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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
arts and humanities
Causality between corporate Social performance and financial performance: Evidence from Canadian firms
Journal of Business Ethics, Volume 89, No. 3, Year 2009
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Description
This study assesses the causal relationship between corporate social performance (CSP) and financial performance (FP). We perform our empirical analyses on a sample of 179 publicly held Canadian firms and use the measures of CSP provided by Canadian Social Investment Database for the years 2004 and 2005. Using the "Granger causality" approach, we find no significant relationship between a composite measure of a firm's CSP and FP, except for market returns. However, using individual measures of CSP, we find a robust significant negative impact of the environmental dimension of CSP and three measures of FP, namely return on assets, return on equity, and market returns. This latter finding is consistent, at least in the short run, with the trade-off hypothesis and, in part, with the negative synergy hypothesis which states that socially responsible firms experience lower profits and reduced shareholder wealth, which in turn limits the socially responsible investments. © Springer Science+Business Media B.V 2009.
Authors & Co-Authors
Makni, Rim
Tunisia, Sfax
Fseg Sfax - Faculté Des Sciences Économiques et de Gestion de Sfax
Francoeur, Claude
Canada, Montreal
Hec Montréal
Bellavance, François
Canada, Montreal
Hec Montréal
Statistics
Citations: 426
Authors: 3
Affiliations: 2
Identifiers
Doi:
10.1007/s10551-008-0007-7
ISSN:
01674544
e-ISSN:
15730697