The Relationship between Corporate Social Performance and Financial Performance: Modified Models and Their Application
نویسندگان
چکیده
The study employs modified interactive models and lead-lag models to investigate the correlation between corporate social performace (CSP) and financial performance (CFP) of listed companies in China. The samples are 1228 in both 2005 year and 2006 year, 1251 in the period of 20052006, and 1577 in both 2009 year and 2010 year, 1603 in the period of 2009-2010 year. The serious empirical research finds the relationship between CSP and CFP measured by Tobin‟s Q is negative; and further research reveals social performance based on various stakeholders has different impact upon market value of listed companies in China. Moreover, more factors, such as special ownership structure, governace structure, culture background and wage rigidity, influence the CSP-CFP relationship in China. JEL Classifications: M14; G32
منابع مشابه
The Mediation Effect of Financial Leverage on the Relationship between Ownership Concentration and Financial Corporate Performance
The purpose of this paper is examining the impact of financial leverage as a mediation variable on the relationship between ownership concentration and financial corporate performance. To test the hypotheses, multiple regression analysis is used. The statistical population of this research is all listed companies in Tehran Stock Exchange. However, data were available only for 60 companies durin...
متن کاملThe Social Disclosure Impact on Corporate Financial Performance: Case of Big French Companies
The purpose of this paper is to investigate the impact of voluntary disclosure about corporate social responsibility (CSR) on firm’s financial performance. First, a state of the art about corporate social responsibility and social reporting is presented. After that, the problems of measurement of CSR are indicated and the hypotheses are proposed. In the empirical analysis, regression models are...
متن کاملCEO power, audit quality and corporate financial performance evaluation criteria
The main purpose of this study is to investigate the relationship between CEO power, audit quality and financial performance evaluation criteria in listed companies in Tehran Stock Exchange. To measure the CEOchr('39')s power, a combination of the CEOchr('39')s duality criteria, CEO tenure and CEO ownership percentile was used and to measure the quality of audit, the audit fee criterion was use...
متن کاملCorporate diversification’s effects on Efficiency and productivity: case study of Manufacturing firms listed in Bursa Malaysia
Abstract In the past few years, diversification has turned into a highly controversial issue amongst numerous managers in almost each and every business. It is contended by many that diversification is vitally important and highly effective especially when it comes to evaluating the financial performance. There are several studies about the relationship between diversification and financial per...
متن کاملExamining the Relationship between Corporate Governance and the Corporate Performance Valuation
The aim of this study was to investigate the relationship between corporate governance characteristics and valuation of the firm's performance in Iran. After designing performance evaluation indexes, information of transactions made during the five-year study from 2011 to 2015 from the Stock Exchange were collected and the sample consists of 129 companies was selected by systematic elimination ...
متن کامل