Empirical Analysis of the Relation Between Expenditures on Employees’ Advanced Training and Financial Performance of Russian Companies

Andrey B. Ankudinov, Idelia R. Badykova and Yelena S. Markhanova
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Andrey B. Ankudinov: Kazan Federal University
Idelia R. Badykova: Kazan National Research Technological University
Yelena S. Markhanova: Innopolis University

Upravlenets, 2018, vol. 9, issue 4, 74-83

Abstract: The study mainly aims to undertake empirical investigation of relation between social responsibility level as proxied by expenditures on employees’ advanced training and financial performance of the companies. The article provides a detailed review and systematization of empirical studies of the relationship between the policy of corporate social responsibility and the financial efficiency of companies. The methodological basis includes the theories of stakeholders and managerial opportunism, signaling theory, etc. Empirical analysis of balanced panel data using random effects and fixed effects models served as a methodological basis for the investigation. The sample comprises data covering the 2012–2015 period for 20 Russian publicly traded companies representing nonfinancial sectors of economy. Both models have failed to prove statistically significant relation between the chosen proxy variable of corporate social responsibility and financial performance indicators.

Keywords: SOCIALLY RESPONSIBLE BEHAVIOUR; CORPORATE SOCIAL RESPONSIBILITY; RUSSIAN COMPANY; FINANCIAL EFFICIENCY; EMPIRICAL ANALYSIS; PANEL DATA (search for similar items in EconPapers)
JEL-codes: G30 M14 O16 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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DOI: 10.29141/2073-1019-2018-9-4-8

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