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Returns on investment of socially responsible firms versus non-socially responsible firms: A financial market perspective.

机译：社会责任公司与非社会责任公司的投资回报：金融市场观点。

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摘要

As societal pressures heighten the importance of socially responsible corporate behavior, having a socially responsible agenda has become a key element of a company's strategic business plan; however, the literature provides contradictory findings on the correlation between corporate social responsibility (CSR) and shareholder value. Thus, business executives often face significant resistance to their decisions to invest in socially responsible initiatives since critics purport such actions are still open to interpretation and further research. The purpose of this study was to provide business leaders with more definitive data upon which to justify an investment in CSR by measuring the performance of socially responsible companies (SRCs) versus non-socially responsible companies (non-SRCs). Research questions examined the performance of SRCs versus non-SRCs relative to standard financial performance metrics of returns, valuation and a general market index. Archival public data was collected for the top 120 NASDAQ and NYSE firms ranked by market capitalization, and SRC/non-SRC classification was determined by matrix coding of socially responsible corporate practices. Tabular analyses of indexed stock prices, returns and valuation performance was compared across SRC versus non-SRC categorization over a 5-year period to examine impact on shareholder value. The study demonstrated that SRCs outperformed non-SRCs over the 5-year period relative to returns, valuation and the S&P 500 general market index. The results of this study are expected to contribute to social change by informing or supporting the decision making of business executives considering socially responsible business plans, encouraging corporate investment in enhancing social responsibility and thereby benefitting stakeholder groups within the organization and society at large.
机译：随着社会压力提高了对社会负责的公司行为的重要性，制定对社会负责的议程已成为公司战略业务计划的关键要素。然而，有关企业社会责任（CSR）与股东价值之间相关性的文献却存在矛盾。因此，由于批评家声称这样的行动仍需进行解释和进一步研究，因此，企业高管经常会面临对其投资于对社会负责的倡议的决定的重大阻力。这项研究的目的是通过衡量社会责任公司（SRC）与非社会责任公司（non-SRC）的绩效，为企业领导者提供更确定的数据，以据此证明对CSR的投资是合理的。研究问题相对于标准的财务绩效指标（回报，估值和一般市场指数），研究了SRC和非SRC的表现。收集了按市值排名的前120家纳斯达克和纽约证券交易所公司的档案公开数据，而SRC /非SRC分类则通过对社会负责的公司惯例的矩阵编码确定。在5年的时间段内，对SRC和非SRC分类中的索引股价，回报率和估值绩效的表格分析进行了比较，以考察对股东价值的影响。研究表明，相对于回报，估值和标准普尔500指数一般市场指数而言，SRC在5年内的表现优于非SRC。通过告知或支持考虑对社会负责的商业计划的企业高管的决策，鼓励企业投资以增强社会责任，从而使组织和整个社会的利益相关者群体受益，这项研究的结果有望为社会变革做出贡献。

著录项

  • 作者

    Muise, Maria Cristina.;

  • 作者单位

    Walden University.;

  • 授予单位 Walden University.;
  • 学科 Business Administration Management.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 99 p.
  • 总页数 99
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 贸易经济;
  • 关键词

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