Corporate social responsibility, financial instability and corporate financial performance: Linear, non-linear and spillover effects – The case of the CAC 40 companies
作者: Abderrahmane JahmaneBrahim Gaies
作者单位: 1IPAG Business School, Paris, France, Department of Strategy & Management, IPAG Chair “Towards an Inclusive Company”
2IPAG Business School, Paris, France, Department of Economics and law
刊名: Finance Research Letters, 2020
来源数据库: Elsevier Journal
DOI: 10.1016/
关键词: Financial instabilityCorporate social responsibilityCorporate financial performanceEndogeneityGeneralized method of moments (GMM)JEL: G30G34F41C02
原始语种摘要: Abstract(#br)This article examines the influence of corporate social responsibility (CSR) on the financial performance (CFP) for CAC 40 companies from 2002 to 2017, considering the effect of financial instability at the macro level. We based our approach on a dynamic modeling of the CFP-CSR relationship, as well as on the generalized method of moments (GMM) to overcome the problem of endogeneity. Our results show that CSR positively affects the CFP in two ways: directly, through an overall positive non-linear effect, and indirectly by mitigating the negative effect of banking crises on the CFP, which is a positive spillover effect.
全文获取路径: Elsevier  (合作)
影响因子:0.291 (2012)

  • responsibility 责任
  • corporate 法人的
  • financial 财政的
  • spillover 溢出
  • social 群居的
  • CSR C subroutine
  • instability 不稳定性
  • performance 性能
  • dynamic 动力学的
  • crises 危机