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XF-JJSIGTZ-D
Research / Academic Paper ACTIVE

Corporate social responsibility and financial performance: correlation or misspecification?

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Abstract

Researchers have reported a positive, negative, and neutral impact of corporate social responsibility (CSR) on financial performance. This inconsistency may be due to flawed empirical analysis. In this paper, we demonstrate a particular flaw in existing econometric studies of the relationship between social and financial performance. These studies estimate the effect of CSR by regressing firm performance on corporate social performance, and several control variables. This model is misspecified because it does not control for investment in R&D, which has been shown to be an important determinant of firm performance. This misspecification results in upwardly biased estimates of the financial impact of CSR. When the model is properly specified, we find that CSR has a neutral impact on financial performance. Copyright © 2000 John Wiley & Sons, Ltd.

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Document Metadata

Issuer
Wiley (Business Strategy and the Environment)
Document Type
Research / Academic Paper
Publication Year
2000
Retrieved
5 May 2026
Source
doi.org
Record ID
XFJJSIGTZD
Validation
Inferred by XFID

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SHA-256 (file bytes)
eb6dbcd3c3ddb3c4ef8b75bf203ef5d0c2f33c86af24f4d7a51ee54e256ea609
SHA-256 (canonical content)
eb6dbcd3c3ddb3c4ef8b75bf203ef5d0c2f33c86af24f4d7a51ee54e256ea609
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Topics

Corporate GovernanceEsg

Cited by (3)

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Academic / report citation
Wiley (Business Strategy and the Environment) (2000). Corporate social responsibility and financial performance: correlation or misspecification?. XFID: XF-JJSIGTZ-D. Retrieved from https://xframework.id/XFJJSIGTZD
Identifier only
XF-JJSIGTZ-D