Universitat Autònoma de Barcelona
The aim of this study is to analyze the effect exerted by corporate social strategies on (short-term and long-term) corporate financial performance (CFP). To this end, we use data on firms listed in the Stoxx Europe 600 index and Stoxx Europe Sustainability index from 2007 to 2010. On the sample data, we implement random and fixed effects panel data methodology corrected by heteroskedasticity, serial correlation, and/or cross-sectional dependence. The results obtained show that the implementation of corporate social responsibility (CSR) strategy, the level of economic development of the country and firm size determine CFP. In addition, the investment in research and development influences the return on assets while the company's financial slack affects the Tobin's Q. So, companies that contribute to sustainable development incur higher CFP Environment
English
Responsabilitat social de l'empresa; Corporate social responsibility; Sustainable development; Corporate social performance; Corporate financial performance; Panel data; European firms
Corporate Social Responsibility and Environmental Management ; Vol. 22, Num. 5 (2015), p. 257-319
open access
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