ABSTRACT

Until recently, there was a proliferation of researches conducted all over the world in order to establish an empirical association between CSR activities and financial performance of companies. For instance, in India, section 135 of the Companies Act (2013) prescribes mandatory provisions Indian Companies as follows: two percent of their average net profits made during the three immediately preceding financial years are spent in pursuance of their corporate social responsibility (CSR) policy. Driven by the need for some rigorous and robust empirical evidence, the current study aims at testing the statistical relationship between CSR and corporate financial performance (CFP) of the top 100 companies listed by the National Stock Exchange (NSE) of India. After collecting the required financial data from the respective annual reports of these companies, a factor analysis, as well as a multivariate regression analysis, were carried out and reveal conclusive findings regarding the CSR-CFP relationship. Indeed, even if CSR activities have a significant impact on financial performance, there is a moderate positive association between the concerned variables in that context. Based on the results attained, it would be recommended that Indian corporate firms secure better financial performance by committing themselves in CSR activities.

摘要

直到最近，为了在企业社会责任活动和公司财务绩效之间建立实证关联，世界各地开展了大量研究。例如，在印度，《公司法》（2013 年）第 135 条规定印度公司的强制性规定如下：其在前三个财政年度平均净利润的 2% 用于履行其企业社会责任 (CSR)政策。由于需要一些严谨而有力的经验证据，本研究旨在检验印度国家证券交易所（NSE）上市的前 100 家公司的企业社会责任与企业财务绩效（CFP）之间的统计关系。在从这些公司各自的年度报告中收集所需的财务数据后，进行了因子分析以及多元回归分析，并揭示了有关 CSR-CFP 关系的结论性发现。事实上，即使企业社会责任活动对财务绩效产生重大影响，在这种情况下，相关变量之间也存在适度的正相关。根据获得的结果，建议印度公司通过致力于企业社会责任活动来确保更好的财务业绩。在这种情况下，相关变量之间存在适度的正相关。根据获得的结果，建议印度公司通过致力于企业社会责任活动来确保更好的财务业绩。在这种情况下，相关变量之间存在适度的正相关。根据获得的结果，建议印度公司通过致力于企业社会责任活动来确保更好的财务业绩。