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The Relationship between Social and Financial Performance

Ronald M. Roman, Sefa Hayibor & Bradley R. Agle

Business and Society 38 (1):109-125 (1999)

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The Corporate Social Performance and Corporate Financial Performance Debate.Jennifer J. Griffin & John F. Mahon - 1997 - Business and Society 36 (1):5-31.details This article extends earlier research concerning the relationship between corporate social performance and corporate financial performance, with particular emphasis on methodological inconsistencies. Research in this area is extended in three critical areas. First, it focuses on a particular industry, the chemical industry. Second, it uses multiple sources of data-two that are perceptual based (KLD Index and Fortune reputation survey), and two that are performance based (TRI database and corporate philanthropy) in order to triangulate toward assessing corporate social performance. Third, it (...) Download Export citation Bookmark 217 citations
The Corporate Social-Financial Performance Relationship.Lee E. Preston & Douglas P. O'Bannon - 1997 - Business and Society 36 (4):419-429.details This research note analyzes the relationship between indicators of corporate social and financial performance within a comprehensive theoretical framework. The results, based on data for 67 large U.S. corporations for 1982-1992, reveal no significant negative social-financial performance relationships and strong positive correlations in both contemporaneous and lead-lag formulations. Download Export citation Bookmark 100 citations
Socially Irresponsible and Illegal Behavior and Shareholder Wealth A Meta-Analysis of Event Studies.Jeff Frooman - 1997 - Business and Society 36 (3):221-249.details This article provides empirical results indicating that acting in a socially respon- sible and lawful manner is a necessary, though not sufficient, condition for increasing shareholder wealth. It meta-analyzes 27 event studies that have mea- sured the stock market's reaction to incidences of socially irresponsible and illicit behavior. It finds that for firms engaging in socially irresponsible and illicit behavior, the effect on shareholder wealth is negative (wealth decreases), statisti- cally significant (p <.001), and so substantial in size (D = (...) Download Export citation Bookmark 87 citations
An Empirical Study of the Predictors of Corporate Social Performance: A Multi-Dimensional Analysis.Linda D. Lerner & Gerald E. Fryxell - 1988 - Journal of Business Ethics 7 (12):951 - 959.details This study examines corporate social performance (CSP) as a multi-dimensional concept and relates each dimension to a variety of explanatory variables. Regression analysis is used to test the proposition that the determinants of CSP will vary with the dimension of CSP under investigation. The results of this exploratory analysis indicate they relate in unique patterns to the different measures of social performance. Implications for future research are discussed. Download Export citation Bookmark 14 citations
Institutional ownership of stock and dimensions of corporate social performance: An empirical examination. [REVIEW]Betty S. Coffey & Gerald E. Fryxell - 1991 - Journal of Business Ethics 10 (6):437 - 444.details Collectively, institutions own an increasing proportion of outstanding corporate equities. As an emergent force in shaping corporate America, the linkages between institutional ownership and corporate social performance (CSP) require empirical examination. Not only do corporate policy makers need to know those areas where social performance may lure or inhibit capital infusions, lawmakers also need a better understanding of the social forces guiding corporate policy. As anticipated, this study found a positive relationship between the amount of institutional ownership of corporate stock (...) Download Export citation Bookmark 38 citations

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