The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott

Teoh, Siew Hong; Welch, Ivo; Wazzan, C. Paul

doi:10.1086/209602

Cited by 347 publications

(109 citation statements)

References 8 publications

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“…There have been several attempts to quantify the influence of CSR on business profitability, where some used the event study methodology to see if there is a short-term influence of CSR over business finances (Posnikoff, 1997;Teoh, Welch and Wazzan, 1999;Wright andFerris, 1997, Chivu et al, 2007), providing different results, while others used corporate social performance as a measure of CSR and compared it with accounting data to show a connection with a company's profitability (Ciutacu et al,2005, Aupperle, Carroll, andHatfield, 1985;McGuire, Sundgren and Schneeweis, 1988;Waddock and Graves, 1997) also with no consistent, or divergent results. …”

Section: Introductionmentioning

confidence: 99%

10.5937/industrija42-7236 = Implication of the CSR and cultural model features in Romanian energy sector

Andrei¹,

Panait²,

Catalin³

2014

Industrija

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Section: Introductionmentioning

confidence: 99%

10.5937/industrija42-7236 = Implication of the CSR and cultural model features in Romanian energy sector

Andrei¹,

Panait²,

Catalin³

2014

Industrija

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“…Aupperle et al (1985) and Teoh et al (1999) also report no significant relationship between donation activities and firm value.…”

Section: Literature Reviewmentioning

confidence: 89%

“…Donation expenses incur costs that reduce business profits. In the same vein, many empirical studies report no significant relationship between donation activities and financial performance (Vance, 1975;Aupperle et al, 1985;Ullmann, 1985;McGuire et al, 1988;Riahi-Belkaoui, 1992;Wright & Ferris, 1997;Teoh et al, 1999;McWilliams & Siegel, 2000).…”

Section: Research Hypothesesmentioning

confidence: 99%

The Value Relevance of Corporate Social Responsibility: Focusing on Donation Expenditure

Kwon

2016

ASS

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This paper investigates the value relevance of corporate social responsibility. In particular, the paper examines the time lag value relevance of donation expenditure on firm value over the period of 2000-2014 in the listed Korean stock markets. Through empirical analysis, the paper provides evidence that donation expenditure has a significant effect on future firm value.The empirical results of this paper support research hypothesis 1 (donation expenses have an effect on firm value) and research hypothesis 2 (donation expenses have a time lag effect on firms' future value). In particular, the results show that donation expenses have an effect on firm value and the time lag interval is from two to 12 years. These results suggest that donation expenses can be regarded as assets that have potential for firms' future cash flows.The empirical evidence of this paper suggests there should be debate on whether the accounting treatment of donations should be changed in Korean accounting practices.

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“…Antai Wright ir Ferris (1997) identifikavo neigiamą socialinės atsakomybės ir finansinių rezultatų ryšį. Posnikoff (1997), teigia, jog egzistuoja teigiamas ryšys, o Teoh et al (1999) nenustatė jokio ryšio. Antra, analizuojami ryšiai tarp kai kurių įmonės socialiai atsakingos veiklos rodiklių ir ilgalaikių įmonės veiklos rezultatų, remiantis apskaitos ir finansiniais pelno rodikliais.…”

Section: įMonių Socialinė Atsakomybė Ir Veiklos Rezultataiunclassified

Filantropinė įmonės atsakomybė ir veiklos rezultatai: gamybos įmonės atvejis

Korsakienė

Marcinkevičius

2013

Business: Theory and Practice

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santrauka. Pastaruoju metu įmonės skatinamos tapti socialiai atsakingos ir investuoti į socialiai atsakingą veiklą. Socialinės atsakomybės samprata mokslinėje literatūroje yra itin kompleksiška, apimanti įmonės pilietiškumą, darnų vystymąsi, interesų grupių valdymą, aplinkos valdymą, verslo etiką ir įmonės socialinės veiklos rezultatus. Kita vertus, šiuolaikinė mokslinė literatūra verslo socialinės atsakomybės klausimais iš esmės pabrėžia socialiai atsakingos veiklos ir įmonės pelningumo sąryšį. Straipsnyje analizuojama socialinė atsakomybė. Dėmesys sutelkiamas į filantropinę atsakomybę ir jos ryšį su veiklos rezultatais. Aptariamos įmonių socialinės atsakomybės tendencijos Lietuvoje. Kontroversiškos nuomonės socialinės atsakomybės atžvilgiu sudarė prielaidas suformuluoti tokius tyrimo klausimus: ar egzistuoja teigiamas ryšys tarp gamybos įmonės filantropinės atsakomybės ir veiklos rezultatų, ar ryšys yra neigiamas, ar ryšys neegzistuoja. Gauti tyrimo rezultatai pasirinktos gamybos įmonės atveju sudaro prielaidas teigti, kad išlaidos filantropinei atsakomybei neturi įtakos pelnui. Straipsnio autorių atliktas tyrimas prisideda prie kitų rezultatų ir parodo, kad socialiai atsakinga įmonės elgsena turi nevienodą poveikį pelnui. Abstract. In recent years, companies have been encouraged to become socially responsible and invest into socially responsible activities. The concept of social responsibility adopted in scientific literature is too complex and comprises corporate citizenship, sustainable development, management of stakeholders, environmental management, business ethics and corporate social performance. On the other hand, contemporary scientific literature about social responsibility emphasises the link between social responsibility and performance of a company. This paper focuses on analysis of social responsibility. The emphasis is placed on philanthropic responsibility and the link between the philanthropic responsibility and performance. Furthermore, it discusses tendencies of corporate social responsibility in Lithuania. The controversial views toward social responsibility have created preconditions to formulate the following research questions: (1) Does a strong positive relationship between philanthropic responsibility and performance of a production company exist? (2) Is the relationship negative or inexistent? The obtained results of research have led to the conclusion, that philanthropic activity doesn't increase profitability of a selected production company. The research of the authors contributes to other findings and implies that socially responsible activities of a company have a different impact on profit.

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The Effect of Socially Activist Investment Policies on the Financial Markets: Evidence from the South African Boycott

Cited by 347 publications

References 8 publications

10.5937/industrija42-7236 = Implication of the CSR and cultural model features in Romanian energy sector

10.5937/industrija42-7236 = Implication of the CSR and cultural model features in Romanian energy sector

The Value Relevance of Corporate Social Responsibility: Focusing on Donation Expenditure

Filantropinė įmonės atsakomybė ir veiklos rezultatai: gamybos įmonės atvejis

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