Corporate social responsibility: How much is enough? A higher dimension perspective of the relationship between financial and social performance
| Autor: | Iordanis Kalaitzoglou, Jacek Niklewski, Hui Pan |
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| Rok vydání: | 2020 |
| Předmět: |
021103 operations research
Perspective (graphical) 0211 other engineering and technologies Control variable General Decision Sciences Differential (mechanical device) 02 engineering and technology Management Science and Operations Research Microeconomics Identification (information) Economics Corporate social responsibility Endogeneity Dimension (data warehouse) Empirical evidence |
| Zdroj: | Annals of Operations Research. 306:209-245 |
| ISSN: | 1572-9338 0254-5330 |
| DOI: | 10.1007/s10479-020-03834-y |
| Popis: | We investigate the nature of the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) by examining how it changes across a third dimension that accounts for firm-specific factors. We propose a semi-latent specification of an endogenous control variable, which can, for the first time, explicitly identify, for each individual firm, the threshold level where the marginal impact of CSR on CFP turns positive. We provide empirical evidence that this threshold depends on the additional dimension and consequently, the previously reported U-shape seems to be an aggregation of relationships of differential magnitude and direction. This disaggregation fits the data better and therefore, we maintain that the addition of a higher dimension, along with the identification of the threshold level, can explain the conflicting results in the literature. |
| Databáze: | OpenAIRE |
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