Corporate Social Responsibility and Risk-Stakeholder Management and Financial Performance

2016 Fiscal Year Final Research Report

• Project/Area Number: 26380481
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Management
• Research Institution: Waseda 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)
• Project Period (FY): 2014-04-01 – 2017-03-31
• 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

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.

Free Research Field

金融システム　コーポレートガバナンス　コーポレート・ファイナンス