CORPORATE RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE ROLE OF INTANGIBLE RESOURCES

• 成果类型: Article
• 署名作者: Surroca, Jordi; Tribo, Josep A.; Waddock, Sandra
• 署名单位: Universidad Carlos III de Madrid; Boston College
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.820
• 发表日期: 2010
• 页码: 463-490
• 关键词: corporate social responsibility; financial performance; INTANGIBLE RESOURCES; Stakeholder theory

摘要

This paper examines the effects of a firm's intangible resources in mediating the relationship between corporate responsibility and financial performance. We hypothesize that previous empirical findings of a positive relationship between social and financial performance may be spurious because the researchers failed to account for the mediating effects of intangible resources. Our results indicate that there is no direct relationship between corporate responsibility and financial performance merely an indirect relationship that relies on the mediating effect of a firm's intangible resources. We demonstrate our theoretical contention with the use of a database comprising 599 companies from 28 countries. Copyright (C) 2009 John Wiley & Sons, Ltd.