scholarly journals Analisis CSR Dan Kinerja Keuangan Studi Empiris Pada Perusahaan Yang Terdaftar Pada Indeks Sri Kehati

2012 ◽  
Vol 5 (2) ◽  
Author(s):  
Farah Margaretha
Keyword(s):  
Financial Performance ◽  
Partial Correlation ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Sample Population ◽  
Significant Relation ◽  
Managerial Implications ◽  
The Difference ◽  
Corporate Social

The objectives of this study are to analyze the difference and correlation between the corporate social performance  and the corporate financial performance Companies in Indonesia,  The sample population of this study is company listed in Indonesian Stock Exchange. sampling was used in this study, are 23 companies in SRI KEHATI Index  The CSR score is measured by content analysis of corporate annual report . The data is tested by using partial correlation test to know the correlation between the corporate social performance and financial performance.  The results of this study show that there no significant relation between financial performance at (t) year and CSR  but found significant at tht (t+1) year. Managerial implications from this research will hopefully provide a new discourse  for investor in considering the aspects that need to be taken into investments that are not to monetary measurements. this research hopes management company can provide the input on the importance of corporate social responsibility in terms of the overall strategic management to improve the company's financial and social performance and raise awareness of companies to conduct CSR activities.

scholarly journals Impact of Corporate Social Performance on Financial Performance: Case of Firms Listed on the Stock Exchange of Casablanca

2020 ◽  
Vol 2 (1) ◽  
pp. p51
Author(s):  
Lamia Jamel ◽  
Monia Ben Ltaifa ◽  
Ahmed K Elnagar ◽  
Abdelkader Derbali
Keyword(s):  
Financial Performance ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Causal Link ◽  
Return On Equity ◽  
Linear Effect ◽  
Non Linear ◽  
Corporate Social ◽  
The Impact

This paper examines empirically the impact of corporate social performance (CSP) on financial performance (FP). The study relates to a panel of 32 firms listed on the Stock Exchange of Casablanca during the period of study from 2011 to 2017. The empirical findings obtained, by linear regressions on panel data, clearly find the lack of impact of the corporate social performance on the financial performance measured by the Return on Investment (ROI), Return on Equity (ROE) and Earnings Per Share (EPS) ratios. The influence of corporate social performance on financial performance is statistically insignificant. The financial performance of firms classified or not socially efficient are almost identical. Finally, the results obtained clearly show the absence of this causal link between corporate social performance (CSP) on financial performance (FP), which confirms the research hypothesis. Finally, since the relationship between these two performances could be non-linear, we can deepen this article using econometric methods that can analyze the non-linear effect such as quantile regression and the regime-change model.

scholarly journals The Role of Firm Strategy to Intervene the Influence of Corporate Social Performance on Corporate Financial Performance

2017 ◽  
Vol 2 (3) ◽  
pp. 21-28
Author(s):  
Bayu Aprillianto ◽  
Yosefa Sayekti
Keyword(s):  
Financial Performance ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Empirical Studies ◽  
Firm Strategy ◽  
Capital Intensity ◽  
Corporate Financial Performance ◽  
Strategic Csr ◽  
Corporate Social

Objective - A Corporate Social Responsibility (CSR) implementation has been implemented since over 50 years ago. All of the CSR implementation divided into two categories, namely Strategic CSR and Non-Strategic CSR. A Strategic CSR implementation should consider the firm strategy based on the CSR concept and firm strategy. Some empirical studies have tested the influence of CSR on Corporate Financial Performance. The results of those studies are still inconclusive. Methodology/Technique - The purpose of this study is to analyze firm strategy as intervening variable between Corporate Social Performance and Corporate Financial Performance. This study used capital intensity and product differentiation to measure the firm strategy. The samples were 33 companies of LQ-45, listed in Indonesian Stock Exchange. Findings - The results did not indicate that firm strategy intervenes the influence of Corporate Social Performance on Corporate Financial Performance, both directly and indirectly. Novelty - The research suggests future studies to employ the other ratios representing Firm Strategy that will strengthen the literature. Type of Paper - Empirical Keywords: Corporate Financial Performance; Corporate Social Performance; Firm Strategy; Non-Strategic CSR; Strategic CSR. JEL Classification: L25, M14, M41

Estimating the hidden corporate social performance of Japanese firms

2016 ◽  
Vol 12 (2) ◽  
pp. 348-362 ◽  
Author(s):  
Megumi Suto ◽  
Hitoshi Takehara
Keyword(s):  
Financial Performance ◽  
Corporate Social Performance ◽  
Social Performance ◽  
Estimation Model ◽  
Content Type ◽  
Public Firms ◽  
Research Perspective ◽  
Stable Relationship ◽  
The Difference ◽  
Corporate Social

Purpose Managers sometimes hide their level of corporate social performance (CSP) from investors, intentionally or unintentionally. The purpose of this study is to estimate such “hidden CSP” of firms. Design/methodology/approach In this study, it is assumed that Japanese public firms can be classified into two groups based on the difference in corporate social responsibility (CSR) awareness. Thus, the respondents to the CSR questionnaire survey are classified as the CSR-aware group, and the non-respondents are treated as the CSR-unaware group. It is further assumed that a significant relationship exists between CSP and a firm’s attributes, including financial performance and stock ownership. Under these assumptions, a model to estimate the CSP of non-respondents is constructed using the relationship between CSP and a firm’s observable attributes. Findings There is a significant latent gap between the CSP of respondents and the hidden CSP of non-respondents because of differences in firm size, foreign dependency of business and reputation and trust in the financial markets, rather than because of differences in financial performance. Insider-oriented ownership structures are negatively associated with CSP. Research limitations/implications The estimation model developed in this study depends on a set of assumptions. In particular, a stable relationship between CSP and firm-specific variables, i.e. there is no structural change during the observation period, is assumed. Despite these limitations, this study extends the CSR research perspective, as it makes it possible to estimate the hidden CSP of public firms. Practical implications In practice, the findings of this study surface a part of the missing CSR that investors need and that could alert non-respondent firms to the importance of CSR strategy and related disclosures to adapt to rapidly changing social and environmental business settings. Originality/value This study is the result of academic interest in examining the missing information related to CSR activities to obtain an overall picture of the CSP distribution of Japanese listed firms as a whole.

scholarly journals THE EFFECT OF CORPORATE SOCIAL PERFORMANCE ON FINANCIAL PERFORMANCE WITH FIRM SIZE AS A CONTROL VARIABLE

2019 ◽  
Vol 7 (4) ◽  
pp. 651-658
Author(s):  
Kiagus Andi ◽  
Rizky Isnaeni ◽  
Ade Widiyanti
Keyword(s):  
Financial Performance ◽  
Quantitative Methods ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Control Variable ◽  
Corporate Financial Performance ◽  
Significant Positive Effect ◽  
Corporate Social ◽  
Positive Effect

Purpose: The purpose of this study is to examine whether the variables of social performance and corporate financial performance affect each other. Methodology: The research has used quantitative methods, namely, regression testing, in the form of descriptive statistics and multiple regression analysis. The data obtained in this research are analyzed by using the Statistical Product and Service Solutions (SPSS) program, version 22. In order to answer the study objectives, the researcher analyzes the mining companies listed on the Indonesian Stock Exchange (IDX). Results: The results of this study indicate that social performance has a significant positive effect on corporate financial performance; this is as per good management theory. Furthermore, it was found that financial performance has a significant positive effect on corporate social performance; this is as per slack resources theory. Implication: This study implies that social performance can help firms to improve social performance. Hence, a firm should consider depositing its profitability to increase social performance that may lead to the improvement of firm performance.

scholarly journals Impact of Corporate Social Responsibility on Financial Performance of Corporations: Evidence from Pakistan

2012 ◽  
Vol 2 (6) ◽  
pp. 107 ◽  
Author(s):  
Nadeem Iqbal ◽  
Naveed Ahmad ◽  
Nauman Ahmad Basheer ◽  
Muhammad Nadeem
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Stock Returns ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Market Value ◽  
Negative Effect ◽  
Corporate Social

This paper estimates the relationship of corporate social responsibility, financial performance, market value of the share and financial leverage . In this particular study, 156 listed companies on Karachi Stock Exchange (KSE) from textile sector, chemical sector, cement sector and the tobacco sector are taken. The observations are taken for the entire period of 2010 and 2011 from the published resources of state bank of Pakistan. In aggregate, the results of the study conclude that corporate social performance (CSR) has no effect on financial performance (CFP) . It is obvious from the results that CSR has negative effect on the market value of the share but no relationship to D/E behavior of the firm, significantly. Moreover, the investors do not have the same level of information as the information is captured by the management about the company affairs. In addition, the debt singling hypothesis indicates that the further incorporation of debt into capital structure should influence the behavior of the investor, regarding to the investment in the shares positively, but due to information asymmetry, it is negative. This study further provides the room to test the model of effect of CSR on stock returns in a portfolio construction. Key words: Corporate Social Responsibility, Financial Performance, Market Performance, Market Value.

Impact of corporate social performance on financial performance of manufacturing companies (IMC) listed on the Tehran Stock Exchange

2016 ◽  
Vol 58 (6) ◽  
pp. 634-659 ◽  
Author(s):  
Ghazal Sadeghi ◽  
Mehdi Arabsalehi ◽  
Mahnoosh Hamavandi
Keyword(s):  
Financial Performance ◽  
Corporate Social Performance ◽  
Negative Impact ◽  
Stock Exchange ◽  
Social Performance ◽  
Manufacturing Companies ◽  
Content Type ◽  
Socially Responsible Investments ◽  
Corporate Social ◽  
The Impact

Purpose This study aims to investigate the impact of corporate social performance (CSP) on financial performance of manufacturing companies listed on the Tehran Stock Exchange and thus contributes to understanding the significance of socially responsible investments for companies. Design/methodology/approach The CSP was measured by a questionnaire composed of 53 items related to customers’ social performance of the firm, workers and environmental and community dimensions. Besides, corporate financial performance was measured by two measures, return on equity (ROE) and return on assets (ROA). In this study, 74 observations were investigated from 2006 to 2012. The data were analyzed using the multiple regression method. Findings The results of the study revealed that customers’ social performance of the firm has a negative impact on ROA of the firm. Besides, social performance of the workers dimension of the firm has a positive impact on ROA. The results, also, showed that none of the CSP dimensions affected the ROE of the firms. Originality/value The present study is useful for managers to develop future social performance policies that may lead to better financial performance in the long-term. The paper, also, contributes to the corporate social responsibility literature, as it presents empirical evidence of the effects of CSP on the financial performance in the manufacturing sector of developing countries.

Doing good with or without being known? Media coverage of corporate social performance and its impact on corporate financial performance

2014 ◽  
Vol 40 (9) ◽  
pp. 883-902 ◽  
Author(s):  
Hsiang-Hsuan Chih ◽  
Hsiang-Lin Chih
Keyword(s):  
Financial Performance ◽  
Media Coverage ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Social Activities ◽  
Content Type ◽  
The Media ◽  
Corporate Social ◽  
Positive Evaluation

Purpose – The purpose of this paper is to examine the media coverage of corporate social performance (CSP), as well as the ultimate impact that such coverage has on the financial performance of corporate entities. Design/methodology/approach – Based on a sample of financial holding companies (FHC) listed on the Taiwan Stock Exchange, the authors select the two most popular newspapers in Taiwan, to construct the unique media coverage of CSP activity database. Findings – First, the quantity of news articles about social activities of FHCs is positively correlated with financial performance. Second, the authors find that news articles about FHCs’ positive social activities for shareholders will trigger a positive evaluation by shareholders; however, news articles about FHCs’ positive (negative) social activities for employees will trigger a negative (positive) evaluation by shareholders. But if the news articles about FHCs’ positive social activities for employees are initiated by the media, rather than by the company itself, they will trigger a positive evaluation by shareholders. Originality/value – The average shareholders may praise management for one particular CSP activity of a positive nature, whereas they may criticize another CSP activity, despite it being generally regarded outside of the firm as also being positive in nature. It therefore becomes clear that when setting out to investigate whether “doing good” actually does translate into “doing well,” the authors should not attempt to total different kinds of information on CSP; In this paper, the authors emphasize that they need to be analyzed separately.

Corporate governance, corporate social responsibility and corporate performance

2010 ◽  
Vol 16 (5) ◽  
pp. 641-655 ◽  
Author(s):  
Chi-Jui Huang
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Financial Performance ◽  
Corporate Social Performance ◽  
Positive Impact ◽  
Social Performance ◽  
Outside Directors ◽  
Asian Economy ◽  
Corporate Social

AbstractPrevious research has analyzed and debated corporate governance (CG) and corporate social responsibility (CSR) independently. This paper aims to empirically explore the interrelationship between CG, CSR, financial performance (FP) and Corporate Social Performance (CSP) using a sample of 297 electronics companies operating in Taiwan, a newly industrialized Asian economy. The results show that a CG model which includes independent outside directors and which has specific ownership characteristics has a significantly positive impact on both FP and CSP, whereas FP itself does not influence CSP. The presence of independent outside directors in the firm has the greatest impact on the social performance of the firm's worker, customer, supplier, community and society dimensions. Government shareholders enhance a firm's social performance extraordinarily because government shareholders will be more likely to request that companies fulfill their social responsibilities. Only government shareholders positively and significantly relate to a firm's environmental performance. Furthermore, foreign institutional stockholders help to increase worker and supplier performance by paying more attention to employee policies and supply chain relationships. Finally, independent outside directors, foreign institutional stockholders and domestic financial institutional stockholders are shown to improve financial performance.

Towards a more ethical market: the impact of ESG rating on corporate financial performance

2019 ◽  
Vol 15 (1) ◽  
pp. 11-27 ◽  
Author(s):  
Giovanni Landi ◽  
Mauro Sciarelli
Keyword(s):  
Data Analysis ◽  
Corporate Social Performance ◽  
Stock Exchange ◽  
Social Performance ◽  
Panel Data Analysis ◽  
Abnormal Returns ◽  
Socially Responsible ◽  
Content Type ◽  
Corporate Social ◽  
The Impact

Purpose This paper fits in a research field dealing with the impact of Corporate Ethics Assessment on Financial Performance. The authors argue how environmental, social and governance (ESG) paradigm, meant to measure corporate social performance by rating issuance, can impact on abnormal returns of Italian firms listed on Financial Times Stock Exchange Milano Indice di Borsa (FTSE MIB) Index, developing a panel data analysis which runs from 2007 to 2015. Design/methodology/approach This study aims at exploring whether socially responsible investors outperform an excess market return on Italian Stock Exchange because of their investment behavior, testing statistically the relationship between the yearly ESG assessment issued by Standard Ethics Agency on FTSE MIB’s companies and their abnormal returns. To verify the impact of an ESG Rating on a company’s abnormal return, the authors developed a panel data analysis through a Fixed Effects Model. They measured abnormal returns via Fama–French approach, running a yearly Jensen’s Performance Index for each company under investigation. Findings The empirical results denote in Italy both a growing interest to corporate social responsibility (CSR) and sustainability by managers over the past decade, as well as an improving quality in ESG assessments because of a reliable corporate disclosure. Thus, despite investors have been applying ESG criteria in their stock – picking operations, the authors found a not positive and statistically significant impact in terms of market premium, when they have been undertaking a socially responsible investment (SRI). Practical implications The findings described above show that ethics is not yet a reliable fundraising tool for Italian-listed companies, despite SRIs having a positive growth rate over past decade. Investors seem to be not pricing CSR on Stock Exchange Market; therefore, listed companies cannot be rewarded with a premium price because of their highly stakeholder oriented behavior. Originality/value This paper explores, for the first time in Italy, when market extra-returns (if any) are related to corporate social performance and how managers leverage ethics to build capital added value.

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