Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies

D’Amato, Antonio; Falivena, Camilla

doi:10.1002/csr.1855

Cited by 186 publications

(126 citation statements)

References 147 publications

(166 reference statements)

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“…Firm age (AGE) is measured as the number of years since the establishment of a listed firm [64]. Prior studies demonstrate that younger firms have worse firm performance than older ones because of lack of experience, external connections, and legitimacy [65,66]. State-owned shares (STATE) are specifically calculated as the share of state-owned shareholdings [67].…”

Section: Methodsmentioning

confidence: 99%

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Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment

Guo

Hou

2020

Sustainability

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Despite the significance of corporate social responsibility (CSR), there remains an extensive debate regarding its implications for firm value. This study examines the moderating effects of financial flexibility and R&D investment on CSR and firm value. Using multiple archival data of 2311 companies from 2010 to 2016, our study finds that CSR is a “double-edged sword” for firm value; specifically, CSR significantly increases systematic risk but reduces firms’ idiosyncratic risk as well as the Tobin’s q. Besides, the results indicate that financial flexibility and R&D investment significantly reduce the negative correlation between CSR and Tobin’s q, the difference between the two being that financial flexibility can reduce the positive relationship between CSR and system risk, while R&D spending can reduce the negative relationship between CSR and idiosyncratic risk. By adding new aspects to the discussion about how CSR affects firm value, the results speak to both theorists and practitioners.

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Section: Methodsmentioning

confidence: 99%

“…CVs represents the control variables. Following previous studies [63,65,80], we took the firm-, industry-, and market-level indicators as control variables. Firm-level variables include return on assets (ROA), firm size (SIZE), firm age (AGE), state-owned shares (STATE), and ownership concentration of the largest shareholder (BIG1).…”

Section: Modelingmentioning

confidence: 99%

Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment

Guo

Hou

2020

Sustainability

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“…A well-reputed company applies effective CSR policies, that improve the strategic planning and overall objectives. As a result, CSR has a positive effect on corporate performance [28]. In the modern era, CSR helps leaders make sustainable decisions to operate their business ethically.…”

Section: Presence Of Csr Committeementioning

confidence: 99%

Does CSR Governance Improve Social Sustainability and Reduce the Carbon Footprint: International Evidence from the Energy Sector

et al. 2021

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In today’s world, the energy sector is considered the backbone of any economy and plays a key role in carbon trading markets and mitigation actions. This study explores the impact of CSR governance on carbon footprints and the social performances of the energy sector. Using an international sample of 45 countries from 2002 to 2017, we find that the existence of a CSR committee improves the firm’s social responsibility and effectively mitigates the carbon footprint. Further, our results present that a large CSR committee with more experienced board members are effective to implement sustainable business practices. Furthermore, a CSR committee with experienced board members does not mitigate the environmental and social concerns, when energy firms have more powerful CEOs. Collectively, our evidence indicates that the existence of CSR governance is favorable to focus on social issues than environmental ones.

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“…In addition to profitability, a variable also considered that can explain the relationship between CSR disclosure and firm value is firm size. Total assets which are the size of the company are a reflection of the company's wealth, [17], [9]. Large companies tend to disclose more information about their environmental practices [18], [19], besides large companies are often considered more efficient and have enough resources to support the implementation of CSR programs.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Sustainability Practices on Stock Return: The Relationship Between Firm Value, CSR Disclosure, Firm Size and Profitability Evidence from Indonesia Publics Firms Listed on (SRI)-KEHATI Index

Nur¹

2021

Proceedings of the 1st International Conference on Sustainable Management and Innovation, ICoSMI 2020, 14-16 September 2020, Bo

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Corporate Social Responsibility (CSR) projects of companies demonstrate the values and models of corporate governance and emphasize the relationship between business strategy and commitment to a sustainable global economy. Through CSR activities, companies can communicate sustainability performance that ultimately has an impact on its value. This study examines the relationship between CSR disclosure and firm value in Indonesia. The sample consists of Indonesian listed companies listed on (SRI)-KEHATI Index, period 2016-2019. Using multiple regression on the list of CSR disclosure, this study showed that CSR had no significant effect on the value of the firm. Nevertheless, it has been shown that the size of the companies significantly strengthens the effect of CSR on the firm value. In more detail, the size of the company also significantly moderates the dimensions of CSR disclosure. Although profitability does not moderate the effect of CSR on the firm value, including all components of CSR

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Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies

Cited by 186 publications

References 147 publications

Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment

Corporate Social Responsibility and Firm Value: The Moderating Effects of Financial Flexibility and R&D Investment

Does CSR Governance Improve Social Sustainability and Reduce the Carbon Footprint: International Evidence from the Energy Sector

The Impact of Sustainability Practices on Stock Return: The Relationship Between Firm Value, CSR Disclosure, Firm Size and Profitability Evidence from Indonesia Publics Firms Listed on (SRI)-KEHATI Index

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