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Corporate Social Responsibility and Risk-Stakeholder Management and Financial Performance

Research Project

Project/Area Number 26380481
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Management
Research InstitutionWaseda University

Principal Investigator

Suto Megumi  早稲田大学, 商学学術院(経営管理研究科), 教授 (10206568)

Co-Investigator(Kenkyū-buntansha) 竹原 均  早稲田大学, 商学学術院(経営管理研究科), 教授 (70261782)
Project Period (FY) 2014-04-01 – 2017-03-31
Project Status Completed (Fiscal Year 2016)
Budget Amount *help
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2016: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2015: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Keywords企業の社会的責任(CSR) / 社会的パフォーマンス / 資本コスト / 戦略的CSR / CSR / CSP / Cost of capital / Management Forecast / Implied Cost of Equity / Institutional ownership / Bank dependency / 銀行依存度 / 機関投資家所有 / 信用リスク / 倒産確率 / CSR consciousness / CFP / non-financial disclosure / ownership structure / stakeholder relationship / foreign investor
Outline of Final Research Achievements

This study empirically examines the links between corporate social performance (CSP) to various aspects of corporate financing variables including the cost of capital, financial risks and profitability, and financial constraints in the context of the Japanese firms for 2007 to 2013, explicitly controlling corporate attributes, the ownership structure and the bank dependency, and changes in corporate governance circumstances. The results suggest that CSR awareness and activities can influence on market perception of risk of the firm through mitigating information asymmetry and agency cost and have weak relation with enhancing profitability. These findings light on the points in engagement for institutional investors to discuss with corporate management so as to fulfill their stewardship responsibility.

Report

(4 results)
  • 2016 Annual Research Report   Final Research Report ( PDF )
  • 2015 Research-status Report
  • 2014 Research-status Report
  • Research Products

    (23 results)

All 2017 2016 2015 2014 Other

All Journal Article (7 results) (of which Peer Reviewed: 5 results,  Open Access: 1 results) Presentation (15 results) (of which Int'l Joint Research: 8 results) Remarks (1 results)

  • [Journal Article] Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms2017

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      Social Responsibility Journal

      Volume: 印刷中

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan2017

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      2017日本ファイナンス学会Proceedings

      Volume: ー

    • Related Report
      2016 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Corporate Social Performance and Market Liquidity Risk: The Case of the Japanese Banking Sector2016

    • Author(s)
      Megumi Suto and Siqiwen Li
    • Journal Title

      Waseda University Institute of Finance, Working Paper Series

      Volume: WIF-16-004 Pages: 1-29

    • Related Report
      2016 Annual Research Report
  • [Journal Article] The Link Between Corporate Social Performance and Financial Performance: Empirical Evidence from Japanese Firms2016

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      International Journal of Corporate Strategy and Social Responsibility

      Volume: 1

    • Related Report
      2015 Research-status Report
    • Peer Reviewed
  • [Journal Article] Estimating Hidden Corporate Social Performance of Japanese Firms2016

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      Social Responsibility Journal

      Volume: 12-2

    • Related Report
      2015 Research-status Report
    • Peer Reviewed
  • [Journal Article] Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms?, CSR, Sustainability, Ethics & Governance2016

    • Author(s)
      Megumi Suto and Hitoshi Takehara
    • Journal Title

      CSR, Sustainability, Ethics & Governance

      Volume: 2

    • Related Report
      2015 Research-status Report
    • Peer Reviewed
  • [Journal Article] コーポレートガバナンスとステークホルダー関係2015

    • Author(s)
      首藤 惠
    • Journal Title

      証券アナリストジャーナル

      Volume: 53 Pages: 52-56

    • NAID

      40020613832

    • Related Report
      2015 Research-status Report
    • Open Access
  • [Presentation] "Management Forecast Bias and Corporate Social Responsibility Awareness: Evidence from Japan "2017

    • Author(s)
      首藤惠
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      千葉工業大学
    • Year and Date
      2017-06-04
    • Related Report
      2016 Annual Research Report
  • [Presentation] Corporate Social Performance and Market Liquidity Risk: The Case of the Japanese Banking Sector2016

    • Author(s)
      Megumi Suto
    • Organizer
      The 29th Australasian Finance and Banking Conference
    • Place of Presentation
      Shangri-La Hotel in Sydney
    • Year and Date
      2016-12-16
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms2016

    • Author(s)
      Megumi Suto
    • Organizer
      3rd International Conference on CSR, Sustainability, Ethics & Governance
    • Place of Presentation
      Chamber of Commerce (IHK)
    • Year and Date
      2016-08-02
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Corporate Social Responsibility and the Cost of Capital: Evidence from Japanese Firms2016

    • Author(s)
      Megumi Suto
    • Organizer
      2016 Asian Finance Association
    • Place of Presentation
      Anantara Siam Bangkok Hotel
    • Year and Date
      2016-06-28
    • Related Report
      2016 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Effects of Corporate Social Performance on Default Risk: Structural Model Based Analysis  International Workshop on Long-term Growth of Firms and Corporate Governance2016

    • Author(s)
      竹原 均
    • Organizer
      55th Annual Meeting of Southwestern Finance Association
    • Place of Presentation
      米国 オクラホマシティ
    • Year and Date
      2016-03-10
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms?2015

    • Author(s)
      首藤 惠
    • Organizer
      International Corporate Governance Society Conference
    • Place of Presentation
      デンマーク、コペンハーゲン CBS
    • Year and Date
      2015-09-18
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms? International2015

    • Author(s)
      首藤 惠
    • Organizer
      International KAKENHI Workshop on Long-term Growth of Firms and Corporate Governance
    • Place of Presentation
      インド ムンバイ IGIDR
    • Year and Date
      2015-09-03
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Effects of Corporate Social Performance on Default Risk: Structural Model Based Analysis2015

    • Author(s)
      竹原 均
    • Organizer
      International Workshop on Long-term Growth of Firms and Corporate Governance
    • Place of Presentation
      インド ムンバイ IGIDR
    • Year and Date
      2015-09-02
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Does Foreign Ownership Enhance the Corporate Social Performance of Japanese Firms?2015

    • Author(s)
      首藤 惠
    • Organizer
      The2nd International Conference on CSR, Sustainability, Ethics & Governance
    • Place of Presentation
      中国 南京 南京財経大学
    • Year and Date
      2015-07-29
    • Related Report
      2015 Research-status Report
    • Int'l Joint Research
  • [Presentation] Estimating the Hidden Corporate Social Performance of Japanese Firms2015

    • Author(s)
      首藤 惠
    • Organizer
      日本ファイナンス学会
    • Place of Presentation
      東京大学
    • Year and Date
      2015-06-07
    • Related Report
      2015 Research-status Report
  • [Presentation] Estimating Hidden Corporate Social Performance of Japanese Firms2015

    • Author(s)
      首藤惠
    • Organizer
      日本ファイナンス学会2015年大会
    • Place of Presentation
      東京大学
    • Year and Date
      2015-06-07
    • Related Report
      2014 Research-status Report
  • [Presentation] Estimating Hidden Corporate Social Performance of Japanese Firms2015

    • Author(s)
      Hitoshi Takehara
    • Organizer
      54th Annual Meeting of Southwestern Finance Association
    • Place of Presentation
      Hyatt Regency Hotel, Houston, Texas
    • Year and Date
      2015-03-15
    • Related Report
      2014 Research-status Report
  • [Presentation] Estimating Hidden Corporate Social Performance of Japanese Firms2015

    • Author(s)
      Megumi Suto
    • Organizer
      SIBR 2015 Kuala Lumpur Conference
    • Place of Presentation
      The Federal Hotel Kuala Lumpur
    • Year and Date
      2015-02-16
    • Related Report
      2014 Research-status Report
  • [Presentation] The Impact of Corporate Social Performance on Financial Performance: Evidence from Japan2014

    • Author(s)
      竹原均
    • Organizer
      日本経営財務研究学会第38回全国大会報告
    • Place of Presentation
      明治大学
    • Year and Date
      2014-10-05
    • Related Report
      2014 Research-status Report
  • [Presentation] Estimating Hidden Corporate Social Performance of Japanese Firms2014

    • Author(s)
      Megumi Suto
    • Organizer
      Growth of Firms, Ownership, and Value: East meets West Chuo University Kaken Workshop in Collaboration with University of Hawaii at Manoa
    • Place of Presentation
      Queen Kapiolani Hotel Hawaii
    • Year and Date
      2014-09-10
    • Related Report
      2014 Research-status Report
  • [Remarks] 早稲田大学ファイナンス研究センターワーキングペーパーシリーズ

    • URL

      http://www.waseda.jp/wnfs/labo/labo3.html

    • Related Report
      2014 Research-status Report

URL: 

Published: 2014-04-04   Modified: 2018-03-22  

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