Indigenous corporate responsibility and financial performance

Marie Racine

The European Journal of Finance, 2024, vol. 30, issue 9, 1008-1029

Abstract: The impact of Corporate Social Responsibility with respect to Indigenous (CSRI) initiatives and issues on financial performance was studied using several CSRI metrics, both innovated (where necessary) and pre-existing (where possible). We find that CSRI initiatives based on dollar expenditures and firm website scores are positively associated with financial performance while increase to reputation risk has a negative impact. We also find that a CSRI score can only be moderated by an overall ESG score that is substantially stronger than the CSRI metric. In a world that increasingly emphasizes the importance of ‘truth and reconciliation’ with its Indigenous populations while meeting environmental resource needs, we must seek a path that recognizes and respects Indigenous rights and cultural practices. Providing well developed, consistently measured and acceptable CSRI metrics and assessing their impact on firm financial performance is a crucial step in this reconciliation process. This paper makes important contributions to that goal.

Date: 2024
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DOI: 10.1080/1351847X.2023.2256799

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