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1
Tuppura, Anni, Heli Arminen, Satu Pätäri, and Ari Jantunen. "Corporate social and financial performance in different industry contexts: the chicken or the egg?" Social Responsibility Journal 12, no. 4 (2016): 672–86. http://dx.doi.org/10.1108/srj-12-2015-0181.
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Purpose The purpose of the paper is to examine empirically Granger causality relationships between corporate social performance (CSP) and corporate financial performance (CFP) in four different industries. Design/methodology/approach The paper uses the Granger causality test to analyse the causality relationships between CSP and CFP in clothing, energy, food and forest industries in the USA. The panel data used combined CSP and CFP measures over the years 1991-2009. CSP strengths and concerns are handled as distinct constructs. Findings There is some evidence of bidirectional causality between CSP and CFP in the clothing, energy and forest industries; but in the food industry, CSP appears not to Granger-cause CFP. The results encourage accounting for the industry in empirical analyses, as well as the use of more than one measure for CFP in the analyses. Originality/value The direction of causality between CSP and CFP has been specifically addressed in only a few studies. Because the causality relationship may, in addition, be concealed when multi-industry data are used, this paper contributes to the literature by examining the Granger causality between CSP and CFP in four different industry contexts using two different measures of CFP.
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Fauzi, Hasan, Lois S. Mahoney, and Azhar Abdul Rahman. "The Link between Corporate Social Performance and Financial Performance: Evidence from Indonesian Companies." Issues In Social And Environmental Accounting 1, no. 1 (2007): 149. http://dx.doi.org/10.22164/isea.v1i1.12.
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This study examines the relationship of corporate social performance (CSP) to corporate financial performance (CFP) to determine if CSP is related to firm performance. Additionally, it examines whether firm size or industry affects the relationships between CSR and CSP. This study advances the literature as it examines this relationship for companies in a developing country, Indonesia, along with examining the impact of moderating variables on this relationship. Two models were developed: the first model was derived using slack resource theory and the second model was developed using the good management theory. Through the examination of 383 firms, the result of the study failed to find a significant relationship between CSP and CFP in either model. Further analysis, using the slack resource theory, did find that company size had a significant positive moderating effect on the relationship between CSP and CFP.
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Park, Bum-Jin. "Corporate Social and Financial Performance: The Role of Firm Life Cycle in Business Groups." Sustainability 13, no. 13 (2021): 7445. http://dx.doi.org/10.3390/su13137445.
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Drawing on agency theory concerning corporate social responsibility (CSR) activities, this study investigates the relationship between corporate social performance (CSP) and corporate financial performance (CFP) at each stage of the firm life cycle (FLC). It also verifies how this relationship is affected by large business groups. This study shows a significant positive relationship between CSP and CFP at the growth and mature stages. This relationship is more pronounced in mature firms than in growth firms. This result indicates that CSR activities increase CFP in the long-term perspective by mitigating the agency problem. Furthermore, at the growth and mature stages, the positive relationship between CSP and CFP changed to be negative in firms of large business groups. This result indicates that the degree to which CSP leads to an increase in CFP is more weakened in large business groups where the agency problem between controlling and other shareholders can be more severe. Finally, this study contributes to prior research by presenting consistent results on the relationship between CSP and CFP using the FLC and large business groups.
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Lu, Wenxiang (Lucy), and Martin E. Taylor. "Which Factors Moderate the Relationship between Sustainability Performance and Financial Performance? A Meta-Analysis Study." Journal of International Accounting Research 15, no. 1 (2015): 1–15. http://dx.doi.org/10.2308/jiar-51103.
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ABSTRACT The relationship between corporate sustainability performance (CSP) and corporate financial performance (CFP) has long been debated. Ullman (1985) pointed out that the conflicting results could be influenced by many factors, such as sample size, industrial context, inconsistent measurement of CSP and CFP, research methodologies, and procedures for data collection and analysis. This paper addresses Ullman's (1985) concerns by providing a more methodologically rigorous review of the CSP-CFP relationship than prior research studies. A meta-analysis of 198 studies yields a total sample size of 31,514 observations. The meta-analytic findings suggest that sustainability performance likely increases a firm's financial performance, especially in the long run. Compared to social sustainability, environmental sustainability, to a larger extent, contributes to the positive CSP-CFP relationship. In addition, CSP appears to be more highly correlated with accounting-based measures of CFP than with market-based indicators. Multi-industry, pre-2000 studies, and non-U.S. sample firms seem to show a stronger impact on the positive relationship between CSP and CFP than other sample indicators. A final finding is that the methodology used in the analysis has a significant impact on the results.
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Odriozola, María Dolores, Antonio Martin, and Ladislao Luna. "Labour reputation and financial performance: is there a causal relationship?" Employee Relations 40, no. 1 (2018): 43–57. http://dx.doi.org/10.1108/er-04-2017-0093.
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Purpose The purpose of this paper is to analyse if there is a circular relationship of causality between the labour dimension of corporate social performance (CSP) and corporate financial performance (CFP). Design/methodology/approach The sample is formed by the best companies to work for in Spain according to the labour reputation (LR) ranking developed by MERCO from 2006 to 2013. This study overcomes the limitations of previous studies using the panel data methodology (System generalised method of moments) and the Granger causality test. Findings The results suggest that the labour dimension of CSP cause CFP, but there is not causality in the opposite direction. Originality/value Studies about the relationship between dimensions of CSP and CFP demonstrated that there are divergences in the results depending on the dimension analysed. Despite managers and employees are interested in the impact of labour dimension of CSP on CFP, there are few studies about it and they have important limitations.
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FROOMAN, JEFF, CHARLENE ZIETSMA, and BRENT MCKNIGHT. "HOW RISK MEDIATES THE CSP-CFP RELATIONSHIP." Academy of Management Proceedings 2008, no. 1 (2008): 1–6. http://dx.doi.org/10.5465/ambpp.2008.33649808.
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Garcia, Editinete André da Rocha, José Milton de Sousa-Filho, and João Maurício Gama Boaventura. "The influence of social disclosure on the relationship between Corporate Financial Performance and Corporate Social Performance*." Revista Contabilidade & Finanças 29, no. 77 (2018): 229–45. http://dx.doi.org/10.1590/1808-057x201804950.
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ABSTRACT This study’s general objective is to investigate the moderating effect of Corporate Social Performance Disclosure (D-CSP) on the relationship between Corporate Social Performance (CSP) and Corporate Financial Performance (CFP). Based on this objective, the study presented a model in which D-CSP acts as a moderator in relation to primary stakeholders (employees, community, and suppliers). D-CSP is a mechanism through which the various social aspects involved in discretionary policies, actions, and activities identified in the management for stakeholders process can be evaluated. A sample of 1,147 companies belonging to 10 different sectors and five continents was used to test the model. Data were collected from the Bloomberg database, totaling 5,735 observations, from 2010 to 2014. The relationship was tested using the multiple linear regression model involving panel data with fixed effects, and the Newey-West robust standard errors correction. Three constructs, D-CSP, CSP, and CFP, were used to perform the tests. As a CSP measure, the CSP of the employee, supplier, and community stakeholders was used. As a D-CSP measure, the CSP disclosure scores available from the database were used, and return on assets (ROA) was used as a CFP measure. The tests carried out indicated the existence of a positive moderating effect of disclosure on the relationship between the CSP of primary stakeholders and CFP. Besides presenting a positive CSP in relation to the primary stakeholders the results enable it to be inferred that these results need to be disclosed, thus contributing to higher corporate financial performance.
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Kevin Huang, Shihping, and Chih-Lung Yang. "Corporate social performance: why it matters? Case of Taiwan." Chinese Management Studies 8, no. 4 (2014): 704–16. http://dx.doi.org/10.1108/cms-12-2013-0235.
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Purpose – The objective of this article is to explore the relationship between corporate social performance (CSP) and corporate financial performance (CFP) of firms in Taiwan, as the empirical evidence of Taiwan firms is scarce. Design/methodology/approach – This paper studies the empirical relation between CSP and CFP using a sample of 71 Taiwan-based companies during 2005-2011. CSP data are a composite of two Taiwan’s CSP ratings, and CFP data are retrieved from Taiwan Economic Journal database. Two control variables, R&D investment (R&D) and industry type (IND), are included in our models. The multiple regression is used as a statistical analysis tool. Findings – Our findings indicate a significantly positive CSP–CFP relationship of firms in Taiwan. Furthermore, our study reveals that the CSP in the non-manufacturing sector is more highly related with CFP than the case in the manufacturing sector in Taiwan. Originality/value – First, Our findings are consistent with the majority of recent research and are supported by the stakeholder theory. The paper argues that Taiwan firms should incorporate CSP into their business strategies for improving their competitive advantages. Second, our findings argue that Taiwan firms in the manufacturing sector should learn the best CSP practices from firms in the non-manufacturing sector to maintain and enhance their sustainability. Third, this paper extends the subject study of Taiwan scenario, and it is the first paper combining two CSP local ratings as the proxy for the CSP measure.
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Habermann, Florian. "Corporate social performanceand over-investment: evidence from Germany." Journal of Global Responsibility 12, no. 3 (2021): 347–63. http://dx.doi.org/10.1108/jgr-11-2020-0095.
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Purpose With the Green Deal and Sustainable Finance Taxonomy, the European Union is driving forward its ambition for a modern, resource-efficient and competitive economy. For this reason, this paper contributes to the ongoing discussion by examining how overall corporate social performance (CSP) and the respective environmental, social and governance (ESG) pillar performance affects corporate financial performance (CFP). In addition, this study aims to present novel insights by testing a theoretically derived CSP over-investment theory empirically for the German market. Design/methodology/approach The final sample includes firms listed on the German Prime Standard (DAX30, MDAX and TecDAX) from 2015 to 2019. The study includes a correlation and regression analysis using fixed effects on 363 firm-year observations to investigate the CSP-CFP relationship. This paper applies accounting and market-based CFP measures and uses Thomson Reuters (TR) ESG scores to measure CSP. Findings Overall CSP, social pillar and governance pillar performance improve CFP for firms listed on the German Prime Standard. However, the study provides evidence for a value-destroying effect of CSP over-investment in the social pillar. Research limitations/implications The implications of the study are ambiguous. First, firms can improve CFP when doing good, i.e. increase CSP. Second, however, CSP is a concept of decreasing marginal benefits. Consequently, managers can respond to increasing pressure from investors to be “sustainable” with the argument of CSP over-investment. Policymakers must consider materiality as a potential explanation for the over-investment phenomena when framing sustainable development programs, i.e. the EU Green Deal and regulations such as the Directive 2014/95/EU and the Regulation EU 2020/852. Moreover, the study sensitizes society that sustainability efforts do not exclusively affect CFP positively. Originality/value The paper contributes to CSP literature by revisiting the CSP-CFP relationship and debuting a CSP over-investment hypothesis on the German market. The results are highly relevant for practitioners, policymakers and society, as the study provides an empirical framework to evaluate CSP properly and reveals the importance of materiality in stakeholder management.
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Soana, Maria-Gaia. "Corporate social responsibility and financial performance: Evidence from the financial sector." Corporate Ownership and Control 8, no. 2 (2011): 27–36. http://dx.doi.org/10.22495/cocv8i2p3.
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Does corporate social responsibility (CSR) entail economic and financial loss or does it guarantee competitive advantage? To answer this question, many studies have aimed to establish, largely in samples from multiple industries, the relationship between corporate social performance (CSP) and corporate financial performance (CFP). These studies have produced conflicting results and any attempt to give a generalised and coherent conclusion has proved inadequate. This paper investigates the possible connection between CSP (measured by ethical rating) and CFP (measured by price-to-book-value) in a sample of international financial intermediaries. Although most previous contributions seem to confirm the hypothesis of the existence of a positive relationship between the two variables, the paper finds no clear evidence of a significant relationship between CSP and CFP in the financial sector.
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Ruggiero, Pasquale, and Sebastiano Cupertino. "CSR Strategic Approach, Financial Resources and Corporate Social Performance: The Mediating Effect of Innovation." Sustainability 10, no. 10 (2018): 3611. http://dx.doi.org/10.3390/su10103611.
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Given the current undefined relational effect between corporate financial performance (CFP) and corporate social performance (CSP) and the potentially myopic behavior of managers, this paper answers the call from some scholars to contribute towards a better understanding of the relationship between CFP and CSR. Different from other papers, it does so by analyzing the role of innovation activities as a mediator between CFP and CSR, applying a regression and mediation analysis between firms’ financial resources, innovation initiatives, and social and environmental performance. The results demonstrate that innovation is a critical factor in the relationship between CFP and corporate social performance (CSP) as it enables organizations to respond to new economic, social and environmental challenges faster and better than organizations that are not able to innovate. Therefore, the investment of financial resources in innovation initiatives is one of the most important levers to pursue and to increase CSP.
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Fauzi, Hasan. "The Determinants of the Relationship of Corporate Social Performance and Financial Performance: Conceptual Framework." Issues In Social And Environmental Accounting 2, no. 2 (2008): 233. http://dx.doi.org/10.22164/isea.v2i2.34.
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The objective of this paper is to investigate relationship between CSP and CFP using contingency perspective derived from the strategic management domain. The investigation will be done using lens of slack resource and good management theory. This study is expected to provide a new insight on the link between corporate social performance and corporate financial performance using contingency perspective as suggested in the strategic management and accounting literature, an area has not been examined<br />in the prior studies. The result of this study can resolve the existing conflict<br />in the literatures by developing an integrated model of the link between <br />CSP and CFP and the notion of corporate performance which, in strategic management, is highly affected by four factors: business environment, strategy, organization structure, and control system. The model will explain<br />in what condition the relationship of CSP and CFP is valid.
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Orlitzky, Marc. "Institutional Logics in the Study of Organizations: The Social Construction of the Relationship between Corporate Social and Financial Performance." Business Ethics Quarterly 21, no. 3 (2011): 409–44. http://dx.doi.org/10.5840/beq201121325.
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ABSTRACT:This study examines whether the empirical evidence on the relationship between corporate social performance (CSP) and corporate financial performance (CFP) differs depending on the publication outlet in which that evidence appears. This moderator meta-analysis, based on a total sample size of 33,878 observations, suggests that published CSP-CFP findings have been shaped by differences in institutional logics in different subdisciplines of organization studies. In economics, finance, and accounting journals, the average correlations were only about half the magnitude of the findings published in Social Issues in Management, Business Ethics, or Business and Society journals (mean corrected correlation coefficientof .22 vs. .49, respectively). Specifically, economists did not find null or negative CSP-CFP correlations, and average findings published in general management outlets (= .41) were closer to Social Issues in Management, Business Ethics, and Business and Society results than to findings reported in economics, finance, and accounting journals.
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Butt, Shahzad, and Safdar Ali Butt. "The Corporate Social-Financial Performance Link: Evidence from Pakistan." Jinnah Business Review 04, no. 01 (2016): 64–75. http://dx.doi.org/10.53369/pvga1050.
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This empirical investigation has been conducted to constitute a link between corporate social performance and corporate financial performance in Pakistani listed firms. For this purpose the data from seventy listed non-financial firms at KSE from twenty one sectors which are engaged in CSR activities for a period of six years from 2008 to 2013 was employed. The two-stage least square (TSLS) methodology has been used to explore a link between CSP and CFP. The results of study revealed that there is a simultaneous link between social and financial performance. Corporate social performance has been found as positively linked with the previous CFP which supports the slack resources theory. Social performance initiatives taken by the firms have also been found as having a positive relationship with future CFP. Secondly, this study examined the relationship between financial performance and social performance, and the results disclose that there is a positive relationship between CFP and CSP, and the fore most influential factor of corporate social performance was found to be size of the firms and the association between firm size and CSP was found as positive.
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Jeong, Nara. "A comparative approach to corporate social performance and corporate financial performance: Moderating effects of conformity tendency in the industry." Journal of General Management 46, no. 3 (2021): 220–28. http://dx.doi.org/10.1177/0306307020961606.
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This article attempts to revisit the corporate social performance (CSP)-corporate financial performance (CFP) relationship using a comparative approach. Drawing insights from institutional theory and a strategic management perspective, we take into account tensions between conformity and differentiation by industry and year. Using a sample of 1001 firms and 6006 observations from 1993 to 2015, we test and find data in support of the argument that a firm can expect the highest financial performance (CFP) when its social performance (CSP) is slightly higher than the industry average. We also show that a tendency toward low conformity in an industry has a negative impact on this relationship by weakening conformity pressure. Specifically, a firm belonging to an industry with low conformity tendency has more latitude to deviate its social performance without significantly affecting its financial performance. In sum, we show the importance of using comparative approaches in the CSP-CFP literature.
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Švecová, Jana. "A Systematic Literature Review—Social Engagement from Business Perspective." Proceedings 2, no. 22 (2018): 1379. http://dx.doi.org/10.3390/proceedings2221379.
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The present paper offers a literature review of relevant empirical research articles dealing with the relationship between corporate social performance (CSP) and corporate financial performance (CFP) published during the last five-year period 2013–2018. The results identify that although there is enormous amount of relevant studies presenting an overall positive relationship, there is still a lack of consensus in published results. Therefore CSP-CFP nexus remains a line of inquiry and more researches are needed. The most obvious explanation are different approaches in measuring corporate social responsibility and financial performance.
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Bussoli, Candida, and Danilo Conte. "The "Virtuous Circle" Between Corporate Social Performance and Corporate Financial Performance in the European Banking Sector." International Journal of Business Administration 9, no. 2 (2018): 80. http://dx.doi.org/10.5430/ijba.v9n2p80.
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This paper analyses the relationship between Corporate Social Performance (CSP) and Corporate Financial Performance (CFP) in the European banking sector. The good management approach and the slack resources approach have been tested, and the paper aims to verify the existence of a "virtuous circle" between the two performance measures. The econometric analysis, based on panel data, is performed on a sample of 71 listed banks (EU28) in the period between 2011 and 2015. The main findings show a positive influence of CSP on CFP, confirming the good management approach. However, the results demonstrate a negative influence of CFP on CSP, which generates the impossibility of confirming the theoretical assumptions of the slack resources approach. Therefore, the existence of a "virtuous circle" deriving from the integration of the two approaches is not supported.
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Coldwell, D. A. L. "Perceptions and expectations of corporate social responsibility: Theoretical issues and empirical findings." South African Journal of Business Management 32, no. 1 (2001): 49–55. http://dx.doi.org/10.4102/sajbm.v32i1.714.
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This paper focuses on the issue of differences in individual perceptions and expectations of corporate social performance (CSP). Business research has indicated, somewhat equivocally, that there is evidence to support possible causal relationships between CSP, corporate reputation (CR) and financial performance (CFP). The paper analyses these relationships with regard to various causal explanatory models delineated by Carroll and Buchholtz (2000). Specifically, the paper considers the theoretical possibility of CR being a moderating variable in the relationship between CSP and CFP.The paper reports the findings of an empirical study of University students’ perceptions regarding CSP in South Africa, which show that significant differences between black and white student expectations of CSP exist. The findings are discussed with regard to building a tentative theoretical model of CR.
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Venanzi, Daniela. "Stakeholder ratings and corporate financial performance: Socially responsible for what?" Corporate Ownership and Control 10, no. 4 (2013): 94–116. http://dx.doi.org/10.22495/cocv10i4art8.
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This paper aims at empirically supporting, in a cross-country and cross-industry analysis, the instrumental role of stakeholder management by adopting a disaggregated approach to the corporate social performance measurement. By using a sample of 250 European industrial listed firms, from 10 European countries, in the period 2001-2003, we find the following evidence: i) the firm is not socially responsible towards all stakeholders, but invests more in key-stakeholders, those who are (perceived as) more influential on its business and have a more valuable impact on its financial performance; ii) a null or weak significance of the relationship between corporate social performance (CSP) and corporate financial performance (CFP) in the whole sample hides highly significant opposite relationships in two separate sub-samples (i.e. firms with positive and negative relationship, respectively): the sign of the CSP-CFP link cannot be expected to be univocal, since the marginal reward-cost equilibrium of social investment is firm-specific.
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Shin, Ji-Young, Jon Jungbien Moon, and Jingoo Kang. "How Do National Institutions Moderate the Relationship between CSP and CFP?" Academy of Management Proceedings 2015, no. 1 (2015): 10995. http://dx.doi.org/10.5465/ambpp.2015.10995abstract.
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Fauzi, Hasan, and Kamil M. Idris. "The Relationship of CSR and Financial Performance: New Evidence from Indonesian Companies." Issues In Social And Environmental Accounting 3, no. 1 (2009): 66. http://dx.doi.org/10.22164/isea.v3i1.38.
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The research objectives of the study are to investigate whether there are any positive relationships between CFP and CSR under the slack resource theory and to investigate whether there are any positive relationships between CSR and CFP under good management theory by integrating <br />concept of strategic management into the definition of CSR as sustainable corporate performance including economy, social, and environment. To answer the research questions of this study, questionnaire-based survey research design was used. The questionnaires that include items representing variables in this study (corporate social performance, corporate financial performance, business environment, strategy, organization structure, and control system) were sent to the respondents who are managers of state-owned companies (BUMN) and private-owned companies using post and e-mail services. There is a positive relationship between CFP and CSP under the slack resource theory and under good management theory.
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Salah, Wafaa, and Mostafa Abdelhady Salama. "A Quantitative Analysis for the Correlation Between Corporate Financial and Social Performance." International Journal of Recent Contributions from Engineering, Science & IT (iJES) 4, no. 4 (2016): 55. http://dx.doi.org/10.3991/ijes.v4i4.6551.
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Recently, the corporate social performance (CSP) is not less important than the corporate financial performance (CFP). Debate still exists about the nature of the relationship between the CSP and CFP, whether it is a positive, negative or a neutral correlation. The objective of this study is to explore the relationship between corporate social responsibility (CSR) reports and CFP. The study uses the accounting-based and market-based quantitative measures to quantify the financial performance of seven organizations listed on the Egyptian Stock Exchange in 2007-2014. Then uses the information retrieval technologies to quantify the contribution of each of the three dimensions of the corporate social responsibility report (environmental, social and economic). Finally, the correlation between these two sets of variables is viewed together in a model to detect the correlations between them. This model is applied on seven firms that generate social responsibility reports. The results show a positive correlation between the Earnings per share (market-based measure) and the economical dimension in the CSR report. On the other hand, total assets and property, plant and equipment (accounting-based measure) are positively correlated to the environmental and social dimensions of the CSR reports. While there is not any significant relationship between ROA, ROE, Operating income and corporate social responsibility. This study contributes to the literature by providing more clarification of the relationship between CFP and the isolated CSR activities in a developing country.
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Tyagi, Rupal, and Anil K. Sharma. "Corporate Social Performance and Corporate Financial Performance: A Link for the Indian Firms." Issues In Social And Environmental Accounting 7, no. 1 (2013): 4. http://dx.doi.org/10.22164/isea.v7i1.73.
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The present study addresses the issue of the relationship between Corporate Social performance and corporate Financial Performance in Indian context under good management theory. The study used S&amp;P ESG India Index as a proxy of CSP/ CSR (Corporate social performance or Corporate Social Responsibility) of Indian firms for the first time over the 2005–2011 periods. We designed econometric models and controlled industry specific attributes and performed Weighted Least Square method for the analysis. Overall results show neutral though modest negative relationship between the CSP and CFP which eventually informs that if there would be any relationship, it would be negative.
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MAY, PETER, and ANSHUMAN KHARE. "AN EXPLORATORY VIEW OF EMERGING RELATIONSHIP BETWEEN CORPORATE SOCIAL AND FINANCIAL PERFORMANCE IN CANADA." Journal of Environmental Assessment Policy and Management 10, no. 03 (2008): 239–64. http://dx.doi.org/10.1142/s146433320800307x.
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This study uses primary research methods to determine whether a corporate social performance (CSP)–corporate financial performance (CFP) relationship exists within the Canadian context through examination of publicly-traded Canadian-based companies. The empirical findings demonstrate a positive CSR–CFP relationship, typically with CFP preceding CSP (although this does not preclude a relationship in the other direction) when using accounting-based measures of financial performance and as applied to the Top 1000 firms in Canada as ranked by profitability. This positive relationship was not confirmed when compared to the Top 500 companies ranked by profitability (i.e., with the "bottom 500" removed). In addition, the positive relationship did not occur with respect to market-based measures of financial performance (i.e., share performance). In addition, the study noted two possible issues that may have influenced the findings although the extent of such influences (if they exist) is not known. The first of these relates to a predilection amongst the CSR-rankings towards firms with high profitability. Almost all of the top-ranked CSR leaders are from the Top 500 firms in Canada as ranked by profitability and nearly three-quarters are from the Top 100. The second issue is the potential bias of the CSR-ranking methods themselves. This may have resulted in the inclusion of some firms with more questionable reputations in the rankings as well as the lack of continuity from year to year of CSR-leaders amongst the three rankings examined. This exploratory study sets the stage for more detailed analyses within a Canadian context in the future.
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Okamoto, Daisuke. "Social Relationship of a Firm and the CSP–CFP Relationship in Japan: Using Artificial Neural Networks." Journal of Business Ethics 87, no. 1 (2008): 117–32. http://dx.doi.org/10.1007/s10551-008-9874-1.
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Ilhan-Nas, Tülay, Emrah Koparan, and Tarhan Okan. "The effects of the CSR isomorphism on both CSP and CFP." Journal of Asia Business Studies 9, no. 3 (2015): 251–72. http://dx.doi.org/10.1108/jabs-11-2014-0086.
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Purpose – The purpose of this study is to contribute to the understanding of the interrelationships between corporate social responsibility (CSR) isomorphism of headquarters (HQs) and their subsidiaries as well as corporate social performance (CSP) and corporate financial performance (CFP) at the subsidiary level. Design/methodology/approach – This study tested these relationships through canonical correlation analyses. The data used were drawn from corporate HQ and 63 subsidiaries, which were publicly listed on the Istanbul Stock Exchange in 2007. Both qualitative and quantitative techniques were used in the study. Findings – The results generally indicated that the isomorphism between the CSR practices of the HQ and those of their subsidiaries could impact both the CSP, especially the product and employee dimensions, and the CFP. No relationship was found to exist between the CSP and CFP. Originality/value – Despite extensive interest by scholars and practitioners in the subject area, relatively little is known about the management of CSR by the multinational enterprises (MNEs) (Meyer, 2004), as the literature does not systematically examine the effects that occur on employee performance following the diffusion of CSR among the MNEs subsidiaries. Extending earlier literature on CSR, by integrating the effect of the CFP, the present study focuses on the effects of isomorphism between the CSR practices of the MNEs and those of their subsidiaries on both CSP and CFP. Further, the study examined the interrelation of CSP and CFP from the perspective of international management. Given the increased interest in corporate governance matters at the international level, CSR plays a central and fundamentally important role in the corporate governance of the MNEs because of both globalization forces and the pressures exerted by stakeholders. In this context, this paper is one of the first to explore the transfer of CSR practices from the MNEs to their subsidiaries. The effect of CSR on performance is an important research question, especially for emerging markets (Ibrahim and Angelidis, 1995; Waddock and Graves, 1997; Ghazali, 2007; Johnson and Greening, 1999). Despite the importance of this issue, however, until recently, only a limited discussion has been evident in the literature on CSR in the international arena with particular reference given to the emerging economies. Studying the effects of the CSR isomorphism on the performance in Turkish context is justified in three ways. First, Turkey is the largest emerging economy in Eastern Europe, the Balkans and the Middle East (Tatoglu et al., 2003, p. 7). It presents the emerging nature of the market and the transitional characteristics of the institutional environment (Cavusgil et al., 2002). Second, the drivers for CSR in Turkey, such as the other emerging markets whose institutional characteristics and economic fundamentals is similar, are exogenous and institutional rather than endogenous factors (Ararat and Gocenoglu, 2006, p. 11). Excluding the philanthropic activities, the very first manifestations of CSR were observed in the business conduct of MNEs in Turkey (Ararat and Gocenoglu, 2006, p. 11). MNEs have a dominant and leader role in Turkey for CSR practices. Finally, the subsidiaries operating in Turkey are less likely to resist the transfer of the organizational policies and practices such as human resource management policies (Sayim, 2010, 2011) and organizational culture (Ilhan, 2008). In fact, they want to even transfer the policies and practices from MNEs (Sayim 2010, 2011; Ilhan, 2008). Therefore, Turkish context provides a good case to test the effects of the CSR isomorphism on the performance.
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Bussoli, Candida, Danilo Conte, Graziana Letorri, and Marco Barone. "Does It Pay to Be Sustainable? Evidence from European Banks." International Journal of Business and Management 14, no. 1 (2018): 128. http://dx.doi.org/10.5539/ijbm.v14n1p128.
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This paper aims to explore the relationship between the economic, environmental, social, and corporate governance component of Corporate Social Performance (CSP) and the Corporate Financial Performance (CFP) in the European banking sector. The empirical analyses, based on panel data, are performed on a sample of 70 listed European banks (EU28) over the period 2011-2015. The main results show a significant and positive relationship between the aggregated CSP measure and the average profitability of banks&#39; assets and market capitalization. Furthermore, the social component positively affects the average return on assets and equity; the economic component is positively associated with the performance of prospective profitability and market capitalization; finally, the environmental component is positively associated with the ROAA. Sustainable banks, in line with the stakeholder Theory, through ethical and social policies, might increase their financial and economic performance.
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Chang, Youngkyun, Won Yong Oh, and Jong-Seok Cha. "DO ALL FIRMS DO WELL BY DOING GOOD? THE MODERATING ROLE OF HPWPS ON THE CSP-CFP RELATIONSHIP." Academy of Management Proceedings 2011, no. 1 (2011): 1–6. http://dx.doi.org/10.5465/ambpp.2011.1.1ft.
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Salvi, Antonio, Emanuele Doronzo, Anastasia Giakoumelou, and Felice Petruzzella. "CSR and Corporate Financial Performance: An Inter-Sectorial Analysis." International Journal of Business and Management 14, no. 11 (2019): 193. http://dx.doi.org/10.5539/ijbm.v14n11p193.
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This study examines the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP), shedding new light on the lack of academic consensus and prevailing failure to deal with endogeneity in data. To this purpose, the authors recalculate ESG performance starting from the four pillars (economic, environmental, governance and social) provided by Thomson Reuters&rsquo; Asset4 database, able to determine a firm&rsquo;s CSP. We adjust each ESG pillar score accounting for the firm&rsquo;s sector, size and headquarter geographic area. We empirically test the relationship with a Generalized Method of Moments approach (GMM) in order to tackle the widely disputed endogeneity issues arising in this type of datasets. 
 
 Results highlight a positive relationship between CSR, as measured in a tailored manner in this study, and corporate financial performance.
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Rost, Katja, and Thomas Ehrmann. "Reporting Biases in Empirical Management Research: The Example of Win-Win Corporate Social Responsibility." Business & Society 56, no. 6 (2015): 840–88. http://dx.doi.org/10.1177/0007650315572858.
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Reporting biases refer to a truncated pool of published studies with the resulting suppression or omission of some empirical findings. Such biases can occur in positive research paradigms that try to uncover correlations and causal relationships in the social world by using the empirical methods of (natural) science. Furthermore, reporting biases can come about because of authors who do not write papers that report unfavorable results despite strong efforts made to find previously accepted evidence and because of a higher rejection rate of studies documenting contradictory evidence. Reporting biases are a serious concern because the conclusions of systematic reviews and meta-analyses can be misleading. The authors show that published evidence in win-win corporate social responsibility (CSR) research tends to overestimate efficiency. The research field expects to find a positive association between corporate social performance (CSP) and corporate financial performance (CFP), and findings meet that expectation. The authors explain how this pattern may reflect reporting bias. The empirical results show strong tentative evidence for a positive reporting bias in the CSP–CFP literature but only weak tentative evidence for CSP efficiency. The study also examines which factors, such as time trends, publication outlet, and study characteristics, are associated with higher reporting biases within this literature.
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Tăbîrcă, Alina Iuliana, Oana Raluca Ivan, Florin Radu, and Réda Djaouahdou. "Qualitative Research in WoS of the Link between Corporate Social Responsibility and Corporate Financial Performance." Valahian Journal of Economic Studies 10, no. 1 (2019): 107–18. http://dx.doi.org/10.2478/vjes-2019-0011.
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Abstract This study aims to analyze the relationships between corporate social responsibility and corporate financial performance using only content analysis from 1971 to 2018 available in all databases of Web of Knowledge. Our findings attempts to fill this void that past researchers are deepening because the uncertainty can be find in lots of papers. If there is a link between CSP and CFP is no longer the question. Our question is what kind of link is it and what is its impact? Some authors are proposing some kind of theories linking this concepts but we must understand better the implications for the companies.
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Daszyńska-Żygadło, Karolina, Tomasz Słoński, and Anna Dziadkowiec. "CORPORATE SOCIAL PERFORMANCE AND FINANCIAL PERFORMANCE RELATIONSHIP IN BANKS: SUB-INDUSTRY AND CROSS-CULTURAL PERSPECTIVE." Journal of Business Economics and Management, December 28, 2020, 1–21. http://dx.doi.org/10.3846/jbem.2020.13892.
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The aim of the paper is to reveal how corporate social performance (CSP) affects market value and earnings capabilities of companies from banking industry: Banking Services and Investment Banking & Investment Services sub-industries in particular. For Banking Services, the research was extended to a link between corporate social performance and corporate financial performance (CSP-CFP) by classifying institutions into clusters based on a type of culture which dominates in a bank’s country of origin. Regression analysis was run on a unique dataset, which comprehensively captures the contextuality of CSP, measured with corporate governance, environmental and social characteristics. This research uses Refinitiv database of ESG Scores as CSP proxy for banks from all over the world in the period of 2009–2016. The results confirm that environmental performance and social performance have negative impact on CFP in banks and partly confirmed that governance performance has a positive impact on their CFP. This research proves that banks’ CSP performance and the CSP-CFP relationship differs with regard to the type of bank operations as well as the associated culture. This is an important conclusion for investors seeking to increase value of their holdings and bank management who wants to foster bank’s profitability through CSP-related decisions.
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Ben Douissa, Ismail, and Tawfik Azrak. "Long-run dynamics between CFP and CSP in the GCC banking sector: estimation of non-stationary heterogeneous panels allowing for cross-sectional dependence." Social Responsibility Journal ahead-of-print, ahead-of-print (2021). http://dx.doi.org/10.1108/srj-09-2020-0365.
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Purpose Causality between corporate financial performance (CFP) and corporate social performance (CSP) has been extensively debated in previous research works; however, little research has been done to investigate the long-run dynamics between these two constructs. The purpose of this paper is to enrich the CFP–CSP literature by estimating the long-run equilibrium relationship between financial performance and social performance in the banking sector in the Gulf Cooperation Council countries over the period 2009–2019. Design/methodology/approach The paper adopts an approach that is primarily used in financial economics: first, the authors perform panel long-run Granger causality following Canning and Pedroni’s procedure to indicate the direction of the causal relationship. Second, the authors estimate an error correction model using Chudik and Pesaran’s (2015) dynamic common correlated effects mean group estimator to determine the sign of the relationship. Findings The present research findings prove the existence of a long-run equilibrium relationship between CFP and CSP, while indicating at the same time that panel Granger causality runs positively from CSP to CFP, which means that changes in CSP produce lasting changes in CFP. Practical implications The findings of the paper would guide strategists to build fit for purpose corporate social responsibility (CSR) strategies in their firms and establish a continuous investment in CSR activities in the long run rather than harshly investing in CSR activities in the short run. Originality/value To the best of the authors’ knowledge, this paper is the first one to address heterogeneity in long-run Granger causality tests to estimate the relationship between CSP and CFP.
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Park, Bum-Jin, and Ki-Hoon Lee. "The sensitivity of corporate social performance to corporate financial performance: A “time-based” agency theory perspective." Australian Journal of Management, May 31, 2020, 031289622091719. http://dx.doi.org/10.1177/0312896220917192.
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This study focuses on micro-level phenomena and time issues that have been traditionally neglected in both corporate governance and corporate social responsibility research. Drawing on agency theory concerning time-based managerial incentives (i.e. short term and long term), we investigate which managerial incentives for compensation drive the sensitivity of corporate social performance ( CSP) to corporate financial performance ( CFP). Using data for publicly listed Korean firms, we found a significant and positive relationship between CSP and CFP, with this relationship strengthened in firms with high managerial ownership but insignificant in those with high earnings-based compensation. Furthermore, we found that the interaction effects of CSP and high earnings-based compensation on CFP become positive in firms with high managerial ownership, indicating that the sensitivity between CSP and CFP is driven by long-term managerial incentives. JEL Classification: M12, M14, G35
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"Relationship between Corporate Social Performance, Corporate Financial Performance and Financial Risk in Indian Firms." International Journal of Recent Technology and Engineering 8, no. 3S3 (2019): 121–28. http://dx.doi.org/10.35940/ijrte.c1041.1183s319.
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This study examines the relationship between Corporate Social Performance and Corporate Financial Performance and Financial Risk of BSE top 10 companies in India. The variables of Corporate Social Performance and Financial Performance and Financial Risk were used in this study. There was positive relationship between Corporate Social Performance, Corporate Financial Performance and Financial Risk, at Bajaj Finance Ltd, Reliance Industries Ltd, Bajaj Auto Ltd, State Bank of India, Hindustan Unilever Ltd, Asian Paints Ltd and Bharathi Airtel Ltd. The novelty of the study is that the analysis of this study focuses on CSP, CFP and Financial Risk in respect of Indian firms.
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Fu, Gang, and Mingwen Jia. "On the Reasons for the Vexing CSP-CFP Relationship: Methodology, Control Variables, Stakeholder Groups, and Measures. The Review of 63 Studies from 1990s." International Journal of Business and Management 7, no. 12 (2012). http://dx.doi.org/10.5539/ijbm.v7n12p130.
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