- مبلغ: ۸۶,۰۰۰ تومان
- مبلغ: ۹۱,۰۰۰ تومان
This paper investigates the relationships among performance dimensions associated with corporate social responsibility (CSR) focusing on the U.S. electric utility sector. Results of a statistical copula approach suggest that economic performance of utilities is compatible with environmental, social, and governance performance, The CSR model has the potential to help U.S. electric utilities become better corporate citizens.
The manner in which businesses interact with society has changed over time. As the concept of CSR has gained reputation, companies have taken responsibility for their impacts on societies and the environment. The relationship between the different CSR dimensions is likely to be different in different industries (Reed, 1999). This article studies relationships among the four main CSR dimensions: economic, environmental, social, and corporate governance in the U.S. electric utility sector. For this purpose, we use a sample of U.S. investor-owned electric utility holding companies observed from 2005 to 2012. The empirical regularities characterizing relationships are identified using statistical copulas. Results from copula analysis show a relatively strong positive link between economic and environmental performance (the Kendall's t being on the order of 0.6), suggesting that adoption of environmentally friendly technologies may improve firm efficiency and financial health. Evidence of a strong positive relationship between economic and social performance is also found (the Kendall's t being on the order of 0.6), which may indicate that providing better working environments leads to better economic outcomes. With a positive, albeit weaker relationship (the Kendall's t being on the order of 0.42), results also suggest that economic performance improves when the interests of various stakeholders (including shareholders, customers, managers, suppliers, and the community) are better balanced. The relationships among CSR dimensions follow an upward trend over time, a trend that is especially strong for the economic and corporate governance pair. Firms appear to have learned how to improve compatibility between financial goals and corporate citizenship. This compatibility, however, is not seen for the higher ends of the bivariate distributions. As a result, while poor and average economic results seem to be associated, respectively, to poor and average environmental, social, and governance results, economic performance in the upper quartiles do not seem to go hand to hand with the other dimensions of CSR.