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dc.contributor.author
Voutsinos, Spyridon
en
dc.date.accessioned
2015-06-19T10:24:26Z
dc.date.available
2015-09-27T05:58:11Z
dc.date.issued
2015-06-19
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/452
dc.rights
Default License
dc.title
Corporate Social Responsibility Initiatives
en
heal.type
masterThesis
heal.secondaryTitle
Does it payoff for pharmaceutical companies?
en
heal.language
en
heal.access
free
el
heal.license
http://creativecommons.org/licenses/by-nc/4.0
heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.publicationDate
2014-12
heal.bibliographicCitation
Voutsinos Spyridon, 2014, Corporate Social Responsibility
Initiatives. Does it payoff for pharmaceutical companies?, Master's dissertation ,International Hellenic University
en
heal.abstract
initiatives of a company in the pharmaceutical sector are linked with its
financial performance, as portrayed by the net earnings, and its stock exchange
performance, as portrayed by its stock price.
In the beginning of our study, we have provided a thorough background of
previously conducted CSR studies in every industry, followed by a focus in the
pharmaceutical industry related studies. Our research has shown both negative and
positive results, with the positives ones clearly outnumbering the negative ones.
In the second part of our study we have regressed the CSR data collected by
CSRHub database with the financial data, as extracted by ThompsonOne database
for a total of 196 companies and data between 2008 and 2013. In order to validate
results, we also used data from 2008 up to 2012 for 80 companies, using the KLD
database by pairing variables used in the previous regressions. Lastly, we have used
the ranking of the 20 companies from Accesstomedicineindex.org for years 2008,
2010 and 2012, used linear interpolation to calculate middle points and once again
regressed them with the financial data.
Of the 29 variables found significant in our study, results in general have
shown a positive relationship between most variables with very few exceptions.
However, once those variables have been compared with the intercept in each
regression, the results have been found to be rather negligent in absolute terms.
Nonetheless, we believe that any CSR related initiative should not based on
economic advancement of a company per se, but in providing a better welfare for
people in developing countries.
en
heal.tableOfContents
Acknowledgements 2
Table of Contents 3
Chapter 1 4
1.1 General Introduction
1.2 Corporate Social Responsibility overview
1.3 Statement of the research problem 5
1.3.1 Research questions 6
1.4 Research gap
1.5 Significance of research 7
1.5.1 Expectations of the research
1.6 Definition of key terms 8
1.7 Dissertation structure
1.8 Chapter summary
Chapter 2 9
2.1 Literature Review
2.2 Scandals in the pharmaceutical industry
2.3 CSR initiatives in pharmaceutical industry 10
2.4 CSR Literature review
2.5 CSR as a business practice 12
2.6 Chapter summary 13
Chapter 3 14
3.1 Research introduction
3.2 Methodology and tools
3.3 Data set
3.3.1 Data set characteristics 16
3.4 Chapter summary 18
Chapter 4 19
4.1 Results presentation
4.2 CSRHub database regressions
4.2.1 Common results between average stock price regressions and
average net income regressions. 20
4.2.2 Opposite results between average stock price regressions and
average net income regressions. 21
4.2.3 Other information and remarks 23
4.3 KLD Data regression 24
4.3.1 Regressions with common moderating effects between KLD and
CSRHub datasets 25
4.3.2 Regressions with different moderating effects between KLD and
CSRHub datasets 27
4.3.3 Other information and remarks
4.4 Accesstomedicineindex.org data regression 28
4.4.1 Accesstomedicineindex.org regression results 29
4.5 Chapter summary
Chapter 5 30
5.1 Conclusions
5.2 Limitations of the study 32
5.3 Further research
5.4 Chapter summary 33
Appendix 34
References 43
en
heal.advisorName
Leventis, Stergios
en
heal.committeeMemberName
Leventis
en
heal.committeeMemberName
Dasilas
en
heal.committeeMemberName
Archontakis
en
heal.academicPublisher
School of Economics and Business Administration, Msc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
46
heal.fullTextAvailability
true
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