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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity, Journal of Business Ethics 3, 1 May (2018). Hasan, Iftekhar; Kobeissi, Nada; Liu, Liuling; Wang, Haizhi

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Hasan, Iftekhar; Kobeissi, Nada; Liu, Liuling; Wang, Haizhi 
Number of authors
Status Published
Year of publication 2018 
Date 15.05.2018 
Name of article Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity 
Name of journal Journal of Business Ethics
Volume of issue 149 
Number of issue 3, 1 May 
Pages 671-688 
Abstract This study treats firm productivity as an accumulation of productive intangibles and posits that stakeholder engagement associated with better corporate social performance helps develop such intangibles. We hypothesize that because shareholders factor improved productive efficiency into stock price, productivity mediates the relationship between corporate social and financial performance. Furthermore, we argue that key stakeholders’ social considerations are more valuable for firms with higher levels of discretionary cash and income stream uncertainty. Therefore, we hypothesize that those two contingencies moderate the mediated process of corporate social performance with financial performance. Our analysis, based on a comprehensive longitudinal dataset of the U.S. manufacturing firms from 1992 to 2009, lends strong support for these hypotheses. In short, this paper uncovers a productivity-based, context-dependent mechanism underlying the relationship between corporate social performance and financial performance.
Free text descriptor in Finnish yritykset; tuottavuus; sidosryhmät; yrityksen yhteiskunnallinen vastuu; yrityksen taloudellinen suorituskyky; kokonaistuottavuus; sidosryhmien hallinta; harkinnanvarainen käteinen; organisatoriset riskit 
Free text descriptor in English corporate social responsibility, corporate financial performance, total factor productivity, stakeholder management, discretionary cash, organizational risk 
ISSN / e-ISSN 0167-4544 
auki Internet addresses
Additional information First Online: 09 February 2016
Notes BoF DP 7/2016 

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