大学道德business ethics85082548777522Word文件下载.docx

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DoesCorporateSocialResponsibilityIncreaseProfits?

Postedbyde-admin•May12,2011•Printer-friendly

byRonRobins,InvestingfortheSoul

Itisgenerallyheldthatcorporatesocialresponsibility（CSR）couldincreasecompany

profitsandthusmostlargecompaniesareactivelyengagedinit.Butfewexecutives

andmanagersareawareoftheresearchonthisimportantsubject.AndasIreview

here,theresearchdoesshowthatitmayimproveprofits.However,linkingprofit

growthtoabstractvariablesthatarefrequentlydifficulttodefineisachallengingtask.

MostexecutivesbelievethatCSRcanimproveprofits.They

understandthatCSRcanpromoterespectfortheircompanyinthemarketplacewhich

canresultinhighersales,enhanceemployeeloyaltyandattractbetterpersonneltothe

firm.Also,CSRactivitiesfocusingonsustainabilityissuesmaylowercostsand

improveefficienciesaswell.Anaddedadvantageforpubliccompaniesisthat

aggressiveCSRactivitiesmayhelpthemgainapossiblelistingintheFTSE4Goodor

DowJonesSustainabilityIndexes,orothersimilarindices.Thismayenhancethe

company‟sstockprice,makingexecutives‟stockandstockoptionsmoreprofitable

andshareholdershappier.

Substantiatingsomeofthesebeliefsisastudy,Corporatecitizenship:

Profitingfrom

asustainablebusiness,bytheEconomistIntelligenceUnit（EIU）publishedin

November2008.CorporatecitizenshipisanothertermroughlyequivalenttoCSR.

TheEIUstudysaidthat,“corporatecitizenship[CC]isbecomingincreasingly

importantforthelong-termhealthofcompanieseventhoughmoststruggletoshowa

returnontheirinvestmentfromsociallyresponsibleactivities…74percentof

respondentstothesurveysaycorporatecitizenshipcanhelpincreaseprofitsattheir

company…Surveyrespondentswhosayeffectivecorporatecitizenshipcanhelpto

improvethebottomlinearealsomorelikelytosaytheirstrategyis„veryimportant‟

totheirbusiness（33percent）comparedwithothersurveyrespondents（8percent）.”

AttheheartofthedebateastowhetherCSRimprovesprofitsisfirsthowyoudefine

it.BesidesthetermsCSRandCC,anotherfrequentlyusedandrelatedtermis

corporatesocialperformance（CSP）.IntheabovequotedEIUstudy,itprovidesthe

followingdefinitionofCC:

“corporatecitizenshipisdefinedastranscending

philanthropyandcompliance,andisaddressinghowcompaniesmanagetheirsocial

andenvironmentalimpactsaswellastheireconomiccontribution.Corporatecitizens

areaccountablenotjusttoshareholders,butalsotostakeholderssuchasemployees,

consumers,suppliers,localcommunitiesandsocietyatlarge.”

ThestudyofCSRanditsrelationtocorporateprofitsisgrowing.Themostrecent

studyonthissubjectisbyCristianaManescu.Inherthesis,"

EconomicImplications

ofCorporateSocialResponsibilityandResponsibleInvestments,”atthe

UniversityofGothenburg'

sSchoolofBusiness,EconomicsandLaw,Sweden,she

wroteonDecember6,2010that,“theresults[ofherthesis]revealthatCSRactivities

donotgenerallyhaveanegativeeffectonprofitability,butthatinthefewcaseswhere

theyhaveapositiveeffect,thiseffectisrathersmall.”Otherstudiesaddfurther

perspectives.

DefiningtheexperienceofCSRinrelationtodifferentindustriesisthisstudy,"

The

EconomicsandPoliticsofCorporateSocialPerformance"

byDavidP.Baron,

MaretnoA.Harjoto,andHojeJo,publishedonApril21,2009.Theresearchersfound

that,“Forconsumerindustries,greaterCSP[corporatesocialperformance]is

associatedwithbetterCFP[corporatefinancialperformance],andtheoppositeistrue

forindustrialindustries…EmpiricalstudieshaveexaminedtherelationbetweenCSR

andcorporatefinancialperformance,andwhiletheresultsaremixed,overallthe

researchhasfoundapositivebutweakcorrelation.”

However,reviewingindividualempiricalstudiescanbeconfusing.Butbyusingthe

techniqueof„meta-analysis,‟manystudiescanbestatisticallyanalysedtodetermine

collectiveresults.Ameta-analysisonCSRanditslinktoprofitswonthefamed

sociallyresponsibleinvesting,MoskowitzPrizein2004.Thestudy,"

Corporate

SocialandFinancialPerformance:

AMeta-Analysis,"

wascompiledby

researchersMarcOrlitzky,FrankL.SchmidtandSaraL.Rynes.Ityielded

encouragingdatasuggestingapositivelinkbetweenCSRandincreasedprofits.

Summinguptheirresults,theresearcherssaid,“weconduct[ed]ameta-analysisof52

studies（whichrepresentthepopulationofpriorquantitativeinquiry）yieldingatotal

samplesizeof33,878observations.Themeta-analyticfindingssuggestthatcorporate

virtueintheformofsocialresponsibilityand,toalesserextent,environmental

responsi