• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>The North American journal of economics and finance >Do financial constraints matter when firms engage in CSR?
【24h】

Do financial constraints matter when firms engage in CSR?

机译：企业参与企业社会责任时，财务约束是否重要？

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

Studies in corporate social responsibility find that financial performance (ROA and ROE) is associated with the corporate social performance (CSP). Margolis et al. (2007) observed that "the mechanisms connecting prior corporate financial performance (CFP) to subsequent CSP" is an important issue for further investigation. In this study, we examine whether different states of cash flow liquidity impact the extent of a firm's corporate social responsibility (CSR) activities. If firms perform well in CSP, we assume they have greater cash flow liquidity as measured by the KZ index and Altman's Z-score. We posit that firm engagement in CSR is negatively linked with financial constraint dummies, which are computed as above 20% on the KZ index, or an Altman's Z-score below 1.81. In this study, we compute the ratio of CSR strengths to concerns for each firm, which allows us to assign a specific CSR 'Focus' for each sample firm. Based on data from MSCI ESG STATS ratings, all firms are divided into seven focuses: an Environment Focus (ENV), a Community (COM) Focus, an Employee (EMP) Focus, a Diversity (DIV) Focus, a Product (PRO) Focus, a Governance (CGOV) Focus and a Human Rights (HUM) Focus. Furthermore, a multiple logit regression is conducted based on these seven focuses to examine the impact of financial constraints/liquidity proxies on firms with different CSR focuses. Our results confirm a significant negative association between CSR activities and the degree of financial constraints/distress. Our finding confirms the view of Campbell (2007). For the CSR focuses, we find that in general firms facing financial constraints do not engage in any CSR activities, especially when the degree of financial constraints is assessed by the KZ index. Our findings are robust using various CSR measures and financial constraint measures, and potentially useful to market participants when making investment decisions. Our findings also provide greater understanding of the characteristics of CSR firms. (C) 2016 Elsevier Inc. All rights reserved.
机译：企业社会责任研究发现，财务绩效（ROA和ROE）与企业社会绩效（CSP）相关。 Margolis等。 （2007年）观察到“将先前的公司财务绩效（CFP）连接到后续的CSP的机制”是需要进一步研究的重要问题。在本研究中，我们研究了现金流量流动性的不同状态是否会影响公司的企业社会责任（CSR）活动的程度。如果公司在CSP中表现良好，我们认为它们具有更大的现金流流动性（以KZ指数和Altman的Z得分衡量）。我们认为，企业参与企业社会责任与财务约束虚拟变量负相关，后者在KZ指数上的计算高于20％，在Altman的Z评分低于1.81的情况下计算。在本研究中，我们计算了每个公司的CSR实力与关注点的比率，这使我们能够为每个样本公司指定特定的CSR“焦点”。根据MSCI ESG STATS评级数据，所有公司分为七个重点：环境重点（ENV），社区（COM）重点，员工（EMP）重点，多样性（DIV）重点，产品（PRO）重点，治理（CGOV）重点和人权（HUM）重点。此外，基于这七个重点进行了多重logit回归，以检验财务约束/流动性代理对具有不同CSR重点的公司的影响。我们的结果证实，企业社会责任活动与财务约束/困境程度之间存在显着的负相关关系。我们的发现证实了坎贝尔（Campbell）（2007）的观点。对于企业社会责任的关注点，我们发现一般而言，面临财务约束的公司不会从事任何企业社会责任活动，尤其是当财务约束的程度由KZ指数评估时。我们的研究结果使用各种CSR措施和财务约束措施是可靠的，并且对于市场参与者做出投资决策时可能很有用。我们的发现还提供了对企业社会责任公司特征的更多理解。 （C）2016 Elsevier Inc.保留所有权利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号