Corporate social responsibility and financial performance: Correlation or misspecification?

被引：15
|
作者：
McWilliams, A
Siegel, D
机构：
[1] Arizona State Univ W, Sch Management, Phoenix, AZ 85069 USA
[2] Univ Nottingham, Sch Business, Nottingham NG7 2RD, England
来源：
STRATEGIC MANAGEMENT JOURNAL | 2000年 / 21卷 / 05期
关键词：
corporate social responsibility; firm performance; product differentiation; R&D; specification error;
D O I：
10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Researchers have reported a positive, negative, and neutral impact of corporate social responsibility (CSR) on financial performance. This inconsistency may be due to flawed empirical analysis. In this paper, we demonstrate a particular flaw in existing econometric studies of the relationship between social and financial performance. These studies estimate the effect of CSR by regressing firm performance on corporate social performance, and several control variables. This model is misspecified because it does not control for investment in R&D, which has been shown to be an important determinant of firm performance. This misspecification results in upwardly biased estimates of the financial impact of CSR. When the model is properly specified we find that CSR has a neutral impact on financial performance. Copyright (C) 2000 John Wiley & Sons, Ltd.
引用
收藏
页码：603 / 609
页数：7
相关论文
共 50 条
  • [31] The Relationship Between Corporate Social Responsibility and Corporate Financial Performance in Korea
    Oh, Wankeun
    Park, Seungho
    EMERGING MARKETS FINANCE AND TRADE, 2015, 51 : 85 - 94
  • [32] CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: DO GROUP AFFILIATION AND MANDATORY CORPORATE SOCIAL RESPONSIBILITY NORMS MATTER?
    Barman, Siddhartha
    Mahakud, Jitendra
    IIMB MANAGEMENT REVIEW, 2024, 36 (03) : 256 - 268
  • [33] Sources of variation in linking corporate social responsibility and financial performance
    Quazi, Ali
    Richardson, Alice
    SOCIAL RESPONSIBILITY JOURNAL, 2012, 8 (02) : 242 - +
  • [34] Corporate Social Responsibility and Firms' Financial Performance: A New Insight
    Mahmood, Faisal
    Qadeer, Faisal
    Sattar, Usman
    Ariza-Montes, Antonio
    Saleem, Maria
    Aman, Jaffar
    SUSTAINABILITY, 2020, 12 (10)
  • [35] The Relationship between Corporate Social Responsibility and Financial Performance in Hainan
    Wu, Meiyun
    2015 4th International Conference on Social Sciences and Society (ICSSS 2015), Pt 3, 2015, 72 : 372 - 375
  • [36] Gender diversity: the corporate social responsibility and financial performance nexus
    Bristy, Humyra Jabeen
    How, Janice
    Verhoeven, Peter
    INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2021, 17 (05) : 665 - 686
  • [37] The Impact of Corporate Social Responsibility on Financial Performance and Brand Value
    Zhang, Jing
    Liu, Ziyang
    SUSTAINABILITY, 2023, 15 (24)
  • [38] Corporate social responsibility, internal control, and firm financial performance
    Zhang, Li
    Su, Wunhong
    FRONTIERS IN PSYCHOLOGY, 2023, 13
  • [39] Corporate social responsibility and financial performance: a meta-analysis
    Miras Rodriguez, Maria del Mar
    Carrasco Gallego, Amalia
    Escobar Perez, Bernabe
    SPANISH JOURNAL OF FINANCE AND ACCOUNTING-REVISTA ESPANOLA DE FINANCIACION Y CONTABILIDAD, 2014, 43 (02): : 193 - 215
  • [40] Corporate Social Responsibility and Financial Performance: A Quantile Regression Approach
    Liu, Nana
    Liu, Chuanzhe
    Guo, Quan
    Da, Bowen
    Guan, Linna
    Chen, Huiying
    SUSTAINABILITY, 2019, 11 (13)
12345