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| Author: | Makni, R. Francoeur, C. Bellavance, F. |
| Title: | Causality between corporate social performance and financial performance: evidence from Canadian firms |
| Journal: | Journal of Business Ethics
2009 : OCT II, VOL. 89:3, p. 409-422 |
| Index terms: | financial performance social responsibility environment public sector companies Canada |
| Freeterms: | corporate social performance CSR |
| Language: | eng |
| Abstract: | This study deals with the causal relationship btw. corporate social performance (CSP) and financial performance (FP). Based on a sample of nearly 180 publicly held Canadian firms and using the measures of CSP provided by Canadian Social Investment Database (2004-2005) and the "Granger causality" approach, there is found no significant relationship btw. a composite measure of a firm's CSP and FP, except for market returns. Yet, using individual measures of CSP, there is found a robust significant negative impact of the environmental dimension of CSP and three measures of FP, that is, return on assets, return on equity, and market returns. This latter finding is consistent ... with the trade-off hypothesis etc. |
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