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dc.contributor.author
Tsileponis, Nikolaos
en
dc.contributor.author
Tsintza, Olympia
en
dc.date.accessioned
2015-03-30T12:16:00Z
dc.date.available
2015-09-27T05:58:37Z
dc.date.issued
2015-03-30
dc.identifier.uri
http://hdl.handle.net/11544/64
dc.rights
Default License
dc.title
On the determinants of corporate social responsibility
en
heal.type
masterThesis
heal.secondaryTitle
The case of controversial industry sectors
en
heal.keyword
Dissertations, Academic
en
heal.keyword
Social responsibility of business
en
heal.keywordURI.LCSH
Corporate Social Responsibility
en
heal.keywordURI.LCSH
Controversial Industry Sectors
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
2011-10
heal.bibliographicCitation
Tsileponis Nikolaos and Tsintza Olympia, 2011, On the determinants of corporate social responsibility: the case of controversial industry sectors,Master's Dissertation, International Hellenic University
en
heal.abstract
Over the last few decades, there has been increased academic interest in the concept of Corporate Social Responsibility (Tsoutsoura, 2004; Brammer and Millington, 2006; Quelch and Jocz, 2009; Reverte, 2009). Although prior literature has thrown some light on the factors that may influence firms‟ engagement in CSR practices and initiatives (e.g. Chih et al., 2009; Reverte, 2009), limited research has been conducted in the area of controversial industry sectors (i.e., industry sectors that often are characterized by social taboos and moral debates); there remain issues over which empirical evidence is inconclusive and often contradictory. Our study aims to address this gap in the literature by empirically investigating the determinants of CSR engagement in such industry sectors. Specifically, we focus on six major “sinful” sectors: alcohol, tobacco, gambling, firearms, military, and nuclear power. Using a dataset of 109 U.S. publicly traded corporations over a period of seven years (2003-2009), we identify several factors that influence the above-discussed relationship. Our empirical findings suggest that large unethical corporations are more likely to demonstrate a socially responsible corporate profile so as to legitimize their actions and minimize costs stemming from their interaction with the community. We also argue that sin companies receiving high levels of media coverage find themselves further exposed to public and regulatory scrutiny; thus, many of them undertake serious efforts to integrate CSR into various aspects of their businesses. Additionally, we provide evidence that, by improving their corporate governance, sin firms fulfill stakeholders‟ expectations of legitimate corporate behaviour. Contrary to previous studies (Hill et al., 2007; Hong and Kacperczyk, 2009; Kim and Venkatachalam, 2011), our results suggest that institutional investors might have ceased to consider the social performance of sin firms in making investment decision; instead, they appear to be more interested in the financial performance of these stocks. Last but not least, our results suggest that there is a positive significant relationship between CSR and R&D. Keywords: Corporate Social Responsibility, Controversial Industry Sectors.
en
heal.tableOfContents
5 Table of Contents 1 INTRODUCTION........................................................................................................ 7 2 HISTORICAL DEVELOPMENT OF CORPORATE SOCIAL RESPONSIBILITY ............. 11 3 THEORETICAL BACKGROUNDS AND EMPIRICAL EVIDENCE ................................ 14 3.1 Corporate Social Responsibility: Interpretation and Significance ................... 14 3.2 The relation between Corporate Social Responsibility and Financial Performance ............................................................................................................... 17 3.3 Determinants of Corporate Social Responsibility: General Empirical Results 18 3.4 “Sin” Industries: An Overview ......................................................................... 21 3.5 Determinants of Corporate Social Responsibility: The Case of the “Sin Industries” ................................................................................................................... 28 4 HYPOTHESES DEVELOPMENT ............................................................................... 33 5 RESEARCH DESIGN ............................................................................................... 40 5.1 Data Collection Procedure ................................................................................ 40 5.2 Model Specification .......................................................................................... 42 5.3 Measuring Corporate Social Responsibility: The Dependent Variable ............ 43 5.4 Explanatory Variables Measurement................................................................ 45 6 EMPIRICAL RESULTS AND DISCUSSION ................................................................ 46 6.1 Descriptive Statistics and Correlations ............................................................. 46 6.2 Regression Analysis ......................................................................................... 48 7 CONCLUSIONS ....................................................................................................... 52 References .................................................................................................................. 55
en
heal.advisorName
Leventis, Dr. Stergios
en
heal.committeeMemberName
Leventis, Dr. Stergios
en
heal.committeeMemberName
Cohen
en
heal.committeeMemberName
Dedoulis
en
heal.academicPublisher
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
en
heal.academicPublisherID
ihu
heal.numberOfPages
74
heal.fullTextAvailability
true


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