The Relationship of CSR and Corporate Financial Performance: An Empirical Analysis of Japanese Firms

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  • Oura Mai
    Osaka School of International Public Policy

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Other Title
  • CSRへの取り組みと財務パフォーマンスの関係性
  • CSRへの取り組みと財務パフォーマンスの関係性 : 上場企業のパネルデータを用いた実証分析
  • CSR エ ノ トリクミ ト ザイム パフォーマンス ノ カンケイセイ : ジョウジョウ キギョウ ノ パネルデータ オ モチイタ ジッショウ ブンセキ
  • ―上場企業のパネルデータを用いた実証分析―

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<p>Recently, Japanese firms have begun to consider corporate social responsibility (CSR) as more important than previously. However, some firms are still implementing CSR without any clear strategic intent, and decreasing their contributions in recessions. Therefore, to indicate the beneficial impact of CSR on Corporate Performance, this paper analyzes the empirical linkages between CSR and financial performance (ROA (Return on asset) and ROE (Return on equity)) using panel data analysis. For empirical analysis, a four-year set of CSR data from more than 1,000 Japanese firms has been adopted. This paper hypothesizes that a strategic approach to CSR is positively associated with financial performance. As a result, out of four CSR categories, the categories of the utilization of human resources and social contribution are found to be positively associated with financial performance. On the other hand, corporate governance and the environmental contribution categories of CSR are found not to be associated with financial performance.</p>

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