Article2018

The relationship between corporate social responsibility and sustainable financial performance: firm‐level evidence from Taiwan

290 citations0/0 files storedCorporate Social Responsibility and Environmental Management

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Corporate Social Responsibility Reporting Corporate Identity and Reputation Corporate Governance and Financial Management

Abstract

Abstract This study examines the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) in Taiwan. Using CSR awards as a social responsibility indicator, this study finds that socially responsible firms can achieve financial results superior to those of firms which do not pursue CSR initiatives. The relationship remains after endogeneity is treated. The Google Search Volume Index (SVI) is used as a specific proxy for firm visibility, observing that it has a positive influence on the CSR–CFP relationship. On further separation of the sample into electronics and non‐electronics industries, the results demonstrate that SVI has a positive influence on the CSR–CFP relationship in the electronics industry. For the non‐electronics industries, the results reveal that board ownership has a significant positive influence on the CSR–CFP relationship, and a negative relationship if it is a family business.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1997A Survey of Corporate Governance 2003Corporate Social and Financial Performance: A Meta-Analysis 1996Higher market valuation of companies with a small board of directors 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 2007All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors 2005How do family ownership, control and management affect firm value?2002Disentangling the Incentive and Entrenchment Effects of Large Shareholdings

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