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首页> 外文期刊>Corporate Social Responsibility and Environmental Management >Impact of positive and negative corporate social responsibility on automotive firms' financial performance: A market-based asset perspective
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Impact of positive and negative corporate social responsibility on automotive firms' financial performance: A market-based asset perspective

机译：积极和负面企业社会责任对汽车公司财务绩效的影响：基于市场的资产视角

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摘要

Prevailing studies on the economic implication of corporate social responsibility (CSR) for businesses has mainly stressed on the positive facet of corporate social responsibility (PCSR), failing to comprehend that firms also espouse behaviors and initiatives which can be characterized as negative corporate social responsibility (NCSR). Additionally, limited researches have considered how both PCSR and NCSR influence corporate financial performance (CFP). In consideration of this view, we present a framework that connects both PCSR as well as NCSR to CFP. We also analyzed the moderating role of the firm's market-based asset. Using 924 observations from 2011 to 2017 and a combined secondary data of 132 global automotive firms from CSRHub and Thomson Reuters Datastream, we examined how increases in either PCSR or NCSR relate to CFP via dynamic panel data system Generalise Moment of Method estimates. Our results demonstrate that PCSR improves CFP while and NCSR is detrimental to a firm's financial performance. Correspondingly, the results indicate that market-based asset moderates the relationship between PCSR and NCSR. Firms that possess higher market-based assets tend to enjoy higher profitability with PCSR as they are in a better position. However, it has been observed that market-based assets tend to weaken the relationship between CFP and NCSR.
机译：对企业社会责任（CSR）对企业的经济含义的普遍研究主要强调了企业社会责任（PCSR）的正面，未能理解该公司的表现和举措，这些行为和举措可以被描述为负面的企业社会责任（ NCSR）。此外，有限的研究已经考虑了PCSR和NCSR如何影响公司财务表现（CFP）。考虑到这一观点，我们介绍了一个将PCSR和NCSR连接到CFP的框架。我们还分析了公司的基于市场资产的调节作用。使用2011年至2017年的924个观察以及来自CSRHUB和Thomson Reuters DataStream的132个全球汽车公司的组合二级数据，我们检查了PCSR或NCSR的增加如何通过动态面板数据系统概括方法估算的概括时刻。我们的结果表明，PCSR改善了CFP，而NCSR对公司的财务表现有害。相应地，结果表明，基于市场的资产培养了PCSR和NCSR之间的关系。拥有更高的市场资产的公司往往享有更高的PCSR盈利能力，因为它们处于更好的位置。但是，已经观察到，基于市场的资产倾向于削弱CFP和NCSR之间的关系。

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