This paper explores the link between corporate social responsibility (CSR) and stakeholder value using multiple regression analysis. We construct a panel datasets for non-financial listed companies in Europe STOXX 600, covering the period 2008–2016. Our findings are consistent with our expectation that the development of CSR strategy leads to generate more stakeholder value. Moreover, this positive relation is conducted by both social and environmental dimension of CSR. Specifically, we find that firms that exhibit a particular concern for environmental issues, philanthropic, product quality, safety, human rights, diversity, equal opportunities and training are more likely to create stakeholder value. In contrast, providing high-quality employment helps firms to generate trust and loyalty with its workforce, but such practices are less interesting for stakeholder value.

本文利用多元回归分析探讨了企业社会责任 (CSR) 与利益相关者价值之间的联系。我们为欧洲 STOXX 600 的非金融上市公司构建了一个面板数据集，涵盖 2008-2016 年期间。我们的研究结果与我们的预期一致，即制定企业社会责任战略会导致产生更多的利益相关者价值。此外，这种正相关关系是由企业社会责任的社会和环境维度进行的。具体而言，我们发现对环境问题、慈善事业、产品质量、安全、人权、多样性、平等机会和培训表现出特别关注的公司更有可能为利益相关者创造价值。相比之下，提供高质量的就业有助于公司建立对其员工的信任和忠诚度，