IDEAS home Printed from
   My bibliography  Save this article

Raising Companies’ Profile with Corporate Social Performance


  • Philippe Bertrand

    (Aix-Marseille Université, IAE Aix-en-Provence, Cergam and AMSE, and Kedge Business School)

  • Alexis Guyot

    (Audencia Nantes School of Management, Centre for Financial and Risk Management (CFRM),)

  • Vincent Lapointe

    (Aix-Marseille Université (Aix-Marseille School of Economics), CNRS & EHESS)


This paper examines whether the initiation of Vigeo Corporate Social Performance (CSP) rating impacts company profiles. Using a sample of European listed firms, we confirm that there is a positive and significant relationship between CSP rating and a firm’s liquidity and investor base. Consistent with the neglected stock effect, this relationship is sensitive to firm size. Our results have important implications for practitioners. Firstly, investment in Corporate Social Responsibility (CSR) could represent an alternative method of improving a company’s stock market quality alongside liquidity provider contracting or market listing transfer. Secondly, when a firm’s board investigates the opportunity to invest in CSR, it should consider the benefits of lowering the company’s cost of capital through the aforementioned effects. Finally, from an asset manager’s perspective, any change in CSP should be taken into account, as it can affect company valuation and therefore portfolio performance.

Suggested Citation

  • Philippe Bertrand & Alexis Guyot & Vincent Lapointe, 2014. "Raising Companies’ Profile with Corporate Social Performance," Bankers, Markets & Investors, ESKA Publishing, issue 130, pages 41-54, May-June.
  • Handle: RePEc:rbq:journl:i:130:p:41-54

    Download full text from publisher

    File URL:
    Download Restriction: price

    More about this item


    Corporate Social Performance; Corporate Social Responsibility; Liquidity; Investor Base; Cost of Equity Capital;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility


    Access and download statistics


    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:rbq:journl:i:130:p:41-54. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marise Urbano). General contact details of provider: .

    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.

    We have no references for this item. You can help adding them by using 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.