企业社会责任和其他价值创造投资对企业财务绩效的交互影响

X. Wang, Mingming Feng, Timothy B. Palmer
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引用次数: 1

摘要

近年来,关于企业社会责任(CSR)的经济效益的研究激增,但结果好坏参半。与其问企业社会责任是否有助于或阻碍企业绩效,不如探讨影响企业社会责任与企业绩效之间关系的条件可能更有价值。也就是说,考虑到企业社会责任投资与其他价值创造活动投资之间的潜在权衡,有必要研究它们对企业财务绩效(CFP)的相互影响。为此,本研究探讨创新能力、品牌能力和管理能力的投资是否以及如何调节企业社会责任对财务绩效的影响。我们以1991年至2010年的579家美国企业为样本对假设进行了检验,发现企业社会责任对财务绩效的积极影响在创新能力强、品牌能力强的企业中较弱,而在花费更多资金获取管理能力的企业中较强。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Interactive effects of corporate social responsibility and other value-creating investments on corporate financial performance
Research on the financial benefits of corporate social responsibility (CSR) has proliferated in recent years but generated mixed results. Rather than asking if CSR helps or hinders firm performance, it might be more worthwhile to explore conditions impacting relations between CSR and firm performance. That is, given the potential trade-offs between investments in CSR and those in other value-creating activities, it is necessary to examine their interactive impacts on corporate financial performance (CFP). Toward this end, this study explores if, and how, investments in innovation capabilities, branding capabilities and managerial capabilities moderate the effect of CSR on CFP. Testing the hypotheses with a sample of 579 US firms from 1991 to 2010, we found that the positive effect of CSR on CFP is weaker in firms that are more innovative and better at branding, and stronger in firms that spend more on acquiring managerial capabilities.
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