Does CSR Affect the Profitability and Valuation of Energy Companies? An Example from Poland

Mariusz Zieliński and Izabela Jonek-Kowalska
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Mariusz Zieliński: Faculty of Economics and Management, Opole University of Technology, 45-758 Opole, Poland
Izabela Jonek-Kowalska: Faculty of Organization and Management, The Silesian University of Technology, 44-100 Gliwice, Poland

Energies, 2021, vol. 14, issue 12, 1-24

Abstract: The article refers to the issues of financial profitability of undertaking CSR activities, which is widely reported in literature. The four largest electricity producing companies in Poland were selected for the analysis. The research period covers the years 2009–2019, when the index of socially responsible companies was operating on the Warsaw Stock Exchange. The main purpose of the article is to compare the profitability ratios and quotations of energy companies in Poland declaring themselves socially responsible with companies of the same sector that have not expressed such a declaration. The results obtained on the basis of descriptive statistics, concerning profitability ratios and stock market quotations, indicate no relationship between their level and stability and the companies’ declarations of compliance with social responsibility. Companies declaring themselves socially responsible were placed in the ranking between the results of companies that did not belong to the indicated index. This may be the result of the specific situation of energy companies in Poland.

Keywords: energy companies; corporate finance in the energy sector; Corporate Social Responsibility (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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