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1、CorporateSocialResponsibilityandFinancialPerformanceHaasSchoolofBusinessUniversityofCaliforniaatBerkeleyAppliedFinancialProjectBy:MargaritaTsoutsouraBerkeley,CaliforniaMarch,20041ABSTRACTThefieldofcorporatesocialresponsibility(CSR)hasgrownexponentiallyinthelastdecade.Nevertheless,thereremainsa
2、protracteddebateaboutthelegitimacyandvalueofcorporateresponsestoCSRconcerns.Therearedifferentviewsoftheroleofthefirminsocietyanddisagreementastowhetherwealthmaximizationshouldbethesolegoalofacorporation.Usingextensivedataoveraperiodoffiveyears,thisstudyexploresandteststhesignoftherelationshipb
3、etweencorporatesocialresponsibilityandfinancialperformance.ThedatasetincludesmostoftheS&P500firmsandcoverstheyears1996-2000.Therelationshipistestedbyusingempiricalmethods.Theresultsindicatethatthesignoftherelationshipispositiveandstatisticallysignificant,supportingtheviewthatsociallyresponsibl
4、ecorporateperformancecanbeassociatedwithaseriesofbottom-linebenefits.AcknowledgementsIwouldliketoexpressgratitudetowardsProfessorsJohnO’BrienandDr.KellyMcElhaney,andtoScottPinkusandRonTanemurafortheirsupportandguidance.IwouldalsoliketothanktheDirectorsoftheCenterforResponsibleBusinessatHaasSch
5、oolofBusinessfortheirfinancialsupportforthisproject.2INTRODUCTIONThefieldofcorporatesocialresponsibilityhasgrownexponentiallyinthelastdecade.MorethanhalfoftheFortune1000companiesissuecorporatesocialresponsibility(CSR)reports.Alargernumberofcompaniesthanatanytimepreviousareengagedinaseriouseffo
6、rttodefineandintegrateCSRintoallaspectsoftheirbusinesses.Anincreasingnumberofshareholders,analysts,regulators,activists,laborunions,employees,communityorganizations,andnewsmediaareaskingcompaniestobeaccountableforanever-changingsetofCSRissues.Thereisincreasingdemandfortransparencyandgrowingexp
7、ectationsthatcorporationsmeasure,report,andcontinuouslyimprovetheirsocial,environmental,andeconomicperformance.Thedefinitionofcorporatesocialresponsibilityisnotabstruse.AccordingtoBusinessforSocialResponsibility(BSR),corporatesocialresp
