簡易檢索 / 詳目顯示

回結果列表
研究生： 林濤
Aleksei, Lystcov
論文名稱： The Mediation Role of Financial Analysts’ Recommendations between Corporate Social Responsibility and Financial Performance
The Mediation Role of Financial Analysts’ Recommendations between Corporate Social Responsibility and Financial Performance
指導教授： 謝惠璟
Hsieh, Hui-Ching Sana
學位類別： 碩士
Master
系所名稱： 管理學院 - 國際經營管理研究所
Institute of International Management
論文出版年： 2016
畢業學年度： 104
語文別： 英文
論文頁數： 66
外文關鍵詞： Corporate social performance, Analysts’ recommendations, Analysts’ earnings and long-term growth forecasts, Financial performance.
相關次數： 點閱：102  下載：7 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報

    • This study focuses on the role of financial analysts between firm’s corporate social responsibility and market based financial performance. The present study suggests that financial analysts comprise information on corporate social performance in recommendations as well as in earnings and long term growth forecasts. Using regression analysis and panel ESG ASSET4, I/B/E/S databases and Thomson Reuters accounting data on companies from four Asian countries, we confirm the mediation role of analysts’ recommendations and forecasts between corporate social responsibility and financial performance. Furthermore, we found that environmental performance is inversely related to financial performance, while social performance is not significant.

    TABLE OF CONTENTS ABSTRACT I ACKNOWLEDGEMENTS II TABLE OF CONTENTS III LIST OF TABLES V LIST OF FIGURES VIII CHAPTER ONE INTRODUCTION 1 1.1 Research Background. 1 1.1.1 The Importance of Corporate Social Responsibility. 1 1.1.2 The Complex Relationship between CSR and Financial Performance. 3 1.1.3 Investors’ Request for CSR Reports. 4 1.2 Research Motivation. 5 1.3 Research Objectives. 7 CHAPTER TWO LITERATURE REVIEW 8 2.1 Theory behind CSR. 8 2.2 Corporate Social Performance. 9 2.3 CSR and Geographical Region. 11 2.4 CSP and Financial Performance. 12 2.4.1 Positive Relationship. 12 2.4.2 Reverse Relationship. 13 2.4.3 Negative Relationship. 15 2.4.4 Long-term Effect. 16 2.5 Socially Responsible Investments. 17 2.6 Analysts’ Recommendations and Firm’s Financial Performance. 19 2.7 The Link between Corporate Social Responsibility, Stock Analysts’ Recommendations and Financial Performance. 21 CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 25 3.1 Country Selection. 25 3.2 Data and Variables. 26 3.2.1 Independent Variables. 26 3.2.2 Dependent Variable. 28 3.2.3 Control Variables. 28 3.3 Methodology. 31 CHAPTER FOUR RESEARCH RESULTS 34 4.1 Descriptive Statistics and Correlation Matrix. 34 4.2 Full Sample Results. 40 4.3 Hong-Kong Sample Results. 45 4.4 Taiwan Sample Results. 48 4.5 South Korea Sample Results. 52 4.6 Singapore Sample Results. 55 CHAPTER FIVE 58 CONCLUSION AND SUGGESTIONS 58 5.1 Conclusion. 58 5.2 Implications 60 5.3 Limitations and Future Research. 61 REFERENCES 63

    REFERENCES
    Barber, B., Lehavy, R., McNichols, M., & Trueman, B. (2001). Can investors profit from the prophets? Security analyst recommendations and stock returns. The Journal of Finance, 56(2), 531-563.
    Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794-816.
    Barniv, R., Hope, O. K., Myring, M., & Thomas, W. B. (2010). International evidence on analyst stock recommendations, valuations, and returns*. Contemporary Accounting Research, 27(4), 1131-1167.
    Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173-1182.
    Baughn, C. C., & McIntosh, J. C. (2007). Corporate social and environmental responsibility in Asian countries and other geographical regions. Corporate Social Responsibility and Environmental Management, 14(4), 189-205.
    Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488-506.
    Bradshaw, M. T. (2004). How do analysts use their earnings forecasts in generating stock recommendations? The Accounting Review, 79(1), 25-50.
    Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97-116.
    Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505.
    Chia, H.-B., Egri, C. P., Ralston, D. A., Fu, P. P., Kuo, M.-H. C., Lee, C.-H., . . . Moon, Y.-L. (2007). Four tigers and the dragon: Values differences, similarities, and consensus. Asia Pacific Journal of Management, 24(3), 305-320.
    Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's Q. Financial Management, 10(1),70-74.
    Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of Management Journal, 27(1), 42-56.
    Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.
    Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723-759.
    Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91.
    Freeman, R. E. (1984). Strategic management: A stakeholder perspective. Boston: Pitman.
    Freeman, R. E. (2004). The stakeholder approach revisited. Zeitschrift für Wirtschafts-und Unternehmensethik, 5(3), 228-254.
    Garriga, E., & Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53(1-2), 51-71.
    Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.
    Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate twenty-five years of incomparable research. Business & Society, 36(1), 5-31.
    Gujarati, D. N., & Porter, D. C. (1999). Essentials of econometrics.
    Hassel, L., Nilsson, H., & Nyquist, S. (2005). The value relevance of environmental performance. European Accounting Review, 14(1), 41-61.
    Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate behavior. Journal of Financial and Quantitative Analysis, 36(04), 431-449.
    Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: What's the bottom line? Strategic Management Journal, 22(2), 125-139.
    Ho, F. N., Wang, H.-M. D., & Vitell, S. J. (2012). A global analysis of corporate social performance: The effects of cultural and geographic environments. Journal of Business Ethics, 107(4), 423-433.
    Howe, J. S., Unlu, E., & Yan, X. S. (2009). The predictive content of aggregate analyst recommendations. Journal of Accounting Research, 47(3), 799-821.
    Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053-1081.
    Jacobs, B. W., Singhal, V. R., & Subramanian, R. (2010). An empirical investigation of environmental performance and the market value of the firm. Journal of Operations Management, 28(5), 430-441.
    Jayachandran, S., Kalaignanam, K., & Eilert, M. (2013). Product and environmental social performance: Varying effect on firm performance. Strategic Management Journal, 34(10), 1255-1264.
    Jegadeesh, N., Kim, J., Krische, S. D., & Lee, C. (2004). Analyzing the analysts: When do recommendations add value? The Journal of Finance, 59(3), 1083-1124.
    Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
    Lin, C.-H., Yang, H.-L., & Liou, D.-Y. (2009). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society, 31(1), 56-63.
    Luo, X., Wang, H., Raithel, S., & Zheng, Q. (2015). Corporate social performance, analyst stock recommendations, and firm future returns. Strategic Management Journal, 36(1), 123-136.
    McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854-872.
    Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441.
    Paldam, M. (2003). Economic freedom and the success of the Asian tigers: An essay on controversy. European Journal of Political Economy, 19(3), 453-477.
    Pava, M. L., & Krausz, J. (1996). The association between corporate social-responsibility and financial performance: The paradox of social cost. Journal of Business Ethics, 15(3), 321-357.
    Peters, R., & Mullen, M. R. (2009). Some evidence of the cumulative effects of corporate social responsibility on financial performance. Journal of Global Business Issues, 3(1), 1-14.
    Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435-480.
    Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32(2), 143-156.
    Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045-1061.
    Simpson, W. G., & Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of Business Ethics, 35(2), 97-109.
    SP Saeidi, S. S., Parvaneh Saeidi, Sayyedeh Parisa Saeidi, Seyyed Alireza Saaeidi. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350.
    Stanwick, P. A., & Stanwick, S. D. (1998). The relationship between corporate social performance, and organizational size, financial performance, and environmental performance: An empirical examination. Journal of Business Ethics, 17(2), 195-204.
    Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490.
    Ullmann, A. A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of US firms. Academy of Management Review, 10(3), 540-557.
    Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303-319.
    Welford, R. (2005). Corporate social responsibility in Europe, North America and Asia. Journal of Corporate Citizenship, 2005(17), 33-52.
    Welford, R., & Frost, S. (2006). Corporate social responsibility in Asian supply chains. Corporate Social Responsibility and Environmental Management, 13(3), 166-176.
    Womack, K. L. (1996). Do brokerage analysts' recommendations have investment value? Journal of Finance, 51(1), 137-167.
    Wood, D. J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4), 691-718.
    Ziegler, A., Schröder, M., & Rennings, K. (2007). The effect of environmental and social performance on the stock performance of European corporations. Environmental and Resource Economics, 37(4), 661-680.
    Zuckerman, E. W. (1999). The categorical imperative: Securities analysts and the illegitimacy discount. American Journal of Sociology, 104(5), 1398-1438.

    下載圖示 校內：2021-07-22公開
    校外：2021-07-25公開
    QR CODE