Impact of Corporate Social Responsibility on Risk and Financial Performance: evidence from 40 French listed companies. / Laura KARAM / 2022

Titre : Impact of Corporate Social Responsibility on Risk and Financial Performance: evidence from 40 French listed companies. Type de document : Mémoire Auteurs : Laura KARAM, Auteur Année de publication : 2022 Importance : 34 p. Note générale : Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec cotre compte Office 365 via le bouton CONNEXION en haut de la page. Langues : Anglais (eng) Mots-clés : Management RESPONSABILITE SOCIALE DE L'ENTREPRISE ; RISQUE ; PERFORMANCE Entreprise BOURSE DE PARIS Résumé : Using a sample of the 40 biggest French listed companies, this paper investigates the impact of CSR on firm’s risk and financial performance for the period 2016 to 2021. This paper aims to show whether CSR can reduce the financial risk of a company on the one hand, and whether the positive relationship between CSR and financial performance can be explained trough risk on the other hand. CSR is measured using MSCI grade, risk is measured using the standard deviation of daily stock returns, and financial performance is measured using both ROA and TOBINS’Q ratio. We used the OLS method to run the regressions. We found that CSR tend to lower firm’s risk. More precisely, we found that the higher the CSR grade is,the lower the risk is. We obtain ambiguous results on the role of risk in the relationship between CSR and firms’ performance, thus we cannot conclude that risk is a mediator in this relationship. This study proves that companies benefit from investing in CSR because it allows them to better manage their risk, and therefore to be more perennial. Programme : MSc Corporate Finance Permalink : https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=568527