英文文献：Corporate Social Responsibility And Financial Performance: New Evidence From Europe-企业社会责任与财务业绩:来自欧洲的新证据
英文文献作者：Eva Koscher
英文文献摘要：
Nowadays, corporations are facing an increased demand not only to achieve robust economic growth, but also to operate in a more ethical and responsible manner. But as long as the majority of economic agents place their own welfare above that of society, the question is: Which incentives does a company have to engage in CSR activities? Will companies benefit financially from their activities, or will they face mainly constraints by increased non-profitable spending? To answer this question, this paper examines the link between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP). By using recent data from European companies, our paper extends prior large-scale Anglo-American research and tries to shed some light on the causal relationship between CSR and CFP as well as on country effects. We further introduce of a new measure for CSR to reduce the few-measure bias that has plagued the current body of research. By employing this new measure to established empirical methods, our approach allows for direct comparison with results from previous studies. Consistent with past studies, we find a positive relationship between CSR and CFP when we use traditional regression analysis. However, our results fail to lend support to the idea of a business case for CSR since we could not find a positive relationship between lagged CSR measures and current CFP when we use the Granger causality approach. Instead, our findings suggest that strong financial performance leads to more CSR activities (especially in the environmental field) as stated by the slack resources theory. Hence, companies who can afford CSR activities are good at being green/social. Our results indicate further that the institutional environment of the United Kingdom might be more favorable to honor responsible activities compared to other European countries.

如今，企业面临着日益增长的需求，不仅要实现强劲的经济增长，而且要以更有道德和负责任的方式经营。但只要大多数经济主体将自身福利置于社会福利之上，那么问题就来了:企业从事企业社会责任活动的动机是什么?公司会从它们的活动中获得财务上的收益，还是会主要面临非盈利支出增加的限制?为了回答这个问题，本文考察了企业社会责任(CSR)和企业财务绩效(CFP)之间的联系。通过使用最近来自欧洲公司的数据，我们的论文扩展了先前的大规模英美研究，并试图阐明企业社会责任和财务绩效之间的因果关系以及国家效应。我们进一步引入一种新的CSR措施，以减少困扰目前研究机构的少措施偏见。通过将这种新方法应用于已有的经验方法，我们的方法可以与以前的研究结果进行直接比较。与以往的研究一致，我们在使用传统回归分析时发现企业社会责任与财务绩效之间存在正相关关系。然而，我们的结果未能支持企业社会责任的商业案例，因为当我们使用格兰杰因果关系方法时，我们无法发现滞后的企业社会责任措施与当前财务绩效之间存在正相关关系。相反，我们的研究结果表明，正如资源宽松理论所述，强劲的财务业绩会导致更多的企业社会责任活动(尤其是在环境领域)。因此，能够承担企业社会责任的企业在绿色/社会化方面做得很好。我们的结果进一步表明，与其他欧洲国家相比，英国的制度环境可能更有利于尊重负责任的活动。