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| Tekijä: | Garcia-Castro, R. Arino, M.A. Canela, M.A. |
| Otsikko: | Does social performance really lead to financial performance? Accounting for endogeneity |
| Lehti: | Journal of Business Ethics
2010 : MAR I, VOL. 92:1, p. 107-126 |
| Asiasana: | corporate responsibility social responsibility financial performance |
| Vapaa asiasana: | CSR stakeholder management endogeneity USA |
| Kieli: | eng |
| Tiivistelmä: | The empirical relationship btw. a firm's social performance (herein as: perf.) and its financial perf. is still not well established. It is argued that the heterogeneous results found in previous research are not due exclusively to problems related with the measurement instruments or the samples used. Instead, it is herein assumed that a more fundamental problem related with the endogeneity of social strategic decisions could be driving most of the empirical findings. Using a panel data of over 650 firms from 1991 to 2005, it is shown how some of the results found in previous research change, and some are even reversed when endogeneity is properly considered. |
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