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Corporate social responsibility and corporate performance: empirical evidence from a panel of the Bucharest Stock Exchange listed companies


  • Liliana Nicoleta SIMIONESCU

    (The Bucharest University of Economic Studies, Bucharest, Romania)

  • Ștefan Cristian GHERGHINA

    (The Bucharest University of Economic Studies, Bucharest, Romania)


This paper aims at empirically investigating the relationship between CSR and corporate performance by using both accounting-based performance measures (e.g. ROA, ROE, and ROS), as well as market-based firm performance measures (e.g. PER, EPS, and PBV), for a sample of companies listed on the BSE during the period 2008-2011. In addition, there were considered several control variables that cover firm’s characteristics including size, indebtedness, as well as the company’s tenure. By employing panel data regression models without cross-section effects, we found a negative relationship between CSR and ROS, as well as a positive association between CSR and EPS. Furthermore, by estimating fixed-effects panel data regression models, the positive relationship between CSR and EPS was reinforced. In addition, we have performed several robustness checks such as the presence of autocorrelation in the residuals, as well as the variance inflation factors towards multicollinearity. The novelty of the current paper consists in the consideration of a multifarious set of performance ratios. This research is important for both managers and investors, since CSR undertakings improve corporate performance.

Suggested Citation

  • Liliana Nicoleta SIMIONESCU & Ștefan Cristian GHERGHINA, 2014. "Corporate social responsibility and corporate performance: empirical evidence from a panel of the Bucharest Stock Exchange listed companies," Management & Marketing, Economic Publishing House, vol. 9(4), Winter.
  • Handle: RePEc:eph:journl:v:9:y:2014:i:4:n:4

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    Cited by:

    1. Coleman Joshua T. & Peasley Michael C., 2015. "Demonstrating a lack of brand/cause effects on point of sale donations," Management & Marketing, Sciendo, vol. 10(3), pages 226-243, October.
    2. Liliana Nicoleta Simionescu, 2015. "The Gender Differences Effects On Corporate Social Responsibility (Csr)," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 170-175, June.


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