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The CSR-Firm Performance Missing Link: Complementarity Between Environmental, Social and Business Behavior Criteria?

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Author Info

  • Sandra Cavaco

    (LEM - Laboratoire d'Économie Moderne - Université Paris II - Panthéon-Assas : EA4442)

  • Patricia Crifo

    (Department of Economics, Ecole Polytechnique - CNRS : UMR7176 - Polytechnique - X, UP10 - Université Paris 10, Paris Ouest Nanterre La Défense - Université Paris X - Paris Ouest Nanterre La Défense - Ministère de l'Enseignement Supérieur et de la Recherche Scientifique, CIRANO - Montréal)

Abstract

This article analyses the complementarity between various dimensions of corporate social responsibility (CSR) and financial performance. We hypothesise that the absence of consensus in the empirical literature on the CSR-financial performance relationship may be explained by the existence of synergies (complementarity) and trade-offs (substitutability) between the different CSR components. We investigate such relationships using a sample of 595 firms from 15 European countries over the 2002-2007 period. The results suggest some kind of trade-offs between CSR components. Some CSR combinations appear as relative complements, human resources and business behaviour towards customers and suppliers, suggesting mutual benefits and less conflicts between those stakeholders. Conversely, environment and business behaviour towards customers and suppliers appear as relative substitutes, suggesting more conflict or over investment between such types of stakeholders.

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File URL: http://hal.archives-ouvertes.fr/docs/00/81/12/28/PDF/2013-07.pdf
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Bibliographic Info

Paper provided by HAL in its series Working Papers with number hal-00504747.

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Date of creation: 21 Jul 2010
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Handle: RePEc:hal:wpaper:hal-00504747

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00504747
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Related research

Keywords: Corporate social responsibility; financial performance; complementarity; supermodularity; panel data.;

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References

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  1. Daniel Fernández-Kranz & Juan Santaló, 2010. "When Necessity Becomes a Virtue: The Effect of Product Market Competition on Corporate Social Responsibility," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 19(2), pages 453-487, 06.
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Cited by:
  1. Patricia Crifo & Vanina Forget, 2012. "Think Global, invest responsible: why the private equity industry goes green," Working Papers hal-00672034, HAL.
  2. Vanina Forget, 2012. "Doing well and doing good: a multi-dimensional puzzle," Working Papers hal-00672037, HAL.
  3. Ana S. Branca & Joaquim P. Pina & Margarida Catalão-Lopes, 2012. "Corporate Giving, Competition and the Economic Cycle," Working Papers 2012/15, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon..

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