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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/362

Title: Corporate social responsibility and corporate performance: evidence from a panel of US listed companies
Authors: Becchetti, Leonardo
Di Giacomo, Stefania
Pinnacchio, Damiano
Keywords: social responsibility
corporate performance
Issue Date: Dec-2005
Publisher: CEIS
Series/Report no.: CEIS Tor Vergata Research Paper; 78
Abstract: We investigate whether inclusion and permanence in the Domini social index affects corporate performance on a sample of around 1,000 firms in a 13-year interval by controlling for size, industry, business cycle and time invariant firm idiosyncratic characteristics. Our results find partial support to the hypothesis that corporate social responsibility is a move from the shareholders wealth to a multistakeholders welfare target. On the one side, permanence into the Domini index is shown to increase (reduce) significantly total sales per employee (returns on equity but not when large and R&D investing firms are excluded from the sample). On the other side, lower returns on equity for Domini firms seem nonetheless to be accompanied by relatively lower conditional volatility and lower reaction to extreme shocks with respect to the control sample. An explanation for these findings, suggested by the inspection of Domini criteria, is that social responsibility implies, on the one side, decis...
URI: http://ssrn.com/abstract=871402
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