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Do Investors Value a Firm's Commitment to Social Activities?

Journal of business ethics, 2013-06, Vol.114 (4), p.607-623 [Peer Reviewed Journal]

Springer Science+Business Media Dordrecht 2013 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-013-1707-1 ;CODEN: JBUEDJ

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Title:
Do Investors Value a Firm's Commitment to Social Activities?
Author: Rodgers, Waymond ; Choy, Hiu Lam ; Guiral, Andrés
Subjects: Accounting ; Business and Management ; Business Ethics ; Business innovation ; Business structures ; Community ; Community relations ; Corporate responsibility ; Corporate social responsibility ; Customers ; Decision making ; Economic models ; Economic theory ; Education ; Employees ; Ethics ; Financial investments ; Financial leverage ; Financial performance ; Firm value ; Hypotheses ; Innovation ; Innovations ; Investment strategies ; Investors ; Liquidity ; Management ; Philosophy ; Quality of Life Research ; Social responsibility ; Studies ; Transaction costs
Is Part Of: Journal of business ethics, 2013-06, Vol.114 (4), p.607-623
Description: Previous empirical research has found mixed results for the impact of corporate social responsibility (CSR) investments on corporate financial performance (CFP). This paper contributes to the literature by exploring in a two stage investor decision-making model the relationship between a firm's innovation effort, CSR, and financial performance. We simultaneously examine the impact of CSR on both accounting-based (financial health) and market-based (Tobin's Q) financial performance measures. From a sample of top corporate citizens, we find that: (1) a firm's social responsibility commitment (CSR) contributes to its financial performance; (2) after controlling for investment in innovation activities, CSR continues to have a positive impact on a firm's financial performance; (3) the customer dimension of CSR has a positive effect on both CFP measures, whereas the employee dimension indicates a significant impact only on financial heath; and (4) the community relation dimension of CSR only affects the market-based CFP measure of firms with high innovation intensity.
Publisher: Dordrecht: Springer
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1007/s10551-013-1707-1
CODEN: JBUEDJ
Source: ProQuest One Psychology
AUTh Library subscriptions: ProQuest Central
Alma/SFX Local Collection

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Do Investors Value a Firm's Commitment to Social Activities?

Springer Science+Business Media Dordrecht 2013 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-013-1707-1 ;CODEN: JBUEDJ

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