Влияние принятия КСО на финансовые результаты корпораций. На основе данных БФБ.

Авторы: А. Дорниан, ORCID ID 0000000280094961, доктор наук (финансы), доцент, факультет экономики и бизнес-администрирования, Ясский университет имени А.И. Кузы, Яссы, Румыния
Д.-К. Оания, ORCID ID 0000000200479758, доктор наук (финансы), доцент, Бухарестский экономический университет, Бухарест, Румыния

Аннотация: Анализируется связь между корпоративной социальной ответственностью (КСО) и корпоративными финансовыми показателями (КФП) на примере компаний, зарегистрированных на румынском рынке. Для этого вначале рассматривается существующая литера- тура, а далее использованы данные за период с 2007 по 2015 год (панельные данные), к которым применена простая модель регрессии. Из общего числа компаний, котирующихся на Бухарестской фондовой бирже (БФБ), мы выбрали 59 компаний, которые не исключали из торгов и по которым были доступны финансовые результаты за весь исследуемый период. Эти данные свидетельствуют о возрас- тании финансовых показателей у компаний, выполняющих КСО (только 16 из 59 компаний осуществляют деятельность в соответ- ствии с КСО), по сравнению с компаниями, не имеющими КСО. Данное исследование имеет важное практическое значение для политиков, менеджеров, инвесторов и других заинтересованных сторон.

Ключевые слова: корпоративная социальная ответственность, корпоративные финансовые показатели, Бухарестская фондовая биржа

Received: 13/07/2017

1st Revision: 27/08/2018

Accepted: 02/09/2018

DOI: https://doi.org/10.17721/1728-2667.2018/201-6/7

References

The present paper aims at analysing the link between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP) in the case of Romanian listed companies. For accomplishing this, we will start from the existing literature and we will use data for period 2007–2015 (panel data) to which will apply a simple regression model. From the total number of companies listed on Bucharest Stock Exchange (BSE), we selected 59 companies without being excluding from trading and for which financial data were available for the entire period. The results indicated increased financial performance for CSR companies (only 16 of 59 companies have CSR activities) compared with NON-CSR companies. This study has important implications for policy makers, managers, investors, stakeholders, in generally.
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