Bakgrund: CSR är ett omdiskuterat ämne som har blivit mer närvarande i dagens affärsvärld. Fler företag anammar CSR i deras verksamhetsstrategi men detta antas främst gälla för de större företagen. Det råder större okunskap om små och medelstora företagens CSR-arbete och den strategiska betydelsen av CSR för dem, speciellt för IT-företag som innehar en central roll i det svenska samhället.  Syfte: Syftet med denna studie är att kartlägga huruvida CSR appliceras i verksamheten hos svenska små och medelstora IT-företag. Vidare består syftet av att analysera om det förekommer samband mellan CSR och den subjektiva samt finansiella prestationen, för att således få en djupare förståelse för dessa företagens CSR-arbete.  Metod: Studien har använt sig av en kvantitativ metod och med en deduktiv ansats. Studiens population består av 241 svenska små och medelstora IT-företag, varav 35 företag svarade på studiens enkätundersökning. Företagsinformation hämtades från databasen Amadeus och finansiella data om företagen blev inhämtad från årsredovisningar. Studien har använt sig av subjektiva såväl som objektiva mått. De statistiska dataanalysmodellerna som studien har använt sig av är bivariat analys, Friedmans ANOVA och PLS-SME.  Slutsats: Studien resultat visar att svenska små och medelstora IT-företag arbetar mest med de affärsmässiga dimensionerna som är den ekonomiska dimensionen och dimensionen om ansvar gentemot intressenterna, och få företag väljer att kommunicera ut deras arbete. Signifikanta samband hittades för både den ekonomiska och humanitära dimensionen i de två subjektiva prestationsmåtten. Studien bidrar med kunskap om små och medelstora IT-företagens CSR-arbete och den strategiska betydelsen av CSR för dem. / Background: CSR is a controversial topic that has become more present in today's business world. More companies are adopting CSR in their business strategy, but this is assumed to apply to larger companies mainly. There is greater ignorance about small and medium-si]ed companies' CSR work and the strategic importance of CSR for them, especially for IT companies that play a central role in Swedish society. Purpose: This study aims to map whether CSR is applied in the operations of Swedish small and medium-sized IT companies. Furthermore, the purpose consists of analyzing whether there is a connection between CSR and subjective and financial performance to gain a deeper understanding of these companies' CSR work. Methodology: This study has used a quantitative method and a deductive approach. The study population consists of 241 Swedish small and medium-sized IT companies, of which 35 companies responded to the study's survey. Company information was retrieved from the Amadeus database, and the companies' financial data was retrieved from annual reports. The study has used subjective as well as objective measures. The statistical data analysis model's bivariate analysis, Friedman's ANOVA, and PLS-SME were applied. Conclusion: The results show that Swedish small and medium-sized IT companies work primarily with business-like CSR, including the financial dimension and stakeholder dimensions, and few companies choose to communicate their work. Significant correlations were found for both the economic and philanthropic dimension in the two subjective performance measures. The study contributes knowledge about small and medium-sized IT companies' CSR work and the strategic importance of CSR for them.

This study aims to identify whether a relationship between ESG performance and financial performance exists for Nordic publicly-listed companies, by conducting a multiple linear regression analysis. Also, it will be observed which (if any) ESG variables are of relevance. The regression analysis conducted in this study arrives at the conclusion that there is a relationship between ESG performance and financial performance. However, the models have low explanatory power, with Adjusted R^2 values of 0.36 for the accounting-based financial measure Return on Assets (ROA), and 0.30 for the market-based financial measure Tobin´s Q.In both the ROA and Tobin's Q model, social variables are the most significant. Supplier evaluation disclosure is the only variable that is highly significant and positively correlated to both ROA and Tobin's Q. Consistent with previous literature, our results show that female board participation is positively correlated with ROA. The results also show that ROA correlates negatively with compensation of board members and senior executives being linked to environmental and social factors. In conclusion, some variables were identified that are significant for financial performance. However, the overall explanatory power of the model is low. It is suggested that future studies adopt a materiality approach. / Denna studie syftar till att identifiera om det finns ett samband mellan ESG-prestanda och finansiell prestanda för nordiska börsnoterade företag genom att utföra en multipel linjär regression. Dessutom observeras vilka (ifall några alls) ESG-variabler som är relevanta. Regressionen som genomförts i denna studie drar slutsatsen att det finns en relation mellan ESG-prestanda och finansiell prestanda. Dock så har modellerna låg förklaringsgrad, med justerat R^2-värde på 0,36 för det redovisningsbaserade måttet "Return on Assets" (ROA) och 0,30 för det marknadsbaserade måttet "Tobin's Q". I både ROA- och Tobin's Q-modellerna är sociala variabler de mest signifikanta. Publicering av leverantörsutvärdering är den enda variabeln som är högt signifikant och positivt korrelerad med både ROA och Tobin's Q. I linje med tidigare litteratur visar våra resultat att andel kvinnor i styrelsen är positivt korrelerat med ROA. Resultaten visar också att ROA korrelerar negativt med kompensation av styrelseledamöter kopplat till miljö- och sociala faktorer. Allt som allt lyckades studien att identifiera vissa ESG variabler som är signifikanta för finansiell prestanda. Dock så förblir förklaringsgraden av modellen i sin helhet låg. Därför föreslås det att framtida studier lägger fokus på materialitet.

Master of Agribusiness / Department of Agricultural Economics / David G. Barton / The goal of this thesis was to help Farmers Cooperative Equity Company (FCE) remain a firm, stable cooperative while increasing wealth of their patron owners. This thesis evaluated alternative equity redemption strategies to help FCE decide what decisions need to be made for proper use of equity for financing assets and increasing patronage returns. To develop an understanding of FCE and their current financial structures, we looked at the history of FCE and cooperatives in general. Then we gave a brief background of financial performance measures that were used to evaluate the profitability, solvency, liquidity, and efficiency of FCE. A cooperative performance profile was then run on FCE, by using a financial analysis program called PERFORM, to compare it to other agriculture cooperatives. The results for FCE were very strong in that they were performing at or above the 50th percentile range for many of the measures examined. FCE appears to be a very profitable, liquid, solvent, and efficient cooperative. We then used the results provided by the financial analysis program called PERFORM to make financial projections for the future to evaluate alternative equity redemption strategies for FCE. A computer program called FINPLAN was used to make the financial projections and evaluate the alternative equity redemption strategies. Five different strategies were evaluated and compared to the status quo, “strategy S0,” business as usual. The results showed that if the projections made for the future are correct, FCE would be able to return larger redemptions to patron owners by implementing an alternative equity redemption strategy that adheres to strict balance sheet management. Balance sheet management requires a cooperative to meet predetermined solvency and liquidity goals and then distributes the residual equity over and above that needed to finance assets, in combination with debt, as the equity redemption budget for that year. FCE could return larger redemptions while financing their operations through the use of patron equity and then return excess equity to patrons based upon cooperative usage. FCE’s general manager and board of directors have been provided with this thesis and the full project report. This thesis and project provide FCE with valuable information for them to make critical decisions on cooperative finance, including income distribution and equity management decisions.

Thesis (PhD)--University of Stellenbosch, 2002. / ENGLISH ABSTRACT: This study focuses on corporate entrepreneurship or intrapreneurship. Current research on the subject focuses on traditional theory of intrapreneurship in which the creation, structure and focus of business ventures feature prominently. Central to an intrapreneurship inquiry however, are the people who make up the organisation and their interaction within the organisation through structures and processes. Many members in an organisation can initiate and be involved in entrepreneurial activities, but the lack of autonomy and access to resources can restrict them from doing so. This study proposes a solution to these problems by focusing inwards into organisations and examining ways to foster intrapreneurship. It also emphasises the influence of executive leadership on organisational outcomes. In addition it proposes an answer to the question of how internal structures and processes can facilitate intrapreneurship and how management's relationship with staff can promote intrapreneurship. Through this the study adds to the current understanding of intrapreneurship. The study examines the relationship of a proposed intrapreneurship model to organisational performance, particularly financial performance. Lastly it examines intrapreneurship in context. Once an organisation behaves intrapreneurially, positive results could follow, therefore the relationship between one of the possible results, that of improved financial performance and intrapreneurship is researched in this study. Financial data form the basis of the calculation of many measures of performance. Organisations, however, are generally not willing to supply researchers with hard financial data. A possible way to overcome this problem is to measure financial outcomes through the interpreted views of management, for example that sales increased or decreased, rather than stating the absolute value. However, this is a subjective measure and the researcher decided to overcome this problem by concentrating the study on a sector of the Johannesburg Stock Exchange for which published financial data is available. The published financial data forms the basis for the calculation of an index that is used to discriminate between better and weaker financial performance of organisations. The study identifies nine dimensions of the construct Intrapreneurship, which were factorised into three key factors. Two of the key factors focus externally and one internally. The final intrapreneurship model that emerges from the study represents the organisation's innovativeness, proactiveness, and management's influence on organisational structures, processes and internal relations. This model represents product lines and changes, research and development leadership, new techniques employed in the organisation, the organisation's competitive posture and its risktaking propensity, its environmental boldness and the decision-making style of management in terms of external opportunities. The model also addresses internal structures and processes, as well as relations in terms of intrapreneurial goal setting - a system that promotes, facilitates and manages creativity and innovation. It addresses an intracapital system for supplying resources and it facilitates communication. The model allows for staff input to management, a degree of intrapreneurial freedom, a problem-solving culture and empowered staff. Finally, it provides for the championing of intrapreneurs hip by management. In the study, hypotheses are set to establish if a relationship exists between intrapreneurship and financial performance and to examine intrapreneurship in context. The influence of organisational age, organisational size and the organisation's share Beta on intrapreneurship, is examined. The conclusions of the study can be summarised as follows: There is a relationship between financial performance and intrapreneurship as represented by the key factor management. The key factor management is a significant predictor of financial success. Organisations with higher levels of intrapreneurship are therefore more likely to be financially successful than those organisations with lower levels of intrapreneurship. The key factors that represent the proposed model each correlates moderately with the financial index. The key factor added by this study to the traditional model of intrapreneurship, improve the correlation and enrich the model. The study confirms the view that organisations can be intrapreneurial, regardless of size, which is measured by both employee count and annual turnover. This finding dispenses with the popular view that only small organisations can be entrepreneurial. The study furthermore confirms the view that older organisations could be less intrapreneurial. The study finds that younger organisations tend to be more proactive in their approach in the areas of new techniques, competitive posture, risk-taking propensity and environmental boldness, as well as in respect of decisions to exploit opportunity. The study also indicates significant correlation between organisations' share Beta coefficient and two of the three key factors that comprise intrapreneurship. This confirms the notion that intrapreneurial organisations could be more prone than their counterparts, to volatile market movements of their shares. The study does not propose a definitive model, but presents a practical model that can be implemented - a model that could improve organisations' results, specifically in the area of financial performance. / AFRIKAANSE OPSOMMING: Hierdie studie fokus op korporatiewe entrepreneurskap of intrapreneurskap. Huidige navorsing oor die onderwerp konsentreer op tradisionele teorieë waarin die skep, strukturering en fokus van besigheidsondernemings prominent is. Die werklike fokus van intrapreneurskap behoort egter die mense waaruit die organisasie bestaan, asook hulle interaksie deur middel van strukture en prosesse in te sluit. Baie individue in organisasies kan moontlik entrepreneuriese aktiwiteite inisieër of kan betrokke raak daarin, maar kan aan bande gelê word deur die gebrek aan bemagtiging en deur gebrekkige toegang tot hulpbronne. Hierdie studie het 'n oplossing vir die probleem ten doel deur organisatories na binne te fokus, asook deur voorstelle gerig daarop om intrapreneurskap te bevorder. Die studie poog voorts om die vraag te beantwoord hoe interne strukture en prosesse intrapreneurskap kan fasiliteer en hoe intrapreneurskap bevorder kan word deur te fokus op die verhouding tussen bestuur en personeel. Hierdeur word 'n bydrae gelewer ten opsigte van intrapeneurskapsnavorsing. Die studie ondersoek ook die verwantskap tussen 'n voorgestelde model vir intrapreneurskap en finansiële prestasie. Die studie ondersoek verder kontekstuele intrapreneurskap. Intrapreneurskap in 'n organisasie behoort positiewe resultate tot gevolg te hê. Die verwantskap tussen een van die positiewe resultate, naamlik finansiële prestasie en intrapreneurskap word daarom in die studie ondersoek. Finansiële data vorm die basis van baie metings van organisatoriese prestasie. Dit is egter baie moeilik om spesifieke finansiële inligting van maatskappye te bekom en daarom maak navorsers soms gebruik van uitvoerende personeel se siening van finansiële inligting, byvoorbeeld ten opsigte van die vermeerdering of vermindering van verkope. Dit is egter 'n subjektiewe oordeel en gevolglik fokus hierdie studie eerder op 'n sektor van die Johannesburgse Effektebeurs, omdat gepubliseerde inligting aangaande genoteerde maatskappye geredelik beskikbaar is. Hierdie inligting word gebruik as basis vir die berekening van 'n indeks sodat organisasies wat swakker en beter finansieel presteer, onderskei kan word. Die studie identifiseer nege dimensies van die konstruk Intrapreneurskap. Hierdie dimensies is deur middel van faktoranalise gereduseer tot drie dimensies, waarvan een na binne en twee na buite projekteer. Die finale model vir intrapreneurskap behels proaktiwiteit, innovasie, en bestuur se invloed op stelsels, procedures en verhoudinge. Die model verteenwoordig die uitgangspunt ten opsigte van 'n aantal produkte en die veranderinge aan produkte, navorsing en ontwikkelingsleierskap, die organisasie se mededingende posisionering, risiko neming, die omgewingsdurf en bestuur se besluitnemingsprofiel ten opsigte van benutbare geleenthede. Die model verteenwoordig verder bestuur se invloed op interne strukture en prosesse asook verhoudinge wat betrekking het op die insluiting van intrapreneurskap in die daarstel van doelwitte en 'n stelsel wat kreatiwiteit bevorder, fasiliteer en bestuur. Dit skep 'n sisteem van intrakapitaal wat hulpbronne verskaf, en verteenwoordig oop en nie-territoriale kommunikasie. Die model maak voorsiening vir personeel se insette en laat intrapreneuriese vryheid toe. Dit stel 'n oplossingskultuur ten opsigte van probleme, asook personeelbemagtiging, voor. Laastens stel dit voor dat bestuur die voorstanders van intrapreneurskap moet wees. In die studie word twee hipoteses daargestelom die verwantskap tussen finansiële prestasie en intrapreneurskap, asook kontekstuele intrapreneurskap te ondersoek,. Die resultate van die hipoteses kan as volg opgesom word: Daar is 'n verwantskap tussen finansiële prestasie en intrapreneurskap soos voorgestel deur die sleutelfaktor bestuur. Die sleutelfaktor bestuur is dus 'n betekenisvolle voorspeller van finansiële prestasie. Organisasies met hoër vlakke van intrapreneurskap kan daarom moontlik beter presteer as hulle eweknieë met laer vlakke van intrapreneurskap. Die drie sleutelfaktore van die voorgestelde model toon elk ook 'n positiewe korrelasie met die finansiële indeks. Die faktor wat by die tradisionele intrapreneurskapmodel gevoeg is, verbeter die korrelasie met die indeks. Die studie bevestig die standpunt dat die grootte van 'n organisasie, soos gemeet deur omset en aantal werknemers, nie 'n invloed op intrapreneurskap het nie. Hierdie bevinding is in teenstelling met die wanvoorstelling dat slegs klein organisasies intrapreneuries kan wees. Die studie bevestig ook dat ouer organisasies waarskynlik minder intrapreneuries sal wees. Jonger organisasies sal waarskynlik meer proaktief wees deur gebruik te maak van nuwe tegnieke, deur mededinging, riskoneming en deur omgewingsdurf. Die studie wys ook op die betekenisvolle korrelasie tussen organisasies se Beta (B) waarde van hul aandele en twee van die drie sleutelfaktore waaruit intrapreneurskap bestaan. Die gevolgtrekking is dus dat organisasies wat meer volatile relatief tot die mark is, 'n groter skommelingstendens het wanneer hulle met die totale mark vergelyk word. Die studie probeer nie om 'n allesomvattende model vir intrapreneurskap voor te stel nie, maar probeer eerder om 'n prakties implimenteerbare model daar te stel wat moontlik positiewe resultate kan lewer, veral in die area van finansiële prestasie.

綠色供應鏈管理為近年來熱度非常高的議題，對於某些公司來說，採行綠色供應鏈管理可以表現公司永續經營的決心（Bacallan，2000），例如聯華電子不久前才宣佈，領先全球半導體製造商，完成有害物質管理 (Hazardous Substance Process Management, HSPM)系統稽核，並獲推薦登錄，顯示聯電符合RoHS指令及客戶對有害物質管理要求，也取得通往歐洲市場的環保通行證，而致伸科技也領先其他競爭者，完成綠色供應鏈的佈署，廠商的這些行動可以解讀為綠色供應鏈管理已經成為未來的趨勢，然而，本研究想要進一步的探討，綠色供應鏈管理究竟是廠商不得不為的措施，抑或是可以憑藉以提升本身競爭優勢的積極作為。 本研究採問卷調查的研究方式，針對我國製造業廠商進行實證研究，研究範圍設定為工商快訊所出版的「2005台灣廠商名錄」中，所登錄的我國公司，產業不予以設限，但必要條件為公司必須涉足生產製造業務。 本研究針對回收後的問卷，以 LISREL進行分析，獲得了下列研究結果： 1. 綠色設計與公司競爭優勢有正向關係 2. 綠色採購與公司競爭優勢有正向關係 3. 綠色生產與公司競爭優勢有正向關係 4. 企業在競爭優勢上的表現與其財務數字上的成績有正向的關係 關鍵字：綠色供應鏈、競爭優勢、財務績效 / Green Supply Chain Management has been a very popular subject recently. For some companies, implementing Green Supply Chain Management can show their determination for sustainable development（Bacallan，2000）. For example, UMC just announced their audition of Hazardous Substance Process Management system, and therefore is qualified to export to European market. Primax Electronics has also executed Green Supply Chain Management. All these actions indicate Green Supply Chain Management has become the trend. However, the study wants to investigate if the implementation of Green Supply Chain Management can give a lift of the companies’ competences. In the end of the study, the author can reach the following conclusions: 1. There is a positive correlation between Green Design and company’s competitive advantage 2. There is a positive correlation between Green Purchase and company’s competitive advantage 3. There is a positive correlation between Green Production and company’s competitive advantage 4. There is a positive correlation between company’s competitive and its financial performance Key Word: Green Supply Chain, competitive advantage, financial performance

本研究探討智慧資本對財務績效的影響。隨著大陸知識經濟時代的到來，智慧資本的影響力遠超從前，相關利益方對其關注日益增強。學界認為，由企業持有或者部分持有的有價值的無形資源，且可為企業帶來競爭優勢或者增加企業財富與價值者，皆為智慧資本。參照前人研究成果，本研究將智慧資本分為人力資本、創新資本、流程資本和關係資本。又以大陸創業板上市企業做為研究對象，從國泰安數據庫及公開財報抓取數據，使用複迴歸方式進行實證分析。研究結果顯示：智慧資本對於企業績效存在正向影響，不同項目影響程度存在差異。未來企業需要加強自身智慧資本的建構和維護，以期提升自身財務績效。 / This study explore the effect of intellectual capital on the financial performance. With the coming era of knowledge economy, intellectual capital influence on the economy far more than in the past. Stakeholders growing attention to it. Scholars believe those valuable intangible resources holding by company or part holding by company, and can provide a competitive advantage or increase their wealth and value are all intellectual capital. Referring to previous research, this study divided intellectual capital into human capital, innovation capital, process capital and relational capital. In Chinext listed companies as the research object, get the data from the CSMAR databases and company's financial statements, using multiple regression to analysis. The empirical results show that intellectual capital does affect performance on the financial performance, and each intellectual capital element has different impact on corporate performance. In the future, Companies need to strengthen their intellectual capital construction and maintenance, in order to improve their financial performance.

Managers are coming under increasing pressure from a wide array of stakeholders to improve the environmental performance of their firms while still achieving financial performance objectives. One of the most researched questions in the business and the natural environment (B&NE) literature is whether it pays to be green. Despite more than three decades of research, scholars have been unable to clearly answer this question. The purpose of this dissertation was to attempt to identify the antecedents that lead to increased, firm-level environmental performance and the conditions in which firms are then able to profit from enhanced environmental performance. First, I assessed three intra-organizational factors of top management teams (i.e. female representation, concern for non-financial stakeholders, and risk-seeking propensity) that theory indicated are associated with increased corporate environmental performance (CEP). Theory also leads us to believe that top management teams with these attributes should perform better in dynamic settings, so I tested to see if industry dynamism moderates these relationships. Second, I then examined industry-level forces that theory indicates would moderate the relationship between CEP and corporate financial performance (CFP). These moderating forces include industry profitability, industry dynamism, and the degree of industry environmental regulation. Hypotheses were tested using panel data obtained from the KLD, Compustat, and Environmental Protection Agency databases for the years 2000 to 2011. The sample consists of firms comprising the Standard and Poor’s 500 and was analyzed using fixed-effect regression and moderating variables were analyzed using the Johnson-Neyman technique.

We use a sample of US manufacturing firms from 1989 to 2018 in order to evaluate the effect of net working capital (NWC) on firm performance. We employ several econometric analyses to test our hypotheses and different specifications of our dependent and main variables of interest. Our results are robust and consistent with prior research on peer effects influencing corporate investment decisions. In addition, our results suggest that (i) the relation between excess working capital investment and company performance is non-linear (for firms with excessive working capital investment, the reduction in resources tied up in working capital in the previous year is positively associated with a better company performance over the subsequent year; however, for firms with low level of NWC, we cannot state that the opposite is true); (ii) we find significant peer effect that are positively associated with firms\' investment in working capital, and find that a one standard deviation increase in the average peer firm working capital investment leads to an 11% increase in firm i\'s investment, after controlling for firm-specific factors; and (iii) we estimate the impact of working capital investment on firm\'s performance using an instrumental variable framework that confirm that firms with a higher level of working capital are associated with worst level of firm\'s performance / Utilizamos uma amostra de empresas americanas de manufatura de 1989 a 2018 para avaliar o efeito do capital de giro líquido (NWC) sobre o desempenho da empresa. Empregamos várias análises econométricas para testar nossas hipóteses, assim como diferentes especificações de nossas variáveis dependentes e principal. Nossos resultados são robustos e consistentes com pesquisas anteriores sobre a influência dos pares sobre as decisões de investimento corporativo das empresas. Além disso, nossos resultados sugerem que: (i) a relação entre investimento em capital de giro e desempenho da empresa é não linear (para empresas com investimento excessivo em capital de giro, a redução de recursos atrelados ao capital de giro no ano anterior está positivamente associada a um melhor desempenho da empresa ao longo do ano subsequente; no entanto, para empresas com baixo nível de NWC, não podemos afirmar que o oposto é verdadeiro); (ii) encontramos um efeito significativo dos pares que está positivamente associado ao investimento das empresas em capital de giro, e descobrimos que um aumento de um desvio padrão no investimento em capital de giro médio dos pares leva a um aumento de 11% no investimento da empresa i, após controlar para fatores específicos da empresa; e (iii) estimamos o impacto do investimento em capital de giro no desempenho da empresa usando uma estrutura de regressão com variável instrumental que confirma que as empresas com nível excessivo de capital de giro estão associadas a um pior desempenho

Cette recherche doctorale se focalise sur les informations environnementales publiées volontairement par les entreprises françaises dans leurs rapports annuels ou dans leurs rapports de développement durable au travers de cinq articles. L’objectif de cette thèse est de mieux comprendre les bénéfices que les firmes peuvent tirer de communiquer leur engagement environnemental auprès de leurs parties prenantes. En se basant sur un échantillon de grandes entreprises françaises du SBF 120 sur la période 2001-2011, notre recherche examine les leviers par lesquels la divulgation d’informations environnementales peut impacter la performance financière des entreprises. Dans un premier temps, elle analyse les avantages potentiels pour les entreprises qui communiquent sur leur engagement environnemental, concernant deux catégories importantes de parties prenantes : les actionnaires et les clients. Puis, elle analyse les circonstances dans lesquelles les entreprises opérant dans des secteurs polluants peuvent obtenir des bénéfices de leur divulgation environnementale. Nos résultats empiriques démontrent que les entreprises trouvent un intérêt économique à rendre compte à leurs actionnaires et clients leur engagement environnemental. / This doctoral research focus on the voluntary environmental information released by French firms in their annual reports and sustainability reports through five articles. The aim of this thesis is to provide better understanding of the potential benefits achieved by firms through communicated their environmental engagement to their external stakeholders. Using a sample of French listed firms belonging to the SBF 120 stock index over an eleven-year period (2001-2011), this research examines the mechanisms by which environmental reporting can influence firms’ financial performance. First, it illustrates the potential benefits for firms that report more on environmental initiatives, with regard to two important categories of stakeholders: shareholders and customers. Second, it investigates circumstances under which firms operating in environmentally sensitive industries can obtain financial benefits from the disclosure of their environmental initiatives. Our findings show that firms can reap economic benefits arising from environmental information disclosed to shareholders and customers.

Syfte: Sambandet mellan Corporate Social Responsibility (CSR) och Financial Performance (FP) är väl studerat liksom sambandet mellan FP och ägarkoncentration, dock är resultaten motstridiga. Få studier har tagit alla dessa dimensioner med FP, ägarkoncentration och CSR i beaktning. Denna studie syftar därmed till att förklara hur ägarkoncentrationen i europeiska företag påverkar sambandet mellan CSR och FP. Metod: Denna studie antar ett deduktivt tillvägagångssätt inom den positivistiska forskningstraditionen. Studien är baserad på 169 börsnoterade bolag från Europa sett över åren 2009–2017. Materialet har samlats in via databasen Thomson Reuters Datastream och har sedan analyserats i IBM SPSS (Statistical Package for Social Sciences). Resultat och slutsats: Studiens resultat återspeglar att företag i Europa agerar på en marknad med en hög ägarkoncentration där de lägger mycket resurser på CSR vilket förbättrar deras FP. Slutsatsen som kan dras är dock att ju högre ägarkoncentrationen är desto större risk är det att det positiva sambandet mellan CSR och FP försvagas. Examensarbetets bidrag: Denna studie lämnar ett unikt bidrag då det är den enda studien som undersöker ägarkoncentrationens påverkan på CSR och FP över flera olika länder och branscher. Det ökade intresset kring CSR och den lagstiftning som finns sedan 2014 kan skapa agentproblem som förvärras när ägarkoncentrationen är hög. Denna studie ämnar ge praktiska bidrag till företag och organisationer i Europa, genom att uppmärksamma denna agentproblematik som försvårar arbetet med CSR och i värsta fall kan orsaka en försämrad FP. Förslag till fortsatt forskning: Studien lämnar som förslag till kommande studier att använda ett annat mått på ägarkoncentration för att se om det kan ha en annan inverkan på resultaten av studien. Ett annat förslag är att mäta alla dimensioner av CSR separat för att tydliggöra om någon variabel inom CSR påverkar FP mer än någon annan. Som ett sista förslag kan studiens kombinerade FP-mått användas parallellt med lönsamhetsmåttet Tobins Q för att verifiera resultatet. / Aim: The relationship between Corporate Social Responsibility (CSR) and Financial Performance (FP) has been studied by many scientists, as well as the relationship between FP and ownership concentration but the results have been conflicting. Few studies have been done regarding all these dimensions on which influence ownership concentration has on CSR and FP, therefore this study aims to explain how the ownership concentration in European public companies affect the relationship between CSR and FP. Method: This study has a deductive approach within the positivist research tradition. The study is based on 169 listed companies from Europe over the years 2009-2017. The data has been collected through the database Thomson Reuters Datastream and analyzed through IBM SPSS (Statistical Package for Social Sciences). Result & Conclusions: The result of this study reflect that companies in Europe act in a market with a high ownership concentration where they spend a lot of resources on CSR, which improves their FP. This can be deduced from the conclusion; a higher ownership concentration weakens the positive relationship between CSR and FP. Contribution of the thesis: This study provides a unique contribution as it is the only study that investigates the impact of ownership concentration on CSR and FP across several countries and industries. The increased interest in CSR and the legislation that exists since 2014 can create agent problems that get worse when the owner concentration is high. This study intends to provide practical contributions to companies and organizations in Europe, where they observe this agent problem that complicates the work of CSR and, in the worst-case scenario, may cause a deterioration in the FP. Suggestions for future research: Further studies may use a different dimension of ownership concentration to see if it can have a different impact on the results of the study. Another proposal is to measure all dimensions of CSR separately to clarify whether any variable within CSR affects FP more than anyone else. As a final proposal, the study's combined FP measure can be used in parallel with the profitability measure Tobins Q to verify the result.