作者: Dan L. Worrell , Wallace N. Davidson
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摘要: A Comparison and Test of the Use Accounting Stock Market Data in Relating Corporate Social Responsibility Financial Performance Management finance can be enriched tremendously by research that crosses boundary lines[9, 28, 33, 38, 40]. Each field, however, may occasionally suffer from discipline bias misunderstanding other. One discipline, for example, use tools techniques other without comprehending their full ramifications. The relationship between corporate social responsibility (CSR) financial performance is a topic merits careful interdisciplinary examination. In this paper we explore problems inherent employing accounting data as measure performance, test appropriateness using CSR research. We compare results recent stock market based study an event test[18] with returns computed same sample show are not sensitive to performance. PAST RESEARCH Researchers have reached no clear consensus on relationships subsequent Of 25 published studies examined, 14 reported positive association[3, 8, 10, 12, 15, 16, 25, 26, 37, 39, 41, 44, 45, 46]. Seven studies[1, 2, 6, 21, 22, 30, 35,] real link these variables. Four studies[23, 27, 47, 50] found negative relationship, two[11, 48] described U-shaped curve where highest performing firms were those middle range CSR. Reviews contradictory findings (Arlow Gannon[5], Cochran Wood[16], Ullmann[49] suggest three major explanations lack issue: (1) questionable indexes responsibility, (2) inadequate sampling techniques, (3) poor measures latter observation particularly noteworthy. There appears false belief minds many "methodological complexities developing measurements appropriate now fairly well appreciated"[32, p. 3]. year, Aupperle, Caroll, Hatfield[6, 446] assert "assessing profitability relatively clear-cut process, but assessing not." purpose demonstrate fallacy assumption case accounting-determined been used majority relating Specifically, Abbott Monsen[1], Carroll, Hatfield[6], Bowman[10], Bowman Haire[11], Bragdon Marlin[12], Chen Metcalf[15], Freedman Jaggi[22], Fry Hock[23], Heinz[25], Ingram Frazier[27], Kedia Kuntz[30], McGuire, Sundgren, Schneeweis[35], Parket Elibirt[39], Preston[41], Spencer Taylor[45], Spicer[46], Sturdivant Ginter[48] all net income, ROE, ROA, EPS, P/E ratios and/or variations them at least one researchers making large cross-sectional comparisons across industries time. fall into two categories. first category includes general measures, second particular specific profitability. GENERAL PROBLEMS WITH ACCOUNTING DATA numerous associated data, when made. Some discussed more completely Merchant Burns[36]. These include industry regulatory differences, demographic risk, leverage, inflation, timing. …