IDEAS home Printed from https://ideas.repec.org/p/fem/femwpa/2012.77.html
   My bibliography  Save this paper

Corporate Social Responsibility and Firms’ Performance: A Stratigraphical Analysis

Author

Listed:
  • Nicola Comincioli

    (University of Brescia)

  • Laura Poddi

    (University of Ferrara)

  • Sergio Vergalli

    (University of Brescia and FEEM)

Abstract

Over the last two decades in OECD countries an increasing number of firms are obtaining certification as Socially Responsible (CSR is the acronym for Corporate Social Responsibility). Several studies (including Preston and O’Bannon, 1997; Waddock and Graves, 1997; McWilliams and Sieger, 2001; Ullman, 1985) have sought to test whether there is a relation between Social Responsibility certification and the firms’ performance. Our work builds a CSR index that intersects two of the three main international indices (Domini 400 Social Index, Dow Jones Sustainability World Index, FTSE4Good Index), in order to overcome some problems related to the multiplicity of CSR definitions and certifications. By using this database, our work carries out a stratigraphical analysis in order to verify whether some variables are statistically different in the CSR group with respect to the benchmark case (non-CSR). The main results show that there are several interesting differences in some economic indicators between CSR and non-CSR firms and between USA and EU, and among different industrial sectors.

Suggested Citation

  • Nicola Comincioli & Laura Poddi & Sergio Vergalli, 2012. "Corporate Social Responsibility and Firms’ Performance: A Stratigraphical Analysis," Working Papers 2012.77, Fondazione Eni Enrico Mattei.
    • Handle: RePEc:fem:femwpa:2012.77
    as

    Download full text from publisher

    File URL: https://feem-media.s3.eu-central-1.amazonaws.com/wp-content/uploads/NDL2012-077.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Dierkes, Meinolf & Preston, Lee E., 1977. "Corporate social accounting reporting for the physical environment: A critical review and implementation proposal," Accounting, Organizations and Society, Elsevier, vol. 2(1), pages 3-22, January.
    2. Trotman, Ken T. & Bradley, Graham W., 1981. "Associations between social responsibility disclosure and characteristics of companies," Accounting, Organizations and Society, Elsevier, vol. 6(4), pages 355-362, October.
    3. Parket, I. Robert & Eilbirt, Henry, 1975. "The practice of business social responsibility: the underlying factors," Business Horizons, Elsevier, vol. 18(4), pages 5-10, August.
    4. Patten, Dennis M., 1991. "Exposure, legitimacy, and social disclosure," Journal of Accounting and Public Policy, Elsevier, vol. 10(4), pages 297-308.
    5. 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.
    6. Krishna Udayasankar, 2008. "Corporate Social Responsibility and Firm Size," Journal of Business Ethics, Springer, vol. 83(2), pages 167-175, December.
    7. Navarro, Peter, 1988. "Why Do Corporations Give to Charity?," The Journal of Business, University of Chicago Press, vol. 61(1), pages 65-93, January.
    8. Louis Amato & Christie Amato, 2007. "The Effects of Firm Size and Industry on Corporate Giving," Journal of Business Ethics, Springer, vol. 72(3), pages 229-241, May.
    9. Cowen, Scott S. & Ferreri, Linda B. & Parker, Lee D., 1987. "The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis," Accounting, Organizations and Society, Elsevier, vol. 12(2), pages 111-122, March.
    10. Alexander Dahlsrud, 2008. "How corporate social responsibility is defined: an analysis of 37 definitions," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 15(1), pages 1-13, January.
    11. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    12. Stephen J. Brammer & Stephen Pavelin, 2006. "Corporate Reputation and Social Performance: The Importance of Fit," Journal of Management Studies, Wiley Blackwell, vol. 43(3), pages 435-455, May.
    13. Patten, Dennis M., 1990. "The market reaction to social responsibility disclosures: The case of the Sullivan principles signings," Accounting, Organizations and Society, Elsevier, vol. 15(6), pages 575-587.
    14. Peter Wright & Stephen P. Ferris, 1997. "Agency Conflict And Corporate Strategy: The Effect Of Divestment On Corporate Value," Strategic Management Journal, Wiley Blackwell, vol. 18(1), pages 77-83, January.
    15. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    16. Mike Adams & Philip Hardwick, 1998. "An Analysis of Corporate Donations: United Kingdom Evidence," Journal of Management Studies, Wiley Blackwell, vol. 35(5), pages 641-654, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Miriam Jankalová & Radoslav Jankal, 2017. "The assessment of corporate social responsibility: approaches analysis," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 4(4), pages 441-459, June.
    2. Miriam Jankalová & Radoslav Jankal, 2017. "The assessment of corporate social responsibility: approaches analysis," Post-Print hal-01861040, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Poddi, Laura & Vergalli, Sergio, 2009. "Does Corporate Social Responsibility Affect the Performance of Firms?," Institutions and Markets Papers 52531, Fondazione Eni Enrico Mattei (FEEM).
    2. Cristian Carini & Nicola Comincioli & Laura Poddi & Sergio Vergalli, 2017. "Measure the Performance with the Market Value Added: Evidence from CSR Companies," Sustainability, MDPI, vol. 9(12), pages 1-19, November.
    3. Paolo Cominetti & Laura Poddi & Sergio Vergalli, 2013. "The Push Factors for Corporate Social Responsibility: A Probit Analysis," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(2), pages 1-2, April.
    4. Laura Poddi & Sergio Vergalli, 2008. "Does Corporate Social Responsibility Affect Firms' Performance?," Working Papers 0809, University of Brescia, Department of Economics.
    5. Arthur Gautier & Anne-Claire Pache, 2015. "Research on Corporate Philanthropy: A Review and Assessment," Journal of Business Ethics, Springer, vol. 126(3), pages 343-369, February.
    6. Giovanna Michelon, 2007. "Sustainability disclosure and reputation: a comparative study," "Marco Fanno" Working Papers 0044, Dipartimento di Scienze Economiche "Marco Fanno".
    7. José Allouche & Patrice Laroche, 2005. "A Meta-analytical investigation of the relationship between corporate social and financial performance," Post-Print hal-00923906, HAL.
    8. Uzma Bashir, 2017. "Determinants of Corporate Philanthropy: A Case of Karachi Stock Exchange," International Econometric Review (IER), Econometric Research Association, vol. 9(1), pages 19-36, April.
    9. Christine Mallin & Giovanna Michelon & Davide Raggi, 2013. "Monitoring Intensity and Stakeholders’ Orientation: How Does Governance Affect Social and Environmental Disclosure?," Journal of Business Ethics, Springer, vol. 114(1), pages 29-43, April.
    10. Cai, Xiangshang & Gao, Ning & Garrett, Ian & Xu, Yan, 2020. "Are CEOs judged on their companies' social reputation?," Journal of Corporate Finance, Elsevier, vol. 64(C).
    11. Rodríguez-Ariza, Lázaro & Frías Aceituno, José V. & García Rubio, Raquel, 2014. "El consejo de administración y las memorias de sostenibilidad," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 17(1), pages 5-16.
    12. Guthrie, James & Cuganesan, Suresh & Ward, Leanne, 2008. "Industry specific social and environmental reporting: The Australian Food and Beverage Industry," Accounting forum, Elsevier, vol. 32(1), pages 1-15.
    13. Ateeq ur Rehman Irshad & Nabeel Safdar & Wajiha Manzoor, 2023. "Predicting Efficiency of Innovative Disaster Response Practices: Case Study of China’s Corporate Philanthropy," Sustainability, MDPI, vol. 15(3), pages 1-15, January.
    14. Uzma Bashir, 2017. "Determinants of Corporate Philanthropy: A Case of Karachi Stock Exchange," International Econometric Review (IER), Econometric Research Association, vol. 9(1), pages 21-38, April.
    15. MuiChing Chan & John Watson & David Woodliff, 2014. "Corporate Governance Quality and CSR Disclosures," Journal of Business Ethics, Springer, vol. 125(1), pages 59-73, November.
    16. Jose‐Manuel Prado‐Lorenzo & Isabel Gallego‐Alvarez & Isabel M. Garcia‐Sanchez, 2009. "Stakeholder engagement and corporate social responsibility reporting: the ownership structure effect," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 16(2), pages 94-107, March.
    17. Fraile, Isabel acero & Fradejas, Nuria alcalde, 2012. "Gobierno Corporativo y Rendición de Cuentas: ¿Existe Algún Efecto Sobre la Performance Empresarial?," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 15(1), pages 143-178.
    18. Giovanna Michelon & Antonio Parbonetti, 2012. "The effect of corporate governance on sustainability disclosure," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 16(3), pages 477-509, August.
    19. Kansal, Monika & Joshi, Mahesh & Batra, Gurdip Singh, 2014. "Determinants of corporate social responsibility disclosures: Evidence from India," Advances in accounting, Elsevier, vol. 30(1), pages 217-229.
    20. Matthias S. Fifka, 2013. "Corporate Responsibility Reporting and its Determinants in Comparative Perspective – a Review of the Empirical Literature and a Meta‐analysis," Business Strategy and the Environment, Wiley Blackwell, vol. 22(1), pages 1-35, January.

    More about this item

    Keywords

    Corporate Social Responsibility; Growth;

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fem:femwpa:2012.77. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alberto Prina Cerai (email available below). General contact details of provider: https://edirc.repec.org/data/feemmit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.