Prague Economic Papers 2019, 28(1):49-69 | DOI: 10.18267/j.pep.687

Corporate Social Performance versus Financial Performance of the Romanian Firms

Marian Siminica1, Costel Ionașcu2, Mirela Sichigea3
1 Faculty of Economics and Business Administration, University of Craiova, Romania (msiminica@yahoo.com)
2 Faculty of Economics and Business Administration, University of Craiova, Romania (icostelm@yahoo.com)
3 Faculty of Economics and Business Administration, University of Craiova, Romania (mirelasichigea@gmail.com)

This article analyses the relationship between corporate social performance and financial performance at the level of a panel of 62 Romanian companies listed on the Bucharest Stock Exchange. The first challenge was measuring of the social performance. A new social performance measurement system was developed based on which the CSP Index was obtained. The GRI criteria for reporting, the channel of communication chosen by the companies, as well as the level of detail of the published information were taken into account. The estimation of the regression model was made using the CSP Index as the dependent variable and the financial indicators (return on assets, return on equity, sales growth, average number of employees, total sales, market value added, PER index) as the independent variables. The panel regression analysis done to highlight the fixed or random effects at the company level indicated a relatively weak causal relationship between corporate social performance and financial performance. The social performance may also depend on other variables that are not included in the model, although, the general conclusion was that the social performance of Romanian companies is relatively low, but in an ascending evolution.

Klíčová slova: corporate social performance, financial performance, panel data analysis, regression models with fixed or random effects
JEL classification: A13, C12, M14

Přijato: 23. duben 2018; Zveřejněno: 1. únor 2019  Zobrazit citaci

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Siminica, M., Ionașcu, C., & Sichigea, M. (2019). Corporate Social Performance versus Financial Performance of the Romanian Firms. Prague Economic Papers, 28(1), 49-69. doi: 10.18267/j.pep.687
Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. Adeneye, Y. B., Ahmed, M. (2015). Corporate Social Responsibility and Company Performance. Journal of Business Studies Quarterly, 7(1), 151-166.
    2. Akisik, O., Gal, G. (2014). Financial Performance and Reviews of Corporate SocialResponsibility Reports. Journal Management Control, 25, 259-288, https://doi.org/ 10.1007/s00187-014-0198-2 Přejít k původnímu zdroji...
    3. Aras, G., Aybars, A., Kutlu, O. (2010). Managing Corporate Performance: Investigating the Relationship between Corporate Social Responsibility and Financial Performance in Emerging Markets. International Journal of Productivity and Performance Management, 59(3), 229-254, https://doi.org/10.1108/17410401011023573 Přejít k původnímu zdroji...
    4. Chen, C. M., Delmas, M. (2011). Measuring Corporate Social Performance: An Efficiency Perspective. Production and Operations Management, 20(6), 789-804, https://doi.org/10.1111/J.1937-5956.2010.01202.X Přejít k původnímu zdroji...
    5. Chojnacka, E. (2016). The Relationship Between CSR Engagement and Firm Risk in Polish Public Companies, Springer International Publishing Switzerland, in Bilgin, M. H. et al., eds., Business Challenges in the Changing Economic Landscape-1. Eurasian Studies in Business and Economics 2/1, https://doi.org/10.1007/978-3-319-22596-8_15 Přejít k původnímu zdroji...
    6. Crowther, D., Aras, G. (2008). Corporate Social Responsibility. Ventus Publishing ApS, ISBN 978-87-7681-415-1.
    7. Dagilienė, L. (2013). The Influence of Corporate Social Reporting to Company's Value in a Develo-ping Economy. Procedia Economics and Finance, 5, 212-221, https://doi.org/10.1016/S2212-5671(13)00027-0 Přejít k původnímu zdroji...
    8. Dennis, B., et al. (2008). Corporate Social Performance: Creating Resources to Help Organizations Excel. Global Business and Organizational Excellence, 27(2), 26-41, https://doi.org/10.1016/S2212-5671(13)00027-010.1002/joe.20192 Přejít k původnímu zdroji...
    9. Dobre, E., Stanila, G. O., Brad, L. (2015). The Influence of Environmental and Social Performance on Financial Performance: Evidence from Romania's Listed Entities. Sustainability, 7(3), 2513-2553, https://doi.org/10.3390/su7032513 Přejít k původnímu zdroji...
    10. Dumitrescu, D., Simionescu, L. (2015). Empirical Research Regarding the Influence of Corporate Social Responsibility (CSR) Activities on Companies' Employees and Financial Perfor-mance. Economic Computation & Economic Cybernetics Studies & Research, 49(3), 52-66.
    11. Gherghina, Ş. C., Vintilă, G., Dobrescu, D. (2015). An Empirical Research on the Relationship between Corporate Social Responsibility Ratings and US Listed Companies' Value. Journal of Economics Studies and Research, 1-12, https://doi.org/10.5171/2015.260450Global Reporting Initiative, G4 Sustainability Reporting Guidelines, Available at: https://www.globalreporting.org/standards/g4/Pages/default.aspx, accessed on 12.04.2016; Přejít k původnímu zdroji...
    12. Hirigoyen, G., Poulain-Rehm, T. (2014). Causal Relationships between Corporate Social Respon- sibility and Financial Performance: an International Approach, Gestion 2000, 31(2), 153-177. Přejít k původnímu zdroji...
    13. Hristea, A. M. (2011). Responsabilitatea social corporativă - între deziderat şi realitate, Economie teoretică şi aplicată, 18, 10(563), 56-73.
    14. Karagiorgos, T. (2010). Corporate Social Responsibility and Financial Performance: An Empirical Analysis on Greek Companies. European Research Studies, 13(4), 85-108. Přejít k původnímu zdroji...
    15. KPMG (2015). The KPMG Survey of Corporate Responsibility Reporting 2015. Available at: https://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Documents/kpmg-survey-of-corporate-responsibility-reporting-2015-O-201511.pdf
    16. Lech, A. (2013). Corporate Social Responsibility and Financial Performance. Theoretical and Empirical Aspects. Comparative Economic Research, 16(3), 49-62, https://doi.org/10.2478/cer-2013-0018 Přejít k původnímu zdroji...
    17. Madorran, C., Garcia, T. (2016). Corporate Social Responsibility and Financial Performance: the Spanish Case. Revista de Administracao de Empresas, 56(1), 20-28, https://doi.org/10.1590/S0034-759020160103 Přejít k původnímu zdroji...
    18. Maignan, I., Ferrell, O. C. (2000). Measuring Corporate Citizenship in Two Countries: The Case of the United States and France. Journal of Business Ethics, 23(3), 283-297, https://doi.org/10.1023/A:1006262325211 Přejít k původnímu zdroji...
    19. Nuryaman, C. (2013). The Effect of Corporate Social Responsibility Activities on Profitability and Stock Prices (Studies on the companies listed on Indonesia Stock Exchange), Journal of Global Management, 6(1), 113-124.
    20. Que´re´, B. P., Nouyrigat, G., Baker, C. R. (2015). A Bi-Directional Examination of the Relationship between Corporate Social Responsibility Ratings and Company Financial Performance in the European Context. Journal of Business Ethics, 1-18, https://doi.org/10.1007/s10551-015-2998-1 Přejít k původnímu zdroji...
    21. Rajnoha, R., Lesníková, P., Krajčík, V. (2017). Influence of Business Performance Measurement Systems and Corporate Sustainability Concept to Overal Business Performance: "Save the Planet And Keep Your Performance". Business Administration and Management, 20(1), 111-127, https://doi.org/10.15240/tul/001/2017-1-008 Přejít k původnímu zdroji...
    22. Romolini, A., Fissi, S. Gori, E. (2014). Scoring CSR Reporting in Listed Companies - Evidence from Italian Best Practices, Corporate Social Responsibility and Environmental Management, 21(2), 65-81, https://doi.org/10.1002/csr.1299 Přejít k původnímu zdroji...
    23. Santoso, A. H., Feliana, Y. K. (2014). The Association between Corporate Social Responsibility and Corporate Financial Performance. Issues in Social and Environmental Accounting, 8(2), 82-103, https://doi.org/10.22164/isea.v8i2.86 Přejít k původnímu zdroji...
    24. Simionescu, L. N., Gherghina, Ș. C. (2014). Corporate Social Responsibility and Corporate Performance: Empirical Evidence from a Panel of the Bucharest Stock Exchange Listed Companies. Management & Marketing. Challenges for the Knowledge Society, 9(4), 439-458.
    25. Siminică, M., Crăciun, L., Dinu, A. (2015). The Impact of Corporate Sustainability Strategies on the Financial Performance of Romanian Companies in the Context of Green Marketing, Amfiteatru Economic, 17(40), 994-1010.
    26. Skýpalová, R., Kučerová, R., Blašková, V. (2016). Development of the Corporate Social Responsibility Concept in Small and Medium-Sized Enterprises. Prague Economic Papers, 25(3), 287-303, https://doi.org/10.18267/j.pep. 558 Přejít k původnímu zdroji...
    27. Steurer, R., Konrad, A. (2010). Business-Society Relations in Central-Eastern and Western Europe: How Those Who Lead in Sustainability Reporting Bridge the Gap in Corporate (Social) Responsibility. Scandinavian Journal of Management, 25(1), 23-36, https://doi.org/10.1016/j.scaman.2008.11.001 Přejít k původnímu zdroji...
    28. Strouhal, J., Gurvitš, N., Nikitina-Kalamäe, M., Startseva, E. (2015). Finding the Link between CSR Reporting and Corporate Financial Performance: Evidence on Czech and Estonian Listed Companies. Central European Business Review, 4(3), 48-59, https://doi.org/10.18267/j.cebr.132 Přejít k původnímu zdroji...
    29. Sutantoputra, A. W. (2009). Social Disclosure Rating System for Assessing Firms' CSR Reports. Corporate Communications: An International Journal, 14(1), 34-48, https://doi.org/10.1108/13563280910931063 Přejít k původnímu zdroji...
    30. Wolfe, R., Aupperle, K. (1991). Introduction to Corporate Social Performance: Methods for Evaluating an Elusive Construct, in Post, J. E. ed., Research in Corporate Social Performance and Policy, 12, JAI Press, Greenwich, CT, pp. 265-268.

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Zpět na obsah