Corporate social performance, analyst stock recommendations, and firm future returns

Luo, Xueming; Wang, Heli; Raithel, Sascha; Zheng, Qinqin

doi:10.1002/smj.2219

Cited by 388 publications

(337 citation statements)

References 58 publications

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“…The above results support the research Luo et al (2015), Jia and Zhang (2013), Wang (2011) and Titisari et al (2010), stating that CSP has a positive influence on stock return. Nuzula and Kato (2011) said that the investor reaction as measured by abnormal return provide a good response to the disclosure of CSR.…”

Section: Individual Regression Test (T-test)supporting

confidence: 89%

“…Again, Allen et al (2007), Jia and Zhang (2013) and Luo et al (2015) revealed that the company can improve the welfare of the shareholders with care to stakeholders. Brammer et al (2006), Scholtens and Zhou (2008), and Wang (2011) found good relationships with stakeholders such as employees, customers, suppliers and the community will create added value intangible which ultimately increases the stock return.…”

Section: Theoretical Framework and Hypo-thesesmentioning

confidence: 99%

“…Luo et al (2015) found a positive effect of CSP on stock returns. However, Brammer et al (2006) found it negatively of the environment and employment on stock return while positively related community.…”

Section: Introductionmentioning

confidence: 96%

See 2 more Smart Citations

The effect of corporate performance on the stocks in the companies doing IPO

Suherman

Winadi

Ahmad

2016

JEBAV

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A B S T R A C TThis study tries to (1) A B S T R A K Tujuan penelitian ini adalah (1) menguji perbedaan kinerja sosial perusahaan (CSP) antara perusahaan IPO lama dan perusahaan IPO baru, dan (2) menguji pengaruh kinerja sosial perusahaan (CSP) terhadap return saham. Kinerja sosial perusahaan (CSP) yang diukur dengan NH approach dan return saham diukur dengan kumulatif return abnormal (CAR) dan holding-period returns (HPR). Sampel penelitian ini terdiri dari 75 perusahaan yang melakukan IPO di Bursa Efek

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Section: Individual Regression Test (T-test)supporting

confidence: 89%

Section: Theoretical Framework and Hypo-thesesmentioning

confidence: 99%

See 1 more Smart Citation

The effect of corporate performance on the stocks in the companies doing IPO

Suherman

Winadi

Ahmad

2016

JEBAV

View full text Add to dashboard Cite

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“…The data is converted into units that enable the calculation of scores ranging from 0 to 100, which represent a firm's performance in a given dimension relative to the entire Asset4 universe in a year. The Asset4 scores have been used in other studies (Cheng et al, 2014;Ioannou and Serafeim, 2012;Luo et al, 2014).…”

Section: Datamentioning

confidence: 99%

Unraveling the effects of environmental outcomes and processes on financial performance: A non-linear approach

Misani

Pogutz

2015

Ecological Economics

138

151

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We examine the roles of the outcome and process dimensions of environmental performance in determining financial performance as measured by Tobin's q. Outcomes refer to the impacts of the firm on the natural environment, while processes are the firm's actions to reduce these outcomes. We focus on a specific outcome-carbon emissions-and suggest that it affects Tobin's q non-linearly. We find that firms achieve the highest financial performance when their carbon performance is neither low nor high, but intermediate. We also find that environmental processes moderate this relationship as they reinforce firms' financial performance through improved stakeholder management. This mixed picture suggests that firms do not generally internalize the costs of poor carbon performance, but those that stand out in both environmental outcomes and processes achieve net financial benefits. These findings are based on a sample of carbon-intensive firms that disclosed their greenhouse gas (GHG) emissions through the Carbon Disclosure Project from 2007 through 2013.

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“…The sustainable competitive advantage for firms results from the intangible paybacks of CSR (Branco & Rodrigues, 2006). Most of the studies found a positive relationship between CSR and Performance (Aupperle et al, 1985;Luo et al, 2014;Maignan et al, 1999;McGuire et al, 1988;McWilliams & Siegel, 2000;Orlitzky, 2008;Orlitzky et al, 2003;Waddock & Graves, 1997). CSR also reduces business risk (Moore, 2001;Orlitzky & Benjamin, 2001).…”

Section: Csr and Financial Performancementioning

confidence: 99%

A Structural Equation Model of CSR and Performance: Mediation by Innovation and Productivity

Al-Shuaibi¹

2016

JMS

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This study has explored the role of Innovation and productivity as mediating factors between Corporate Social Responsibility (CSR) and firm's Performance relationship. The objectives of this study are to build and test a theoretical model to identify the mediating factors in the linkage between CSR and performance.The theoretical model (CIPP Model) is deduced using strategic paradigm of literature. It consists of CSR, Innovation, Productivity, and Performance dimensions. Furthermore, several hypotheses were generated to examine the model. Structural Equation Modeling (SEM) is employed to test the model using data from CSR practicing firms 197 from Saudi Arabia. Confirmatory Factor Analysis (CFA) is performed followed by Structural Equation Modeling to examine the model. The results generally support the hypothesized model with research and managerial implications. The mediation of Innovation along with productivity in CSR linkage to performance isa major contribution to the literature, which may help to explore the black box in the relationship of CSR with performance. Besides proving the business case for the CSR in general, it also advocates the adoption of CSR practices by firms and MNEs operating in the developing countries, as it may enhance innovation and productivity leading to their increased financial performance. This model would be practical and useful for business managers that seek a competitive solution for succeeding in a business crisis and work in the settings of international business.

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Corporate social performance, analyst stock recommendations, and firm future returns

Cited by 388 publications

References 58 publications

The effect of corporate performance on the stocks in the companies doing IPO

The effect of corporate performance on the stocks in the companies doing IPO

Unraveling the effects of environmental outcomes and processes on financial performance: A non-linear approach

A Structural Equation Model of CSR and Performance: Mediation by Innovation and Productivity

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