企业社会绩效与财务绩效的因果关系：来自加拿大公司的证据外文翻译.docVIP

外文翻译 Causality Between Corporate Social Performance and Financial Performance: Evidence from Canadian Firms Material Source: Journal of Business Ethics Author: Rim Makni Claude Francoeur Francois Bellavance ABSTRACT. 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. KEY WORDS: corporate social performance, financial performance, causality, environmental activities Introduction Business ethics in Canada has been shaped by different players: Canadian society in general, activism from religious groups and other institutional or ethical investors. In addition, the growing interest of academic researchers and the Canadian accounting profession has also facilitated its development (Brooks, 1997). Furthermore, the introduction of the Canadian Social Investment Database (CSID) developed by Michael Jantzi Research Associates (MJRA) provides researchers with a new and improved means to quantify corporate social performance (CSP) in Canada and leads to increased research efforts in this area (Mahoney and Roberts, 2004). ‘‘CSP research has employe