Performance Outcomes of Investing Slack Resources in Corporate Social Responsibility
Performance Outcomes of Investing Slack Resources in Corporate Social Responsibility
复制标题
企业社会责任投资闲置资源的绩效成果
DOI：
10.1177/1548051818762336
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
L. Olsen
中科院分区：
文献类型：
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作者：
James E. Mattingly;L. Olsen
我们的研究考察了闲置资源、企业社会责任投资和企业绩效之间的关系，发现会计和市场回报对企业社会责任闲置投资的反应不同。虽然财务和组织的企业社会责任投资的会计回报是积极的，股票市场奖励组织松弛，但惩罚财务松弛投资。此外，区分不同形式的企业社会责任表明，会计和市场回报对利益相关者保护的投资比对利益相关者改善的投资反应更积极。最后，风险、战略和治理是部分解释企业社会责任效应的中介机制，但没有达到我们预期的程度。
Our study examined relationships among slack resources, investment in corporate social responsibility (CSR) and firm performance, finding that accounting and market returns respond differently to investments of slack in CSR. Although accounting returns to both financial and organizational CSR investment were positive, equity markets reward organizational slack but punish financial slack investments. Moreover, distinguishing among forms of CSR indicates that both accounting and market returns respond much more positively to investment in stakeholder protection than to investment in stakeholder improvement. Finally, risk, strategy, and governance are mediating mechanisms partially explaining CSR effects but not to the extent we expected.