ABSTRACT

This paper assesses the causal relationship between corporate social responsibility (CSR) activities and corporate financial performance using a sample of 43 hotels for the period 2007–2018. The research employs a dynamic panel vector autoregressive model (PVAR) which brings more analytical insights in the CSR- Financial Performance modeling. The results show that CSR has a positive and significant impact on corporate financial performance and lend support to the theoretical underpinnings with respect to the CSR and financial performance nexus. The results suggest that growth opportunities mediate the relationship between CSR and performance. High-growth hotels will have better opportunities to engage in CSR activities which in turn positively impact on their performance. Practically, our findings suggest that CSR is an important mechanism to improve the efficiency of organizations.

摘要

本文使用 2007-2018 年期间 43 家酒店的样本评估企业社会责任 (CSR) 活动与企业财务绩效之间的因果关系。该研究采用动态面板向量自回归模型 (PVAR)，为 CSR-财务绩效建模带来更多分析见解。结果表明，企业社会责任对企业财务绩效具有积极而显着的影响，并为企业社会责任与财务绩效关系的理论基础提供支持。结果表明，增长机会在企业社会责任与绩效之间的关系中起中介作用。高增长酒店将有更好的机会参与企业社会责任活动，进而对其业绩产生积极影响。几乎，