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  1. In Good Times but Not in Bad: The Role of Managerial Discretion in Moderating the Stakeholder Management and Financial Performance Relationship.Ali M. Shahzad, Matthew A. Rutherford & Mark P. Sharfman - 2016 - Business and Society Review 121 (4):497-528.
    We examine the role of managers in controlling the positive impact of stakeholder management (SM) on firm financial performance (FP) in the long term. We develop and test competing hypotheses on whether managers act as “good citizens” or engage in “self‐dealing” when allowed greater discretion. We test our assertions using dynamic panel data analysis of a sample of 806 U.S. public firms operating in 34 industries over 5 years (2005–2009). Our results indicate a nuanced influence of managerial discretion contexts on (...)
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  • Corporate Social Performance and Financial Performance: Sample-Selection Issues.Mark P. Sharfman & Ali M. Shahzad - 2017 - Business and Society 56 (6):889-918.
    The vast majority of extant empirical research examining the relationship between corporate social performance and financial performance selects samples of only those firms which are observed engaging in CSP. In this study, the authors assert that firms’ efforts to pursue CSP and subsequently their appearance in social-choice investment advisory firms’ ranking databases are non-random. Studying the CSP–FP link using selected samples of only those firms whose social performance is ranked by SIA firms introduces a sample-selection bias which limits generalization of (...)
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  • Benchmarking Tendencies in Managerial Mindsets: Prioritizing Stockholders and Stakeholders in Peru, South Africa, and the United States.John A. Parnell, Gregory J. Scott & Georgios Angelopoulos - 2013 - Journal of Business Ethics 118 (3):589-605.
    Managers in Peru, South Africa, and the United States were classified into four groups along Singhapakdi et al. (J Bus Ethics 15:1131–1140, 1996) Perceived Role of Ethics and Social Responsibility (PRESOR) scale. In Peru and the United States, individuals in the ethics and social responsibility first category reported greater satisfaction with organizational performance than did those in the profits first category. Moral capitalists—individuals who report high emphases on both social responsibility and profits—reported the highest satisfaction with performance in the United (...)
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  • Broad or Narrow Stakeholder Management? A Signaling Theory Perspective.Marc O. Orlitzky, Dirk M. Boehe & Limin Fu - 2022 - Business and Society 61 (7):1838-1880.
    To mitigate risk, should companies signal a broad range of environmental, social, and governance initiatives or instead focus on only a few ESG issues? Drawing on signaling theory, we propose that a broad array of ESG initiatives generates not only signal consistency but also accelerating signal costs. Our empirical results support the resultant hypothesis of a curvilinear relationship between ESG scope and equity risk. In addition, this U-shaped curve seems to become steeper when firms face multiple media-reported ESG controversies. Overall, (...)
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  • Corporate Social Performance: A Review of Empirical Research Examining the Corporation–Society Relationship Using Kinder, Lydenberg, Domini Social Ratings Data. [REVIEW]James E. Mattingly - 2017 - Business and Society 56 (6):796-839.
    This article reviews empirical research of corporate social performance using Kinder, Lydenberg, Domini social ratings data through 2011. The review synthesizes 100 empirical studies, noting consistencies and inconsistencies among studies examining similar constructs. Notable consistencies were that, although accounting measures of financial performance were a positive outcome of CSP, the same was not often true of stock returns. Also, demographics of top management teams increased CSP strengths, but did not reduce concerns, whereas organizational decentralization reduced CSP concerns. Notable inconsistencies were (...)
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  • Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity.Roberto Garcia-Castro, Miguel A. Ariño & Miguel A. Canela - 2010 - Journal of Business Ethics 92 (1):107-126.
    The empirical relationship between a firm’s social performance and its financial performance is still not well established in the literature. Despite more than 30 years of research and more than 100 empirical studies on the issue, the results are still mixed. We argue that the heterogeneous results found in previous studies are not due exclusively to problems related with the measurement instruments or the samples used. Instead, we posit that a more fundamental problem related with the endogeneity of social strategic (...)
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  • Post hoc ergo propter hoc: methodological limits of performance-oriented studies in CSR.Marian Eabrasu - 2015 - Business Ethics: A European Review 24 (3):S11-S23.
    This paper enquires into the possibility of establishing a causal link between social performance (SP) and financial performance (FP) in corporate social responsibility (CSR). It shows that this endeavour is limited by several biasing factors (such as time horizons, sample choices and the tools chosen to measure SP and FP) and faces the logical fallacy post hoc ergo propter hoc (after this, therefore because of this), which indicates that a sequence of events does not necessarily establish a causal link. The (...)
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