.

Full text

Abstract:

碩士
大葉大學
會計資訊學系碩士班
102
Due to the financial tsunami in 2008, began to develop Corporate governance. In recent years, all sorts of bad behavior was revealed about the business, and environmental awareness is gradually being taken seriously, companies began to realize that in the pursuit of profits, must take responsibility for society and the environment, best corporate citizen role, in order to create sustainable competitive advantage. So, this study examines the relationship between corporate social responsibility and firm performance. Original sample is selected from the award-winning companies of Excellence in Corporate Social Responsibility over the period from 2009 to 2012. The empirical finding shows that: (1) Corporate Social Responsibility winning business, its corporate social responsibility into its financial performance has a significant positive impact on the; (2) Corporate social responsibility into non-financial performance can bring good results for the hypothesis was not supported.

APA, Harvard, Vancouver, ISO, and other styles

33

HUANG, LI-LING, and 黃莉凌. "The impact of Corporate Social Responsibility and Corporate Social Irresponsibility on Corporate Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/9332va.

Full text

Abstract:

碩士
東吳大學
企業管理學系
106
In the past decade, CSR (Corporate Social Responsibility) has been attention and valued increasingly. with the internationalization, the change in social and the times. Business manager can no longer pursue the sole goal of corporate profits, and must also consider the benefit of shareholders, employees, consumers, communities and the environment. In other words, while pursuing profits, we must consider the well-being of the entire community. Sustainable management has now become the ultimate goal of business. In recent years, with the outbreak of the food safety issue, the government has to step forward and force enterprises to compile corporate social responsibility reports. So that enterprises should expose their due responsibility for civil society. Many companies are more actively involved in various corporate social responsibility competitions. According to their performance in Corporate Social Responsibility award, investors and consumers are expected to have confidence in their products or services. Then the corporate can enhance their positive image. Most of the existing literature discusses the impact of corporate social responsibility on the corporate financial performance. This thesis explored the role of corporate social responsibility play when facing different situations through multiple case studies. And if there is an ethical incident in the enterprise, can it be compensated through corporate social responsibility activities? Or under different situation, the conditions for the company to engage in corporate social responsibility and the impact of corporate social responsibility on the company. This result shows that corporate social responsibility usually plays a role as the operational management or remedy for firms. Firms take the corporate social responsibility as a compensation for negative images. Although occurrence of negative events of the firm do not certainly affect financial performance of the firm due to various financial structures, the reputation of the firm may be damaged. To keep sustainability, it's necessary and essential for a firm to perform activities of corporate social responsibility. It is hoped that through this research, managers will be given more active attention to the implementation of CSR on weekdays rather than waiting until the enterprises have adverse events to negatively regard CSR as a remedy.

APA, Harvard, Vancouver, ISO, and other styles

34

Sun, Wei-Ting, and 孫薇婷. "A CORPORATE SOCIAL PERFORMANCE— CORPORATE FINANCIAL PERFORMANCE BEHAVIORAL ANALYSIS FOR STAKEHOLDER’S." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/88364744437960295501.

Full text

Abstract:

碩士
國立東華大學
財務金融學系
103
The sample of this study are derived from the companies which are selected of Dow Jones Sustainability World Index (DJSI world index) and the matched sample during the period from 2003 to 2006. By analyzing whether the main stakeholders’ (consumers, employees, and shareholders) willingness and behaviors are consistent to investigate how CSP influences CFP. Our findings are summarized as follow. First, we find that the behaviors of consumers and employees are according with their willingness. In other words, their willingness about encouraging companies with CSR or punishing companies without CSR really reflects on their actions. However, shareholders' behaviors are not consistent with their willingness. Second, stakeholders' willingness are influenced by the moral value and the cultural dimensions. We find that stakeholders have greater willingness to engage in either supportive or deleterious behavior when they embrace the moral value of self-transcendence.

APA, Harvard, Vancouver, ISO, and other styles

35

Lin, Yi-jeng, and 林宜錚. "Causality of Corporate Performance and Corporate Social Responsibility." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/xz8b6m.

Full text

Abstract:

碩士
國立高雄大學
金融管理學系碩士班
102
Because of the globalization, the market is more competitive. The corporate tends to implement social responsibility in the aspects of steak holders’ wealth, environment and social welfare to create its competitive advantages and to reach its goal of maximizing shareholders’ wealth. The conclusions of existing literature related to the relationship between corporate performance and CSR are still ambiguous. The corporate might improve its profitability by implementing CSR. However, there might a possibility that the corporate implement CSR because of its good profitability. Therefore, the objective of this study is test the granger causality of the corporate performance and CSR by using the model of Dumitrescu and Hurlin (2012). First of all, this study will create a CSR index of all listed firms in Taiwan by using five aspects in measuring CSR of Taiwan Economic Journal database. Furthermore, in terms of the industrial competitiveness, such as gross margin, profit margin, and industrial concentration, this study will test the relationship between corporate performance and CSR. The empirical results show that, using return on assets or return on equity as a measure of corporate performance, the causal relationship between CSR and performance is bilateral and positive. They indicate that implementing CSR improves firms’ profitability and superior performance in terms of profitability provides the intention of implementing CSR. However, the causal relationship between CSR and stock return is unilateral. Corporates with higher stock returns lead to higher incentive to implement CSR. Taking competition factor, empirical results show that competitive condition will significant effect the causal relationship between CSR and performance. Therefore, the policy implication of this study is that government can effectively promote CSR by considering competition factor.

APA, Harvard, Vancouver, ISO, and other styles

36

Lin, Sung-Ting, and 林宋廷. "Corporate Social Responsibility, Corporate Governance and Financial Performance." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/wzctjz.

Full text

Abstract:

碩士
淡江大學
會計學系碩士在職專班
102
The main purpose of corporate governance is to balance between the interests of stakeholders, and corporate social responsibility is also true. This study aimed to investigate the corporate social responsibility (CSR), association of corporate governance and financial performance. Vision based magazine held in 2005-2013 years business competitions get elected "Corporate Social Responsibility Award" paramount Award of the Year Award as well as other selected selected 50 outstanding enterprises such as "winning group.", The "control group" companies for the same industry, but never winning enterprise. This study adopts the independent samples t-test in average verification method for empirical analysis, the data source is from Taiwan Economic Journal (TEJ), Vision and the public information station of Taiwan Stock Exchange Corporation. The following conclusions were obtained:（1）Corporate social responsibility has a positive significant relationship with corporate governance.（2）Corporate social responsibility has a positive significant relationship with financial performance.（3）The enterprise’s scale is positively related with the degree of fulfilling the social responsibility. According to the research findings, relevant suggestions and method are proposed for practical applications and future research, which is provided as reference for government agencies, enterprises and future researchers to understand that the corporate social responsibility believes in the spirit of "taken from the society, giving back to society".

APA, Harvard, Vancouver, ISO, and other styles

37

YANG, RU-YIN, and 楊茹茵. "Financial Performance、Corporate Governance and Corporate Social Responsibility." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/megve9.

Full text

APA, Harvard, Vancouver, ISO, and other styles

38

Wang, Chia-Ching, and 王家慶. "Corporate Strategy, Corporate Social Responsibility, and Firm Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/7367zp.

Full text

Abstract:

碩士
國立東華大學
財務金融學系
106
This paper applies Mile and Snow (1978, 2003) theoretical business strategy to investigate whether the enterprise strategy (Prospector、Analyzer、Defender) will affect the company's willingness to engage in Corporate Social Responsibility (CSR) activities and what type of CSR it prefers to engage in. This study also helps us understand the intention of doing CSR in different enterprise strategies. Finally, we discuss how different enterprise strategies that engage in CSR affects the corporate financial performance. First, we find that Analyzers are more inclined to engage in CSR activities . In addition, Prospectors who invest in CSR have better CSR performance and better CSR innovation performance than others. Second, we find that prospectors’ performance in ROA is worse than the other two strategies, but its gross profit is better. This result represents that Prospectors are superior in their earning, while Analyzers and Defenders are more efficient in their operations and cost management. Third, although company that engages CSR activities will increases their cost, but this will increase their financial performance. Finally, we find Prospectors’ performance in ROA is poor, but they can improve the result by engaging in CSR activities.

APA, Harvard, Vancouver, ISO, and other styles

39

Lin, Li-Chuan, and 林麗娟. "Corporate Governance, Corporate Social Responsibility, and Bank Performance." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/48603301943988655547.

Full text

Abstract:

碩士
銘傳大學
財務金融學系碩士在職專班
103
Abstract The aim of this study is to investigate the relationship between corporate governance, corporate social responsibility, and bank performance. This study employs the panel data model to conduct the regression analysis. The sample consists of 28 domestic banks, and empirical period is from 2007 to 2013. This study uses relevant corporate governance variables to conduct the exploratory factor analysis (EFA). The aim is to measure a bank''s corporate governance score, which is the proxy variable of corporate governance index. Moreover, this study uses the operational risk events as the proxy of corporate social responsibility. The study result of EFA extracts three factors: foreign ownership structure, ownership structure, and management efficiency. It accounts for 85.71% of the variance. The result of panel data analysis finds that corporate governance index has a significant and positive effect on bank performance, and operational risk events have a significant and negative effect on bank performance. In addition, this study classifies the whole sample into subsidiary banks of financial holding companies and independent banks to conduct the robustness test. The result of robustness test reveals that the positive relationship between corporate governance index and bank performance is suggested as well. This implies that corporate governance is a key factor influencing bank performance.

APA, Harvard, Vancouver, ISO, and other styles

40

Hsu, Hsin-Yu, and 許芯瑜. "Exploring causality between Corporate Social Performance and Corporate Financial Performance by clustering." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/j7d9c4.

Full text

Abstract:

碩士
國立臺北大學
企業管理學系
107
Human not only brings goods but also brings many harms to society while developing. Since more and more people value sustainable development, many companies have begun to focus on how to make their business sustainable and value their investment in Environment, Social, and Corporate Governance (ESG). Taking corporate social responsibility as a measure to be sustainable is a challenge for managers to balance their financial situation with the investment of social responsibility. This study is a two-stage study. First, we analyzed the characteristics of Corporate Social Responsibility (CSR) indicators and corporate financial performance (CFP) by EM clustering. Afterward, we find out the difference in diverse industry and scale. According to the results, the cluster-based on mining and transportation & public utilities industry put more effort in CSR projects such as the Environment, Community, Employee Relations and so on, to neutralize damage of its business. On the other hand, instead of investing in CSR, some companies regard financial performance as a priority. Through causality analysis, we found that good management theory, stakeholder contract costs theory, trade-off hypothesis, and affordability theory can well explain the relationship between CSR and CFP in a specific cluster. At the same time, the results also demonstrate that different industries and scales will affect the strategy towards CSR and CFP.

APA, Harvard, Vancouver, ISO, and other styles

41

Li, Sheng-Jie, and 李勝傑. "Impact of Corporate Governance and Corporate Social Responsibility on Corporate Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/m5fqwr.

Full text

Abstract:

碩士
國立高雄應用科技大學
財富與稅務管理系
106
The purpose in the study is to discuss the influence of corporate governance and corporate social responsibility on corporate performance. The research period is from 2009 to 2017, and samples of the Taiwan listed company. The substantial evidences result shows that hypothesis 1 to hypothesis 6 are supported. There is a significant positive correlation with financial institution holding, managers holding and director and supervisor holding when the dependent variable is corporate performance. It is negatively correlated with deviation of controlling interest subtract revenue distribution, director and supervisor pledge of stock rights and director controller ratio. But it is inconsistency with hypothesis 7. There is a significant negative correlated with CSR when the dependent variable is corporate performance in model 1 and model 2. It is insignificantly in model 3. Only the model 4 support hypothesis 7 that is a significant positive correlation with CSR when the dependent variable is Tobin’s Q.

APA, Harvard, Vancouver, ISO, and other styles

42

HSIAO, AN-TING, and 蕭安庭. "The Relationships between Corporate Governance, Corporate Performance and Corporate Social Responsibility." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/hpth2s.

Full text

Abstract:

碩士
國立高雄應用科技大學
財富與稅務管理系
105
A series of food safety scandals in Taiwan has hurt consumer confidence, making all sectors of the community realize the importance of corporate social responsibility (CSR). Thus, the Financial Supervisory Commission has been gradually requiring that public companies issue annual CSR report starting in 2015. Since corporate governance is also a key factor deciding whether a company can have a sustainable development, my thesis is aimed to investigate the corporate governance structure affecting CSR performance. The empirical results indicated that we have found that the board size and the percentage of independent board director seats are significantly and positively correlated with being chosen as awarded corporates and rating marks, even several re-pairings produce the same results. The dual position of chairman and CEO holds significant negative correlation with being chosen as awarded corporates. Moreover, the proportion of shareholding of directors and supervisors and managers shareholding proportion have no significant impact on being chosen as awarded corporates. However, they have significant impact on the rating markings.

APA, Harvard, Vancouver, ISO, and other styles

43

Chen, Jian-fu, and 陳建福. "The Relationships of Corporate Governance, Corporate Social Responsibility and Corporate Performance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/80207223923870828923.

Full text

Abstract:

碩士
逢甲大學
會計所
98
In recent years, the controversy of globalization, international environmental awareness is getting higher. Enterprises not only pursue profits for shareholders, government agencies, investors, employees and the community for the corporate social responsibility a gradual increase in the demands of international trade sanctions, environmental protection of the convention as enterprise management, and a source of their competitive pressure. In addition, corporate governance and corporate social responsibility work in very tight relationship. The past studies have pointed that both corporate governance and company performance with relevance. This study used the Commonwealth magazine’s "Excellence in corporate social responsibility top 50" as samples, to research the relationship of corporate social responsibility, corporate governance and corporate performance. Our findings show that, (1) Using multiple regressions to analyze the relationship of CSR and corporate performance. The result shows that, when the corporate governance is better, the corporate financial performance is better. (2) Testing the relationship of individual corporate governance and the scope of corporate governance. The corporate governance score will higher if the size of board of directors and the ratio of independent directors is bigger. (3) Testing the relationship of individual corporate governance and the corporate performance. Their financial performance is better when the electronics industry’s large shareholders, institutional investors holding ratio is higher. (4) If using the stepwise regression, when the ratio of independent directors and institutional investors holding are higher, the financial performance is better. While the director holdings is higher, the financial performance is worse. (5) Comparing the each year to the relationship of individual corporate governance and corporate performance. Except for 2007, when the other years’ ratio of independent directors and institutional investors holding is higher, its financial performance is better.

APA, Harvard, Vancouver, ISO, and other styles

44

LIU, PO-SHEN, and 劉柏伸. "Corporate Social Responsibility, Managerial Ability and Corporate Financial Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/3s6u9y.

Full text

Abstract:

碩士
國立臺北大學
企業管理學系
106
More and more enterprises have concerned about how much profit was created from corporate social responsibility. In this study, we used the data from 2004 to 2016, and we construct the manager ability by DEA to measure the mediate effect of manager ability in the relationship of corporate social performance, corporate financial performance and risk. We also research the effect between corporate social performance and stock price in short term and long term. Because there are more and more corporate social responsibility reports in the market in 2014. So we divided the period of research from 2014 to 2016 to examine the relationship between corporate social performance and corporate financial performance, even with stock price and risk. We found that no matter if the enterprises win the award of CSR or not, there is no any significant effect on corporate financial performance and risk. The effect of manager ability to financial performance is not significant, but higher manager ability would significantly lower the enterprises’ risk. If the enterprises win the award, it will have a positive effect on the stock price in the short term.

APA, Harvard, Vancouver, ISO, and other styles

45

TING, CHANG-JIUN, and 丁昶均. "Corporate Social Responsibility: Corporate Governance, Financial Performance and Policy." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/n2h46h.

Full text

Abstract:

碩士
東吳大學
企業管理學系
106
This study aims at exploring the relationships between corporate social responsibility, corporate governance, policy and financial performance. The sample classified as “Excellence in Corporate Social Responsibility Top 50” from 2013 to 2016. Using Taiwan Economic Journal (TEJ) database to collect data of corporate governance and financial performance. Then we use 1:2 ratio to collect non award-winning as paired samples. We use Logistic regression to analyze the relationship of corporate governance and CSR performance. Furthermore, we explore the relationship of four CSR performance scores and corporate performance. Finally, we explore the relevance of CSR performance and corporate governance. The empirical results show that corporate governance and policy implementation are partially positively related to CSR performance. It shows that the implementation of policy, the size of independent directors and the establishment of audit committees can improve the transparency of information disclosure and enables the company to pay attention to the safety of employees. Finally, CSR performance will partially affect financial performance. The result shows that company participates in social welfare activity and releases positive news, the performance of corporate will be better.

APA, Harvard, Vancouver, ISO, and other styles

46

Tsai, Shan-Ping, and 蔡杉平. "Corporate Governance, Corporate Social Responsibility, and the Operating Performance." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/p87v5y.

Full text

Abstract:

碩士
國立臺中科技大學
企業管理系碩士班
106
This study investigated the influence of corporate governance and corporate social responsibility on business performance. The research samples included companies listed on the Taiwan Stock Exchange between 2014 and 2016. Based on empirical data, the regression analysis of corporate governance on business performance revealed that controlling the shareholding ratio of shareholders, the shareholding ratio of blockholders, and CEO duality positively influenced business performance, whereas board size negatively influenced business performance. Moreover, corporate social responsibility was positively correlated with business performance. The results from this study revealed that the firms taking favorable corporate social responsibilities increased their competitiveness and earnings. A favorable corporate governing system enabled the firms to achieve their operation goals, to increase their competitiveness, and to maximize the benefits for their management and shareholders.

APA, Harvard, Vancouver, ISO, and other styles

47

Lin, Hui-Wen, and 林彙文. "Corporate Social Responsibility, Corporate Governance, Performance and Institutional Investors." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/31518234331506305538.

Full text

Abstract:

碩士
國立東華大學
會計與財務碩士學位學程
104
Recently, chemical pollution and food safety problems emerging, corporate social responsibility (CSR) and corporate governance mechanisms again be focused by stakeholders and regulatory authorities. The objective of this empirical study is to investigate the relationship between (1).CSR report issuance 、(2). corporate governance mechanisms 、(3). Corporate future performance and institutional investor’s preferences. The findings of this study suggest that(1) CSR report issuance and proportion of independent directors are positive correlated with institutional ownership.(2).CEO holdings, duality, and tenure are negative correlated with institutional ownership. Further, This research also find that institutional ownership is positive correlated with firm’s future performance and firm value. These conclusions can be provided to companies, investors and regulatory authorities as references.

APA, Harvard, Vancouver, ISO, and other styles

48

Su, Yi-Chen, and 蘇怡蓁. "Correlation study on Corporate Social Responsibility and Corporate Performance." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/72143287821580333493.

Full text

Abstract:

碩士
世新大學
企業管理研究所(含碩專班)
100
Under the continuous impact of the financial tsunami in 2008 and in 2012 the present European debt crisis, the global financial stock market ridge cover changingpatterns among the international community began to focus on business ethics and responsibility. Taiwan Corporate Social Responsibility organizations, media, corporate social responsibility awards, more and more companies started to compile a report of the Corporate Social Responsibility. Investment market is also engaged in Corporate Social Responsibility to invest in domestic-based Corporate Social Responsibility funds, and academia for the Corporate Social Responsibility is more and more, But in academia for the Corporate Social Responsibility can enhance business performance, there are different conclusions. The main purpose of this study is to look forward to in the highlights when the enterprise is more attention to the implementation of Corporate Social Responsibility ". Toward the positive impact on the corporate return on assets, R & D intensity of innovation and enterprise growth rate, and study the relevance of Corporate Social Responsibility and company performance. The scope of their research data in the 2007-2011 “Excellence in Corporate Social Responsibility” winners score, and winning the annual financial statements, return on assets "," R & D intensity and corporate growth rate data of empirical research. The results of this study found that Corporate Social Responsibility award-winning enterprise, the return of the assets of the company has a positive relationship between the company's R & D intensity and a negative relationship on the company's growth rate. Therefore, the world trend of Corporate Social Responsibility, the Administration in addition to promote and educate people about the importance of Corporate Social Responsibility should be to reward expedite the implementation of the enterprises engaged in the footsteps of the Corporate Social Responsibility, practitioners can as soon as possible the implementation of corporatethe concept of social responsibility.

APA, Harvard, Vancouver, ISO, and other styles

49

Böck, Moritz Florian Alexander. "Corporate social responsibility earnings management and corporate financial performance." Master's thesis, 2021. http://hdl.handle.net/10400.14/35347.

Full text

Abstract:

This paper examines the relation of corporate social responsibility (CSR) with two types of earnings management (EM) measures, accrual based (AEM) and real earnings management (REM) of companies in Europe. Additionally, the moderating role of EM in the relationship between CSR and corporate financial performance (CFP) is investigated. I employ a European panel dataset for the period 2008 - 2019, consisting of 3,729 firm-year observations of companies in the STOXX Europe 600 Index, as well as smaller European companies. Using the so-called Environmental, Social and Governance (ESG) factors, provided by the Asset4 database of Thomson Reuters, are used to measure CSR, I find that higher ESG scores lead to significantly lower AEM and REM. Dividing the ESG score in its three pillar scores, the results show that social performance decreases both AEM and REM. Contrary corporate governance performance has a significant positive impact on REM and no effect on AEM. Moreover, I find that in this setting, AEM decreases the magnitude of the relationship between CSR and CFP in the short- and medium-term. REM decreases the positive impact of CSR and CFP in the short-term, however demonstrates the opposite in the medium-term, implying that REM increases the positive effect of CSR on CFP.
Este documento examina a relação da responsabilidade social das empresas (CSR) com dois tipos de medidas de gestão de lucros (EM), a gestão baseada na acumulação (AEM) e a gestão de lucros reais (REM) das empresas na Europa. Além disso, é investigado o papel moderador da EM na relação entre a CSR e o desempenho financeiro das empresas (CFP). Utilizo um conjunto de dados de painel europeu para o período 2008 - 2019, constituído por 3.729 observações de empresas no índice STOXX Europe 600, bem como de empresas europeias mais pequenas. Utilizando os chamados factores ambientais, sociais e de governação (ESG), fornecidos pela base de dados Asset4 da Thomson Reuters, são utilizados para medir a CSR, constato que pontuações mais elevadas dos ESG levam a AEM e REM significativamente mais baixas. Dividindo a pontuação do ESG nas suas pontuações dos três pilares, os resultados mostram que o desempenho social diminui tanto o AEM como o REM. O desempenho contrário da governação empresarial tem um impacto positivo significativo sobre a REM e nenhum efeito sobre a AEM. Além disso, constato que neste contexto, a AEM diminui a magnitude da relação entre a CSR e a CFP a curto e médio prazo. A REM diminui o impacto positivo da CSR e da CFP a curto prazo, mas demonstra o contrário a médio prazo, o que implica que a REM aumenta o efeito positivo da CSR sobre a CFP.

APA, Harvard, Vancouver, ISO, and other styles

50

Brower, Jacob Royce. "Essays on corporate social performance : an examination of the antecedents and consequences of corporate social performance." Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-05-2717.

Full text

Abstract:

There is growing evidence that a vast majority of CEO’s believe that sustainability-related issues are having or will soon have a material impact on their firms. Nearly all of the academic literature on the firm level impacts of corporate social performance (CSP) has focused on looking for a universally positive or negative effect of CSP on corporate financial performance (CFP). Recent literature in the CSP domain, however, has presented two questions that have been under-researched with respect to CSP by firms: 1) What are the processes and motivations that underlie the inclusion of CSP in firm strategic decisions? and 2) Why do some firms generate different market returns from their CSP? The present research consists of two studies that focus on developing an understanding of these two questions. The first study uses a Contingency Theory approach and proposes that several organizational, market, customer, environmental and competitive characteristics of a firm predict a firm’s level of CSP. Findings based on a longitudinal, multi-industry sample of 447 firms over the period from 2000 to 2007 show that firms that have a corporate branding strategy, serve consumer markets, and have a greater degree of globalization have higher levels of CSP. Finally, this study also finds that higher levels of CSP relative to a firm’s industry result in higher levels of firm intangible value (Tobin’s q). The second study examines the following: 1) Does CSP history moderate the relationship between CSP and CFP? and 2) Is there a CSR Black Hole with respect to a firm’s history of negative behaviors? That is, does past negative social performance of the firm negate potential benefits from current period changes in positive social performance? Using the Flow Signals framework proposed by Dekinder and Kohli (2008), this study finds that a (1) history of growth in negative CSP, (2) trend toward increasing negative CSP, or (3) more inconsistent history of positive or negative CSP (reversals) decrease the returns to positive social performance. This study also finds evidence of a CSR Black Hole, but show that firms may be able to exit this by consistently managing their social performance over time.
text

APA, Harvard, Vancouver, ISO, and other styles

Dissertations / Theses on the topic 'Corporate sociale performance'

Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles