Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance

Analysis of the current body of scientific knowledge on the problems of economic efficiency of corporate social responsibility (CSR) policy displays highly controversial results. The paper focuses on empirical analysis of the relationship between the level of social responsibility, as proxied by CSR...

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Autores principales:	Andrey B. Ankudinov, Idelia R. Badykova
Formato:	article
Lenguaje:	RU
Publicado:	Ural State University of Economics 2020
Materias:	socially responsible behavior corporate social responsibility russian companies financial performance empirical analysis Business HF5001-6182 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/39f7f8edc7d44e6abc345743b3f64981
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spelling	oai:doaj.org-article:39f7f8edc7d44e6abc345743b3f649812021-12-02T15:40:35ZEmpirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance10.29141/2218-5003-2020-11-2-22218-50032218-5003https://doaj.org/article/39f7f8edc7d44e6abc345743b3f649812020-04-01T00:00:00Zhttp://upravlenets.usue.ru/ru/-2020/628https://doaj.org/toc/2218-5003https://doaj.org/toc/2218-5003Analysis of the current body of scientific knowledge on the problems of economic efficiency of corporate social responsibility (CSR) policy displays highly controversial results. The paper focuses on empirical analysis of the relationship between the level of social responsibility, as proxied by CSR policy implementation costs, and financial performance of Russian companies. The research methodology includes the conceptual framework of the instrumental approach to the corporate social responsibility theory. Accumulated knowledge and empirical results systematized in the article serve as the basis for statistical analysis of panel data. The authors employ random effects and fixed effects models. The sample comprises data covering the period of 2012–2018 for 22 Russian publicly traded companies. The value multiplier Market-to-Book Ratio (MBR) and the accounting indicator of profitability EBITDA margin are used as dependent variables. Estimates of the random effects model confirm a positive relationship between the value multiplier MBR and CSR policy implementation costs. However, the fixed effects model analysis failed to confirm any statistically significant relationship between the value multiplier MBR and CSR costs, which supports the conclusion that decisions on CSR policy implementation in Russia are mainly due to individual characteristics of companies related to unobservable effects. Both models did not reveal a statistically significant relationship between the chosen CSR proxy variable and the accounting indicator of financial performance. The empirical results generally confirm that socially responsible behavior can act as a driver of raising funds even in the context of imperfect market; however, managerial decisions in this field are largely determined by individual characteristics of companies.Andrey B. AnkudinovIdelia R. BadykovaUral State University of Economicsarticlesocially responsible behaviorcorporate social responsibilityrussian companiesfinancial performanceempirical analysisBusinessHF5001-6182FinanceHG1-9999RUУправленец, Vol 11, Iss 2, Pp 16-26 (2020)
institution	DOAJ
collection	DOAJ
language	RU
topic	socially responsible behavior corporate social responsibility russian companies financial performance empirical analysis Business HF5001-6182 Finance HG1-9999
spellingShingle	socially responsible behavior corporate social responsibility russian companies financial performance empirical analysis Business HF5001-6182 Finance HG1-9999 Andrey B. Ankudinov Idelia R. Badykova Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance
description	Analysis of the current body of scientific knowledge on the problems of economic efficiency of corporate social responsibility (CSR) policy displays highly controversial results. The paper focuses on empirical analysis of the relationship between the level of social responsibility, as proxied by CSR policy implementation costs, and financial performance of Russian companies. The research methodology includes the conceptual framework of the instrumental approach to the corporate social responsibility theory. Accumulated knowledge and empirical results systematized in the article serve as the basis for statistical analysis of panel data. The authors employ random effects and fixed effects models. The sample comprises data covering the period of 2012–2018 for 22 Russian publicly traded companies. The value multiplier Market-to-Book Ratio (MBR) and the accounting indicator of profitability EBITDA margin are used as dependent variables. Estimates of the random effects model confirm a positive relationship between the value multiplier MBR and CSR policy implementation costs. However, the fixed effects model analysis failed to confirm any statistically significant relationship between the value multiplier MBR and CSR costs, which supports the conclusion that decisions on CSR policy implementation in Russia are mainly due to individual characteristics of companies related to unobservable effects. Both models did not reveal a statistically significant relationship between the chosen CSR proxy variable and the accounting indicator of financial performance. The empirical results generally confirm that socially responsible behavior can act as a driver of raising funds even in the context of imperfect market; however, managerial decisions in this field are largely determined by individual characteristics of companies.
format	article
author	Andrey B. Ankudinov Idelia R. Badykova
author_facet	Andrey B. Ankudinov Idelia R. Badykova
author_sort	Andrey B. Ankudinov
title	Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance
title_short	Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance
title_full	Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance
title_fullStr	Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance
title_full_unstemmed	Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance
title_sort	empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and russian companies’ financial performance
publisher	Ural State University of Economics
publishDate	2020
url	https://doaj.org/article/39f7f8edc7d44e6abc345743b3f64981
work_keys_str_mv	AT andreybankudinov empiricalanalysisoftherelationshipbetweenthecostsofcorporatesocialresponsibilitypolicyimplementationandrussiancompaniesfinancialperformance AT ideliarbadykova empiricalanalysisoftherelationshipbetweenthecostsofcorporatesocialresponsibilitypolicyimplementationandrussiancompaniesfinancialperformance
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Empirical analysis of the relationship between the costs of corporate social responsibility policy implementation and Russian companies’ financial performance

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