Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity
The empirical relationship between a firm's social performance and its financial performance is still not well established in the literature. Despite more than 30 years of research and more than 100 empirical studies on the issue, the results are still mixed. We argue that the heterogeneous res...
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| Veröffentlicht in: | Journal of business ethics 2010-03, Vol.92 (1), p.107-126 |
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| container_title | Journal of business ethics |
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| creator | Garcia-Castro, Roberto Ariño, Miguel A. Canela, Miguel A. |
| description | The empirical relationship between a firm's social performance and its financial performance is still not well established in the literature. Despite more than 30 years of research and more than 100 empirical studies on the issue, the results are still mixed. We argue that the heterogeneous results found in previous studies are not due exclusively to problems related with the measurement instruments or the samples used. Instead, we posit that a more fundamental problem related with the endogeneity of social strategic decisions could be driving most of the empirical findings. We show that, using a panel data of 658 firms from 1991 to 2005, how some of the results found in previous research change, and some are even reversed when endogeneity is properly taken into account. |
| doi_str_mv | 10.1007/s10551-009-0143-8 |
| format | Article |
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Instead, we posit that a more fundamental problem related with the endogeneity of social strategic decisions could be driving most of the empirical findings. 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| ispartof | Journal of business ethics, 2010-03, Vol.92 (1), p.107-126 |
| issn | 0167-4544 1573-0697 |
| language | eng |
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| source | RePEc; PAIS Index; SpringerNature Journals; EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; EBSCOhost Education Source |
| subjects | Accounting Business and Management Business Ethics Business structures Coefficients Control variables Corporate social responsibility Corporate strategies Decision making Econometrics Economic models Education Empirical research endogeneity Endogenous growth Ethics Financial management Financial performance Instrumental variables estimation Longitudinal studies Management Observational research Philosophy Quality management Quality of Life Research Regression coefficients social performance Social responsibility Stakeholder stakeholder management Strategic management Values Variables |
| title | Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity |
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