Corporate Social Responsibility (CSR) Revisited: The Case of International Shipping
48 Pages Posted: 9 Nov 2013
Date Written: November 7, 2013
This study examines the relationship between Corporate Social Responsibility (CSR) and corporate performance using a sample of listed shipping companies. Recognizing heterogeneous CSR behavior across shipping companies, we employ Markov Chain Monte Carlo techniques for Bayesian inference and estimate the marginal effects of profitability and financial structure on our CSR index for each firm. The relationship between CSR behavior and corporate performance is positive for 52% and negative for 48% of the companies. This different impact of profitability on CSR behavior is attributable to the choice of the flag state and to the location of stock exchange listing.
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