What Aspects of CSR Really Matter: An Exploratory Study Using Workplace Mortality Data

5 Pages Posted: 12 Oct 2011

See all articles by Adam J. Sulkowski

Adam J. Sulkowski

Babson College

Jonathan P. Barboza

University of Massachusetts Dartmouth

Jacob Vaillancourt

University of Massachusetts Dartmouth

Aneta Studnicka

Warsaw University of Life Sciences

Date Written: October 10, 2011

Abstract

This work contributes to a growing and important body of research that tests whether there is any relationship between reporting positive corporate social responsibility metrics and their return-on-investment for stockholders. Following a review of key literature, this article will test the following hypothesis: whether a portfolio of stocks of companies that produce CSR reports that reveal the lowest on-the-job mortality rates produce better returns for investors than a portfolio of stocks of companies that produce CSR reports that reveal highest on-the-job mortality rates. Indeed, stocks of companies with lowest rates of workplace mortality on average increased in value more than the stocks of companies with the highest rates of workplace mortality, especially in a shorter observation period. However, somewhat disturbing, counterintuitive and thought-provoking, the difference in stock performance is found to not be statistically strong over a longer observation period. In the discussion section, the authors consider whether some CSR metrics are too granular to impact stock performance, whether the impacts of changes in some metrics become evident over a longer observation period, or whether outside factors affected the results. The study concludes by pointing to several new directions for promising research.

Suggested Citation

Sulkowski, Adam J. and Barboza, Jonathan P. and Vaillancourt, Jacob and Studnicka, Aneta, What Aspects of CSR Really Matter: An Exploratory Study Using Workplace Mortality Data (October 10, 2011). Available at SSRN: https://ssrn.com/abstract=1942014 or http://dx.doi.org/10.2139/ssrn.1942014

Adam J. Sulkowski (Contact Author)

Babson College ( email )

231 Forest St.
Babson Park, MA 02457-0310
United States

HOME PAGE: http://www.babson.edu/Academics/faculty/profiles/Pages/sulkowski-adam.aspx

Jonathan P. Barboza

University of Massachusetts Dartmouth ( email )

285 Old Westport Road
N Dartmouth, MA 02747
United States

Jacob Vaillancourt

University of Massachusetts Dartmouth ( email )

285 Old Westport Road
N Dartmouth, MA 02747
United States

Aneta Studnicka

Warsaw University of Life Sciences ( email )

ul. Nowoursynowska 159
Warsaw, 02-776
Poland

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
127
Abstract Views
922
rank
245,974
PlumX Metrics