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Corporate Social Responsibility and Firm Performance

George Yungchih Wang · Wen-Hsi Lydia Hsu

31 citations0/0 files storedInternational Conference on Business Intelligence and Financial Engineering

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Corporate Social Responsibility Reporting Corporate Social Responsibility and Sustainability Corporate Governance and Financial Management

Abstract

A firm aims to achieve the goal of maximizing firm value by tradition. Recently, the concept of business ethics evolves into corporate social responsibility (CSR), which now has become a major issue in the business environment. The modern definition of CSR argues that a firm, as a corporate citizen, is expected not only to fulfill its economic responsibility, but also its social and environmental responsibilities. Built on this new definition, this study aims to empirically explore the relationship between CSR and firm performance from the stakeholder approach. For this research purpose, we construct a local CSR index (CSRI) based on two ideas, socially responsible investment and corporate contributions to stakeholders. Sampled the data from Taiwan Stock Exchange and Taiwan Economic Journal for the time period of 2004-2008, the CSRI is constructed on economic, social, and environmental dimensions. The main finding reveals that fulfilling CSR has a significantly positive impact on firm performance. The implication suggests that a firm could serve as a good corporate citizen, while in the meantime showing an exceptional firm performance.

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References

1991The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders 2007Strategy and society: the link between competitive advantage and corporate social responsibility 2000Corporate social responsibility and financial performance: correlation or misspecification?1997The Corporate Social Performance and Corporate Financial Performance Debate 2004Corporate Social Responsibility and Marketing: An Integrative Framework 1997The Corporate Social-Financial Performance Relationship 2005A stakeholder model for implementing social responsibility in marketing 1998A Study of The Link Between a Corporation's Financial Performance and Its Commitment to Ethics

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