Conf. Updates










 
23rd IBIMA Conference
Valencia, Spain 13-14 May 2014 


   


 


Ştefan Cristian Gherghina, Georgeta Vintilă, and Diana Dobrescu


Abstract

This paper aims at exploring the relationship between corporate social responsibility and firm value, by using a sample of companies listed on the New York Stock Exchange and NASDAQ Stock Market, over 2008-2011. Corporate social responsibility was proxied by Corporate Social Responsibility Index (CSRI) developed by Boston College Center for Corporate Citizenship and Reputation Institute, whilst Tobin’s Q ratio adjusted according to activity sector was employed as measure towards firm value. By estimating panel data regression models, unbalanced, both without cross-sectional effects and fixed effects, our results provide support for a positive relationship between corporate social responsibility and firm value. The empirical evidence is supported by the instrumental stakeholder theory since the companies involved in corporate social responsibility undertakings use in a more effective way the resources in order to satisfy the manifold needs related to stakeholders.  









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