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Stakeholder relations and financial performance

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Author Info

  • Bert Scholtens

    (Department of Finance, University of Groningen, Groningen, The Netherlands)

  • Yangqin Zhou

    (Department of Finance, University of Groningen, Groningen, The Netherlands)

Abstract

We analyze how shareholder performance can be associated with stakeholder relations. As such, we try to find out whether there is an association between financial performance and stakeholder relations with respect to different theoretical notions about the firm. Financial performance is operationalized as the financial return of a firm's shares. For stakeholder relations, we look into community involvement, corporate governance, employee relations, environmental conduct, diversity of the workforce, human rights policies and product attributes. We find that the different components of stakeholder relations appear to be associated in a complex manner with shareholder performance. Therefore, it adds value to look closely into the details of stakeholder relations in connection with financial performance. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

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File URL: http://hdl.handle.net/10.1002/sd.364
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Sustainable Development.

Volume (Year): 16 (2008)
Issue (Month): 3 ()
Pages: 213-232

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Handle: RePEc:wly:sustdv:v:16:y:2008:i:3:p:213-232

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Web page: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1099-1719

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References

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  1. Zakri Y. Bello, 2005. "Socially Responsible Investing And Portfolio Diversification," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 28(1), pages 41-57.
  2. Tiroley, Jean, 2000. "Corporate Governance," CEI Working Paper Series 2000-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  3. Edwin J. Elton & Martin J. Gruber & Christopher R. Blake, 2003. "Incentive Fees and Mutual Funds," Journal of Finance, American Finance Association, vol. 58(2), pages 779-804, 04.
  4. Hong, Harrison & Kacperczyk, Marcin, 2009. "The price of sin: The effects of social norms on markets," Journal of Financial Economics, Elsevier, vol. 93(1), pages 15-36, July.
  5. Bauer, Rob & Koedijk, Kees & Otten, Roger, 2005. "International evidence on ethical mutual fund performance and investment style," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1751-1767, July.
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Cited by:
  1. Galema, Rients & Plantinga, Auke & Scholtens, Bert, 2008. "The stocks at stake: Return and risk in socially responsible investment," Journal of Banking & Finance, Elsevier, vol. 32(12), pages 2646-2654, December.
  2. Alexis Cellier & Pierre Chollet & Jean-François Gajewski, 2011. "Les annonces de notations extra financières véhiculent-elles une information au marché ?," Post-Print hal-00950507, HAL.
  3. Semenova, Natalia & Hassel, Lars & Nilsson, Henrik, 2009. "The Value Relevance of Environmental and Social Performance: Evidence from Swedish SIX 300 Companies," Sustainable Investment and Corporate Governance Working Papers 2009/4, Sustainable Investment Research Platform.
  4. Alexis Cellier & Pierre Chollet & Jean-François Gajewski, 2011. "Les annonces de notations extrafinancières véhiculent-elles une information au marché?," Revue Finance Contrôle Stratégie, revues.org, vol. 14(3), pages 5-38, September.
  5. Chung, Huimin & Lin, Jane Raung & Yang, Ying Sui, 2012. "How do entrenched managers handle stakeholders interests?," Journal of Multinational Financial Management, Elsevier, vol. 22(5), pages 263-277.

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