Дисертації: "Corporate Financial/Sustainability Performance"

1

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

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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.

2

Pålsson, Moa, and Patric Beijer. "Corporate Sustainability Performance and the Risk of Financial Distress : A Panel Data Analysis." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185346.

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There are increased calls for corporations to act responsibly. Those responsibilities exceed the classical assumption that the only responsibility of the firm is its shareholders and ultimately to maximize their wealth. Any social issue participation has been described as charity or squandering of resources at the expense of the shareholders. According to the Stakeholder theory, firms should consider every stakeholder that is affected by the company and stakeholder management can be a source of value. The risk reduction hypothesis is especially interesting in the context of corporate sustainability. There have been multiple studies that have explored the relationship between corporate sustainability performance and the risk of financial distress. Like those studies, this study found that corporate sustainability performance is negatively associated with the risk of financial distress. Thereby answering the research question proposed by the authors: “Does corporate sustainability performance affect the risk of financial distress?”. Companies with higher sustainability performance will experience less risk and engagement in those activities works as a risk reduction tool. Different levels of sustainability performance have different effect on the risk, which should be considered by investors and management. It should inspire investors to incorporate sustainable companies in their investment portfolios. Furthermore, the thesis contributes to the field of knowledge by analyzing the empirical results using the Stakeholder Theory, the Shareholder Theory, the Legitimacy Theory, the Resource-based view, the Agency Theory and the Stewardship Theory. The study provides evidence of an increasing importance of sustainability performance and suggests that firms can use sustainability performance to mitigate risk. This is a panel data analysis including approximately 16,000 firm-year observations. The study takes a deductive approach, and the research is conducted under a positivist paradigm. The data is tested through conducting OLS regressions with fixed effects. The results of the statistical testing have been compared to previous studies and other relevant literature.

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Alkhalili, Shatha, and Victoria Namayanja. "The Impact Of Corporate Social Responsibility (CSR) On Corporate Financial Performance (CFP) In The Listed Swedish Financial Institutions." Thesis, Jönköping University, IHH, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52742.

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Given that Sweden is one of the most sustainable countries in the world (RobecoSAM, 2018), with a big number of its companies as active participants in CSR, we investigate the impact that these CSR activities could have on CFP with a focus on the Financial sector, using in 26 listed Financial Institutions. As we will find out from the existing literature, the CSR-CFP relationship is neither strictly negative nor positive. If it is positive, then the firm will allocate more resources to CSR to achieve better financial performance, and the firm may fore-go or approach CSR initiatives with caution if they affect CFP negatively. Past researchers have studied this relationship before and found that the reason why financial institutions get involved in socially responsible activities is to gain public trust and justification usually after a public financial scandal. So, we explore this further expecting that if it is indeed a matter of fact that these institutions gain the justification from the public that they so desire when they choose to get involved in socially responsible activities, then it should be that the public trust and justification would translate into improved financial performance. Therefore, the research question that we seek to answer is “Does Corporate Social Responsibility (CSR) have an Impact on Corporate Financial Performance (CFP) in the Listed Swedish Financial Institutions” We examined the relationship between CSR and CFP using 26 Swedish financial institutions that are listed on Nasdaq Nordic stock exchange market (Stockholm) for the period between 2015 and 2019. The Fixed Effects Model regression analysis for panel data was used to test this relationship and we found that when Swedish financial institutions get involved in CSR, their financial performance is neither worsened or improved because of the insignificant ESG coefficients that we found. Swedish financial institutions' engagement in socially responsible activities does not guarantee an impact on their financial performance.

4

Vincent, Olusegun Monsuru. "The impact of corporate environmental responsibility on financial performance : perspective from the multinational extractive sector." Thesis, Brunel University, 2012. http://bura.brunel.ac.uk/handle/2438/7067.

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The research into the relationship between social-environmental responsibility and financial performance continues to draw the attention of both scholars and practitioners. This is because previous studies have not presented an unequivocal outcome as to the direction of causation between the two constructs. To address this obvious gap, this study explores the relationship between corporate environmental responsibility and financial performance with a focus on the extractive sector where previous studies least investigated empirically and one of the worst culprits in environmental degradation. The study explores the impact of corporate environmental responsibility on the financial performance in the extractive sector using a pooled secondary data of 101 multinational extractive companies for the period of 2008-2010 and primary data from a survey of 275 extractive sector managers. The results of this study show that there is no relationship between corporate environmental responsibility and financial performance while the environmental attitude of managers is positively related to the perceived corporate reputation of their companies. A further investigation shows that sector unique characteristics are responsible for the neutral relationship between corporate environmental responsibility and financial performance. However, some results show statistically insignificant positive relation and this points to the fact that in the long-term, poor sensitivity to the environment may not be sustainable.

5

Håkansson, Caroline, and Kristin Salu. "Sustainability in the European Union : The Role of Financial Development in Environmental, Social and Governance (ESG) Performance." Thesis, Linköpings universitet, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-176781.

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This thesis addresses the relationship between financial development and CSR performance, based on countries within the EU. The main objective of this thesis is to critically analyse and discuss the impact of financial development on CSR performance, through using ESG performance as a proxy. Additionally, this study aims at analysing the inclusion of institutional factors when examining the relationship. While the issue of how financial development impacts individual sustainability dimensions is quite well-researched, only one study is found to examine the precise relationship between financial development and ESG performance, concluding a positive linkage in Asia. No similar study is found in the region of the EU. We find the relationship to be complex, where various channels of influence are identified when examining ESG dimensions separately. To examine this relationship, we used panel data regression analysis, based on country level data for EU’s individual member states. Our findings show a complex relationship, implying that financial development has various impacts on ESG performance and varies throughout the range of financial development. This is in contrast to previous empirical research regarding the relationship, concluding an overall positive impact. This study provides no evidence that institutional factors affect the relationship between financial development and ESG performance, but argues for the importance of institutional inclusion, due to the identified influence on ESG practices through channels such as governing laws, regulations, norms and culture. Finally, financial development is concluded as an important catalyst to promote ESG performance within the EU. When suggesting any policy implementation, it is important to keep in mind that different countries within the EU may have different needs regarding the most efficient approach to increase ESG.

6

Lennartsson, Sofia, and Lena Pettersson. "Corporate Social Responsibility och dess inverkan på lönsamhet i nordiska börsnoterade företag." Thesis, Högskolan i Skövde, Institutionen för handel och företagande, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:his:diva-13943.

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Corporate social responsibility (CSR) är ett aktuellt ämne som syftar till att företag ska ta ett större samhällsansvar, både ur ett ekonomiskt, miljömässigt och socialt perspektiv. Den globalisering som råder i världen påverkar inte bara ett internt företagsklimat, det ger även effekter på omgivande samhälle och individer, vilket tillsammans med sociala påtryckningar skapar ett behov av CSR. Ansvaret till samhället innebär inte bara ekonomiska och lagliga aspekter, dock ska ett etiskt och filantropiskt perspektiv också antas. Idag är CSR ett frivilligt åtagande och för att kunna motivera företag till ett större ansvarstagande för sitt agerande ämnar denna studie att undersöka, ur ett nordiskt sammanhang, om ett företags hållbarhetsarbete genererar lönsamhet. Studien utgår från nordiska börsnoterade företag som ingår i Dow Jones Sustainability Index (DJSI). Indexet representeras av de bäst presterande hållbarhetsföretagen i världen som kvalificerat sig till att ingå. Genom en deduktiv kvantitativ metod studeras sambandet mellan CSR och lönsamhet för att förklara vilken effekt variabeln Corporate Social Performance (CSP) har på variabeln Corporate Financial Performance (CFP) under tidsperioden 2010-20162010–2016. Fortsättningsvis undersöks skillnaden i lönsamhet mellan företag som inkluderats i DJSI och matchade likartade nordiska företag som inte ingår i indexet. Undersökningen baseras på sekundärkällor ur ett naturvetenskapligt perspektiv. Studien erhåller ett resultat som påvisar att företag som ingår i hållbarhetsindexet tenderar att vara mer lönsamma än företag som inte ingår genom att redovisningsbaserade mått, bruttomarginal och avkastning på totalt kapital (ROA), har applicerats. Studiens slutsats blir att CSR-arbete kan öka lönsamheten i nordiska företag genom att bli inkluderade i DJSI, studien visar dock att placeringen i indexet inte har någon betydelse. Därav blir studiens bidrag att motivera företag till ett större åtagande av hållbarhetsarbete eftersom CSR kan generera högre lönsamhet.
Corporate social responsibility (CSR) is a current topic which aims to encourage companies to be more responsible as an societal actor, both from an economic, environmental and social perspective. The consequences of the globalization may not only affect the internal business environment, it will also affect the surrounding society and individuals, which together creates a demand for CSR. As a societal actor, companies needs to include ethical and philanthropic responsibilities, and not only take economic and legal aspects into consideration. Currently, CSR is a voluntary commitment and to motivate companies to embrace the responsibility for the society, this study aims to investigate, from a Nordic context, whether companies’ sustainability work generates profitability. The study is based on Nordic listed companies included in the Dow Jones Sustainability Index World (DJSI), which is an index where the top performing sustainability companies can qualify for an inclusion. The correlation between CSR and profitability will be studied through a deductive quantitative method to explain what impact Corporate Social Performance (CSP) has on Corporate Financial Performance (CFP) during the years between 2010-2016. Furthermore, the differences in profitability between companies included in DJSI matched Nordic companies that are not included in the index will be investigated. From a scientific perspective, the survey is based on secondary sources. The results of the study indicates that companies included in the sustainability index tend to have an improved profitability than companies that are not included. This by applying the accounting-based measures gross margin and return on assets (ROA). The conclusion of the study is that CSR can improve profitability among the Nordic companies by an inclusion in DJSI, but the study shows that the placement in the index does not have an impact. Hence, the contribution of this study is to motivate companies to a greater commitment to sustainability because CSR can generate improved profitability.

7

Chams, Nour. "A holistic approach toward sustainability performance: the role of the human and financial factors." Doctoral thesis, Universitat Ramon Llull, 2020. http://hdl.handle.net/10803/670476.

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Al llarg de les últimes dècades i degut a les seqüeles de la revolució industrial, l'exercici de la sostenibilitat ha estat una preocupació "comuna" entre els legisladors i reguladors, científics i acadèmics, professionals i líders empresarials. En conseqüència, s'ha estat produint una dràstica metamorfosi i un canvi estratègic en el món empresarial i en diverses organitzacions per tal d’adaptar-se a la necessitat emergent d'acompliment sostenible i assolir els Objectius de Desenvolupament Sostenible de les Nacions Unides. Aquesta tesi doctoral investiga l'impacte del factor humà i els indicadors financers en l'exercici de la sostenibilitat. El propòsit principal d'aquesta tesi és desvetllar els antecedents de les pràctiques ambientals i socials en les perspectives organitzacional i transnacional. Adoptant dissenys d'investigació tant qualitatius com quantitatius, examinem els prerequisits de l'acompliment de la sostenibilitat des de perspectives multidisciplinàries: gestió de recursos humans ecològics, govern corporatiu com a junta directiva, i acompliment financer com liquiditat i valoració de mercat ferma. A més, ens assegurem confiar en índexs validats, fiables i comunament aplicats a la literatura: l'índex de sostenibilitat Dow Jones (DJSI) i l'índex ambiental, social i de governança (ESG) de la base de dades Eikon de Thomson Reuters, com indicadors de les pràctiques de sostenibilitat. L'estructura d'aquesta tesi doctoral consta dels següents capítols: Els capítols 1 i 5 constitueixen la Introducció i Conclusió de la tesi; Els capítols 2, 3 i 4 representen els tres estudis d'investigació realitzats durant el programa de doctorat. El capítol 2 consisteix en una revisió sistemàtica de la literatura que identifica els antecedents, resultats i barreres de la gestió sostenible dels recursos humans (SHRM). El capítol 3 comprèn una anàlisi empírica que investiga els determinants de la junta directiva (BOD) que milloren les pràctiques de sostenibilitat i examina les discrepàncies de les característiques de BOD entre organitzacions europees i no europees. Finalment, el Capítol 4 investiga el nexe entre l'acompliment financer (flux de caixa lliure i Tobin´s Q) i les mesures ambientals, socials i de governabilitat i prova empíricament l'efecte moderador de la gestió de la qualitat total (TQM) en aquesta associació. En general, els resultats del Capítol 3 revelen una associació positiva i significativa entre les característiques de la junta directiva i l'acompliment en sostenibilitat. A nivell transnacional, l'anàlisi de regressió proporciona evidències estadístiques que donen suport a les diferències entre els indicadors de BOD entre empreses europees i no europees. Els determinants demogràfics de la BOD són els antecedents de les pràctiques de sostenibilitat en les empreses europees; l'estructura i composició de la BOD són els requisits previs de l'acompliment de la sostenibilitat en un context no europeu. Pel que fa al capítol 4, els resultats indiquen un efecte catalitzador entre la liquiditat de l'empresa i l'acompliment ESG. Mentre, la interacció entre la TQM i el factor de liquiditat té un efecte negatiu en l'ESG, la interacció entre la TQM i la Tobin´s Q revela una relació positiva i significativa amb l'ESG.
A lo largo de las últimas décadas y debido a las secuelas de la revolución industrial, el desempeño de la sostenibilidad ha sido una preocupación "común" entre los legisladores y reguladores, científicos y académicos, profesionales y líderes empresariales. En consecuencia, se ha estado produciendo una drástica metamorfosis y un cambio estratégico en el mundo empresarial y en varias organizaciones para adaptarse a la necesidad emergente de desempeño sostenible y lograr los Objetivos de Desarrollo Sostenible de las Naciones Unidas. Esta tesis doctoral investiga el impacto del factor humano y los indicadores financieros en el desempeño de la sostenibilidad. El propósito principal de esta tesis es develar los antecedentes de las prácticas ambientales y sociales en las perspectivas organizacional y transnacional. Adoptando diseños de investigación tanto cualitativos como cuantitativos, examinamos los prerrequisitos del desempeño de la sostenibilidad desde perspectivas multidisciplinarias: la gestión de recursos humanos ecológicos, el gobierno corporativo como junta directiva, y el desempeño financiero como liquidez y valoración de mercado firme. Además, nos aseguramos de confiar en índices validados, contrastables y comúnmente aplicados en la literatura: el índice de sostenibilidad Dow Jones (DJSI) y el índice ambiental, social y de gobernanza (ESG) de la base de datos Eikon de Thomson Reuters, como indicadores de las prácticas de sostenibilidad. La estructura de esta tesis doctoral consta de los siguientes capítulos: Los capítulos 1 y 5 constituyen la Introducción y Conclusión de la tesis; Los capítulos 2, 3 y 4 representan los tres estudios de investigación realizados durante el programa de doctorado. El Capítulo 2 consiste en una revisión sistemática de la literatura que identifica los antecedentes, resultados y barreras de la gestión sostenible de los recursos humanos (SHRM). El capítulo 3 comprende un análisis empírico que investiga los determinantes de la junta directiva (BOD) que mejoran las prácticas de sostenibilidad y examina las discrepancias de las características de BOD entre organizaciones europeas y no europeas. Por último, el Capítulo 4 investiga el nexo entre el desempeño financiero (flujo de caja libre y Tobin´s Q) y las medidas ambientales, sociales y de gobernabilidad y prueba empíricamente el efecto moderador de la gestión de la calidad total (TQM) en esta asociación. En general, los resultados del Capítulo 3 revelan una asociación positiva y significativa entre las características de la junta directiva y el desempeño en sostenibilidad. A nivel transnacional, el análisis de regresión proporciona evidencias estadísticas que respaldan las diferencias entre los indicadores de BOD entre empresas europeas y no europeas. Los determinantes demográficos de la BOD son los antecedentes de las prácticas de sostenibilidad en las empresas europeas; la estructura y composición de la BOD son los requisitos previos del desempeño de la sostenibilidad en un contexto no europeo. En cuanto al Capítulo 4, los hallazgos indican un efecto catalizador entre la liquidez de la empresa y el desempeño ESG. Mientras la interacción entre la TQM y el factor de liquidez tiene un efecto negativo en la ESG, la interacción entre la TQM y la Tobin´s Q revela una relación positiva y significativa con la ESG.
During the last decades and the aftermath of the industrial revolution, sustainability performance has been a “common” concern among policy-makers and regulators, scientists and scholars, practitioners and business leaders. A drastic metamorphosis and strategic shifting have been occurring in the corporate world and in several organizations to accommodate the emergent need of sustainability performance and to accomplish the United Nations Sustainable Development Goals. Accordingly, this PhD thesis investigates the impact of the human factor and financial indicators on sustainability performance. The main purpose of this thesis is to unveil the antecedents of environmental and social practices at both organizational and cross-national perspectives. Embracing both qualitative and quantitative research designs, we examine the pre-requisites of sustainability performance from multi-disciplinary perspectives: from green human resources management, from corporate governance as board of directors, and from financial performance as liquidity and firm market valuation. Moreover, we make sure to rely on validated, reliable, and commonly applied indices in the literature i.e., Dow Jones Sustainability Index (DJSI) and environmental, social, and governance index (ESG) of Thomson Reuters Eikon database, as proxies of sustainability practices. The structure of this doctoral thesis consists of the following chapters: Chapters 1and 5 constitute the Introduction and the Conclusion of the thesis; Chapters 2, 3, and 4 represents the three research studies conducted during the PhD program. Chapter 2 consists of a systematic literature review identifying the antecedents, outcomes, and barriers of sustainable human resources management (SHRM). Chapter 3 comprises an empirical analysis investigating the determinants of board of directors (BOD) that enhance sustainability practices and examines the discrepancies of the BOD characteristics between European and non-European organizations. Last but not least, Chapter 4 investigates the nexus between financial performance (free cash flow and Tobin´s Q) and environmental, social and governance scores and empirically tests the moderator effect of total quality management (TQM) on this association. Overall, the results of Chapter 3 reveal a positive and significant association between board of directors characteristics and sustainability performance. At cross-national level, the regression analysis provide statistical evidences supporting the differences among BOD indicators between European and non-European firms. While, the BOD demographic determinants are the antecedents of sustainability practices in European companies, structure and composition of the BOD are the pre-requisites of sustainability performance in non-European context. As for Chapter 4, the findings indicate a catalyst effect between firm´s liquidity and ESG performance. While the interaction between TQM and liquidity factor has a negative effect on ESG, the interaction between TQM and Tobin’s Q reveals a positive and significant relationship with ESG.

8

Levin, Matthew H. Levin. "The Role of an Ethos of Sustainability: The Hidden Value of Intangible Resources." Case Western Reserve University School of Graduate Studies / OhioLINK, 2017. http://rave.ohiolink.edu/etdc/view?acc_num=case1497005512519097.

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9

Mohamed, Bibri. "Corporate Sustainability/CSR Communications and Value Creation : A Marketing Approach." Thesis, Blekinge Tekniska Högskola, Sektionen för management, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-4173.

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The purpose of this study is to explore the current practices in corporate sustainability/CSR communications and how this trend contributes to corporate value creation. More specifically, this study looks at this subject from the angle of how companies can use corporate sustainability/CSR communications in marketing activities to attain corporate marketing objectives. To achieve the aim of this study, an examination of the current practices in corporate sustainability /CSR communications was performed through a pertinent empirical and theoretical literature review as well as a quantitative and qualitative empirical method using a survey questionnaire. The author attempted, in the same way, to illustrate how corporate sustainability/CSR communications can strengthen corporate reputation and directly enhance financial performance. For theory, two bodies of literature (corporate communications and corporate sustainability) were selected for review in terms of the degree of synergy and integration between them and their implications for this thesis. The key findings from literature review and empirical study showed that the practices of corporate social responsibility communications occurs through CSR, Triple Bottom Line (PPP) or corporate sustainability reporting, stakeholder dialogue on sustainability issues and social and environmental communication programs. Also, the auditing and assurance of CSR reporting is carried out through different measures including internal (i.e. human resources management, CSR and/or PR department) and external (i.e. business partner, consulting or risk management firm) or both measures. It was also found that sustainability has been a part of corporate culture and strategy development for a number of organizations pursuing the sustainability path for decades. Moreover, public relations activity is ranked the most effective in communicating sustainability at corporate level and has the potential to reach a wide spectrum of stakeholder audiences. However, a level of skepticism was noticed among stakeholders towards corporate sustainability/CSR communications. Nonetheless, knowing how stakeholders perceive corporate image and what they expect in return for their support is fundamental in designing effective corporate and marketing communications strategies. Stakeholders’ relations management is the bottom line for success and sustainability of the business and lies at the core of CSR practice and its reporting. Further, the growth of corporate sustainability/CSR communications has reflected the keen interest from all stakeholders; hence, it has become a topic of major importance and also, as it was found, a key factor that experts and planners in the field should capitalize on and watch in competitive marketplaces. Furthermore, having a pro-social and environmental agenda means having a sound corporate and marketing communications strategies that can build a company’s reputational standing and create sustainable competitive advantages. The trend towards injecting sustainability into corporate decisions making and strategy development has come about through what organizations have achieved in terms of value creation pertaining to reputation and financial performance enhancement. The author’s review of the literature makes an advance on extant reviews of the literature by highlighting the importance of corporate sustainability/CSR communications in marketing with respect to corporate value maximization. Overall, this thesis endeavours to present contributions, avenues and departure of journeying for further empirical research and development.
+46704352135

10

Hanekom, Barend Johannes. "An analysis of sustainable reporting rating levels as an indicator of financial performance for JSE listed companies." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/29740.

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The purpose of sustainability reports is to represent the progress of a company’s sustainability effort and status to stakeholders. There is a need for stakeholders to benchmark sustainability performance of companies. The objective of this research was to find evidence that the GRI Application Level used in the ranking GRI compliant sustainability reports, is an indicator of financial performance for companies trading on the JSE in South Africa.The results will show that there is no evidence to show that the GRI Applications Level is an indicator of financial performance. The consequence of this evidence is that the lack of adequate benchmark standards can de-motivate companies to strive for higher sustainability performance.
Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted

11

De, Jong Stefan, and Peter Svensson. "Sustainable drivers and performance in Corporate Social Responsibility." Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-35062.

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Purpose To determine sustainable Resource Based View drivers (RBV) (i.e. resources, capabilities) and motivation for the successful (i.e. positive Financial (FP) / Social Performance (SP)) implementation of Corporate Social Responsibility (CSR) in the strategies of top performing companies in regards to CSR. In addition to find out how these drivers are being nourished, developed and utilized in order to contribute to the sustainable development in companies. Design/ Methodology/ Approach Interviews are held with CSR-managers from top performing companies based on their engagement and performance in CSR. In addition, their Corporate Responsibility (CR) reports are observed in order to apply triangulation on the company’s engagement in CSR. Furthermore shall reports by third party organizations be observed to get multiple perspectives on the concept of CSR and Sustainability? Lastly an exclusive guest lecture at Linnaeus University is attended which provided insight on corporate partnership in regards to CSR from the point of view of a charitable organization. Findings The most important non-financial drivers of CSR and Sustainability are; knowledge flow, capabilities and competence. Knowledge can be acquired through active engagement with all the company’s stakeholders, especially by collaborating with universities and for example charitable organizations. Companies have invested in the training of top level management in their understanding of the importance of CSR and Sustainability. This is because the top level management is seen as the driving and deciding force within the company to engage in CSR and Sustainability. Some companies have invested research in the understanding of their stakeholders’ perceptions on Sustainability issues which they deem as most important. Delimitations/ Limitations This research investigates the non-financial drivers (i.e. sources and antecedents) of CSR and Suitability in order to invest in and develop the drivers with the purpose of further developing Sustainability. This research is primarily focussed on Swedish companies as they seem to be further advanced in this subject due to for example legislation and the fact that Sweden is one of the most prosperous countries in the world. The purpose of this research is not to generalize the findings, but to provide insight so other companies could learn and develop themselves further in their pursuit for Sustainability. Implications In order to develop Sustainability further companies need to create tighter collaborations with especially universities as the managers and business leaders for the future, but also other employees, are the students of today. Especially business students complain about the way their subject is being taught as it fails to thoroughly address current and future business problems. Furthermore the concept of Sustainability should be taught not only at universities but at high schools as well, because the society as a whole needs to collaborate to deal with the mega forces that await us in the not too distant future. Originality/ Value CSR finds itself in a cross-section in academic literature between different affecting disciplines. By combining the different disciplines the authors want to contribute to sustainable development and competitive advantage in CSR-strategies by examining top performing companies who are (perceived to be) well advanced in this subject. Previous research has primarily focussed on proving the relationship between implementing CSR and positive Financial Performance (FP) as the driver of CSR. Much less have other antecedents to CSR been investigated with purpose of further improving sustainable development.

12

Tchaikovsky, Zulfiya. "The Relationship Between Sustainable Supply Chain Management, Stakeholder Pressure, and Financial Performance." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4024.

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Corporate sustainability confronts significant challenges when supply chain managers pursue short-term financial performance to meet stakeholders' expectations. To achieve sustainable economic success, organizational managers need to understand the relationship between corporate sustainability and long-term financial performance. Based on the resource dependence theory, the purpose of this correlational study was to examine the relationship between sustainable supply chain management (SCM), stakeholder pressure, and corporate sustainability performance. The population consisted of worldwide public organizations from Newsweek Global Green Ranking 2016 list engaged in sustainable SCM. The secondary data for the study were collected from databases hosted by Sustainalytics and Standard & Poor's. The hierarchical multiple regression analyses indicated statistically significant relationships between sustainable SCM and corporate sustainability performance, F(5, 158) = 3,981, p = .002, R2[.112], and between stakeholder pressure and corporate sustainability performance, F(5, 158) = 2,552 p = .030, R2[.075]. Analysis of the relationship between sustainable SCM and corporate sustainability performance with stakeholder pressure as a moderator showed non-significant interaction effect, F (5, 158) = 5.54, p < .001, R2 =.11. R2 -chng =.0007, p-int = .669. With stakeholder pressure as a mediator, the relationship showed non-significant indirect effect, b = .024, z = 0.97, p = .329. The findings of this study could contribute to the social change given that sustainable development of supply chains support the conservation of natural resources and living standards of stakeholders.

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Batista, Catarina de Almeida. "Sustentabilidade empresarial e o seu impacto no desempenho financeiro das organizações." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20844.

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Mestrado em Ciências Empresariais
Sustentabilidade é um tema cada vez mais presente no mundo empresarial. Atualmente, clientes, fornecedores, parceiros e investidores exigem das empresas uma maior consciencialização para os impactos das suas atividades no ambiente e na sociedade. Investimentos por parte das empresas no sentido de reduzir o impacto ambiental negativo das suas atividades, deixaram de ser vistos apenas como um requisito ou uma obrigação legal (que poderia representar um custo adicional para as empresas), passando a integrar as estratégias de negócio das mesmas. Esta crescente integração das preocupações ambientais nas estratégias de negócio tem vindo a dar destaque ao conceito de Sustentabilidade empresarial que passa a ser visto, por muitas empresas, não só como uma forma de acesso a novas oportunidades de negócio, mas também como uma forma de criação de valor no longo prazo. Sendo o principal objetivo das empresas a maximização do lucro e a criação de valor para os seus shareholders, seria vantajoso para as mesmas conseguirem integrar no seu core business práticas responsáveis, gerando um impacto positivo no ambiente e na sociedade e, ainda assim, conseguirem gerar resultados positivos. Nesse sentido, a presente dissertação surge com o objetivo de verificar se a Sustentabilidade empresarial pode ou não contribuir de forma positiva no desempenho financeiro das organizações. Para tal, este estudo utiliza o Índice de Sustentabilidade de Dow Jones como forma de medição da performance sustentável das organizações em estudo e, complementarmente, utiliza alguns indicadores financeiros de forma a mensurar o desempenho financeiro das mesmas.
Sustainability is a topic that has been arising in the business world. Currently, customers, suppliers, partners and investors are more aware of the negative impacts of their activities in the environment. Investments by companies, in order to reduce the negative environmental impact of their activities, were only seen as a requirement or a legal obligation (which could represent an additional cost for companies) and now they are a part of most business strategies. This integration of environmental concerns into business strategies has been emphasizing the concept of Corporate Sustainability, which is now seen by many companies, not only as a way of accessing new business opportunities, but also as a way of creating long-term value. Since the main purpose of companies is to maximize their profits and create value for their shareholders, it is extremely beneficial for them to be able to integrate responsible practices into their core business, causing a positive impact on the environment and society while having positive financial results. In this sense, this dissertation arises with the goal of proving whether Corporate sustainability can contribute positively to the financial performance of organizations. For that, this study uses the Dow Jones Sustainability Index as a way of assessing the sustainable performance of the organizations in study and, in addition, uses some indicators such as BVPS, EPS and ROE in order to measure their financial performance.
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Westerlund, Daniela. "The Adherence Level of Sustainability Disclosures and Firm Value : Empirical Study on the Impact of GRI Report’s Adherence Level in regard to Firm Value in the Manufacturing Industry in Europe." Thesis, Jönköping University, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52693.

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Background: Sustainability reporting has become increasingly important for firms that want to appease their stakeholders and the society, whilst possibly increasing the corporate financial performance (CFP) of the firm. This is because sustainability disclosures currently work as the main channel for firms to inform their stakeholders of the CSR practices and environmental management carried out by the company. However, there have been various previous studies that examine the relation between corporate social performance (CSP) or the reported CSP, and CFP but not a study that would focus on GRI’s adherence level and its effect on Firm value (FV). The adherence level in the context of a GRI Report refers to the extent to which the GRI Sustainability Reporting Framework and GRI Standards have been applied to a company’s sustainability report (Global Reporting Initiative, n.d.). This study intends to examine if stakeholders can be affected by a sustainability report’s adherence ranking made by GRI, although there necessarily would not be a clear connection to a company’s actual environmental performance. Purpose: The purpose of this study is to find out if the adherence level affects a firm’s value and how, although this classification of reports would not say anything about a company’s level of sustainability or a company’s sustainability performance. In short, the study wants to examine if stakeholders or the society surrounding a company are affected by the adherence level of a company’s GRI reporting and if this then can affect the value of the organization in any way. Aim: The aim of this research is to encourage organizations to become more transparent or elaborate regarding their sustainability practices if any significance between the adherence level and the FV can be found. Method: This study was conducted by examining 98 European manufacturing firms’ GRI adherence levels for the years 2017 to 2019 and comparing them to respective Firm Values (Tobin’s Q) by the usage of panel data regression analysis. Conclusion: The results show that no significant relationship between the GRI adherence level and FV can be found in the European manufacturing industry for the period 2017 to 2019.

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Moberg, Victor, and Eriksson Karin Molin. "How does the European stock market react to sustainability? : An empirical analysis of the Dow Jones Sustainability Europe Index." Thesis, Blekinge Tekniska Högskola, Institutionen för industriell ekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-21859.

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Background: The increase in development and welfare that has been achieved in recent decades has led to a deterioration of the planet. Increased awareness on this matter has led to a concern to become more sustainable, both on an individual level and firm level. The concept of sustainable development integrates consideration to economic growth, protection of the environment, and social justice. Firms have sustainability regulations they must follow to be allowed to operate, but when they go beyond their economic interests it is referred to as corporate social responsibility (CSR). Certain indexes select which firms to include based on their CSR performance. In this way, firms can use CSR to build a reputation. Objectives: The purpose of this study is to investigate if inclusion in or exclusion from Dow Jones Sustainability Europe (DJSEUR) index has a significant effect on a firm’s stock price. The sub-purpose of this study is to investigate if different sector characteristics significantly impact the investors’ response to inclusion and exclusion. The study is conducted on firms in the European region. Methods: The event study methodology was used to examine abnormal returns associated with inclusion in and exclusion from a sustainability stock index. Further, a linear regression was developed to distinguish if sector affiliation affects the reactions of investors when firms are included or excluded from the index. This study uses stock data for firms over a period of time from 2014-2019. Results: The results suggest no significant increase in CAAR from being included in the index. However, exclusion from the index significantly affected CAAR negatively on the day of the announcement. Five sectors experienced a significantly different CAAR from the event of exclusion from the index. Only the result from one sector indicated to be significantly affected by the event of inclusion in the index. Conclusions: Our results provide evidence that being removed from the DJSEUR results in a decrease in a firm’s share price, suggesting that the European stock market penalizes firms for not obtaining a sufficiently high level of CSR. But investors do not financially reward firms for inclusion in the DJSEUR index. Implying that investors in the European stock market expect firms to implement CSR but do not reward them financially. Therefore, managers need to satisfy the pressure from various stakeholders, including shareholders, while trying to maximize stock value.
Bakgrund: Ökningen av utveckling och välfärd som uppnåtts under det senaste decenniet har lett till nedbrytning av planeten. Medvetenhet om problemet har lett till ökad angelägenhet för att agera mer hållbart, både på individnivå och företagsnivå. Konceptet av hållbar utveckling integrerar ekonomisk tillväxt, skydd av planeten och sociala rättigheter. Företag måste uppfylla vissa krav inom hållbarhet för att vara verksamma. Om de gör mer än vad som krävs benämns det som företags sociala ansvar, eller corporate social responsibility (CSR) i engelska termer. Det finns speciella index som selekterar företag baserat på deras prestationer inom CSR. På det sättet kan företag använda sig av CSR för att påverka sitt rykte. Syfte: Syftet med denna studie är att undersöka huruvida inkludering i eller exkludering från Dow Jones Sustainability Europe (DJSEUR) index har en significant påverkan på företags aktiepriser. Det sekundära syftet är att undersöka om olika sektorer, samt karaktärsdrag, har en signifikant påverkan på investerares respons till inkludering och exkludering. Studien inkluderar företag inom Europaregionen. Metod: Metodiken för en eventstudie användes för att beräkna abnormala avkastningar associerade med inkludering i eller exkludering från ett hållbarhetsindex. En linjär regression tillämpades för att skilja på om sektortillhörighet påverkade investerarnas reaktioner på när företag inkluderades i eller exkluderades från indexet. Studien använder aktiedata för företag från tidsperioden 2014-2019. Resultat: Resultaten tyder på att inkluderingar från indexet inte signifikant ökar CAAR. Exkluderingar från indexet påverkade dock CAAR negativt på dagen för tillkännagivandet. För exkluderingar redovisade resultatet att fem sektorer har en signifikant skillnad i CAAR, men enbart en sektor för inkluderingar. Slutsatser: Våra resultat visar att exkludering från DJSEUR minskar företagets aktiekurs, vilket tyder på att den europeiska aktiemarknaden straffar företag för att de inte bibehåller en tillräckligt hög nivå av CSR. Men investerare belönar inte företag för att inkluderas i DJSEUR indexet. Vilket innebär att investerare på den europeiska aktiemarknaden förväntar sig att företag implementerar CSR men belönar dem inte finansiellt. Därför tvingas managers tillfredsställa trycket från olika intressenter, inklusive aktieägare, samtidigt som de försöker maximera aktiens värde.

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Silva, Nathállya Etyenne Figueira. "O efeito da informação de sustentabilidade corporativa nos retornos das ações: análise de empresas incluídas no ranking global 100." Universidade Federal da Paraíba, 2017. http://tede.biblioteca.ufpb.br:8080/handle/tede/9406.

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES
This research had as main objective to analyze the effect caused in stocks returns companies after the disclosure of inclusion in the Global 100 ranking. We used the event study methodology proposed by Fama (1991),that is based on semi-strong efficient market hypothesis. We considered the Global 100 rankings released over 12 years, 2005 (year of creation and first disclosure) until 2016. The event considered was the disclosure of the inclusion of new companies in these rankings. The research sample consisted of the actions of the companies that had data on the date of their respective inclusion, being thus composed of 266 shares. The variable used were the daily prices shares of the companies during the estimation period (160 days) and event window (21 days) and market indices of the countries in which the share was listed, collected in the Thomson Reuters database ®. To identify the effect caused by the disclosure of the ranking in the returns of the shares of listed companies, the abnormal returns were obtained (ARS) and cumulative abnormal returns (CARs) of each stock and then tested the statistical significance of these, through the test T test, Wilcoxon signal test and signal test. For the case of the CARs, the tests were performed in relation to the date of disclosure (year), industry sector, and in general with all events and actions of the sample. The test results for the ARs showed that the event did not affect stock returns in the data "0" (date of disclosure). However it was observed abnormal returns on days before and after the event with positive and negative signs, being explained by the own market movement. In relation to CARs by the reporting date, the tests for the years 2005-2010 and 2015-2016 were not statistically significant, so that the event of those years did not cause positive or negative effect on stock returns. The 2013 year results presented for various windows significant and positive statistics in at least one of the tests, suggesting that investors with shares in companies that were included in this year, reacted positively to information. For the year 2014, the tests were negative and significant in several windows considered, so that investors with shares in the companies included in this year reacted negatively. Regarding the sectors, in general there was no statistical significance in any of them except for the Consumer Goods sector which at the date "0" and in the window (-1,0,1) showed statistically significant in T Test and Wilcoxon Signal Test with negatives signs, demonstrating negative effect of the event; however for the other windows, the event had no effect on the returns. Finally, in the joint analysis of all the events and actions of the sample, the tests did not show statistical significance in any of the event windows considered. Thus, it was not possible to accept the hypothesis 𝐻1 in this sense the disclosure of the Global 100 ranking had no effect (positive or negative) on the returns of the companies included in it.
Esta pesquisa teve como principal objetivo analisar o efeito causado nos retornos das ações das empresas após a divulgação de inclusão no ranking Global 100. Para tanto, utilizou-se a metodologia de Estudo de Eventos, proposta por Fama (1991), na qual se baseia na hipótese de mercado eficiente semi-forte. Foram considerados os rankings Global 100 divulgados ao longo de 12 anos, de 2005 (ano de criação e primeira divulgação) até 2016. O evento considerado foi a divulgação da inclusão de novas empresas nesses rankings. A amostra da pesquisa foi constituída por ações de empresas que dispunham de dados na data de sua respectiva inclusão, sendo assim composta por 266 ações. A variável utilizada foram as cotações diárias das ações das empresas durante o período de estimação (160 dias) e janela de evento (21 dias) e dos índices de mercado dos países em que a ação foi cotada, coletadas no Banco de Dados da Thomson Reuters®. Para identificar o efeito causado pela divulgação do ranking nos retornos das ações das empresas incluídas, obtiveram-se os retornos anormais (ARS) e retornos anormais acumulados (CARs) de cada ação. E, posteriormente, testou-se a significância estatística destes, por meio do teste t, teste de sinais e teste de sinais de Wilcoxon. Para o caso dos CARs, os testes foram realizados em relação à data de divulgação (ano), setor da indústria, e de maneira geral, considerando todos os eventos e ações da amostra. Os resultados dos testes para os ARs mostraram que o evento não alterou os retornos das ações na data “0” (dia da divulgação). Entretanto, observaram-se retornos anormais em dias anteriores e posteriores ao evento com sinais positivos e negativos, sendo explicados pelo próprio movimento de mercado. Em relação aos CARs por data de divulgação, os testes para os anos de 2005 a 2010 e 2015 a 2016 não apresentaram significância estatística, de modo que o evento desses anos não causou efeito positivo ou negativo nos retornos das ações. Os resultados do ano de 2013 apresentaram para diversas janelas de tempo, estatísticas significativas e positivas em pelo menos um dos testes, sugerindo que os investidores com ações nas empresas que foram incluídas nesse ano, reagiram de maneira positiva à informação. Em relação ao ano de 2014, os testes foram significativos e negativos também para diversas janelas consideradas, de modo que os investidores com ações nas empresas incluídas nesse ano reagiram de maneira negativa. Em relação aos setores, de maneira geral não se observou significância estatística em nenhum deles, exceto para o setor de Bens de consumo, que na data “0” e na janela (-1,0,1) apresentou estatística significativa no teste t e teste de sinais de Wilcoxon com sinal negativo, demonstrando efeito negativo do evento. No entanto, para as outras janelas, o evento não causou efeito nos retornos. Por fim, na análise conjunta, de todos os eventos e ações da amostra, os testes não demonstraram significância estatística em nenhuma das janelas de evento consideradas. Assim, não foi possível aceitar a hipótese 𝐻1, e nesse sentido, a divulgação do ranking Global 100 não causou efeito (positivo ou negativo) nos retornos das empresas nele incluídas.

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Madruga, Sergio Rossi. "Estágio de maturidade da responsabilidade social corporativa e o desempenho econômico-financeiro: estudo em empresas brasileiras." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-26052014-145456/.

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Organizações e comitês internacionais discutem fortemente formas de manter as empresas com informações necessárias para enfrentar desafios de um mundo com recursos limitados, com uma população que cresce rapidamente. Estas entidades se deparam com um cenário que impacta suas decisões e, o que se tem presente, ainda é um campo de incertezas empresariais sobre a decisão da adoção ou não de estratégias de sustentabilidade e de uma gestão mais responsável socialmente. Este estudo investiga a relação entre os estágios de auto-avaliação nas práticas de Responsabilidade Social Empresarial, tendo por base um grupo de 33 empresas de diferentes portes e segmentos de mercado. Mais precisamente, esta pesquisa analisa em que medida a adoção de práticas de RSE influencia o desempenho econômico-financeiro das empresas. O estágio de RSE das empresas foi obtido junto ao cadastro do Instituto Ethos de Responsabilidade Social e cruzado com os índices de desempenho calculado pelo software Economática e, submetido à técnicas estatísticas univariadas e bi-variadas. O método utilizado foi os da pesquisa exploratória e descritiva, com abordagens em duas fases distintas: qualitativa e quantitativa. Os resultados sugerem que existe uma tendência positiva e diretamente proporcional do ROE, com moderada correlação, ao nível de significância de 5%, com cinco indicadores de RSE: I10-Compromisso com o Desenvolvimento Infantil, I18-Comportamento das Demissões, I28-Apoio ao Desenvolvimento de Fornecedores, I36-Contribuições para Campanhas Políticas e I40-Participação em Projetos Sociais Governamentais; e com dois dos principais temas de RSE desenvolvidos pelo Instituto Ethos: Fornecedores e Governo e Sociedade. Devido ao fator limitador nesta investigação, os dados coletados não permitem maior aproximação, com respaldo estatístico, do verdadeiro impacto que a adoção de ações de responsabilidade social pode gerar na performance empresarial.
Organizations and Committees heavily discuss ways to keep companies with information necessary to face the challenges of a world with limited resources, with a rapidly growing population. These entities are faced with a scenario that impacts their decisions and what has this, it is still a field of business uncertainty on the decision to adopt or not sustainability strategies and a more socially responsible management. This study investigates the relationship between the stages of self-assessment in practices of the Corporate Social Responsibility, based on a group of 33 companies of different sizes and market segments. This research analyze more specifically to what extent the adoption of CSR influences economic and financial performance of the companies. The CSR stage from companies was obtained next to the registry of the Ethos Institute for Social Responsibility and crossed with the performance indices calculated by Economática software and submitted to univariate and bi-varied statistical techniques. The method used was of exploratory and descriptive research with approaches into two distinct phases: qualitative and quantitative. The results suggest that there is a positive and proportional trend of ROE, with moderate correlation at a significance level of 5%, with five indicators of CSR: I10-Commitment to Child Development, I18-Behavior Layoffs, I28-Development Support Providers, I36-Contributions to Political Campaigns and I40-Governmental Participation in Social Projects; and two of the main themes of CSR developed by Instituto Ethos: Suppliers and Government and Society.Due to the limiting factor in this research, the data collected do not allow further approximation, with statistical support, the true impact that the adoption of social responsibility can generate business performance.

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Zidarova, Margarita. "Corporate Social Responsibility: The Future of Marketing Communications." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71814.

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The purpose of this study was to investigate Corporate Social Responsibility (CSR) as a contribution tool to the future practices of corporate marketing communications. Another aim was to discover the current practices of CSR within corporate marketing communications with a specific focus on corporate and stakeholder value creation gained through this merging of two disciplines. Finally, the possibility of creating future competitive advantages through the use of CSR in marketing communications was also examined. The author applied a qualitative interview questionnaire as well as a quantitative survey study as primary research methods conducted for the purpose of this thesis. The interview questionnaires focused on the internal stakeholders' point of view on CSR as a marketing tool, while the survey study examined customer and external stakeholders' interest in current practices and value of CSR. The primary research was complemented by a broad literature review on the subjects of corporate marketing communications and corporate social responsibility. The main results revealed by the literature reviews and empirical research showed that corporate social responsibility has gained increasing value amongst business practitioners and external stakeholders. It was found that CSR can be executed most efficiently though public relations, and thus it helps sustain a sound corporate identity, brand, image and reputation, resulting in stakeholder loyalty and corporate value. The key findings of the research proposed that the proper use of CSR within marketing communications, by developed mid- and large-size organizations, could result in future competitive advantages in the market place. The principal concluding remark of the author was to highlight the importance of corporate social responsibility practices in marketing communications, with respect to value creation. This thesis aims to create motivation for further empirical research and development.

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Costa, Fábio José Mota. "Sustentabilidade e desempenho financeiro: uma análise do mercado brasileiro de ações." Universidade Federal da Bahia, 2007. http://www.adm.ufba.br/sites/default/files/publicacao/arquivo/1000.pdf.

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A presente dissertação tem por objetivo investigar a associação existente entre a adoção de práticas de sustentabilidade e o preço das ações de companhias brasileiras listadas no Índice de Sustentabilidade Empresarial (ISE). Demonstrou-se que, para se tornarem sustentáveis as companhias adotam duas práticas fundamentais: Governança Corporativa e Responsabilidade Socioambiental. Argumenta-se que, sob uma perspectiva estritamente financeira, a adoção de práticas de sustentabilidade empresarial pode estar relacionada ao aumento de gastos, porém estas também podem trazer benefícios, como a redução de eventuais passivos ambientais. Para verificar a existência de relação positiva entre um maior nível de sustentabilidade empresarial e a valoração do preço das ações de companhias brasileiras, aplicaram-se testes econométricos a séries históricas dos preços de ações que compõem o ISE, utilizando-se como referência comparativa o Ibovespa e o IBrX. Foram realizados testes de estudo de eventos e, de forma complementar, análises da relação entre retorno e risco, da evolução do ISE sobre os índices de mercado e de regressões. Os resultados dos testes demonstraram que: a) existe realmente um deslocamento positivo do ISE quando comparado aos demais índices de mercado; b) os retornos anormais positivos não são significativos; c) não foi identificada correlação negativa entre desempenho financeiro e adoção de práticas de sustentabilidade, indicando que não há perda de valor; d) o ISE é muito concentrado e influenciado por instituições financeiras e, ao se retirar as ações dos bancos da sua composição, os resultados obtidos não são superiores aos de mercado; e) as análises de regressão demonstraram que o “evento” de participação no ISE não foi percebido pelo mercado como um diferencial para as companhias. Com base nos resultados obtidos, não foi possível rejeitar a hipótese de que não existe relação positiva entre um maior nível de sustentabilidade empresarial e a valoração do preço das ações de companhias brasileiras.
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Ivo, Marcos Paulo Conde. "Responsabilidade social, ambiental e desempenho financeiro nas empresas brasileiras de capital aberto." Universidade Presbiteriana Mackenzie, 2012. http://tede.mackenzie.br/jspui/handle/tede/921.

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The relationship between corporate financial performance and social and environmental responsibility(RSA) has being studied by many researchers, however, until now, the results are contradictory. Based on Stakeholders and Stockholders theories, in a positivist framework (quantitative), this exploratory and descriptive study evaluates the correlation between RSA and the corporate financial performance of non-financial Brazilian Companies listed in BM&FBOVESPA. The sample used was non-probabilistic, composed by 112 companies, among them, 28 belongs to RSA group and 84 are part of a comparison group (N_RSA). The financial and market data related to the years 2008, 2009 and 2010 were obtained from Economatica data base. Applying the statistical method repeated measures variance analysis and the linear mixed models, it was analised the relationship between RSA and the financials indicators ROE (return on equity), ROA (return on assets), P/E (Price/Earnings), MV /BV (market value/book value) and Sales Growing. The results obtained by analysis of variance suggest that RSA influences on the sales growing, but it wasn t possible to identify if the signal of that influence (positive or negative). For the others variable, the results suggest a neutral influence. The linear mixed models suggest that RSA influences positively ROE and is neutral for the others variables.
A relação entre responsabilidade social e ambiental (RSA) e o desempenho financeiro das empresas tem sido objeto de estudo de diversos pesquisadores, porém, os resultados obtidos até o momento são contraditórios. Fundamentado nas teorias dos Stakeholders e Stockholders, este trabalho exploratório e descritivo, com abordagem positivista (quantitativo), buscou avaliar a relação entre RSA e o desempenho financeiro das empresas brasileiras não financeiras de capital aberto com ações negociadas na BM&FBOVESPA. A amostra escolhida de forma não probabilística foi composta por 112 empresas, das quais 28 do grupo RSA e 84 do grupo de comparação (N_RSA). Os dados econômico-financeiros e de mercado dos anos de 2008, 2009 e 2010 das empresas da amostra foram obtidos da base de dados Economatica. Utilizando-se das técnicas estatísticas análise de variância com medidas repetidas e modelo linear de efeitos mistos, avaliou-se a relação entre RSA e os indicadores de desempenho financeiro ROE (retorno sobre o patrimônio líquido RPL), ROA (retorno sobre ativos RAT), P/L (preço/lucro P_L), VM/VL (valor de mercado/valor de livro) e Crescimento nas Vendas (+Vend). A análise de variância encontrou evidências que permitem inferir que RSA influencia a variável Crescimento nas Vendas, mas não foi possível identificar se positiva ou negativamente. Para as demais variáveis a influência RSA mostrouse neutra. O resultado do modelo linear de efeitos mistos obteve evidências que RSA influencia positivamente a variável ROE e é neutra para as demais variáveis estudadas.

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Bergquist, Maja, and Malin Tafvelin. "Hållbarhet och lönsamhet : Förhållandena mellan CSP och CFP i en svensk kontext." Thesis, Umeå universitet, Företagsekonomi, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-124644.

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Under de senaste årtiondena har ansvarfullt företagande (CSR) varit ett ämne som erhållit allt mer fokus inom forskning och således även för företag och samhället i stort. CSR är ett ämne som är högst aktuellt då globalisering är ett faktum och medför att de företag som är verksamma idag bär ett globalt ansvar, då dessa är stora aktörer i en värld som kantas av ekonomiska kriser, miljöproblem och humanitär försummelse. Det ökade intresset från samhället för CSR har medfört att företagen idag ser detta som en strategisk investering och företags satsning i hållbarhetsaktiviteter har kommit att erhålla en allt större del av företags verksamhet. Frågan kvarstår om detta endast är en investering som ökar företagets etik och moral eller om det faktiskt är lönsamt, och även om lönsamma företag ökar sin investering i hållbarhetsarbete. En stor mängd forskning har utförts för att undersöka förhållandena mellan hållbarhet och lönsamhet, dock utan att konsensus i forskningsgrenen har uppkommit. Grundat på den nuvarande forskningssituationen syftade denna studie till att undersöka vilken effekt ansvarsfullt företagande har på olika lönsamhetsmått, samt vilken effekt de olika lönsamhetsmåtten har på ansvarsfullt företagande, i företag registrerade på large cap och mid cap på Nasdaq OMX Stockholm. För att besvara studiens problemformulering och uppfylla studiens syfte har en kvantitativ forskningsansats brukats och ett urval av företag listade på large och mid cap Nasdaq OMX Stockholm har undersökts. För att sätta ett mått på ansvarsfullt företagande (CSP) har en innehållsanalys av företags årsrapporter och hållbarhetsrapporter genomförts, lönsamhetsmåtten (CFP) har utgått från redovisningsbaserade mått (ROE och ROA) samt ett marknadsbaserat mått (total avkastning). Vidare undersöks även relationen mellan variablerna, CSP och CFP, med en tidsaspekt och kontrollvariablerna storlek, risk, FoU och industritillhörighet har brukats. De teorier som har använts för att förklara CFP:s effekt på CSP är slappa resurser och direktörsopportunism, och effekten CSP har på CFP har teorierna intressentteorin, resursbaserad synvinkel och kompromissteorin använts. Det resultat som framkommit genom de multipla regressionerna som testat studiens hypoteser visar att ROE:s effekt på CSP är positiv, medan både ROA:s och avkastningens effekt på CSP är neutral. Slutsatsen blir således delad då lönsamhetsmåttet ROE visar att företag som har en högre lönsamhet kommer investera mer i hållbarhet, denna effekt knyts samman med teorin om slappa resurser. Å andra sidan visar både ROA och avkastning på en neutral effekt på CSP vilket ej kan knytas till varken slappa resurser eller direktöropportunism. Vidare när istället CSP:s effekt på ROE, ROA och avkastning undersökts visar samtliga på en neutral påverkan. Den slutsats som kan dras från detta resultat är att hållbarhetsarbete ej empiriskt kan säkerställa en högre eller lägre lönsamhet, och varken intressentteorin, resursbaserad synvinkel eller kompromissteorin kan förklara resultatet. Med icke-konklusiva resultat föreslår författarna för vidare forskning inom området där mer forskning i den svenska kontexten är nödvändig.

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Bisco, Emerson. "Sustentabilidade Empresarial: Um Estudo Comparativo Sobre o Desempenho e Valor Financeiro de Empresas Listadas no Mercado Acionário Brasileiro." Universidade Metodista de São Paulo, 2009. http://tede.metodista.br/jspui/handle/tede/151.

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Com o crescente aumento da cultura de proteção ambiental, o tema sustentabilidade vem ganhando cada vez mais espaço na vida das pessoas e principalmente na rotina das organizações. Existem algumas correntes teóricas propondo que para existir uma perenidade das organizações, estas devem incorporar em seu plano estratégico, todos os elementos que permitam um equilíbrio nas relações com os stakeholders. Já outras linhas teóricas, defendem que as empresas devem focar todos seus esforços para atender os acionistas (shareholders), maximizando os lucros e agregando valor. Neste contexto, alguns índices de sustentabilidade foram surgindo mundo afora, visando combinar com a já presente visão de resultados financeiros das organizações, também o alcance do bem estar para a sociedade e proteção do meio ambiente. No Brasil, em Novembro de 2005, foi lançando o ISE Índice de Sustentabilidade Empresarial, que foi desenvolvido para uma gama de empresas que apresentam boas práticas de sustentabilidade. Surge, então, o questionamento se a adoção das práticas de sustentabilidade pode de alguma forma, proporcionar melhor desempenho financeiro para as organizações que as adotam, pois de acordo com a teoria dos stakeholders, as instituições que conseguem atender as necessidades das partes interessadas têm seu valor maximizado ao longo do tempo. Com relação a isto, este presente estudo procura averiguar se as empresas que estão listadas no ISE, excluindo as empresas do setor de materiais básicos, utilidade pública, e financeiro, do período de 2006 a 2008, desenvolveram desempenho financeiro superior às outras empresas que não fazem parte do índice no mesmo período. Foram selecionados dados secundários, utilizando a base de dados da Economática, criando dois grupos para comparação, onde um grupo consta de empresas que estão exclusivamente listadas no ISE, consideradas sustentáveis e outro grupo de empresas, formado por empresas listadas no IBOVESPA e que não participaram do ISE. Tomando o Q de Tobin como a variável dependente e índices de Tamanho da Empresa, Distribuição de Dividendos, Debt to Equity, ROA, Crescimento de Vendas, Crescimento dos Investimentos, Diversificação de Mercado, Endividamento como variáveis independentes, foram aplicados testes estatísticos comparando as médias dos índices, seguido do teste t de student, e regressões de dados em painel pooled, fixed e random effects para encontrar a possível correlação entre sustentabilidade e valor da empresa. Os resultados encontrados apontam uma relação entre sustentabilidade empresarial e desempenho financeiro.(AU)

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Dias, Edson Aparecido. "Índice de sustentabilidade empresarial e retorno ao acionista: um estudo de evento." Universidade Presbiteriana Mackenzie, 2008. http://tede.mackenzie.br/jspui/handle/tede/691.

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Fundo Mackenzie de Pesquisa
There has been a lot of debate about Sustainability into the organizations recently. Some theorists state the organization should consider in their strategies elements that include the interest of the different stakeholders. This theoretical chain considers that economics, social and environmental systems are integrated, and so the organizations can t implement strategies which consider just one dimension. Other chain affirms the organizations should maximize the long term value and concentrate their efforts and investments on production and competitiveness, so they need to focus in only one objective, which is the long term value maximization of the firm, in this way, according this theory social welfare will be also maximized. In this complex context, sustainability indexes were created worldwide. These indexes in general, evaluate several dimensions and relations between the organization and society, environment and equity holders. In Brazil, was created in 2005 the sustainability index, ISE. Annually the BOVESPA announces to the market the new ISE Group, in which is included the companies that submit voluntarily, the answers to a wide survey about their sustainability practices. The inclusion on such group indicates the companies were evaluated according the rules of BOVESPA s sustainability rules. There are several discussions, if the organizations that make part of ISE group or similar, can capture abnormal returns to their shareholders, and if investments done in sustainability receive special attention by capital markets. This study investigates, using the event study methodology, if the announcement of being part of ISE group, creates value to shareholders. As event period was defined -15 to 120 days from announcement date, and in this period were created several event windows. In this research, the methodology is applied in two different ways: first; comparing the ISE group companies with a traditional Brazilian market index, the Ibovespa; second is the comparison with companies that have most part of their revenues from activities and products categorized in the same sector class (according BOVESPA) as the ISE ones, called in this study as control group. The results indicate the companies included in the ISE group do not capture Cumulated Abnormal Returns (CAR), when compared with the index market, in any event window. Anyhow, there were not found results that infer about lost of value, due the ISE announcement to the firm. By the other way, the results indicated that ISE companies can capture cumulated abnormal returns with statistically significant levels, when compared with the control group, in windows close to the announcement day. These results could be used to support manager s processes of decision, for establishing policies regarding sustainability of organizations.
O tema Sustentabilidade nas organizações tem sido bastante debatido, recentemente. Algumas correntes teóricas afirmam que, para garantir a perenidade, as organizações devem inserir na sua estratégia elementos que considerem o perfeito equilíbrio nas relações com diversos grupos de interesse. Esta linha teórica descreve que, os sistemas econômicos, sociais e ambientais estão integrados, e, portanto, as organizações não podem implementar estratégias que contemplem somente uma das dimensões. Outras correntes afirmam que, as organizações devem criar valor no longo prazo e concentrar seus esforços e investimentos na produção e na busca da competitividade e, para tanto, enfocando em um único objetivo: a maximização de valor da organização no longo prazo e, desta forma, haverá, conseqüentemente, ganhos e bem estar para toda sociedade. Neste contexto complexo, Índices de Sustentabilidade foram criados em escala global. Estes índices, em geral, avaliam várias dimensões das relações da organização com a sociedade, meio ambiente e com os provedores de capital para a empresa. No Brasil, especificamente no ano de 2005, foi criado o Índice de Sustentabilidade Empresarial (ISE). Anualmente, a BOVESPA anuncia ao mercado a nova carteira do ISE, na qual constam empresas que respondem, voluntariamente, um questionário amplo sobre as suas práticas de Sustentabilidade. A participação na carteira indica que estas empresas foram avaliadas de acordo com os critérios de Sustentabilidade da Bolsa. Existe muita discussão se as organizações que fazem parte deste indicador ou de indicadores similares trazem retornos anormais aos acionistas, e se, investimentos em práticas de sustentabilidade são bem vistos pelo mercado de capitais. O presente trabalho investigou, por meio da metodologia de estudo de evento, se a entrada de uma empresa na carteira do ISE, traz valor ao acionista. Foi estabelecido um período de evento de -15 até 120 dias do dia do anúncio e criado, dentro deste período, diversas janelas de evento. Nesta pesquisa, a metodologia foi aplicada de duas formas distintas: a primeira, por meio da comparação das empresas do ISE com um índice de bastante tradição no mercado de capitais brasileiro, o Ibovespa; e a segunda, fazendo-se a comparação com empresas que tem suas atividades principais dentro da mesma classificação setorial (de acordo com a BOVESPA) das empresas pertencentes à carteira do ISE, e que são chamadas, neste trabalho, de Grupo de Controle. Com relação aos resultados encontrados, quando comparadas com o índice de mercado as empresas participantes da carteira do ISE não demonstram retornos anormais acumulados positivos e, estatisticamente significantes, em nenhuma das janelas de evento do estudo. De qualquer forma, não foram encontrados, também, resultados robustos que levem a inferência de destruição de valor devido ao anúncio de entrada da empresa na carteira. Por outro lado, os resultados com Grupo de Controle indicam que, empresas que foram anunciadas como participantes do ISE, conseguem obter retornos anormais acumulados, estatisticamente significantes, em janelas próximas a data de anúncio. Sendo assim, estes resultados podem servir de apoio para os processos de tomada de decisão dos gestores das companhias, no estabelecimento de políticas relacionadas às práticas de Sustentabilidade nas organizações.

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Gonçalves, Ronaldo. "Práticas de sustentabilidade e valor da empresa." Universidade Presbiteriana Mackenzie, 2010. http://tede.mackenzie.br/jspui/handle/tede/873.

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Fundo Mackenzie de Pesquisa
The reason this study is to identify through analysis of economic-financial firms certified by the Corporate Sustainability Index - ISE & the BMF BOVESPA, the results of these companies were affected after the event of approval of the ISE. The methodology used was to study the event and sought to identify the existence of variations in company results.This work analyzed the behavior of indicators: Return on Assets (ROA), Return on Equity (ROE), Return on Sales (ROS) and Operating Income before Depreciation and interest (EBITDA) of certified companies to assess the impact of certification on financial performance in certified companies in the years 2006 and 2007. The universe of this study was the number of 12 companies certified in 2006 and 24 in 2007, totaling 36 companies.Another limitation was the number of observations was restricted to eight quarters (April 4, preparedness and post-certification), plus the quarter certification, plus eight quarter postcertification, a total of 20 quarters of each company. Data were obtained from Economática and the site of the Securities and Exchange Commission (CVM) on the internet.Results by individual company, there seems to be the trend of more companies to submit ROA, ROE, ROS and higher EBITDA in the period of 24 months post-certification. It was found that the ROA and ROS - Operating margin - were the most sensitive indicators to changes post-certification, however, these variations showed no signs of influence because of the certification, but perhaps favorable economic environment for businesses to leverage their results.
A razão deste estudo é identificar, por meio da análise de indicadores econômicofinanceiros de empresas certificadas pelo Índice de Sustentabilidade Empresarial - ISE da BMF&BOVESPA, se os resultados destas empresas foram influenciados após o evento da certificação do ISE. A metodologia utilizada foi a de estudo de evento e buscou identificar a existência de variações nos resultados das empresas. Neste trabalho, é analisado o comportamento dos indicadores: Retorno sobre os Ativos (ROA), Retorno sobre o Patrimônio Líquido (ROE), Retorno sobre as Vendas (ROS) e Resultado Operacional antes da Depreciação e dos juros (EBTIDA) das empresas certificadas para avaliar o impacto da certificação no desempenho financeiro nas empresas certificadas nos exercícios de 2006 e 2007. O universo pesquisado foi o número de 12 empresas certificadas em 2006, e 24, em 2007, totalizando 36 empresas. Outra limitação foi o número de observações que se restringiu a 8 trimestres (4 de preparação e 4 de pós-certificação), mais o trimestre de certificação, mais 8 trimestres de pós-certificação, totalizando 20 trimestres de cada empresa. Os dados foram obtidos a partir da Economática e do sítio da Comissão dos Valores Mobiliários (CVM) na internet. Pelos resultados individuais por empresa, parece não existir a tendência de mais empresas apresentarem ROA, ROE, ROS e EBTIDA maiores no período dos 24 meses póscertificação. Constatou-se que o ROA e o ROS - Margem Operacional foram os indicadores mais sensíveis a mudanças pós-certificação, entretanto, essas variações não apresentaram sinais de influência pelo fato da certificação, mas possivelmente pelo cenário econômico amplamente favorável para as empresas alavancarem seus resultados.

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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.

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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]

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Prondetchi, Emilia. "Corporate governance and financial performance." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20861.

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Mestrado em Finanças
Este estudo tem como objetivo medir o impacto da Governança Corporativa no Desempenho Financeiro das Empresas em França, Alemanha e Reino Unido. A amostra do estudo é composta por 214 empresas no período de 2010-2019. As variáveis explicativas do estudo são representadas por algumas medidas de governança corporativa: tamanho do conselho, dualidade CEO / presidente, independência do conselho, percentagem de ações do conselho e os cinco maiores acionistas. As variáveis dependentes são: LogROE, LogROIC e LogTobin's Q, que representam o desempenho da empresa. O estudo também considerou duas variáveis de controlo, rendimentos e alavancagem, com o objetivo de ajudar a medir a relação entre governança corporativa e desempenho da empresa. A teoria da agência sugere que as empresas que cumprem todas as medidas de governança corporativa têm um desempenho melhor. Concluímos que as medidas de governança corporativa têm um resultado positivo e significante relacionadas ao desempenho do mercado.
This study aimed to measure the impact of Corporate Governance on Firm Financial Performance of listed companies in France, Germany and UK. The study sample is composed of 214 listed companies between 2010 to 2019. The explanatory variables of the study are represented by some measures of corporate governance: board size, CEO/Chairman duality, board independence, board ownership and the largest five shareholders. The dependent variables are: LogROE, LogROIC and LogTobin´s Q, which represent Firm Performance. The study also considered two control variables, revenue and leverage, in order to help measuring the relationship between corporate governance and firm performance. Agency theory suggests that companies that comply with all measures of corporate governance perform better. We find that our measures of corporate governance are positively and significantly related with market performance.
info:eu-repo/semantics/publishedVersion

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Maitland, Roger. "Exploring emergence in corporate sustainability." Doctoral thesis, Faculty of Commerce, 2019. http://hdl.handle.net/11427/31139.

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As the impacts of climate change intensify, businesses are increasingly committing to ambitious sustainable development goals, yet an enduring disconnect remains between corporate sustainability activities and declining global environment and society. This study adopts a complexity view that reductionism associated with Newtonian thinking has played a key role in creating many of the sustainability issues now faced by humanity. This dissertation departs from the premise that sustainability needs to be integrated into an organisation and uses a complexity view to argue that corporate sustainability is a co-evolutionary process of emergence. Whilst many studies have examined how sustainability can be integrated into a business, less is known about corporate sustainability as an emergent process. To address the knowledge gap, this research answered three questions: (1) How does sustainability emerge in financial institutions? (2) What is the role of coherence in the emergence of sustainability? and (3) What conditions enable the emergence of sustainability? A mixed method sequential design was used. In the initial quantitative strand of the research, a holistic business assessment survey based on integral theory was implemented in two financial services organisations in Southern Africa. The results were analysed using self-organising maps and explored in narrative interviews in the subsequent qualitative strand of the research. The study makes three contributions to our understanding of emergence in corporate sustainability. First, by proposing four modes by which corporate sustainability is enacted; these elucidate how integral domains are enacted in corporate sustainability. Second, by clarifying the process of emergence by articulating how zones of coherence emerge between embodied and embedded dimensions. Third, by explaining how the shift to corporate sustainability occurs by means of four conditions. These contributions serve to advance our understanding of corporate sustainability as a fundamental shift in the functioning of an organisation towards coevolutionary self-organisation. It is recommended that corporate sustainability is holistically cultivated to support emergence and self-organisation, rather than being integrated through a linear process of change.

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

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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.

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Anne, Bergmann. "The Link between Corporate Environmental and Corporate Financial Performance." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2017. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-220052.

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For more than 40 years, a tremendous number of studies have empirically explored the relationship between Corporate Environmental Performance (CEP) and Corporate Financial Performance (CFP). This study considers the relationship from a new perspective—via a qualitative research approach based on expert interviews. First, practitioners are queried for their view on the link between CEP and CFP and how to measure it. Since the vast majority see a positive relationship, this study contributes with a new form of evidence that it pays to be green. The chosen qualitative approach also allows a more detailed analysis of underlying cause-and-effect mechanisms. For instance, interviewed practitioners emphasize a direct and indirect impact from CEP on CFP. Second, the study conducts interviews with experts from research and associations (non-practitioners) and compares the viewpoints of the two interview groups. One prevalent difference refers to the fact that non-practitioners do not focus on the two impact levels. Moreover, business experts perceive the link between CEP and CFP as much less complex and reveal more pragmatically oriented considerations. The study then discusses how the interview results and identified differences can be used to direct future research and to support corporations in their move towards sustainability.

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Tran, Hien Thi. "Corporate social performance and corporate financial performance : theory and empirical evidence from the recent global financial crisis." Thesis, University of Southampton, 2015. https://eprints.soton.ac.uk/385559/.

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This thesis searches for the theoretical influence of corporate social performance (CSP) on corporate financial performance and to provide empirical evidence for this effect from the recent global crisis. Hence, the author investigates how and why CSP influences financial performance from the international perspective with a global dataset of Fortune World’s Most Admired Companies in three distinctive studies. The first study develops a model on how and why independent directors using CSP disclosure affect profitability. The model is built on Schmidt and Keil’s (2013) theory of the conditions and mechanisms that make resources valuable to a firm. The regression results support the proposed model in a way that the synergy of independent directors using CSP disclosure probably increases profitability. The second study tests the agency theory on the impact of executive remuneration combining with CSR disclosure on profitability. The study finds that a combination of executive remuneration and CSP disclosure are likely to improve profitability; however, higher salary and stock might be the drivers that affect executives to disclose more information on CSP, which enhances the corporate reputation in CSP. The third study tests the theory of transaction costs in a model on the influence of CSR on profitability intervened by corporate governance. The data support the model, suggesting that well-informed and good governance is the condition for a positive influence of CSP on financial performance. The novel contributions of the thesis are as follows. From an international perspective and use of a global-level dataset, the thesis confirms and extents the global theories related to corporate governance, and opens up the new research avenues. Empirically, this thesis is the first that proposes and tests a model on how and why independent directors using CSP disclosure affects profitability, underpinned by Schmidt and Keil’s (2013) function. Methodologically, the studies used the two measures of CSP in terms of disclosure and reputational rank; the structures of two simultaneous equations were used to fit the data. Further, the problem of endogeneity was addressed in the studies. At the firm level, the thesis implies that first, the strategy in which independent directors use CSP is likely to improve financial performance due to the willingness to pay for the increased resources and social capital of their firm. Second, the study results raise the concerns on managerial manipulation of CSP disclosure due to agency problems and information asymmetry problems, thus recommending independent directors’ role of monitoring CSP. Third, the study suggests that positive effect of CSP on financial performance is conditional on the intervention of transparent and good governance. Moreover, the thesis reveals the advantages of the two coordinating forms of economic activities from the recent financial crisis, one based on networks and the other on governance hierarchy. These should be macro policy considerations during periods of economic recession when the market mechanism might fail.

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Konadu, Renata. "Corporate environmental performance and corporate financial performance : empirical evidence from the United Kingdom." Thesis, Bournemouth University, 2018. http://eprints.bournemouth.ac.uk/31139/.

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The concept of environmental management and its related issues have received heightened attention in global discussions due to climate change, global warming and other environmental challenges over the last three decades. To abate and avert these challenges, efficient environmental processes, strategies, policies, initiatives and practices have been adopted by some companies and countries. As a result, research scholars have also highlighted the financial implication of engaging in such environmental management activities and have advanced investigations to understand the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP). Nonetheless, results are inconsistent and contradictory, thus, leaving a gap in the literature that calls for further examination. The primary aim of the study is to examine the relationship between CEP and CFP in listed firms in the UK. There are three sub-specific objectives strategically drafted to contribute to the existing literature on the subject matter. First, to investigate the impact of CEP (i.e., environmental operational performance (EOP) and environmental management performance (EMP)) on corporate financial performance (i.e., accounting-based and market-based measures) in the various sectors from 2009 to 2015. Second, to investigate the non-linear relationship between environmental operational performance and corporate financial performance in the carbon and non-carbon intensive sectors. Lastly, to explore the extent to which EOP mediates the relationship between environmental management performance and CFP. In order to achieve the above-mentioned objectives, the study used a sample size of 196 listed firms on the Financial Times Stock Exchange (FTSE) All-Share Index from the year 2009 to 2015. The secondary data examined in the study was sourced from ASSET4 Environmental, Social and Governance (ESG), Companies‘ Annual Reports and DataStream. To begin with the analysis, an econometric model was developed to establish the correlation between the dependent variables (i.e., financial performance indicators) and the independent variables (i.e., EOP and EMP) with the use of Stata statistical tool. After which, the panel data regression fixed effect was utilised to explore the actual relationship between CEP and CFP. The descriptive results from the analysis indicate that financial and industrial firms are the most dominant sectors represented in the sample. Despite its dominance in the sample, some existing studies seem to validate the opinion that including financial firms in analysis such as this would invalidate the final results due to their different reporting styles. In order to examine and provide empirical evidence regarding those arguments, the study further investigated the CEP-CFP relationship exclusively and inclusively of the financial sector. After such exploration, it was found that indeed excluding and including financial firms from the overall study sample did have significant impact on the overall results. For instance, when financial firms were included in the sample, ROS was not statistically significant in relation to any of the EOP measures. However, upon exclusion of the financial firms, scope 1 emissions were found to be significantly and positively associated with ROS. These results provide confirmatory evidence that indeed including/excluding financial firms in studies relating to environmental performance has to be done with the necessary caution. The panel regression tests also revealed that Greenhouse Gas (GHG) emission, which is a measurement proxy for EOP, should be examined in their separate scopes and not together. The results support the multi-dimensional construct hypothesis emphasised in this study. It was also found that each scope of GHG emission affects accounting and market-based financial performance measures differently. Furthermore, grouping firms into carbon-intensive and non- carbon intensive showed a different perspective of the EOP and CFP relationship. In other words, a non-linear relationship was found for most of the EOP measures including Scope 1 and 2 GHG emissions, resource use reduction and water consumption when tested with the financial performance measures. Additionally, when the mediation effect was tested, it was discovered that only the two scopes of GHG emissions out of the four environmental operational performance measures employed in this study mediated the EMP and CFP relationship. Regarding the EMP and CFP relationship, environmental policies, monitoring, processes and management systems were found to be signifcantly related with CFP. It was also discovered that scope 1 fully mediated the association between environmental policies, monitoring, management systems and Returns on Assets (ROA), Returns on Capital Employed (ROCE) and Stock Price. Likewise, scope 2 also demonstrated a full mediation effect on the relationship between environmental policies, monitoring, management systems, processes and Stock Price, ROCE and Returns on Sales (ROS). The study contributes knowledge to existing literature and studies in a number of ways. First, the segregation of total GHG emissions into the individual scopes has brought additional insights into the policy development of GHG emissions reduction. For instance, there is evidence that scope 1 emissions are positively related to ROS whereas scope 2 emissions have a significant adverse impact. However, when financial firms were included in the sample, scope 2 showed a positive link with financial performance while scope 1 rather revealed a negative association with CFP. This suggests the need for the various sectors to advance different policies if they expect to improve their financial performance. Furthermore, the results enrich the literature on non-linear relationships between environmental performance and CFP. The current study‘s distinction of the non- linear relationship between carbon intensive and non-carbon intensive firms will help inform management in those sectors on the specific operational performance to focus on and how to utilise such relationship for enhanced performance. Lastly, the study contributes to the CEP literature by indicating the interrelationship between environmental operational and environmental management performance. Such mediated association will help researchers to appreciate the need to use both dimensions of CEP in order to ascertain the robust relationship that exists between both performances.

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

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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.

33

Ajwala, Awuor. "Corporate Governance Strategies to Support Financial Performance." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5963.

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The insurance industry continues to experience financial scandals despite increasing pressure to integrate sound governance practices. The purpose of this multiple case study was to explore the corporate governance strategies insurance business leaders used to support financial performance. The targeted population consisted of 7 business leaders from 7 insurance companies in Austria who have used corporate governance strategies successfully to support financial performance. The conceptual framework of this study was the agency theory. Data for the study were gathered from face-to-face semistructured interviews and a review of company documents. The data were analyzed using Yin's 5 nonlinear interlinked steps for assembling, disassembling, reconvening, inferring, and formulating conclusions. Three themes emerged from the data analysis: the need for a robust risk-management system, effective internal control mechanisms, and consistent application and compliance with corporate governance principles and regulations. The implications for positive social change include the potential for business leaders in the local community to restore confidence in the stability and financial performance of the insurance industry by establishing corporate governance structures with a robust risk-management system and processes that support transparency and accountability.

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Campbell, Carolyn M. "Corporate Sustainability and the Recession: Firms' Strategy Response in a Financial Crisis." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/17.

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As the modern world deals with an increasing number of environmental and social crises, corporate sustainability is becoming ever more imperative for business. There is broad agreement that profit maximization can no longer be the exclusive goal of a company, with firms working to align environmental, social, and financial performance. Companies have demonstrated a wide variety of experiences in regards to the financial crisis and its effects on corporate sustainability. While some firms experienced serious setbacks in achieving environmental and social goals others firms claimed to have been ramping up sustainability efforts during the recession. However, most firms report that their corporate sustainability strategies have not been significantly affected by the recession.

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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.

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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.

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Mathiesen, Henrik. "Managerial ownership and financial performance /." København, 2002. http://www.gbv.de/dms/zbw/360389503.pdf.

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37

Bartlett, Brian D. "The Effect of Corporate Sustainability Reporting on Firm Valuation." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/489.

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The topic of corporate sustainability reporting has seen rapid growth in the past couple of years as more firms are placing a greater emphasis on becoming sustainable. However, the true impact of sustainability reporting on firm value has been widely debated, often due to the nature of the qualitative data in sustainability reports. This thesis uses a normalized sustainability scoring system to examine the effects of sustainability reporting on firm value. In particular, this paper analyzes these effects during the Great Recession to note if there was any change in the effects on a year-by-year basis due to macroeconomic differences. This study finds that not only is superior corporate sustainability reporting positively correlated with increased firm value, but also that the degree of the impact greatly drops during the recession. These findings suggest that sustainability could be an advantageous business tool during stable economic times but not nearly as important in terms of increasing firm value during times of recession. Therefore, the results of this thesis have important practical uses and serve as a basis for analyzing the financial effects of corporate sustainability initiatives as this type of reporting becomes more prevalent in the future.

38

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.

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39

Chester, Ronan, and Jennifer Woofter. "Non-Financial Disclosure and Strategic Planning : Sustainability Reporting for Good Corporate Governance." Thesis, Blekinge Tekniska Högskola, Avdelningen för maskinteknik, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:bth-2252.

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A sustainability report is a tool to help organizations monitor and communicate economic, environmental, and social performance. A corporate strategic planning model is a tool that guides businesses through decision-making processes for sustainable competitive advantage and long-term economic success. While both tools can be used to move a company towards sustainability, the processes are usually not closely integrated. This project explores a closer integration of sustainability reporting and strategic planning for improved corporate governance and strategic sustainable development. We scrutinize the 2002 Global Reporting Initiative Sustainability Reporting Guidelines against a scientific principle definition of sustainability, pointing out current shortcomings and suggesting opportunities for improvement. An enhanced sustainability reporting model is proposed followed by an exploration of how this reporting model can bring value to the corporate strategic planning process.

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Potash, Richard. "Corporate control and its effect on company performance." Master's thesis, University of Cape Town, 1998. http://hdl.handle.net/11427/9957.

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Bibliography: leaves 103-112.
This study investigates the effects that various ownership structures have on company performance. It is assumed that the ownership structure of the firm dictates the manner in which the firm monitors its managers. It is further assumed that the objective of the firm is to maximise shareholder wealth. The study therefore analyses which ownership structure provides shareholders with the greatest returns. Such a system would add the most to an economy's efficiency. It was concluded that of the three systems identified, not one system provided shareholders with a return significantly different from the others. The study added to the current South African debate as to whether or not the concentration of economic power detracts from the country's economic efficiency. Statistical evidence proves that companies owned by any of the large South African groupings are no less productive than companies otherwise owned.

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Mustapha, Nazar S. "Banking and Microfinance Performance: Market Power, Efficiency, Performance, Outreach and Sustainability Perspectives." ScholarWorks@UNO, 2017. http://scholarworks.uno.edu/td/2347.

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This dissertation consists of two empirical papers that explore recent phenomena in Banking and Microfinance Performance. Chapter 1, “Market Power and Bank Performance in MENA Countries,” examines the determinants of market power in 12 Middle Eastern and North African (MENA) countries in the aftermath of the Global Financial Crisis (GFC), specifically within six Gulf Cooperation Countries and six non-Gulf countries. We examine the dynamics of bank competition in MENA countries, provide an up-to-date assessment of market power, investigate the factors impacting bank competition, and explore the evolution of market power during the financial crisis. Our results show an overall increase in market power following the GFC for both regions. We find that bank size, capitalization, and diversification affect market power differently in the pre-crisis and post-crisis years. Larger banks enjoy cost advantages and the diversification impact on market power has decreased in the post-crisis years and the impact of capitalization on market power increased during the GFC. Overall, banks with higher capitalization can better weather the crisis. Chapter 2, “The impact of firm-level characteristic and county-specific attributes on the performance and efficiency of the Microfinance institutions,” estimates the impact of country-specific macro-variables and firm-specific attributes on the financial performance and the efficiency of microfinance institutions (MFIs). We use a large international up-to-date database consisting of over 10,000 firm-years for MFIs over 89 countries during the period 2008-2015. Several interesting findings emerge: a) regulation and outreach are negatively correlated. b) There is a negative and highly statistically significant correlation between the percentage of female borrowers and loan size, which is evidence of “mission drift”. c) An increase in the percentage of female board member has positive and statistically significant effect on MFIs profitability and ROA; which emphasizes the importance of female participation in leading position in MFIs.

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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.

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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.

43

Chen, Hisn Yao, and 陳信堯. "Relationship between Sustainability Index and Corporate Financial Performance." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/37283467649025389714.

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碩士
國立政治大學
企業管理研究所(MBA學位學程)
104
The inclusion of sustainability index is a symbol of a firm operating well in corporate social responsibility (CSR). However, the relationship between sustainability index and corporate financial performance (CFP) is still ambiguous; in the meantime, there is no related research between sustainability index and CFP. Hence, this paper researches on Taiwan enterprises included in Dow Jones Sustainability Index (DJSI) and figures out how the sustainability index influences CFP. All available Taiwan company data are obtained from Taiwan Economic Journal database. We have found three conclusions: First, the inclusion of DJSI makes the Taiwan enterprises have better CFP. Next, companies have better CFP after the inclusion of DJSI. Last, the long-term effect of inclusion of DJSI is more significant than short-term effect. Furthermore, we found that better profitability causes Taiwan enterprises included in DJSI have better CFP. Consequently, we can conclude that the inclusion of sustainability index will improve the CFP of Taiwan enterprises.

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Lin, Yi-Chun, and 林怡君. "The Relationship between Corporate Sustainability Reports and Financial Performance." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/18821954261856880947.

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碩士
國立臺北大學
會計學系
100
This research investigates the relationship between the quality of corporate sustainability reports and financial performance. We develop a multiple regression model to test the research hypotheses. Our sample comes from the listed companies which issued corporate sustainability reports in Taiwan between 2006 and 2010. The quality of corporate sustainability reports is measured by using content analysis methodology to develop scores based on the socre framework of 2010 Taiwan Corporate Sustainability Report Awards. Empirical results of this study show that: 1. The companies which issued corporate sustainability reports have better financial performance. Firm’s sustainability reports have a significant impact on ROA and Tobin’s Q. 2. This Study also examines the relationship between the quality of corporate sustainability reports and financial performance.We find that there is a significantly positive relation between the quality of corporate sustainability reports and Tobin’s Q. However, the impact of corporate sustainability reports quality on ROA is not significant.The result means that providing high quality corporate sustainability reports has no positive impact on firm’s short-term profit, but has a significant positive effect on firm’s long-term value.

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Regina, Li-chin, and 郭麗琴. "Industrial Movement of Corporate Sustainability and its Effects on Firm’s Financial Performance." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77169303185255156589.

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博士
國立中央大學
企業管理研究所
98
This research studies industrial trend of firms’ sustainability1 management, the possible casual relationship and effects between corporate sustainable development and financial indicators. The first portion of this study aims at industrial level of performance assessment by Data Envelopment Analysis (DEA) whereby applying datasets of 311 global firms’ sustainability management performance among 16 industrial sectors; the 16 sectors’ efficiency performance of sustainability over three consecutive years as well as their changes over time are being observed on a relative efficiency position plot. The second part of this research explores the causal relationship between corporate sustainable development and financial performance by second-order linear structural equation model (SEM). This study applies the underlying sustainability performance scores supplied by SAM Sustainable Asset Management, the assessment criteria are also the Dow Jones Sustainability Indexes standards which evaluates three dimensions of economic, environmental, social management policies. This empirical research reveals 1) different industrial sectors have significant differences on sustainability performance; 2) most industrial sectors’ sustainability performance are progressing over the three years’ sampling interval; 3) firms in the natural resource sector’s sustainability performance prevail others relatively in term of stability ; 4) the better sustainability performers may have a tendency of positive influence on firm’s profitability in the same and later periods; 5) a positive reciprocal causality may exist between sustainability and profitability among the better sustainability group; 6) sustainability influences firms’ profitability negatively in the lower sustainability group.

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Martins, Miguel Nuno Almeida. "Understanding the relationship between organisational attributes, sustainability reporting and financial performance." Diss., 2012. http://hdl.handle.net/2263/26326.

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Sustainability Reporting amongst corporates has been growing in prominence with, amongst others, the Principles for Responsible Investment outlined in 2005, the King III Report published in 2010 and International Integrated Reporting framework published in late 2011. The need for analysing the business case for sustainability reporting underpins the motivation for this research which undertook to ascertain the link between certain organisational attributes, sustainability reporting and financial performance. The literature review identified conflicting results in similar studies, and given that this is a fast evolving field of study, this study was deemed necessary. A quantitative research method was used utilising financial and operational data for 200 South African organisations, in an attempt to study the correlation between key organisational attributes, sustainability reporting frameworks, and financial performance. This research adds to the ongoing and dynamic ‘business case for sustainability’ discussion, by studying the links and correlations between the quality of sustainability reporting, specific organisational attributes and key financial performance ratios.
Dissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted

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Lin, I.-Chun, and 林怡君. "The link between Corporate Social and Financial Performance: Evidence from Dow Jones STOXX Sustainability Index." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/41453914018713583545.

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碩士
國立臺北大學
合作經濟學系
95
Serious empirical research on the relationship between the corporate social performance (CSP) and the corporate financial performance (CFP) has been going on for several decades. Nevertheless, the link between the social performance and financial performance has not been fully established. Therefore, the purpose of this investigation is to attempt to resolve those problems that the past empirical analyses were confronted, including setting more complete model, concentrating on a single industry, researching on the multinational data and a longer time period, choosing the multidimensional measurement of CSP and the multiple measures of CFP, employing the simultaneous equations, and so on. Based on data for the banking in Europe across 15 countries for 2002-2005, our findings are as follows. First, CSP and CFP are contemporaneous and there is a negative (or positive) association. Second, CSP is negatively associated with future CFP. This means a bank’s higher levels of CSP may raise its operating cost, lower its competitive advantage and further lower its CFP. Third, CFP is negatively associated with future CSP. This means when bank’s CFP weakens, managers may increase expenses on social responsibility activities and attempt to cover its lower CFP. According to above three results, we suggested when banks investment in corporate social responsibility, they should avoid falling into the negative result: "increase the operating cost and reduce the competitive advantage." And they should strengthen their creativity, ponder how to transform the process of taking the social responsibility into the opportunity of business, and then will further increase the shareholder and company's benefit.

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Makiwane, Theophilus Senzosenkosi. "Evaluation of corporate integrated reporting in South Africa post King III release." Thesis, 2012. http://hdl.handle.net/10539/12125.

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M.Com., Facultyof Commerce, Law and Management, University of the Witwatersrand, 2011
Following the release of the King III report on Corporate Governance for South Africa in March 2010, South African companies are expected to embrace the concept of integrated reporting in which they are required to report on their strategies, corporate governance, risk management processes, financial performance and sustainability. More importantly, companies need to show how these components of integrated reporting are linked to one another, so that stakeholders can make informed decisions about their current performance as well as their ability to create and sustain value in the future. The purpose of this report by is to determine whether the level of reporting by South African listed companies has improved subsequent to the release of the King III report. The findings of this study reveal improvements in this regard. However, there is still a need for further improvement in the level of reporting by South African listed companies in order to achieve the objective of integrated reporting.

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Mashile, Nkabaneng Tebogo. "Trends in integrated reporting by JSE listed companies: an analysis of the integration of financial performance with corporate governance disclosures and economic, social and environmental sustainability reporting." Thesis, 2015. http://hdl.handle.net/10539/19381.

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Thesis M.Com. (Accounting)--University of the Witwatersrand, Faculty of Commerce, Law and Management, 2015
With changes in international governance trends leaning towards integrated reporting, and the inclusion of good governance practices in the Companies Act No. 71 of 2008, it has become imperative for companies to embrace integrated reporting in order to be, and also be seen to be, responsible with regard to social, environmental and economic issues. The purpose of this report is to investigate the trends in the extent of integrated reporting by companies listed on the Johannesburg Stock Exchange (JSE). The report sought to investigate compliance with the recommendations of the King Report and Code of Governance Principles for South Africa 2009 (King III) by companies listed on the JSE. The report assesses the extent of reporting and disclosures made by companies in relation to the specific recommendations contained in the various chapters of King III since the inclusion of King III in the JSE listing requirements for financial years beginning on or after 1 March 2010. The report also assesses the extent of economic, social and environmental sustainability reporting as required by the Global Reporting Initiative (GRI) guidelines. The annual integrated reports of fifty-two companies listed under the various sectors of the JSE were examined to determine whether there had been significant changes in the specific disclosures provided by these companies, as recommended by King III, from 2010 to 2012. The key findings of the study show that although there has been an increase in the level of disclosure by companies, this change was not significant over the three-year period. The results also show that much improvement is needed in disclosures relating specifically to the new King III sections of risk management, compliance management and IT governance. Key words: corporate governance, disclosure, financial performance, integrated reporting, non-financial information, sustainability

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Chiu, Ya-Chin, and 邱雅琴. "The Analysis of the Relationship between Dow Jones Sustainability Index (DJSI) and Corporate Performance in Taiwan Semiconductor Industry and Financial Industry." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/p4fv5c.

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碩士
國立中央大學
會計研究所企業資源規劃會計碩士在職專班
107
The issue of Corporate Social Responsibility(CSR) continues to enjoy great popularity. This growing popularity is due to international trend and the active promotion of Taiwan competent authorities. Corporates are committed to the development and practice of CSR so that they can achieve the goal of sustainable development. In addition, domestic and foreign institutions have launched corresponding evaluation systems. Dow Jones Sustainability Index(DJSI) is the first evaluation index which traces global CSR. DJSI is also the most credible corporate sustainability index internationally. This study concentrates on 21 companies which are selected for DJSI up to 2018. The participants in this study, 21 companies, account for nearly 20 % and 30% of the semiconductor industry and financial industry respectively. I analyze the financial and non-financial performances of these selected enterprise, and all subjects are within the past five and ten years. I study whether their performances are significantly superior to the average performance of the industry. The results of this research indicate that: 1. The selected companies have better financial performance than their industry peers in terms of Return on Assets, Return on Equity, Gross Profit Margin, and Earnings Per Share. 2. The selected companies have better non-financial performance than their industry peers in terms of employee turnover rate, the proportion of independent directors, and the percentage of directors’ and officers’ liability insurance. 3. The selected companies have lower percentage of female directors and supervisor than their industry peers, and these analyzed corporates still have room for improvement.

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