EconPapers    
Economics at your fingertips  
 

Finding the Link between CSR Reporting and Corporate Finan-cial Performance: Evidence on Czech and Estonian Listed Com-panies

Jiří Strouhal, Natalja Gurvitš, Monika Nikitina-Kalamäe and Emilia Startseva

Central European Business Review, 2015, vol. 2015, issue 3, 48-59

Abstract: Despite the fact that obligations to publish reports on corporate social responsibility will come into force in the European Union from 2018, an increasing number of companies are starting to implement corporate social responsibility (CSR) policy into their everyday business practic-es, and as a result the information of this activity is disclosed in CSR reports or within annual reports. As the disclosure of such information is currently voluntarily based, we believe that the growing popularity of CSR leads to a direct link between the sustainability of the compa-ny and its financial performance. The purpose of this paper is therefore to determine the link-age between CSR and financial performance within two countries in the CEE region - Czech and Estonia - using data from 2012 - 2013. We compare return on assets and normalized mar-ket value added of listed companies. Based on the results, we can state that the implementa-tion of a standalone CSR report does not have any direct linkage with the financial perfor-mance of the tested companies.

Keywords: sustainability; Corporate Social Responsibility; CSR reports; annual reports; management report; corporate governance (search for similar items in EconPapers)
JEL-codes: G30 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://cebr.vse.cz/cebr/article/download/211/134
http://cebr.vse.cz/cebr/article/view/211 (text/html)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlcbr:v:2015:y:2015:i:3:id:132:p:48-59

Ordering information: This journal article can be ordered from
Faculty of Business Administration, University of Economics, Prague
http://cebr.vse.cz/

Access Statistics for this article

Central European Business Review is currently edited by Jindřich Špička

More articles in Central European Business Review from University of Economics, Prague Contact information at EDIRC.
Bibliographic data for series maintained by Frantisek Sokolovsky ().

 
Page updated 2019-02-08
Handle: RePEc:prg:jnlcbr:v:2015:y:2015:i:3:id:132:p:48-59