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Article
Publication date: 4 January 2021

Doing good does you good? The financial impact of individual CSR dimensions: A Malaysian context

Kim-Lim Tan, Jie Min Ho, Rita Pidani and Archana Das Goveravaram

Although corporate social responsibility–corporate financial performance (CSR-CFP) research topics have been widely investigated, previous research has yet to examine the…

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Abstract

Purpose

Although corporate social responsibility–corporate financial performance (CSR-CFP) research topics have been widely investigated, previous research has yet to examine the relationship between the specific dimension of CSR and CFP among Malaysian public-listed companies. Through literature review, it has been found that the CSR-CFP studies conducted in Malaysia have omitted the role of workplace diversity dimension in contribution to CFP. Failure to consider this variable may risk misrepresenting the relationship between CSR and CFP, thereby preclude consensus on the direction of the relationship between the variables. The purpose of this study is to investigate the relationship between individual CSR dimensions and CFP.

Design Methodology Approach

By using the CSR dimension disclosure-scoring method and cross-sectional data analysis, this research has conducted a content analysis on annual reports of the sample companies to evaluate the influence of CSR practices on companies’ profitability during 2015.

Findings

The results show that companies displaying CSR behavior are associated with higher CFP. That is to say, there is a positive relationship between CSR and CFP. However, the result has further revealed that the five CSR dimensions in isolation would differently associate with the two proxies of CFP.

Originality Value

To the best of the authors’ knowledge, this is the first study in Malaysia that considers workplace diversity issues as one of the dimensions of CSR. The findings will thus bring new insights into CSR application in Malaysia and its association with the CFP.

Details

Social Responsibility Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/SRJ-04-2020-0146
ISSN: 1747-1117

Keywords

  • Profitability
  • Malaysia
  • CSR
  • Institutional theory
  • CFP

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Article
Publication date: 22 August 2020

Corporate environmental performance–financial performance relationship in India using eco-efficiency metrics

S. Sudha

The purpose of this study is to attempt to empirically examine the impact of disaggregate, eco-efficiency-based measures of corporate environmental performance (CEP) on…

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Abstract

Purpose

The purpose of this study is to attempt to empirically examine the impact of disaggregate, eco-efficiency-based measures of corporate environmental performance (CEP) on corporate financial performance (CFP) of Indian companies. Further, recent theories contending a bidirectional causality between them is also explored.

Design/methodology/approach

Secondary data of 224 Indian S&P 500 companies from 2002 to 2011 are used to run panel data regression models for examining the impact of CEP measures on accounting-based CFP measures.

Findings

The empirical results are statistically significant and provide evidence for a positive association of eco-efficiency-based CEP metrics on CFP metrics, thereby supporting Porter's win–win hypothesis. Further, the results evidence a positive bi-directional causality between CEP and CFP for one period time lag signalling possibility of mutual reinforcement in CEP–CFP relationship.

Research limitations/implications

The study has used data for the period 2002–2011 and eco-efficiency metrics – energy, water and material efficiencies due to availability.

Practical implications

The results have implications to both corporate managers as well as policymakers across all industries for emphasizing on eco-efficiency-based (proactive) environmental sustainability initiatives to enhance both financial and environmental bottom lines.

Originality/value

The study contributes to scarce empirical literature analysing the impact of CEP on financial performance. To the best of authors's knowledge, event studies, portfolio studies and perceptual data-based empirical studies exist in India. This study is unique in that it examines long run effect of eco-efficiency-based CEP metrics which is pertinent in a rapidly growing emerging market – India, where, eco-efficiency is considered quintessential for sustainable development.

Details

Management of Environmental Quality: An International Journal, vol. 31 no. 6
Type: Research Article
DOI: https://doi.org/10.1108/MEQ-01-2020-0011
ISSN: 1477-7835

Keywords

  • CEP-CFP relationship
  • Eco-efficiency, Corporate environmental performance
  • Corporate financial performance
  • Corporate sustainability
  • Panel data regression models
  • Granger causality

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Book part
Publication date: 14 May 2018

What We Know about the Economic Payoffs of Corporate Ecological Sustainability

Edeltraud Guenther, Timo Busch, Jan Endrikat, Thomas Guenther and Marc Orlitzky

The purpose of this literature review is to reorient empirical research on the causal links between corporate ecological sustainability (CES) and corporate financial…

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Abstract

The purpose of this literature review is to reorient empirical research on the causal links between corporate ecological sustainability (CES) and corporate financial performance (CFP). Toward this end, we summarize the findings of four meta-analyses (conducted between 2012 and 2016), which indicate that there is, on average, a small positive association between CES and CFP. In addition, these empirical associations seem to be contingent on the firm’s strategic approach with regard to ecological sustainability (e.g., proactive vs reactive approach) and on the operationalization of both constructs. We conclude that future research may benefit from an even more explicit, analytic shift to the circumstances under which it pays for firms to go green. The main research limitations we point out are model misspecifications, endogeneity, and problems in the measurement of both CES and CFP.

Details

Corporate Social Responsibility
Type: Book
DOI: https://doi.org/10.1108/S2514-175920180000002009
ISBN: 978-1-78754-260-0

Keywords

  • Corporate environmental performance
  • corporate financial performance
  • literature review
  • research synthesis
  • resource-based view of the firm

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Article
Publication date: 8 July 2019

Does corporate social responsibility lead to improved firm performance? The hidden role of financial slack

Woon Leong Lin, Jo Ann Ho, Siew Imm Ng and Chin Lee

The purpose of this study is to investigate the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP), as the findings on…

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Abstract

Purpose

The purpose of this study is to investigate the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP), as the findings on the relationship have been inconsistent and have led to calls to further examine this relationship. However, instead of investigating the connection between CSR and CFP, academics have stated that a contingency viewpoint must be used for uncovering the context and conditions which catalyse the relationship between both constructs.

Design/methodology/approach

This study acquired the CSR data from 100 companies listed in Fortune’s most admired US companies between 2007 and 2016. These data were used to investigate the CSR–CFP link with the help of the dynamic panel data system, which is the generalised method of moments (GMM) estimator.

Findings

The results indicate that CSR and CFP have a neutral relationship which characterises the effect between CFP and CSR. However, this study found that financial slack positively affected the CSR–CFP relationship, implying that companies will only benefit from CSR activities if they have excess financial resources.

Originality/value

This study offers a very distinctive perspective regarding the CSR–CFP link according to the financial slack perspective.

Details

Social Responsibility Journal, vol. 16 no. 7
Type: Research Article
DOI: https://doi.org/10.1108/SRJ-10-2018-0259
ISSN: 1747-1117

Keywords

  • Corporate financial performance
  • Corporate social responsibility
  • Financial slack
  • System generalised method of moments (SYS-GMM)

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Article
Publication date: 8 July 2019

The role of marketing capability in linking CSR to corporate financial performance: When CSR gives positive signals to stakeholders

Sean Yim, Young Han Bae, Hyunwoo Lim and JaeHwan Kwon

The authors use signaling theory in proposing a conceptual framework that simultaneously incorporates both the mediating effects of corporate reputation (CR) and the…

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Abstract

Purpose

The authors use signaling theory in proposing a conceptual framework that simultaneously incorporates both the mediating effects of corporate reputation (CR) and the moderating effects of marketing capability (MC) into the corporate social responsibility (CSR)–corporate financial performance (CFP) link and theorize a single moderated mediation model. The empirical results of the research confirm the theorized moderated mediation model among the four variables, where a firm’s CR plays a mediating role in the relationship between CSR and CFP, and a firm’s MC moderates the effect of CSR on CR exclusively in the first link. Both theoretical and practical implications of the moderated mediation model are discussed.

Design/methodology/approach

This study uses structural equation model estimations with the relevant secondary datasets collected from publicly available databases.

Findings

The empirical results confirm the theorized moderated mediation model in the conceptual framework that uses signaling theory. Specifically, the results identify the moderating role of MC in only the CSR- CR link (but not in the CR and CFP link), such that CR plays a moderated mediation role in the CSR–CFP link.

Research limitations/implications

The current research is not without limitations. These limitations mainly stem from data sets used in the empirical analyses. More details are discussed in the limitations and future research directions section.

Practical implications

The empirical findings suggest that a firm needs to develop a consolidated CSR-marketing program, simultaneously satisfying stakeholders’ needs for both the firm’s socially desirable business practices and value-creating marketing programs to increase its CR, which will, in turn, lead to better profitability for the firm.

Originality/value

To the best of the authors’ knowledge, the current research is the first to use signaling theory in building a conceptual framework that theorizes a moderated mediation model regarding the simultaneous effects of CR and MC on the relationship between CSR and CFP and to empirically test this conceptual framework of the single moderated mediation model. By doing so, the current research clarifies an unanswered question in the literature of whether the underlying mechanism in the CSR–CFP link is based on a mediated moderation or moderated mediation of CR and MC.

Details

European Journal of Marketing, vol. 53 no. 7
Type: Research Article
DOI: https://doi.org/10.1108/EJM-08-2017-0526
ISSN: 0309-0566

Keywords

  • Corporate social responsibility (CSR)
  • Corporate financial performance (CFP)
  • Corporate reputation (CR)
  • Marketing capability (MC)
  • Relationship between CSR and CFP

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Article
Publication date: 3 October 2016

Corporate social and financial performance in different industry contexts: the chicken or the egg?

Anni Tuppura, Heli Arminen, Satu Pätäri and Ari Jantunen

The purpose of the paper is to examine empirically Granger causality relationships between corporate social performance (CSP) and corporate financial performance (CFP) in…

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Abstract

Purpose

The purpose of the paper is to examine empirically Granger causality relationships between corporate social performance (CSP) and corporate financial performance (CFP) in four different industries.

Design/methodology/approach

The paper uses the Granger causality test to analyse the causality relationships between CSP and CFP in clothing, energy, food and forest industries in the USA. The panel data used combined CSP and CFP measures over the years 1991-2009. CSP strengths and concerns are handled as distinct constructs.

Findings

There is some evidence of bidirectional causality between CSP and CFP in the clothing, energy and forest industries; but in the food industry, CSP appears not to Granger-cause CFP. The results encourage accounting for the industry in empirical analyses, as well as the use of more than one measure for CFP in the analyses.

Originality/value

The direction of causality between CSP and CFP has been specifically addressed in only a few studies. Because the causality relationship may, in addition, be concealed when multi-industry data are used, this paper contributes to the literature by examining the Granger causality between CSP and CFP in four different industry contexts using two different measures of CFP.

Details

Social Responsibility Journal, vol. 12 no. 4
Type: Research Article
DOI: https://doi.org/10.1108/SRJ-12-2015-0181
ISSN: 1747-1117

Keywords

  • Corporate social responsibility
  • Granger causality
  • Panel data
  • Corporate social performance
  • Corporate financial performance

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Article
Publication date: 18 November 2020

Managing carbon footprint for a sustainable supply chain: a systematic literature review

Piya Ghosh, Ajay Jha and RRK Sharma

The carbon emissions due to industrial production and market consumption activities are the major contributors to global warming. With the signing of UN Paris Accord 2016…

Open Access
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Abstract

Purpose

The carbon emissions due to industrial production and market consumption activities are the major contributors to global warming. With the signing of UN Paris Accord 2016 on climate change, the world's major countries are devising measures to combat climate change and attain a sustainable, low-carbon future. Globalization demands companies not only to adopt greener manufacturing practices internally for reduced carbon footprint (CFP) but beyond its boundaries (i.e. its supply chain). This study aims to discuss the relationship between CFP and sustainable supply chain, as evident in the current literature and industry practices. It provides a total comprehension of past, present and future headings in the CFP area and its contribution to a sustainable supply chain.

Design/methodology/approach

A systematic literature review and analysis have been undertaken in supply chain sustainability and CFP. A bibliometric approach is adopted for this investigation, and one of the biggest computerized databases, “Scopus,” has been picked. In total, 37 articles have been zeroed in after a careful and watchful screening of firmly related topics.

Findings

Most researchers gave predominance to environmental impact among the three pillars of sustainability (economy, society and the environment) for a sustainable supply chain environment. Only a few researchers were motivated to cover social development and social responsibility aspects. This review highlights how managing a CFP is one of the significant attributes of sustainable development. Existing literature in the field of CFP and sustainability have been written on actual industry cases. Food, electricity and energy are some significant industries where supply chain sustainability successfully reduces carbon emission.

Originality/value

The theory-building strategy with recommendations on the conceptualization of a sustainable supply chain is limited in the literature. This study gives broad ideas on how organizations modified and redeveloped different tools and technologies to make their supply chain more sustainable. The strategic role of different carbon policies, environmental rules and regulations in the domain of CFP is also recognized in this work. This study highlights the biases of most of the researches toward applications than policy interventions. This study discusses the theoretical perspective about how CFP affects supply chain management and helps organizations and researchers develop a new set of approaches in handling CFP and other sustainability aspects.

Details

Modern Supply Chain Research and Applications, vol. 2 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/MSCRA-06-2020-0016
ISSN: 2631-3871

Keywords

  • Carbon footprint
  • Sustainability
  • Sustainable supply chain
  • Global supply chain

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Book part
Publication date: 21 August 2019

The Impact of Corporate Social Responsibility on Financial Performance: Evidence from Commercial Banks in Mongolia

Amy Yueh-Fang Ho, Hsin-Yu Liang and Tumenjargal Tumurbaatar

This is the first study to investigate the impact of corporate social responsibility (CSR) on corporate financial performance (CFP) in Mongolian banks. We hand-collect…

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Abstract

This is the first study to investigate the impact of corporate social responsibility (CSR) on corporate financial performance (CFP) in Mongolian banks. We hand-collect data to construct CSR disclosure index from 65 annual reports of 12 banks in Mongolia from 2003 to 2012. The results indicate that banks with larger size or Chief Executive Officer duality exhibit higher CSR performance. Moreover, banks with higher CSR performance tend to have higher net interest margin and lower non-performing loan. Furthermore, the CSR–CFP relationship varies before and after the financial crisis. The findings provide meaningful insight to the foreign investors regarding the effect of CSR on the profitability and credit risk in Mongolian banking sector.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
DOI: https://doi.org/10.1108/S2514-465020190000007006
ISBN: 978-1-78973-285-6

Keywords

  • Mongolian commercial bank
  • corporate social responsibility
  • CSR
  • corporate financial performance
  • CFP
  • financial crisis
  • G21
  • M14
  • L25
  • G01

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Book part
Publication date: 16 October 2014

An Examination of the Relationship between Corporate Social Responsibility and Financial Performance: The Case of Chinese State-Owned Enterprises

Robert W. Rutledge, Khondkar E. Karim, Mark Aleksanyan and Chenlong Wu

Research in the field of corporate social responsibility (CSR) has grown exponentially in the last few decades. Nevertheless, significant debate remains about the…

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Abstract

Research in the field of corporate social responsibility (CSR) has grown exponentially in the last few decades. Nevertheless, significant debate remains about the relationship between CSR performance and corporate financial performance (CFP). This is particularly true for the case of Chinese state-owned enterprises (SOEs). The purpose of the current study is to empirically test the relationship between CSR and CFP. We use data for 66 Chinese SOEs listed on the Shanghai and Shenzhen stock exchanges. The results are interesting in that they are not consistent with similar studies using US and other Western market data. We find a significant negative relationship between CSR performance and CFP. The results are discussed in light of the preferential government treatment afforded to Chinese SOEs, and social welfare requirements imposed on such entities. Implications for Chinese policy-makers are discussed.

Details

Accounting for the Environment: More Talk and Little Progress
Type: Book
DOI: https://doi.org/10.1108/S1479-359820140000005001
ISBN: 978-1-78190-303-2

Keywords

  • Corporate social responsibility
  • financial performance
  • social performance
  • state-owned enterprises

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Article
Publication date: 9 December 2019

Extracting scientific trends by mining topics from Call for Papers

Noor Arshad, Abu Bakar, Saira Hanif Soroya, Iqra Safder, Sajjad Haider, Saeed-Ul Hassan, Naif Radi Aljohani, Salem Alelyani and Raheel Nawaz

The purpose of this paper is to present a novel approach for mining scientific trends using topics from Call for Papers (CFP). The work contributes a valuable input for…

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Abstract

Purpose

The purpose of this paper is to present a novel approach for mining scientific trends using topics from Call for Papers (CFP). The work contributes a valuable input for researchers, academics, funding institutes and research administration departments by sharing the trends to set directions of research path.

Design/methodology/approach

The authors procure an innovative CFP data set to analyse scientific evolution and prestige of conferences that set scientific trends using scientific publications indexed in DBLP. Using the Field of Research code 804 from Australian Research Council, the authors identify 146 conferences (from 2006 to 2015) into different thematic areas by matching the terms extracted from publication titles with the Association for Computing Machinery Computing Classification System. Furthermore, the authors enrich the vocabulary of terms from the WordNet dictionary and Growbag data set. To measure the significance of terms, the authors adopt the following weighting schemas: probabilistic, gram, relative, accumulative and hierarchal.

Findings

The results indicate the rise of “big data analytics” from CFP topics in the last few years. Whereas the topics related to “privacy and security” show an exponential increase, the topics related to “semantic web” show a downfall in recent years. While analysing publication output in DBLP that matches CFP indexed in ERA Core A* to C rank conference, the authors identified that A* and A tier conferences not merely set publication trends, since B or C tier conferences target similar CFP.

Originality/value

Overall, the analyses presented in this research are prolific for the scientific community and research administrators to study research trends and better data management of digital libraries pertaining to the scientific literature.

Details

Library Hi Tech, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/LHT-02-2019-0048
ISSN: 0737-8831

Keywords

  • Text mining
  • Topic modelling
  • Call for Papers (CFP)
  • DBLP
  • Hot topics
  • Trending conferences

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