Are investments in material corporate social responsibility issues a key driver of financial performance?
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2022-01-29
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John Wiley & Sons Australia, Ltd
Resumen
In this study, we address a lesser-studied aspect of corporate social responsibility (CSR): distinguishing between investments in material versus immaterial CSR issues. The financial performance of stock portfolios formed according to material and general CSR issues is examined over the period 2007 to 2018 in the European Union and the United States. We find that materiality is relevant to finding the best and worst firms both in terms of CSR and financial performance, more significantly in the EU than in the US market. However, general CSR scores, including material and immaterial issues, do not discriminate the best firms
Palabras clave
Corporate social responsibility
Material CSR issues
Non-financial information
Portfolio performance evaluation
Socially responsible investing
Material CSR issues
Non-financial information
Portfolio performance evaluation
Socially responsible investing
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Badía, G., Gómez-Bezares, F., & Ferruz, L. (2022). Are investments in material corporate social responsibility issues a key driver of financial performance? Accounting and Finance, 62(3), 3987-4011. https://doi.org/10.1111/ACFI.12912