The Effect of Corporate Social Performance on Financial Performance: The Moderating Effect of Ownership Concentration

被引：104

作者：

Peng, Chih-Wei ^{[1
]}

Yang, Mei-Ling ^{[2
]}

机构：

[1] Natl Changhua Univ Educ, Dept Accounting, Changhua 500, Taiwan

[2] Natl Sun Yat Sen Univ, Dept Finance, Kaohsiung 804, Taiwan

来源：

JOURNAL OF BUSINESS ETHICS | 2014年 / 123卷 / 01期

关键词：

Corporate social performance; Financial performance; Ownership structure; Control rights; Cash flow rights; PRODUCTIVITY GROWTH; RESPONSIBILITY; FIRM; GOVERNANCE; MANAGEMENT; SEPARATION; INVESTORS; IMPACT; ISSUES; PAY;

D O I：

10.1007/s10551-013-1809-9

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The purpose of this study is to extend prior research on this topic by investigating whether the impact of ownership concentration moderates the link between corporate social performance (CSP) and financial performance (FP). This study uses a set of unique, hand-collected pollution control data to measure CSP, based on a sample of Taiwanese listed companies during the period from 1996 to 2006. The results of the empirical analysis provide firm support for the idea that the divergence between control rights and the cash flow rights of controlling owners negatively moderates the link between social and short- and long-run FP.

引用

页码：171 / 182

页数：12

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