CSP is positively related to subsequent financial performance, Waddock 8 Kinder, Lydenberg, but also positively and Graves Domini (KLD) measures ROA, ROE, and related to prior 469 (1997) (SA/P/O) ROS financial performance firms (+) Results show that CSP is more closely Fortune magazine related to prior McGuire rating: 'responsibility to financial performance et.al. community/environment' Stock returns, than to subsequent 131 (1990) (R ) ROA financial performance. firms (+) No significant negative social-financial Preston Fortune magazine performance and rating: 'responsibility to relationships and O'Bannon community/environment' strong positive (1997) (R ) ROA correlations found. 67 firms (o) The results suggest a positive relationship between pollution Spicer ROE and P/E disclosure and the (1978) CEP ratings ratio financial performance. 17 firms (+) In both ways were community service goals were Kraft and significantly correlated Hage Net income and with profit goals, and (1990) Community goals assets the other way around. 82 firms (+) Still after controlling for firm size, no significant relationship between CSR and Aras et.al. Content analysis with 4 ROE, ROA and financial performance (2009) categories ROS is found. 40 firms (o) Most important finding supports a positive ROA, assets and significant Kinder, Lydenberg, growth and interaction between Scholtens Domini (KLD) measure operating the financial and 289 (2008) (SA/P/O) revenu social performance. firms (+) Measure of social/ Author(s) environmental Type of and year disclosure Measure of CFP Outcome Sample relationship
Waddock and Graves (1997) 8 Kinder, Lydenberg, Domini (KLD) measures (SA/P/O) ROA, ROE, and ROS CSP is positively related to subsequent financial performance, but also positively related to prior financial performance 469 firms (+) McGuire et.al. (1990) Fortune magazine rating: 'responsibility to community/environment' (R ) Stock returns, ROA Results show that CSP is more closely related to prior financial performance than to subsequent financial performance. 131 firms (+) Preston and O'Bannon (1997) Fortune magazine rating: 'responsibility to community/environment' (R ) ROA No significant negative social-financial performance relationships and strong positive correlations found. 67 firms (o) Spicer (1978) CEP ratings ROE and P/E ratio The results suggest a positive relationship between pollution disclosure and the financial performance. 17 firms (+) Kraft and Hage (1990) Community goals Net income and assets In both ways were community service goals were significantly correlated with profit goals, and the other way around. 82 firms (+) Aras et.al. (2009) Content analysis with 4 categories ROE, ROA and ROS Still after controlling for firm size, no significant relationship between CSR and financial performance is found. 40 firms (o) Scholtens (2008) Kinder, Lydenberg, Domini (KLD) measure (SA/P/O) ROA, assets growth and operating revenu Most important finding supports a positive and significant interaction between the financial and social performance. 289 firms (+) Author(s) and year Measure of social/ environmental disclosure Measure of CFP Outcome Sample Type of relationship