메뉴 건너뛰기




Volumn 109, Issue 3, 2012, Pages 367-388

Corporate Social and Financial Performance Re-Examined: Industry Effects in a Linear Mixed Model Analysis

Author keywords

Corporate financial performance; Corporate social performance; Linear mixed model; Panel data analysis; Residual income model

Indexed keywords


EID: 84865826870     PISSN: 01674544     EISSN: 15730697     Source Type: Journal    
DOI: 10.1007/s10551-011-1135-z     Document Type: Article
Times cited : (166)

References (59)
  • 2
    • 27844568458 scopus 로고    scopus 로고
    • Empirical testing of different alternative proxy measures for firm size
    • Al-Khazali, O., & Zoubi, T. (2005). Empirical testing of different alternative proxy measures for firm size. Journal of Applied Business Research (JABR), 21(3), 79.
    • (2005) Journal of Applied Business Research (JABR) , vol.21 , Issue.3 , pp. 79
    • Al-Khazali, O.1    Zoubi, T.2
  • 3
    • 59549098862 scopus 로고    scopus 로고
    • A meta-analytical investigation of the relationship between corporate social and financial performance
    • Allouche, J., & Laroche, P. (2005). A meta-analytical investigation of the relationship between corporate social and financial performance. Revue de Gestion des Ressources Humaines, 57(1), 8.
    • (2005) Revue De Gestion Des Ressources Humaines , vol.57 , Issue.1 , pp. 8
    • Allouche, J.1    Laroche, P.2
  • 5
    • 33750080182 scopus 로고    scopus 로고
    • Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance
    • Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: The curvilinear relationship between social responsibility and financial performance. Strategic Management Journal, 27, 1101.
    • (2006) Strategic Management Journal , vol.27 , pp. 1101
    • Barnett, M.L.1    Salomon, R.M.2
  • 6
    • 18144388600 scopus 로고    scopus 로고
    • International evidence on ethical mutual fund performance and investment style
    • Bauer, R., Koedijk, K., & Otten, R. (2005). International evidence on ethical mutual fund performance and investment style. Journal of Banking Finance, 29(7), 1751.
    • (2005) Journal of Banking Finance , vol.29 , Issue.7 , pp. 1751
    • Bauer, R.1    Koedijk, K.2    Otten, R.3
  • 7
    • 33749074837 scopus 로고
    • A test for systematic variation in regression coefficients
    • Cambridge: National Bureau of Economic Research Inc
    • Belsley, D. A. (1973). A test for systematic variation in regression coefficients. In Anonymous, Annals of Economic and Social Measurement, Vol. 2, Number 4 (p. 492). Cambridge: National Bureau of Economic Research Inc.
    • (1973) Anonymous, Annals of Economic and Social Measurement , vol.2 , Issue.4 , pp. 492
    • Belsley, D.A.1
  • 8
    • 0033247292 scopus 로고    scopus 로고
    • Does stakeholder orientation matter? The relationship between stakeholder management models and firm performance
    • Berman, S. L., Wick, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm performance. Academy of Management Journal, 42(5), 488.
    • (1999) Academy of Management Journal , vol.42 , Issue.5 , pp. 488
    • Berman, S.L.1    Wick, A.C.2    Kotha, S.3    Jones, T.M.4
  • 9
    • 33750522004 scopus 로고    scopus 로고
    • Corporate social performance and stock returns: UK evidence from disaggregate measures
    • Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97.
    • (2006) Financial Management , vol.35 , Issue.3 , pp. 97
    • Brammer, S.1    Brooks, C.2    Pavelin, S.3
  • 10
    • 28444449083 scopus 로고    scopus 로고
    • Using expectations to test asset pricing models
    • Brav, A., Lehavy, R., & Michaely, R. (2005). Using expectations to test asset pricing models. Financial Management, 34(3), 31.
    • (2005) Financial Management , vol.34 , Issue.3 , pp. 31
    • Brav, A.1    Lehavy, R.2    Michaely, R.3
  • 11
    • 0346026446 scopus 로고    scopus 로고
    • Equity valuation employing the ideal versus ad hoc terminal value expressions
    • Courteau, L., Kao, J. L., & Richardson, G. D. (2001). Equity valuation employing the ideal versus ad hoc terminal value expressions. Contemporary Accounting Research, 18(4), 625.
    • (2001) Contemporary Accounting Research , vol.18 , Issue.4 , pp. 625
    • Courteau, L.1    Kao, J.L.2    Richardson, G.D.3
  • 13
    • 0034245496 scopus 로고    scopus 로고
    • Do corporate global environmental standards create or destroy market value?
    • Dowell, G., Hart, S., & Young, B. (2000). Do corporate global environmental standards create or destroy market value? Management Science, 46, 1059.
    • (2000) Management Science , vol.46 , pp. 1059
    • Dowell, G.1    Hart, S.2    Young, B.3
  • 14
    • 84977737676 scopus 로고
    • The cross-section of expected stock returns
    • Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427.
    • (1992) The Journal of Finance , vol.47 , Issue.2 , pp. 427
    • Fama, E.F.1    French, K.R.2
  • 16
    • 0000928969 scopus 로고
    • Risk, return and equilibrium: Empirical tests
    • Fama, E. F., & MacBeth, J. D. (1973). Risk, return and equilibrium: Empirical tests. Journal of Political Economy, 81(3), 607.
    • (1973) Journal of Political Economy , vol.81 , Issue.3 , pp. 607
    • Fama, E.F.1    MacBeth, J.D.2
  • 17
    • 0002424045 scopus 로고    scopus 로고
    • Does improving a firm's environmental management systems and environmental performance result in a higher stock price?
    • Feldman, S. J., Soyka, P. A., & Ameer, P. G. (1997). Does improving a firm's environmental management systems and environmental performance result in a higher stock price? The Journal of Investing, 6(4), 87.
    • (1997) The Journal of Investing , vol.6 , Issue.4 , pp. 87
    • Feldman, S.J.1    Soyka, P.A.2    Ameer, P.G.3
  • 19
    • 0001223696 scopus 로고
    • The politics of stakeholder theory: Some future directions
    • Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business Ethics Quarterly, 4(4), 409.
    • (1994) Business Ethics Quarterly , vol.4 , Issue.4 , pp. 409
    • Freeman, R.E.1
  • 20
    • 14844326873 scopus 로고    scopus 로고
    • The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection
    • Goldreyer, E. F., & Diltz, J. D. (1999). The performance of socially responsible mutual funds: Incorporating sociopolitical information in portfolio selection. Managerial Finance, 25(1), 23.
    • (1999) Managerial Finance , vol.25 , Issue.1 , pp. 23
    • Goldreyer, E.F.1    Diltz, J.D.2
  • 21
    • 0000171195 scopus 로고    scopus 로고
    • The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research
    • Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society, 36(1), 5.
    • (1997) Business and Society , vol.36 , Issue.1 , pp. 5
    • Griffin, J.J.1    Mahon, J.F.2
  • 22
    • 0002878373 scopus 로고
    • Doing well while doing good? The investment performance of socially responsible mutual funds
    • Hamilton, S., Jo, H., & Statman, M. (1993). Doing well while doing good? The investment performance of socially responsible mutual funds. Financial Analysts Journal, 49(6), 62.
    • (1993) Financial Analysts Journal , vol.49 , Issue.6 , pp. 62
    • Hamilton, S.1    Jo, H.2    Statman, M.3
  • 24
    • 0038159332 scopus 로고    scopus 로고
    • Shareholder value, stakeholder management, and social issues: What's the bottom line?
    • Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: What's the bottom line? Strategic Management Journal, 22(2), 125.
    • (2001) Strategic Management Journal , vol.22 , Issue.2 , pp. 125
    • Hillman, A.J.1    Keim, G.D.2
  • 25
    • 0036328813 scopus 로고    scopus 로고
    • Value maximization, stakeholder theory, and the corporate objective function
    • Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235.
    • (2002) Business Ethics Quarterly , vol.12 , Issue.2 , pp. 235
    • Jensen, M.C.1
  • 26
    • 35548966695 scopus 로고    scopus 로고
    • The effect of socially responsible investing on portfolio performance
    • Kempf, A., & Osthoff, P. (2007). The effect of socially responsible investing on portfolio performance. European Financial Management, 13(5), 908.
    • (2007) European Financial Management , vol.13 , Issue.5 , pp. 908
    • Kempf, A.1    Osthoff, P.2
  • 27
    • 38249018660 scopus 로고
    • A direct test of the cognitive bias theory of share price reversals
    • Klein, A. (1990). A direct test of the cognitive bias theory of share price reversals. Journal of Accounting & Economics, 13(2), 155.
    • (1990) Journal of Accounting & Economics , vol.13 , Issue.2 , pp. 155
    • Klein, A.1
  • 31
    • 0000027501 scopus 로고
    • Towards reconciliation of market performance measures to strategic management research
    • Lubatkin, M., & Shrieves, R. E. (1986). Towards reconciliation of market performance measures to strategic management research. The Academy of Management Review, 11(3), 497.
    • (1986) The Academy of Management Review , vol.11 , Issue.3 , pp. 497
    • Lubatkin, M.1    Shrieves, R.E.2
  • 33
    • 0347569255 scopus 로고    scopus 로고
    • Misery loves companies: Rethinking social initiatives by business
    • Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268.
    • (2003) Administrative Science Quarterly , vol.48 , Issue.2 , pp. 268
    • Margolis, J.D.1    Walsh, J.P.2
  • 34
    • 33748714717 scopus 로고    scopus 로고
    • Toward a unified theory of the CSP-CFP link
    • Marom, I. Y. (2006). Toward a unified theory of the CSP-CFP link. Journal of Business Ethics, 67(2), 191.
    • (2006) Journal of Business Ethics , vol.67 , Issue.2 , pp. 191
    • Marom, I.Y.1
  • 36
    • 0035529262 scopus 로고    scopus 로고
    • Corporate social responsibility: A theory of the firm perspective
    • McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117.
    • (2001) Academy of Management Review , vol.26 , Issue.1 , pp. 117
    • McWilliams, A.1    Siegel, D.2
  • 37
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton, R. C. (1987). A simple model of capital market equilibrium with incomplete information. Journal of Finance, 42(3), 483.
    • (1987) Journal of Finance , vol.42 , Issue.3 , pp. 483
    • Merton, R.C.1
  • 38
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: A meta-analysis
    • Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403.
    • (2003) Organization Studies , vol.24 , Issue.3 , pp. 403
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 39
    • 0001243028 scopus 로고    scopus 로고
    • A comparison of dividend, cash flow, and earnings approaches to equity valuation
    • Penman, S. H., & Sougiannis, T. (1998). A comparison of dividend, cash flow, and earnings approaches to equity valuation. Contemporary Accounting Research, 15(3), 343.
    • (1998) Contemporary Accounting Research , vol.15 , Issue.3 , pp. 343
    • Penman, S.H.1    Sougiannis, T.2
  • 40
    • 54249086465 scopus 로고    scopus 로고
    • The corporate social-financial performance relationship
    • Preston, L. E., & O'Bannon, D. P. (1997). The corporate social-financial performance relationship. Business and Society, 36(4), 419.
    • (1997) Business and Society , vol.36 , Issue.4 , pp. 419
    • Preston, L.E.1    O'Bannon, D.P.2
  • 42
    • 0000648727 scopus 로고    scopus 로고
    • The relationship between social and financial performance: Repainting a portrait
    • Roman, R. M., Hayibor, S., & Agle, B. R. (1999). The relationship between social and financial performance: Repainting a portrait. Business and Society, 38(1), 109.
    • (1999) Business and Society , vol.38 , Issue.1 , pp. 109
    • Roman, R.M.1    Hayibor, S.2    Agle, B.R.3
  • 43
    • 84992904020 scopus 로고    scopus 로고
    • A brand new brand of corporate social performance
    • Rowley, T., & Berman, S. (2000). A brand new brand of corporate social performance. Business & Society, 39(4), 397.
    • (2000) Business & Society , vol.39 , Issue.4 , pp. 397
    • Rowley, T.1    Berman, S.2
  • 44
    • 0035845117 scopus 로고    scopus 로고
    • An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective
    • Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32(2), 143.
    • (2001) Journal of Business Ethics , vol.32 , Issue.2 , pp. 143
    • Ruf, B.M.1    Muralidhar, K.2    Brown, R.M.3    Janney, J.J.4    Paul, K.5
  • 45
    • 0031510753 scopus 로고    scopus 로고
    • A resource-based perspective on corporate environmental performance and profitability
    • Russo, M., & Fouts, P. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40, 534.
    • (1997) Academy of Management Journal , vol.40 , pp. 534
    • Russo, M.1    Fouts, P.2
  • 46
    • 0141670313 scopus 로고    scopus 로고
    • The link between corporate social and financial performance: Evidence from the banking industry
    • Simpson, W. G., & Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of Business Ethics, 35(2), 97.
    • (2002) Journal of Business Ethics , vol.35 , Issue.2 , pp. 97
    • Simpson, W.G.1    Kohers, T.2
  • 47
    • 1542366904 scopus 로고    scopus 로고
    • Fitting individual growth models using SAS PROC MIXED
    • D. S. Moskowitz and S. L. Hershberger (Eds.), Mahwah: L. Erlbaum Associates
    • Singer, J. D. (2002). Fitting individual growth models using SAS PROC MIXED. In D. S. Moskowitz & S. L. Hershberger (Eds.), Modeling intraindividual variability with repeated measures data: Methods and applications (p. 135). Mahwah: L. Erlbaum Associates.
    • (2002) Modeling Intraindividual Variability with Repeated Measures Data: Methods and Applications , pp. 135
    • Singer, J.D.1
  • 49
    • 0009333581 scopus 로고    scopus 로고
    • Socially responsible mutual funds
    • Statman, M. (2000). Socially responsible mutual funds. Financial Analysts Journal, 56(3), 100.
    • (2000) Financial Analysts Journal , vol.56 , Issue.3 , pp. 100
    • Statman, M.1
  • 50
  • 52
    • 0006603866 scopus 로고
    • A transformation for simplifying the interpretation of coefficients of binary variables in regression analysis
    • Sweeney, R. E., & Ulveling, E. F. (1972). A transformation for simplifying the interpretation of coefficients of binary variables in regression analysis. The American Statistician, 26(5), 30-32.
    • (1972) The American Statistician , vol.26 , Issue.5 , pp. 30-32
    • Sweeney, R.E.1    Ulveling, E.F.2
  • 53
    • 21744445921 scopus 로고    scopus 로고
    • Corporate social performance and organizational attractiveness to prospective employees
    • Turban, D. B., & Greening, S. B. (1996). Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3), 658-672.
    • (1996) Academy of Management Journal , vol.40 , Issue.3 , pp. 658-672
    • Turban, D.B.1    Greening, S.B.2
  • 54
    • 0001062886 scopus 로고
    • Data in search of a theory: A critical examination of the relationship among social performance, social disclosure, and economic performance
    • Ullmann, A. (1985). Data in search of a theory: A critical examination of the relationship among social performance, social disclosure, and economic performance. Academy of Management Review, 10, 540.
    • (1985) Academy of Management Review , vol.10 , pp. 540
    • Ullmann, A.1
  • 55
    • 53649102067 scopus 로고    scopus 로고
    • The worth of values-A literature review on the relation between corporate social and financial performance
    • van Beurden, P., & Gössling, T. (2008). The worth of values-A literature review on the relation between corporate social and financial performance. Journal of Business Ethics, 82(2), 407.
    • (2008) Journal of Business Ethics , vol.82 , Issue.2 , pp. 407
    • van Beurden, P.1    Gössling, T.2
  • 56
    • 0001640778 scopus 로고    scopus 로고
    • The corporate social performance-financial performance link
    • Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303.
    • (1997) Strategic Management Journal , vol.18 , Issue.4 , pp. 303
    • Waddock, S.A.1    Graves, S.B.2
  • 59
    • 34249747182 scopus 로고    scopus 로고
    • Corporate social performance, corporate financial performance, and firm size: A meta-analysis
    • Wu, M. L. (2006). Corporate social performance, corporate financial performance, and firm size: A meta-analysis. Journal of American Academy of Business, 8(1), 163.
    • (2006) Journal of American Academy of Business , vol.8 , Issue.1 , pp. 163
    • Wu, M.L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.