Purpose

This paper examines the effect of oil price uncertainty on corporate social responsibility (CSR) for 507 US firms over the period 1985–2019.

Design/methodology/approach

To investigate the nexus between oil price uncertainty and CSR, we have proceeded with a fixed-effects panel regression model over the period 1985–2019.

Findings

Using a dataset of 507 US firms, different specifications of CSR and two alternatives measures of oil price uncertainty, we show that oil price uncertainty negatively influences the CSR in the global US panel and firm's characterized panel. This negative effect is dependent on firms' size, firm's age and value of book share of firms.

Research limitations/implications

US firms are exposed to more risk when carrying high levels of debt, resulting in reduced spending to improve social and environmental conditions. While the negative effect of oil price uncertainty on CSR is exacerbated in economic crisis periods.

Practical implications

US firms are influenced by energy price volatility especially by oil price fluctuations which are the main factor of American economic growth. The rise of oil price uncertainty reduces sustainable corporate development and investment in the green economy.

Social implications

Rethinking renewable energies as an alternative solution in order to guarantee the performance and sustainability of social, environmental and cultural activities.

Originality/value

Young and small firms, lower-share outstanding firms and high book value per share firms are the most negatively affected by oil price uncertainty and therefore their social responsibilities are reduced. However, by introducing interaction variables in the main model, we find that the most indebted firms on one hand and big firms and high-number shares outstanding firms, on the other hand, are the most influenced by oil price uncertainty which consequently limits their social and environmental responsibility.

中文翻译：

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油价不确定性与企业社会责任之间的关系：来自美国公司的证据

目的

本文研究了 1985 年至 2019 年期间油价不确定性对 507 家美国公司的企业社会责任 (CSR) 的影响。

设计/方法/方法

为了研究油价不确定性与企业社会责任之间的关系，我们采用了 1985-2019 年期间的固定效应面板回归模型。

发现

使用 507 家美国公司的数据集、不同规格的 CSR 和油价不确定性的两种替代措施，我们表明油价不确定性对全球美国面板和公司特征面板中的 CSR 产生负面影响。这种负面影响取决于公司的规模、公司的年龄和公司账面份额的价值。

研究限制/影响

美国公司在背负高额债务时面临更大的风险，从而导致减少用于改善社会和环境条件的支出。而油价不确定性对企业社会责任的负面影响在经济危机时期加剧。

实际影响

美国公司受到能源价格波动的影响，尤其是石油价格波动，这是美国经济增长的主要因素。油价不确定性的上升降低了企业的可持续发展和对绿色经济的投资。

社会影响

重新考虑可再生能源作为替代解决方案，以保证社会、环境和文化活动的绩效和可持续性。

原创性/价值

年轻和小型企业、较低份额的优秀企业和高每股账面价值的企业受油价不确定性的负面影响最大，因此它们的社会责任降低了。然而，通过在主模型中引入交互变量，我们发现一方面负债最多的公司，另一方面，大公司和高股数的优秀公司受油价不确定性的影响最大，从而限制了他们的社会和环境责任。