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| Author: | Gainet, C. |
| Title: | Exploring the impact of legal systems and financial structure on corporate responsibility |
| Journal: | Journal of Business Ethics
2010 : VOL. 95, SUPPL. 2, p. 195-222 |
| Index terms: | corporate responsibility social responsibility financial structure companies legal systems Europe |
| Freeterms: | CSR environmental responsibility |
| Language: | eng |
| Abstract: | This study examines how diverse European legal systems and financial structures influence corporate social and environmental responsibility (herein as: env-resp). Hypotheses relating to env-resp. are tested using Innovest data collected from 2002 to 2007 from 645 companies in 16 countries. Hypotheses relating to social resp. are tested using Innovest data gathered from 2004 to 2007 from 600 companies. Legal systems are shown to influence corporate resp. (CR) on both social and environmental levels. The claim of companies being more likely to act in environmentally responsible ways with strong and well-enforced state regulations to ensure such behaviour is supported. Company size is shown to have a greater impact on CR than either excess cash or performance. Large companies tend to be more visible than small ones, and society expects a more socially and environmentally responsible behaviour regardless of their financial performance or available cash. Finally, the hypothesis of capital structure significantly influencing CR is supported. |
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