创新如何缓和企业社会责任对财务业绩的影响?突尼斯背景下的探索性研究与经验验证

IF 3.3 Q1 BUSINESS, FINANCE
Ines Ben Flah, Azhaar Lajmi, Zaineb Hlioui
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引用次数: 0

摘要

目的 本文旨在研究企业社会责任(CSR)对突尼斯证券交易所上市公司的企业绩效(FP)的影响。第一项研究是一项探索性定性研究,以 30 家不同行业的突尼斯公司为样本。第二项实证研究采用了面板数据回归分析法,对 2017 年至 2021 年期间在突尼斯证券交易所上市的 46 家公司的数据进行了研究。研究结果探索性定性研究的结果指出了突尼斯在企业社会责任重要性方面的特殊性。研究结果还强调了 2018 年《企业社会责任法》在突尼斯的重要性,但也提请注意其适用文本未得到执行的情况,这意味着企业社会责任在突尼斯并不总是得到执行。此外,在这项定性研究中,大多数公司都确认企业社会责任是良好治理实践背后的一个关键因素。通过研究企业社会责任对各种 FP 代用指标的影响,研究结果突出表明,企业社会责任对作为会计变量的 ROA 和作为市场变量的股票回报率所衡量的 FP 具有积极而显著的影响。此外,作者还证实了创新对企业社会责任和财务自由关系的调节作用。事实上,创新对企业财务状况的影响是不同的。该研究为管理者提供了如何利用企业社会责任方法实现利润最大化、提高企业财务状况和声誉,同时考虑企业创新能力的真知灼见。企业社会责任是企业真正的绩效杠杆,是提高其经济、环境和社会效益的一种手段。它使企业能够预测制约因素并防范风险,降低某些运营成本,优化资源,树立良好形象并在竞争中脱颖而出,更容易获得创新,增强竞争优势,更容易获得融资,并加强其地域和社会根基。这两种方法相辅相成。第一种是探索性定性方法,旨在更好地了解突尼斯企业履行企业社会责任的现状。第二种是定量方法,即面板数据回归分析。此外,作者还检验了创新对所研究联系的调节作用。据作者所知,这是第一篇研究创新对突尼斯企业社会责任框架调节作用的论文。最后,作者还进行了稳健性测试,以检验研究结果的可靠性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
How does innovation moderate the CSR impact on financial performance? An exploratory study and an empirical validation in the Tunisian context

Purpose

This paper aims to examine the effect of corporate social responsibility (CSR) on firm performance (FP) of companies listed on the Tunis Stock Exchange.

Design/methodology/approach

This paper reports on two empirical studies. The first was an exploratory qualitative study carried out on a sample of 30 Tunisian companies operating in different sectors. The second empirical study used a panel data regression analysis, to examine data from 46 companies listed on the Tunis Stock Exchange during the 2017 to 2021 period.

Findings

The results of the exploratory qualitative study pointed out the specificities of the Tunisian context as to the importance of CSR. The results highlighted also the importance of the 2018 CSR law in Tunisia, yet it drew attention to the non-implementation of its applying texts, meaning that CSR is not always enforced in the Tunisian context. Moreover, in this qualitative study, most companies confirmed that CSR is a key factor behind good governance practices. By studying the impact of CSR on various FP proxies, the results highlight that CSR has a positive and significant impact on FP measured by ROA as an accounting variable and stock returns as a market-measure variable. In addition, the authors confirm the moderating effect of innovation on the CSR and FP relationship. Indeed, innovation affects corporate FP differently. It hinders accounting-based FP while fostering the market-based one.

Practical implications

The study provides insights for managers into how CSR approaches can be used to maximize profits, improve its FP and reputation, while considering the corporate innovative capacities. CSR is a real performance lever for companies, a means of improving their economic, environmental and social efficiency. It enables companies to anticipate constraints and prevent risks, reduce certain operational costs, optimize resources, communicate a good image and stand out from the competition, gain easier access to innovation, strengthen their competitive edge, gain easier access to financing and strengthen their territorial and social roots.

Originality/value

The main contribution of this paper is the adoption of two empirical approaches. These two methods are complementary. The first is an exploratory qualitative approach aimed at better understanding the current state of CSR implementation by Tunisian companies. The second one is quantitative, a panel data regression analysis. Furthermore, the authors test the moderating effect of innovation on the studied link. To the best of the authors’ knowledge, this is the first paper that investigates the moderating effect of innovation on CSR FP in the Tunisian context. Finally, robustness tests were conducted to test the reliability of this study’s results.

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