Corporate Social Responsibility and Financial Performance: An Empirical Analysis on Greek Companies
AbstractThis paper is an attempt to explore the relationship of CSR and firms’ financial performance in Greek firms. Based on stakeholder theory and mainly on the theory of “good management”, we try to find out if an improvement in CSR actions results in higher stock returns. Our empirical analysis will test whether there is an impact of CSR performance on stock returns, using voluntary disclosures, based on a sample of Greek listed companies. The findings show that there is a positive correlation among stock returns and CSR performance in Greek companies. In operational level, these results aim at persuading managers to implement CSR actions in a greater extent in order to enhance firm market efficiency.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): XIII (2010)
Issue (Month): 4 ()
Contact details of provider:
Web page: http://www.ersj.eu/
Corporate Social Responsibility; Financial Performance; Stock Returns; Stakeholders; Reporting; Greece;
Find related papers by JEL classification:
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Holmes, Sandra L., 1976. "Executive perceptions of corporate social responsibility," Business Horizons, Elsevier, Elsevier, vol. 19(3), pages 34-40, June.
- Ron Bird & Anthony D. Hall & Francesco MomentÃ¨ & Francesco Reggiani, 2007. "What Corporate Social Responsibility Activities are Valued by the Market?," Journal of Business Ethics, Springer, Springer, vol. 76(2), pages 189-206, December.
- Elsayed, Khaled & Paton, David, 2005. "The impact of environmental performance on firm performance: static and dynamic panel data evidence," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 16(3), pages 395-412, September.
- Damak-Ayadi, Salma & Pesqueux, Yvon, 2005. "Stakeholder theory in perspective," Economics Papers from University Paris Dauphine 123456789/406, Paris Dauphine University.
- Stephen Brammer & Chris Brooks & Stephen Pavelin, 2006.
"Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures,"
Financial Management, Financial Management Association,
Financial Management Association, vol. 35(3), Autumn.
- Stephen Brammer & Chris Brooks & Stephen Pavelin, 2006. "Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures," Financial Management, Financial Management Association International, Financial Management Association International, vol. 35(3), pages 97-116, 09.
- Salma Damak-Ayadi & Yvon Pesqueux, 2005. "stakeholder theory in perspective," Post-Print halshs-00154129, HAL.
- Bhagat, Sanjai & Bolton, Brian, 2008. "Corporate governance and firm performance," Journal of Corporate Finance, Elsevier, Elsevier, vol. 14(3), pages 257-273, June.
- JosÃ© Luis SÃ¡nchez & Ladislao SotorrÃo, 2007. "The Creation of Value Through Corporate Reputation," Journal of Business Ethics, Springer, Springer, vol. 76(3), pages 335-346, December.
- Roberts, Robin W., 1992. "Determinants of corporate social responsibility disclosure: An application of stakeholder theory," Accounting, Organizations and Society, Elsevier, vol. 17(6), pages 595-612, August.
- Paul C. Godfrey & Nile W. Hatch, 2007. "Researching Corporate Social Responsibility: An Agenda for the 21st Century," Journal of Business Ethics, Springer, Springer, vol. 70(1), pages 87-98, January.
- Edward Nelling & Elizabeth Webb, 2009. "Corporate social responsibility and financial performance: the “virtuous circle” revisited," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 32(2), pages 197-209, February.
- Clarkson, Peter M. & Li, Yue & Richardson, Gordon D. & Vasvari, Florin P., 2008. "Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis," Accounting, Organizations and Society, Elsevier, vol. 33(4-5), pages 303-327.
- MaryAnn Reynolds & Kristi Yuthas, 2008. "Moral Discourse and Corporate Social Responsibility Reporting," Journal of Business Ethics, Springer, Springer, vol. 78(1), pages 47-64, March.
- Vanessa Magness, 2006. "Strategic posture, financial performance and environmental disclosure: An empirical test of legitimacy theory," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, Emerald Group Publishing, vol. 19(4), pages 540-563, July.
- Glen Dowell & Stuart Hart & Bernard Yeung, 2000. "Do Corporate Global Environmental Standards Create or Destroy Market Value?," Management Science, INFORMS, INFORMS, vol. 46(8), pages 1059-1074, August.
- Herremans, Irene M. & Akathaporn, Parporn & McInnes, Morris, 1993. "An investigation of corporate social responsibility reputation and economic performance," Accounting, Organizations and Society, Elsevier, vol. 18(7-8), pages 587-604.
- Belaid Rettab & Anis Brik & Kamel Mellahi, 2009. "A Study of Management Perceptions of the Impact of Corporate Social Responsibility on Organisational Performance in Emerging Economies: The Case of Dubai," Journal of Business Ethics, Springer, Springer, vol. 89(3), pages 371-390, October.
- Fafaliou, Irene & Lekakou, Maria & Theotokas, Ioannis, 2006. "Is the European shipping industry aware of corporate social responsibility? The case of the Greek-owned short sea shipping companies," Marine Policy, Elsevier, Elsevier, vol. 30(4), pages 412-419, July.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eleni Giannakopoulou).
If references are entirely missing, you can add them using this form.