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Empirical Study between CSR and Financial Performance of Chinese Listed CompaniesYang, Qiu January 2012 (has links)
At present, corporate social responsibility has become an important area of modern corporateresearch theory, and the development of CSR activities all over the world is remarkable.While the relationship between corporate social responsibility and corporate financialperformance is still ambiguous.This study reviewed the development of corporate social responsibility and literatures whichfocused on related researches; used the stakeholder theory as the theoretical basis and contentanalysis as the method basis; chose the accounting indicators of 839 Chinese listed companiesin 2010 as samples; then did regression analysis to measure the relationship between Chinesecompanies’ social responsibilities and their financial performance.According to the research results, except implementing the social responsibilities toshareholders has outstanding positive impact on Chinese listed companies’ financialperformance and implementing social responsibilities to employees has relatively positiveimpact; the implementations of social responsibilities to other stakeholders have no signallyimpact on Chinese listed companies’ financial performance. These results show that the CSRsituation in China is still not optimistic. / Program: Magisterutbildning i företagsekonomi
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Non-financial performance measurement in the Libyan commercial banking sector : four grounded theory case studiesEl-Shukri, Aisha Salem January 2007 (has links)
The use of non-financial performance measurements (such as quality, delivery and customer satisfaction) has received a lot of attention from practitioners and academics over the last two decades in developed countries. This research project is an exploratory study in Libya to investigate the use of non-financial performance measurements (NFPMs) in a developing country's commercial banking sector. The Libyan service sector is the second contributor to the Libyan Gross Domestic Product (GDP) after the oil sector. Within the service sector, the commercial banking sector has been playing a significant role in the development of the Libyan economy. This research project aims to: 1) explore the current use of NFPMs in the Libyan commercial banking sector (LCBS); 2) determine the environmental factors influencing the use of NFPMs in the LCBS; and 3) explore the impact of NFPMs on financial performance measurements (FPMs) in the LCBSA grounded theory methodology was adopted and four case studies (two State owned banks and two private banks) were conducted. Each case study was analysed according to a structured set of coding procedures (based on the grounded theory approach of Strauss and Corbin, 1990) and substantive hypotheses emerged for each case study. A cross-case analysis of the four case studies gave rise to the following nineteen formal hypotheses which (together with the model developed from the four case studies) are the main findings of this study: H1 The limitations of FPMs are one of the major motives leading to a bank's use of NFPMs H2 A more competitive environment is one of the main motives for managers in a bank using NFPMs. H3 Management's knowledge of the relationship between NFPMs and FPMs is one of the major motives leading to the use of NFPMs in a bank. 11 H4 Demanding customers are one of the major motives leading to the use of NFPMs in a bank. H5 The nature of the banking industry as a service oriented industry is one of the major motives leading to the use of NFPMs in a bank. H6 Lower level managers in a bank tend to use NFPMs more than middle and higher level managers do. H7 Operational experience of management, competence of management, management with more authority, top management's interference, stability of management, and collective working group positively affect a bank's use of NFPMs. H8 New regulations and strategies of the Central Bank and the uncertainty of the economic environment positively affect a bank's use of NFPMs. H9 Some of the Central Bank's old regulations, over-control and interference of the Central Bank, information shortage, weakness of infrastructure, traditional educational system, State ownership and the general public's lack of banking knowledge negatively affect a bank's use of NFPMs. H10 The development of human resource strategies to be more service-oriented is associated with a bank's use of NFPMs. H11 The development of the reward system to be linked with non-financial performance and to be more service-oriented is associated with a bank's use of NFPMs. H12 The development of the banking system (operating, information and reporting system) is associated with a bank's use of NFPMs. H13 The development of a bank's management accounting information is associated with its use of NFPMs. H14 The development of a bank's organisational structure is associated with its use of NFPMs. H15 The adoption of advanced management practices is associated with a bank's use of NFPMs. H16 Use of NFPMs encourages a bank to diversify and improve its range of services. H17 Use of NFPMs encourages a bank to adopt advanced technology. H18 Use of NFPMs improves a bank's profitability, customers' deposits and other FPMs in the long-term. H19 Use of NFPMs leads to an increase in a bank's capital expenditure.
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A look at corporate social responsibility and firm performance : evidence from South AfricaDemetriades, Kimon 12 December 2011 (has links)
Corporate Social Responsibility (CSR) is a new topic in finance which can be viewed
from two different perspectives: that of the business (CSR), and that of the individual
investor (Socially Responsible Investing, SRI). The evidence from this study
suggested that in the short-term, there were no significant price effects on the SRI
stocks around the announcement dates of the SRI constituent lists. In contrast, the
returns of SRI portfolios over the sample period seemed to be superior to those of
conventional firms. The regression analysis found that generally the SRI coefficients
were insignificant; however using one of the models during the fifteen year period, it
was found that SRI constituents attained a ROE that was 11.18% higher than
conventional peers as well as a ROA that was 1.824% lower than conventional firms.
When the period was restricted to 2004-2009 it was found that social performance
was positively (and sometimes significantly) correlated with ROE.
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Evaluation of corporate integrated reporting in South Africa post King III releaseMakiwane, Theophilus Senzosenkosi 16 October 2012 (has links)
M.Com., Facultyof Commerce, Law and Management, University of the Witwatersrand, 2011 / Following the release of the King III report on Corporate Governance for South Africa in
March 2010, South African companies are expected to embrace the concept of integrated
reporting in which they are required to report on their strategies, corporate governance, risk
management processes, financial performance and sustainability. More importantly,
companies need to show how these components of integrated reporting are linked to one
another, so that stakeholders can make informed decisions about their current performance
as well as their ability to create and sustain value in the future. The purpose of this report by
is to determine whether the level of reporting by South African listed companies has
improved subsequent to the release of the King III report. The findings of this study reveal
improvements in this regard. However, there is still a need for further improvement in the
level of reporting by South African listed companies in order to achieve the objective of
integrated reporting.
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An evaluation of the relationship between corporate social investment and financial performanceKobo, Kgabo Lynn January 2016 (has links)
Thesis (MBA.) -- Unversity of Limpopo, 2016 / The researcher using Quantitative process is aimed to appraise Corporate Social Investment (CSI) in relation to Corporate Financial Performance (CFP). This research addressed theoretical paradigms of CSI, leadership strategies applied to implement CSI and stakeholder theory is presented. The study area was Johannesburg Stock Exchange FTSE/JSE Responsible Investment Index. The top 35 recorded companies were chosen, and then from top 35, only 5 companies were used (25 observations). Data from 2011 to 2015 were obtained from audited integrated financial statements, websites, publications and annual reports. CSI indexes and financial presentation measures of companies were taken from the annual reports to be analysed using simple regression equation to examine the link between corporate social investments to company’s fiscal presentation. This study revealed a strong positive linkage among company’s social investment strategy implementation and share price, turnover, and return on equity. Companies that implemented social investment strategy noticed increase in profit because of factors such customer awareness, good firm reputation and competitive advantage.
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On the Relationship between CSR and Financial Performance : An empirical study of US firmsZhang, Xiaole, Gu, Peixin January 2012 (has links)
Corporations care more and more about their social responsible performance, and this stands to reason. Conscience, business ethics and pressure of public opinion are playing important roles. Furthermore, some evidence shows that better CSR performance may bring the financial performance of a corporation to a higher stage. The purpose of this study is to investigate the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP). Drawing on the triple bottom line principle and the stakeholder theory, we divided the stakeholders that corporations should take re-sponsibility for into seven categories: shareholders, employees, customers, suppliers, creditors, community and environment (natural environment). We used a quantitative method to conduct the empirical study. The empirical study is based on samples of 95 US listed firms. We have used seven CSR indicators as inde-pendent variables and the CFP index as dependent variable. The independent variables concern CSR performance on shareholders, customers, suppliers, creditors, employees, community and environment. SPSS software was used as a help for investigating the correlation between the dependent variable and each independent variables. We run a multi-index regression using the indexes we calculated or got directly from databases. There is a significant positive short-term relationship between CSR for employees and CFP and a significant negative short-term relationship between CSR for community and CFP. Our main results show that the seven groups of stakeholders (including environ-ment) can be divided into three groups: fast responders, long term responders, and occa-sional supporter.
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Performance of Financial Holding Company -- The Case Study of Cathay Financial HoldingsLiu, Chin-Tsung 20 August 2004 (has links)
none
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The Financial Performance Research of the Financial Holding Company on Macroeconomic Variables and Managing Capital ¡V A Case Study of the Cathay Financial Holding CompanyHuang, Ke-Jie 24 July 2008 (has links)
In 2000 and 2001,The Financial Institution Merger Act and Financial Holding Act were legislated in Taiwan. There are 15 financial holding companies established till now. Financial holding companies hope to diversify financial commodities to investors through joint-marketing and gain cost-saving and risk-control and improve financial performance. It expects to pursue and promote broad business scope.
Cathay Financial Holding company, one of the financial holding companies, is the biggest financial holding company except the Taiwan Financial Holding company.
Cathay Financial Holding company has total assets exceeding NTD 3.68 trillion.
The subsidiaries of Cathay Financial Holding company include Cathay Life Insurance, Cathay United Bank, Cathay Century Insurance, Cathay Securities, and Cathay Venture Capital. The financial performance of subsidiaries of financial holding company becomes more sensitive due to competition of financial liberalization and macroeconomic variables changed.
The research not only uses a multiple-regression model and reported here was trying to examine the macroeconomic variables that determine the financial performance of subsidiaries of Cathay Financial Holding company, but also uses a managing capital method EAR to discuss the risk-control of Cathay Financial Holding company.
Keywords : Financial Holding company, financial performance, macroeconomic variables, managing capital, EAR
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Spin-off Performance : Does the subsidiary perform better on its own?Liedgren, Gustav, Olofsson, Josefin, Zetterlund, Sofie January 2008 (has links)
<p>Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market.</p><p>Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations.</p><p>Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance.</p><p>Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event.</p><p>Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.</p>
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Spin-off Performance : Does the subsidiary perform better on its own?Liedgren, Gustav, Olofsson, Josefin, Zetterlund, Sofie January 2008 (has links)
Background: A spin-off is strategic instrument used to restructure an organisation and thereby maximize shareholder value. Theory and advocates argue that engaging in spin-offs will generate improved financial performance of the parent company as well as for the divested unit. Previous studies on the topic have primarily focused on the perspective of the parent com-pany and little attention has been given to the post spin-off performance of the divested unit, in particular on the Swedish market. Consequently this study will focus on the performance of divested units of spin-offs performed on the Swedish market. Purpose: The purpose of this study is to compare the financial performance of the divested unit prior versus post the spin-off event in order to find poten-tial performance alterations. Method: The study is conducted through an inductive approach based on quanti-tative data. In order to fulfil the purpose of comparing the financial per-formance, four financial ratios are used; Return on Assets, Market-to- book ratio, Sales Growth and Share Price. Statistical sign-tests are subse-quently conducted in order to find possible significant alterations in the financial performance. Results: The results of the statistical tests all show unified findings in which no statistical significant change in performance post the spin-off event can be found. However negative tendencies are found for Return on Assets and positive tendencies were found for the variables M/B ratio and Sales Growth. The fourth variable, Sales Growth does not show a tendency in any direction. Similar results were found when classifying the sample into relative size and timing of the spin-off event. Conclusion: Spin-offs on the Swedish market do not on average perform better as stand alone units. Vague positive tendencies could however be found on the variables connected to market expectations, and negative tendencies could be found for the variables measuring efficiency and profitability.
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