文档介绍：Erasmus University Rotterdam
Master thesis : finance and accounting
What is the impact of corporate social responsibility disclosure on the performance of Dutch panies?
Section Finance and Accounting
Supervisor Dr. N. Kamp-Roelands
Co-reader . de Knecht RA
Student Emile Papavoine
Student number 284600
Abstract
Since the early seventies of the twentieth century, academic research have examined the impact of CSR adoption panies. Numerous studies focused their research on the interaction between Corporate Social Responsibility (CSR) performance and financial performance. The e of these studies show mixed results as positive, negative and neutral relationships are found. In addition to these studies a debate continues to take place between a traditional view and the stakeholders view. The traditional view argues that management should make decisions that maximize the present value of panies shareholders (Friedman, 1962). The stakeholders view argues panies have responsibilities that goes well beyond the maximizing of shareholders value (Swanson, 1999; Whetten, Rands & Godfrey, 2001). One way to resolve this debate is to find a business case for Corporate Social Responsibility. Therefore, I have examined the interaction between the disclosure of CSR activities and financial performance of Dutch panies. The transparency benchmark is used in this paper as a proxy to measure voluntary CSR disclosure. For financial performance the proxies sales, market share, cost of capital and debt asset ratio of pany are used. Consistent with prior empirical research that finds a neutral relationship, this paper finds not a significant relationship between CSR disclosure and financial performance.
In addition to this research I have conducted further analysis in which I used EIRIS (Ethical Investment Research Service) data to measure CSR performance. This analysis finds that CSR performance has in general a positive impact on the financial performance, of the firms in the sam