Corporate Social Responsibility and Value Creation - Determinants and Mutual Relationships in a Sample of European Listed Firms

35 Pages Posted: 24 Oct 2006

See all articles by Daniela Venanzi

Daniela Venanzi

Roma Tre University - Department of Economics

Barbara Fidanza

University of Macerata - Department of Economic Growth Studies

Date Written: February 2006

Abstract

The purpose of this paper is twofold: i) to point out the determinants of a firm orientation to stakeholders' interests; ii) to analyze the relationship between shareholder value and stakeholder value as firm goals. Both issues are empirically verified on a sample of European listed companies.

Empirical evidence shows that time, nationality, industry, size and level of growth of a firm determine its stakeholder ratings. Although the empirical evidence presented concerning the link between the creation of shareholder value and stakeholder value is neither unequivocal nor statistically significant, it can be inferred that a firm pursues stakeholders satisfaction to achieve a better value performance.

Keywords: stakeholder value versus shareholder value, determinants of CSR ratings

JEL Classification: G3, G30, M14

Suggested Citation

Venanzi, Daniela and Fidanza, Barbara, Corporate Social Responsibility and Value Creation - Determinants and Mutual Relationships in a Sample of European Listed Firms (February 2006). Available at SSRN: https://ssrn.com/abstract=939710 or http://dx.doi.org/10.2139/ssrn.939710

Daniela Venanzi (Contact Author)

Roma Tre University - Department of Economics ( email )

Via Silvio d'Amico 77
Rome, Rome 00145
Italy

Barbara Fidanza

University of Macerata - Department of Economic Growth Studies ( email )

V.le del Vignola 73
Macerata 62100, MC
Italy

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