Testing the Correlations between Corporate Giving, Performance and Company Value

Haţegan, Camelia-Daniela; Curea-Pitorac, Ruxandra-Ioana

doi:10.3390/su9071210

Cited by 43 publications

(36 citation statements)

References 71 publications

(62 reference statements)

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“…This finding is consistent with previous researches into CSR and firm financial performance linkages, which found positive effects of CSR [24][25][26]36]. The finding is also consistent with related studies in the context of emerging economies [27,37,38], and related studies in the context of M&A [3]. However, our results are not consistent with previous studies that suggest CSR has a negative effect on performance [18,19].…”

Section: Effects Of Csr On Long-term Manda Performancecontrasting

confidence: 55%

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Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter?

Qiao

2018

Sustainability

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This study investigates the effects of geographical regions and related-party transactions on corporate social responsibility (CSR) and long-term mergers and acquisitions (M&A) performance linkage. We conduct a Heckman two-stage model analysis, using data from listed firms in the Shanghai and Shenzhen stock exchange markets in China. The results indicate that: (1) buyers' CSR performance has a significant and positive effect on long-term M&A performance. (2) Significant differences exist across geographical regions in the links between CSR and long-term M&A performance. In our study, the effects of CSR on long-term M&A performance were positive and significant in a sub-sample of firms located in the eastern region, but the effects were negative and insignificant in a sub-sample of firms located in regions other than in the east. (3) Related-party M&A transactions experience more positive and significant CSR long-term M&A performance linkage, compared to non-related party M&A transactions. Our findings might provide more robust evidence to CSR performance linkage, as we have examined the linkage in a special context of M&A activities, using a Heckman two-stage model to alleviate endogeneity bias. We also bring further insights into the effects of two contingent factors (geographical regions and related-party transactions) on the CSR-performance linkage. The findings of this article suggest that it is reasonable for firms to act socially responsibly when generating economic benefits. Policy makers should consider how to encourage firms to better fulfill CSR through improving the market environment and by enhancing their levels of supervision.

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Section: Effects Of Csr On Long-term Manda Performancecontrasting

confidence: 55%

“…The study found that fulfilling CSR is beneficial to improving a firm's value. Recently, Hategan and Ruxandra Ioana (2017) [37] adopted panel data from Romanian listed companies, from 2011 to 2016. This study found that CSR behaviors such as charitable contributions have a positive influence on corporate performance.…”

Section: Csr and Long-term Manda Performancementioning

confidence: 99%

Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter?

Qiao

2018

Sustainability

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“…Hategan and Curea-Pitorac [14] find a positive correlation between CSR (i.e., corporate giving) and firm value (measured as Tobin's Q). In a similar vein, Lenz et al [15] find a positive correlation between CSR and firm value (measured as Tobin's Q).…”

Section: Univariate Analysismentioning

confidence: 97%

“…Thus, CSR is becoming important in both academia and practice [2][3][4][5][6]. A number of studies suggest that CSR is positively related to firm value [2,4,[7][8][9][10][11][12][13][14][15][16][17][18][19]. Some studies even find a negative relationship between CSR and firm value [20,21].…”

Section: Introductionmentioning

confidence: 99%

Corporate Social Responsibility, Ownership Structure, and Firm Value: Evidence from Korea

2018

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This study examines the relationship between corporate social responsibility (CSR) and firm value in the context of ownership structure. Specifically, our study explores whether large shareholder and foreign shareholder ownership play an important role in the CSR-firm value relationship. Using a sample of 48 firms listed on the Korea Stock Exchange (KSE) between 2010 and 2014, we find that CSR is positively associated with firm value. We further find that the relationship between CSR and firm value is weaker in firms with high large shareholder ownership than in firms with low large shareholder ownership. However, we find no evidence of the effect of foreign ownership on the relationship between CSR and firm value. This study sheds light on the importance of ownership structure in the relationship between CSR and firm value, suggesting significant implications for academics, practitioners, and policymakers. We contribute to the existing literature by providing empirical evidence on the effect of ownership structure on the CSR-firm value relationship. Policymakers may consider these results in implementing their policies that can enhance CSR activities.

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“…As such, entity's performance is an important factor in determining the environmental information to be disclosed. Many studies have used return on equity (ROE) and/or return on assets (ROA) to express company performance [58][59][60][61][62][63][64][65][66]. We have used ROE (net profit/equity) to accomplish our goal.…”

Section: Company Performancementioning

confidence: 99%

Environmental Information Transparency—Evidence from Romanian Companies

et al. 2019

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The purpose of this paper is to analyse disclosure of environmental information (DEI) for a set of 100 companies listed at the Bucharest Stock Exchange (BSE) and identify possible correlations between this and the evolution of some relevant economic and financial measures of companies’ activities. For these purposes we have calculated an index of environmental information disclosure and we employed a system dynamic panel data estimation model and panel corrected standard errors for sampled companies for the 2013–2017 period. The results we have obtained show that sampled companies have a low degree of environmental information disclosure, as the highest registered score was of 15 out of a maximum of 29 points, with an average of merely 6.37 points. Regarding the possible correlations, the tests performed have shown that entity size, expressed by the number of employees, is the factor which positively influences environmental information’s disclosure. Results also evidence that performance determines the quantity of information the firm provides to external users, as opposed to maturity/age. Our study is the first approaching companies from Bucharest Stock Exchange with data for 5 years using a mixed approach (DEI–index and regressions) and we think the results obtained are useful for managers, general public and investors, considering that size and performance greatly influence companies’ environmental awareness.

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Testing the Correlations between Corporate Giving, Performance and Company Value

Cited by 43 publications

References 71 publications

Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter?

Corporate Social Responsibility and the Long-Term Performance of Mergers and Acquisitions: Do Regions and Related-Party Transactions Matter?

Corporate Social Responsibility, Ownership Structure, and Firm Value: Evidence from Korea

Environmental Information Transparency—Evidence from Romanian Companies

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