Abstract

http://ssrn.com/abstract=1587023
 
 

References (18)



 


 



Corporate Social Responsibility, Firm Value and Financial Performance in Brazil


Vicente Lima Crisóstomo


Universidade Federal do Ceará

Fátima De Souza Freire


Universidade de Brasília (UnB) - Department of Accounting

Felipe Cortes Vasconcellos


Universidade de Brasília (UnB) - Department of Accounting

April 9, 2010

Social Responsibility Journal, Vol. 7, No. 2, pp. 295-309

Abstract:     
Purpose – The purpose of the paper is to examine the relationship between Corporate Social Responsibility (CSR) and firm performance, taking into account firm value and financial performance, in an emerging market - Brazil.

Design/methodology/approach – Content analysis was conducted to extract data from two different sources, one relative to CSR data and another that provided financial data. CSR indexes and financial performance measures were calculated to allow the estimation of regression analysis conducted to examine the relationship between CSR and performance.

Findings - The results indicate that CSR is value destroying in Brazil since a negative correlation between CSR and firm value was found. Additionally, a neutral relationship characterizes the mutual effect between CSR and financial performance.

Originality/value – The study has examined the relationship between CSR and firm performance in a country where, as in most other non-developed markets, such relationship has not been object of research. Besides, we also see the use of a three dimensional measure of CSR, mainly considering a research undertaken in an emerging market, as a valuable contribution.

Keywords: Corporate Social Responsibility, Firm Value, Financial Performance, Emerging Markets

JEL Classification: M14

Accepted Paper Series


Not Available For Download

Date posted: April 11, 2010 ; Last revised: March 21, 2013

Suggested Citation

Crisóstomo, Vicente Lima and Freire, Fátima de Souza and Vasconcellos, Felipe Cortes, Corporate Social Responsibility, Firm Value and Financial Performance in Brazil (April 9, 2010). Social Responsibility Journal, Vol. 7, No. 2, pp. 295-309. Available at SSRN: http://ssrn.com/abstract=1587023

Contact Information

Vicente Lima Crisóstomo (Contact Author)
Universidade Federal do Ceará ( email )
Fortaleza
Brazil
HOME PAGE: http://www.ufc.br
Fátima De Souza Freire
University of Brasília (UnB) - Department of Accounting ( email )
Campus Universitario Darcy Ribeiro
Prédio da FACE, B01-02
Brasilia, DF 70910-900
Brazil
55 61 3307 2981 (Phone)
55 61 33497388 (Fax)
HOME PAGE: http://vsites.unb.br/cca/graduacao/docentes/fatima.htm
Felipe Cortes Vasconcellos
University of Brasília (UnB) - Department of Accounting ( email )
Campus Universitario Darcy Ribeiro
Gleba A - Reitoria
Brasilia, DC DF 70910-900
Brazil
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