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The Corporate Social Responsibility-financial Performance Missing Link: Complementarity between Environmental, Social and Business Behaviour?
| Content Provider | Semantic Scholar |
|---|---|
| Author | Cavaco, Sandra Crifo, Patricia |
| Copyright Year | 2013 |
| Abstract | This article analyses the complementarity between various dimensions of corporate social responsibility (CSR) and financial performance. We hypothesise that the absence of consensus in the empirical literature on the CSR-financial performance relationship may be explained by the existence of synergies (complementarity) and trade-offs (substitutability) between the different CSR components. We investigate such relationships using a sample of 595 firms from 15 European countries over the 2002-2007 period. The results suggest some kind of trade-offs between CSR components. Some CSR combinations appear as relative complements, human resources and business behaviour towards customers and suppliers, suggesting mutual benefits and less conflicts between those stakeholders. Conversely, environment and business behaviour towards customers and suppliers appear as relative substitutes, suggesting more conflict or over-investment between such types of stakeholders. Vanina Forget for their helpful advice, and Abel Lucena for his help on the empirical analysis. We also thank participants at the following conferences: and Ecole Polytechnique. Of course, we remain responsible for all residual errors or omissions. We are grateful to Vigeo for granting us access to their data. Patricia Crifo acknowledges the support of the Chair for Sustainable Finance and Responsible Investment (Toulouse-IDEI and Ecole Polytechnique) and the Chair for Business Economics (Ecole Polytechnique). Access to financial data (Orbis) was possible through the X-HEC-GIS partnership. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://hal.archives-ouvertes.fr/docs/00/81/12/28/PDF/2013-07.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |