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Corporate Social Performance, Stakeholder Coalitions, Corporate Governance and Performance

Punit Arora

Syracuse University

Milena T. Petrova

Bocconi University

June 2009

We examine the relationship between investment in different corporate social domains, corporate governance and firm performance. We demonstrate that policies with respect to different corporate social performance domains are related differently to financial performance. Our results indicate that proactive policies with respect to employees and diversity are the policies most strongly related to firm’s financial performance. In addition, we show that simultaneous employee and environment policies help firms further improve their financial performance We also reveal that certain corporate social policies can reduce the negative impact of anti-takeover protection measures and chairman duality. These results are important since they imply that corporate governance and social performance cannot be studied in isolation.

Number of Pages in PDF File: 46

Keywords: corporate social performance, corporate governance, financial performance

JEL Classification: G34

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Date posted: March 19, 2009 ; Last revised: April 6, 2016

Suggested Citation

Arora, Punit and Petrova, Milena T., Corporate Social Performance, Stakeholder Coalitions, Corporate Governance and Performance (June 2009). Available at SSRN: https://ssrn.com/abstract=1364993 or http://dx.doi.org/10.2139/ssrn.1364993

Contact Information

Punit Arora
Syracuse University ( email )
900 S. Crouse Avenue
Syracuse, NY 13244-2130
United States
Milena T. Petrova (Contact Author)
Bocconi University ( email )
Via Sarfatti, 25
Milan, MI 20136
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