期刊名称：Journal of Economics and International Finance
电子版ISSN：2006-9812
出版年度：2010
卷号：2
期号：2
页码：020-027
语种：English
出版社：Academic Journals
摘要：Using a Capital Asset Pricing Model (CAPM) for panel data, this study investigates the influence of corporate social responsibility (CSR) on financial performance, for 154 European firms between 2000 and 2008. The CSR index reveals whether or not the firm published a social report for year t. Statistical evidence shows that this index is negatively and significantly associated with the expected return on the capital asset, even after (i) controlling for size, sector and country specific effect or PER, and (ii) correcting for size-CSR multicolinearity bias.
关键词：Corporate social responsibility;financial performance;panel data. JEL Classification: M14;G12;C33
