企业社会责任与财务绩效的关系:因果关系?

Gérard Hirigoyen, Thierry Poulain-Rehm
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引用次数: 91

摘要

本研究考察了企业社会责任(人力资源、工作场所的人权、社会承诺、对环境的尊重、市场行为和治理)与财务绩效(股本回报率、资产回报率、市净率)之间的因果关系。该报告以2009年和2010年三个地理区域(美国、欧洲和亚太地区)的329家上市公司为样本。采用线性回归分析和格兰杰因果检验检验社会责任与财务绩效之间的因果关系。研究结果表明,企业社会责任越大,财务绩效越好,反而财务绩效对企业社会责任产生负向影响
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Relationships between Corporate Social Responsibility and Financial Performance: What is the Causality?
This study examines the causal relationships between the various dimensions of corporate social responsibility (human resources, human rights in the workplace, societal commitment, respect for the environment, market behavior and governance) and financial performance (return on equity, return on assets, market to book ratio). It is based on a sample of 329 listed companies in three geographical areas (the United States, Europe and the Asia-Pacific region) for the years 2009 and 2010. Linear regression analysis and the Granger causality test were used to examine the causal relationships between social responsibility and financial performance. The results show not only that greater social responsibility does not result in better financial performance, but also that financial performance negatively impacts corporate social responsibility
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