|Table of Contents|

Corporation Social Responsibility and Corporation Value：Statistical Analysis and Empirical Study of China Stock Market(PDF)

《南京师大学报（自然科学版）》[ISSN:1001-4616/CN:32-1239/N]

Issue:
2015年04期
Page:
76-
Research Field:
数学
Publishing date:

Info

Title:
Corporation Social Responsibility and Corporation Value：Statistical Analysis and Empirical Study of China Stock Market
Author(s):
Wang Zikang; Xiao Binqing
School of Engineering Management，Nanjing University，Nanjing 210093，China
Keywords:
corporate social responsibility; corporate value; Social Responsibility Index
PACS:
F270；F276.6
DOI:
-
Abstract:
Whether the corporations perform the social responsibility can promote the corporation value has been a controversial topic. Because of the difficulty of the evaluation，there is rare domestic scholars’ research this topic. We take the Nanjing University Social Responsibility Index（CSRINJU） as the criteria to measure the corporation social responsibility and make the Tobin Q as the criteria to measure the corporation value. With the empirical test of the China’s a-share market data in 2008 and 2009，this article aims to study the relationship between performing the social responsibility and corporation value of Chinese listed companies，and study whether performing social responsibility can improve the corporate value or not. The research shows that：（1）the social responsibility and the corporate value show a significant positive correlation，and the social responsibility index is proportional to the value and benefits；（2）the corporate value increment rate is proportional to the social responsibility.

References:

［1］MARGOLIS J D，WALSH J P. People and profits？The search for a link between a company’s social and financial performance［M］. Mahwah：Psychology Press，2001.
［2］ORLITZKY M，SCHMIDT F L，RYNES S L. Corporate social and financial performance：a meta-analysis［J］. Organization studies，2003，24（3）：403-441.
［3］ALLOUCHE J，LAROCHE P. A meta-analytical investigation of the relationship between corporate social and financial performance［J］. Revue de gestion des resources humaines，2005（57）：18-41.
［4］WU M L. corporate social performance，corporate financial performance，and firm size：a meta-analysis［J］. Journal of American academy of business，2006，8（1）：163-171.
［5］MARGOLIS J D，ELFENBEIN H A，WALSH J. Does it Pay to be Good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance［J/OL］. （Available at SSRN：http：//ssrn.com/abstract=1866371），2007.
［6］VANCE S C. Are socially responsible corporations good investment risks？［J］. Management review，1975，64（8）：19-24.
［7］BRAMMER S，BROOKS C，PAVELIN S. Corporate social performance and stock returns：UK evidence from disaggregate measures［J］. Financial management，2006，35（3）：97-116.
［8］李正. 企业社会责任与企业价值的相关性研究［J］. 中国工业经济，2006（2）：77-83.
［9］COCHRAN，P L，WOOD R A. Corporate social responsibility and financial performance［J］. The academy of management journal，1984，27（1）：42-56.
［10］ORLITZKY M. Does firm size confound the relationship between corporate social performance and firm financial performance？［J］. Journal of business ethics，2001，33（2）：167-180.
［11］RUF B M，MURALIDHAR K，BROWN R M，et al. An empirical investigation of the relationship between change in corporate social performance and financial performance：a stakeholder theory perspective［J］. Journal of business ethics，2001，32（2）：143-156.
［12］CHAND M. The relationship between corporate social performance and corporate financial performance：industry type as a boundary condition［J］. The business review，2006，5（1）：240-245.
［13］SCHOLTENS B. A note on the interaction between corporate social responsibility and financial performance［J］. Ecological economics，2008，68（1）：46-55.
［14］LIN C H，YANG H L，LIOU D Y. The impact of corporate social responsibility on financial performance：evidence from business in Taiwan［J］. Technology in society，2009，31（1）：56-63.
［15］CALLAN S J，THOMAS J M. Corporate financial performance and corporate social performance：an update and reinvestigation［J］. Corporate social responsibility and environmental management，2009，16（2）：61-78.
［16］RETTAB B，BRIK A B，MELLAHI K. A study of management perception of the impact of corporate social responsibility on organisational performance in emerging economies：the case of Dubai［J］. Journal of business ethics，2009，89（3）：371-390.
［17］沈洪涛，杨熠. 公司社会责任信息披露的价值相关性研究［J］. 当代财经，2008（3）：103-107.
［18］施平. 企业社会责任报告与企业价值［J］. 江海学刊，2010（6）：99-103.
［19］张兰霞，袁栋楠，牛丹，等. 企业社会责任对财务绩效影响的实证研究——以我国上市公司为研究对象［J］. 东北大学学报（自然科学版），2011，32（2）：292-296.
［20］ALEXANDER G J，BUCHHOLZ R A. Corporate social responsibility and stock market performance［J］. The academy of management journal，1978，21（3）：479-486.
［21］AUPPERLE K E，CARROLL A B，HATFIELD J D. An empirical examination of the relationship between corporate social responsibility and profitability［J］. The academy of management journal，1985，28（2）：446-463.
［22］朱雅琴，姚海鑫. 企业社会责任和企业价值关系的实证研究［J］. 财经问题研究，2010（2）：102-106.
［23］陈可，李善同. 企业社会责任对财务绩效的影响：关键要素视角［J］. 统计研究,2010（7）:105-111.
［24］杨自业,尹开国. 公司社会绩效影响财务绩效的实证研究——来自中国上市公司的经验证据［J］. 中国软科学，2009（11）：109-118.
［25］温素彬，方苑. 企业社会责任与财务绩效关系的实证研究——利益相关者视角的面板数据分析［J］. 中国工业经济，2008（10）：150-160.
［26］张兆国，靳小翠，李庚秦. 企业社会责任与财务绩效之间交互跨期影响实证研究［J］. 特区经济，2013（8）：147-148.
［27］李心丹，肖斌卿，张兵，等. 投资者关系管理能提升上市公司价值吗？——基于中国A股上市公司投资者关系管理调查的实证研究［J］. 管理世界，2007（9）：117-127.

Memo

Memo:
-
Last Update: 2015-12-30