What corporate social responsibility reporting adds to financial return?

Jean-Marie Cardebat () and Nicolas Sirven ()
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Nicolas Sirven: CAM - University of Cambridge [UK]

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Abstract: Using a Capital Asset Pricing Model (CAPM) for panel data, this study investigates the influence of corporate social responsibility (CSR) on financial performance, for 154 European firms between 2000 and 2008. The CSR index reveals whether or not the firm published a social report for year t. Statistical evidence shows that this index is negatively and significantly associated with the expected return on the capital asset, even after (i) controlling for size, sector and country specific effect or PER, and (ii) correcting for size-CSR multicolinearity bias.

Keywords: Corporate social responsibility; Financial performance; Panel data (search for similar items in EconPapers)
Date: 2010
Note: View the original document on HAL open archive server: https://hal.science/hal-03457835
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Citations: View citations in EconPapers (5)

Published in Journal of Economics and International Finance, 2010, 2 (2), pp.20-27. ⟨10.5897/JEIF.9000125⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03457835

DOI: 10.5897/JEIF.9000125

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