Corporate social responsibility and financial performance: correlation or misspecification?

McWilliams, Abagail; Siegel, Donald S.

doi:10.1002/(sici)1097-0266(200005)21:5<603::aid-smj101>3.0.co;2-3

Cited by 2,848 publications

(1,458 citation statements)

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“…Whilst studies suggest a positive correlation between a corporation's economic performance and CSR adoption, the effectiveness of any CSR strategy varies owing to the strategy's operationalization, the stakeholder focus, and methodology employed (Caligiuri et al, 2013); CSR can be perceived to be neutral or negative (McWilliams, Siegel, 2000) and philanthropic activities do not always have a positive relationship for a company's financial performance (Brammer, Millington, 2008). Skoko and Mihovilović (2014) point out that responsible contemporary management is more aware of the fact that purely profit-oriented business, without care for society, the environment and all stakeholders, cannot be sustainable in the long-term.…”

Section: The Concept Of Csr and Employee Volunteeringsupporting

confidence: 59%

Exploring the Relationship Between Corporate Volunteering and Internal Communications in Multinational Organizations

Malouf¹,

Selaković²,

Ljepava³

2016

CMR

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The purpose of this paper is to explore the relationship between internal communications and corporate volunteering in order to better understand how companies promote volunteerism among employees. According to Aguilera et al. (2007), volunteerism can be promoted by directly communicating about such programmes, as well as indirectly communicating to employees on organizational purpose, strategy and values. A survey has been conducted with employees of three multinational companies, and data were analysed to comprehend the relationship between employee understanding of their company's organizational purpose, CSR strategy and employee participation in both structured volunteering programmes and out-of-work volunteering. The authors concluded that management of internal communications has an impact on aligning employees' perception of the company's organizational purpose with its CSR strategy and in prompting them to actively take part in employee volunteering programmes. The research conducted proves the interdependence between internal communications and corporate volunteering: when the internal communications were effective, there were higher volunteering engagement rates and a more positive organizational image. In addition, the research provides an understanding of the state of corporate volunteering and its relationship with internal communications in a country which could be described as an emerging market both from the point-of-view of local approaches to CSR as well as its economic status. Findings have been used to identify how companies can better align their organizational purpose and CSR strategy via internal communications in order to better promote volunteering programmes amongst staff.

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Section: The Concept Of Csr and Employee Volunteeringsupporting

confidence: 59%

Exploring the Relationship Between Corporate Volunteering and Internal Communications in Multinational Organizations

Malouf¹,

Selaković²,

Ljepava³

2016

CMR

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“…We finally add the hypothesis of moderating variables proposed by Gómez-García (2008) Some studies have used partial financial performance measures such as an increase in sales and productivity (Prado et al, 2008) and profits before and after tax (López et al, 2007;McWilliams & Siegel, 2000). Godos-Díaz, Fernández-Gago, & Cabeza-García, 2012;Griffin & Mahon, 1997;López et al, 2007;Martínez-Campillo et al, 2012;Reverte, 2009Reverte, , 2011Waddock & Graves, 1997) and the market value of shares (Black, Carnes, & Richardson, 2000;Callado & Utrero, 2008;Fernández et al, 2009;McGuire et al, 1988;Nieto, Fernández, & Cabeza, 2012;Prado et al, 2008;Roberts & Dowling, 2002).…”

Section: The Second Of Preston and O'bannon's (1997) Hypothesesmentioning

confidence: 99%

Corporate Social Responsibility and Financial Performance: The Spanish Case

Madorran

Garcia

2016

Rev. adm. empres.

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The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.KEYWORDS | Corporate social responsibility, panel data, performance, Spanish firms, IBEX 35. [2003][2004][2005][2006][2007][2008][2009][2010]. Los resultados sugieren que la relación entre responsabilidad social y resultados no es tan obvia, al menos para el caso español. RESUMO O enorme interesse gerado pela responsabilidade social corporativa tanto no mundo acadêmico quanto no empresarial forma o pano de fundo para este estudo. Seu objetivo é analisar a relação entre a responsabilidade social corporativa e o desempenho financeiro em vista do debate existente na literatura sobre o tema. O estudo concentra-se em uma amostra de empresas espanholas tomadas do índice IBEX 35, da bolsa de valores de Madri, utilizando a metodologia de dados em painel, que oferece vantagens em comparação com metodologias utilizadas em outros estudos. Analisamos o período que abrange os anos de 2003 a 2010. Nossas conclusões sugerem que não há relação óbvia entre a responsabilidade social corporativa e os resultados financeiros, ao menos no caso da Espanha. PALAVRAS-CHAVE | Responsabilidade social corporativa, dados em painel, desempenho, empresas espanholas, IBEX 35. RESUMEN El enorme interés que despierta la responsabilidad social corporativa tanto en el ámbito empresarial como académico da sentido a este trabajo. El objetivo del trabajo es analizar la relación entre la responsabilidad social corporativa y sus resultados financieros, ya que existe debate en la literatura académica sobre esta cuestión. La cuestión de análisis se aplica a una muestra de empresas españo-las que cotizan en el IBEX 35, utilizando una metodología de datos de panel que aporta novedades a otros análisis realizados. El período de análisis abarca desde PALABRAS CLAVE | Responsabilidad social corporativa, datos de panel, resultados, empresas españo-las, IBEX 35. RAE-Revista de Administração de Empresas | FGV/EAESPDOI INTRODUCTIONIt is a well-known fact that businesses are currently incorporating corporate social responsibility (henceforth, CSR) criteria into their activities. The demands of a changing environment have led firms to pay ever greater attention to their influence over it, both in economic and social terms and those of the environment.In this context, firms have also been seeking competitive advantages sustainable on a long-term basis in a turb...

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“…5 There are many papers in the finance literature that examine the effect of environmental performance (often referred to as Corporate Social Responsibility) on firm financials. The results there are mixed; for reviews of these studies see Graff Zivin and Small (2005), McWilliams and Siegel (2000), and Stefan and Paul (2008) .…”

Section: Notesmentioning

confidence: 99%

Does Eco-labeling of Services Matter? Evidence from Higher Education

Hickman

Meyer

2016

The B.E. Journal of Economic Analysis &Amp; Policy

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Abstract:Eco-labeling of services has become increasingly common, yet little empirical evidence exists concerning its effectiveness. We address this gap in the literature by analyzing a highly visible eco-label, the American College and University Presidents' Climate Commitment (ACUPCC), in the sector of higher education. We match information about the ACUPCC to the US Department of Education IPEDS database to examine the impact of signing on student applications, admissions, and enrollment. We mainly utilize a difference-in-difference approach to identify the effects of interest but confirm results with an interrupted time series model. We find that signing the ACUPCC increases applications and admitted students by 2.5-3.5%. However, the evidence regarding enrollment is weaker with only some specifications finding increases of around 1-2%. Overall, there is considerable heterogeneity across sectors and selectivity of the institutions. These results show that, at the minimum, voluntary and information-based approaches (VIBAs) for services can be effective in generating visibility and influencing less-costly consumer behavior.

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Corporate social responsibility and financial performance: correlation or misspecification?

Cited by 2,848 publications

References 30 publications

Exploring the Relationship Between Corporate Volunteering and Internal Communications in Multinational Organizations

Exploring the Relationship Between Corporate Volunteering and Internal Communications in Multinational Organizations

Corporate Social Responsibility and Financial Performance: The Spanish Case

Does Eco-labeling of Services Matter? Evidence from Higher Education

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