Are firms that contribute to sustainable development better financially?
Martí-Ballester, Carmen-Pilar (Universitat Autònoma de Barcelona. Centre d'Estudis i Recerca en Humanitats)
Rovira Val, Ma. Rosa (Universitat Autònoma de Barcelona. Institut de Ciència i Tecnologia Ambientals)
Drescher, Lisa G. J. (Universitat Autònoma de Barcelona. Institut de Ciència i Tecnologia Ambientals)

Date:	2015
Abstract:	The aim of this study is to analyze the effect exerted by corporate social strategies on (short-term and long-term) corporate financial performance (CFP). To this end, we use data on firms listed in the Stoxx Europe 600 index and Stoxx Europe Sustainability index from 2007 to 2010. On the sample data, we implement random and fixed effects panel data methodology corrected by heteroskedasticity, serial correlation, and/or cross-sectional dependence. The results obtained show that the implementation of corporate social responsibility (CSR) strategy, the level of economic development of the country and firm size determine CFP. In addition, the investment in research and development influences the return on assets while the company's financial slack affects the Tobin's Q. So, companies that contribute to sustainable development incur higher CFP Environment.
Rights:	Tots els drets reservats.
Language:	Anglès
Document:	Article ; recerca ; Versió acceptada per publicar
Subject:	Responsabilitat social de l'empresa ; Corporate social responsibility ; Sustainable development ; Corporate social performance ; Corporate financial performance ; Panel data ; European firms
Published in:	Corporate Social Responsibility and Environmental Management, Vol. 22, Num. 5 (2015) , p. 257-319, ISSN 1535-3958

DOI: 10.1002/csr.1347

Post-print 22 p, 433.0 KB

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Research literature > UAB research groups literature > Research Centres and Groups (research output) > Experimental sciences > Institut de Ciència i Tecnologia Ambientals (ICTA)
Articles > Research articles
Articles > Published articles