Corporate social responsibility governance, outcomes, and financial performance
Corporate social responsibility governance, outcomes, and financial performance
复制标题
DOI：
10.1016/j.jclepro.2017.06.142
复制
发表时间：
2017-09
影响因子：
11.1
通讯作者：
Zhihong Wang;J. Sarkis
中科院分区：
文献类型：
--
作者：
Zhihong Wang;J. Sarkis
先前的研究表明，企业社会责任（CSR）和企业财务业绩之间的关系喜忧参半。已发出通知，要求对调解员和主持人进行调查，以进一步解释以前的混合调查结果。本研究回应了研究的呼吁，通过调查CSR结果的中介作用，企业社会责任治理和财务绩效之间的关系。我们从彭博社环境、社会和治理（ESG）数据库中提取CSR治理和成果数据，并从彭博社STAT数据库中提取财务业绩数据。本文以2009年至2013年美国500强绿色企业1980年的观察数据为样本，研究发现企业社会责任绩效对企业社会责任治理与财务绩效之间的关系具有中介作用。研究结果表明，企业是否成功实施社会责任治理，产生良好的社会责任成果发挥了重要作用，影响公司的财务业绩。我们的研究结果有助于企业社会责任的文献提供了一个解释的中介作用，实际的企业社会责任的结果，以前的异质性研究结果的企业社会责任的财务回报关系。
Prior research has shown mixed results for the relationship between corporate social responsibility (CSR) and corporate financial performance. Call for investigations on mediators and moderators have been put on notice to provide further explanations of previous mixed findings. This study responds to the calls for research by investigating the mediation effect of CSR outcomes, on the relationship between CSR governance and financial performance. We extract CSR governance and outcomes data from the Bloomberg environmental, social and governance (ESG) database and financial performance data from the COMPUSTAT database. Using a sample of 1980 firm-year observations from the top 500 Green companies in the United States for the years 2009 through 2013, we find that CSR outcomes mediate the relationships between CSR governance and financial performance. The results suggest that whether companies implement CSR governance successfully to generate good CSR outcomes plays an important role influencing companies’ financial performance. The results of our study contribute to the CSR literature by providing an explanation of the mediation effects of actual CSR outcomes to the previous heterogeneous findings on CSR-financial return relationships.