![]() |
|||||||||||||||||||
- Open acces -
|
|||||||||||||||||||
|
|||||||||||||||||||
|
|||||||||||||||||||
|
|||||||||||||||||||
|
|||||||||||||||||||
|
|||||||||||||||||||
![]() |
![]() |
![]() |
![]() |
Management & Marketing no. 4/2014
Corporate social responsibility
and corporate performance:
empirical evidence from a panel
of the Bucharest Stock Exchange
listed companies
Liliana Nicoleta SIMIONESCU,
The Bucharest University of Economic Studies, Bucharest, Romania Ștefan Cristian GHERGHINA, The Bucharest University of Economic Studies, Bucharest, Romania
Abstract. This paper aims at empirically investigating the relationship between CSR and
corporate performance by using both accounting-based performance measures (e.g. ROA,
ROE, and ROS), as well as market-based firm performance measures (e.g. PER, EPS, and
PBV), for a sample of companies listed on the BSE during the period 2008-2011. In
addition, there were considered several control variables that cover firm’s characteristics
including size, indebtedness, as well as the company’s tenure. By employing panel data
regression models without cross-section effects, we found a negative relationship between
CSR and ROS, as well as a positive association between CSR and EPS. Furthermore, by
estimating fixed-effects panel data regression models, the positive relationship between
CSR and EPS was reinforced. In addition, we have performed several robustness checks
such as the presence of autocorrelation in the residuals, as well as the variance inflation
factors towards multicollinearity. The novelty of the current paper consists in the
consideration of a multifarious set of performance ratios. This research is important for
both managers and investors, since CSR undertakings improve corporate performance.
Keyword: corporate social responsibility, accounting-based performance, market-based
performance, Romania, panel data regression models.
|
![]() |
||||
![]() |
Conferences
![]() [ archives ]
Publications
The Classes of Economic Concentration and the 80% Factor , Cezar Mereuță
Foreign Majority Ownership in the Node Companies of the Main Markets in Romania - Compendium , Cezar Mereuță, Ionuț Pandelică, Amalia Pandelică
Archives
|
![]() |
||
![]() |
![]() |
![]() |
||
2007-2014 © Editura Economică |
||||
![]() |
![]() |
![]() |
![]() |
![]() |