دانلود رایگان مقاله انگلیسی نتایج عملکرد منابع کمکی سرمایه گذاری در مسئولیت اجتماعی شرکتی - Sage 2018

Abstract

Our study examined relationships among slack resources, investment in corporate social responsibility (CSR) and firm performance, finding that accounting and market returns respond differently to investments of slack in CSR. Although accounting returns to both financial and organizational CSR investment were positive, equity markets reward organizational slack but punish financial slack investments. Moreover, distinguishing among forms of CSR indicates that both accounting and market returns respond much more positively to investment in stakeholder protection than to investment in stakeholder improvement. Finally, risk, strategy, and governance are mediating mechanisms partially explaining CSR effects but not to the extent we expected.

Conclusion

Our study sought to determine the nature of relationships among slack resources, CSR investments, and firm performance. Our research questions aimed specifically to test whether the presence of CSR investment improved the likelihood that slack resources would create value instead of destroying it and to discover mechanisms accounting for these effects. We were especially sensitive to prior research that specified important distinctions among components of these constructs, acknowledging specific forms of each. Thus, respecting these distinctions revealed complex associations among forms of slack, CSR, and firm performance.

Main effects we observed largely confirmed findings of prior empirical studies, as expected, observing positive effects of both slack and CSR on firm performance. However, inclusion of interaction effects of slack and CSR in the regression model revealed a slight negative effect of available slack on accounting performance, although market valuations do not respond accordingly. Thus, at least under some conditions, accumulation of cash reserves can have detrimental effects on accounting returns, as Jensen (1986) proposed, although the effect we observed is neither as broad nor as strong as he suggested. Nevertheless, our finding reveals that further investigation should identify conditions under which accumulation of slack helps or harms profitability. Answering our first research question, we identified one such condition, specifically investment in CSR, that not only improves the likelihood that financial slack will be used to create value instead of destroying it but may also explain why some firms accumulate slack resources.