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1、外文翻譯CausalityBetweenCpateSocialPerfmanceFinancialPerfmance:EvidencefromCanadianFirmsMaterialSource:JournalofBusinessEthicsAuth:RimMakniClaudeFrancoeurFrancoisBellavanceABSTRACT.Thisstudyassessesthecausalrelationshipbetwe

2、encpatesocialperfmance(CSP)financialperfmance(FP).Weperfmourempiricalanalysesonasampleof179publiclyheldCanadianfirmsusethemeasuresofCSPprovidedbyCanadianSocialInvestmentDatabaseftheyears20042005.Usingthe‘‘Grangercausalit

3、y’’approachwefindnosignificantrelationshipbetweenacompositemeasureofafirm’sCSPFPexceptfmarketreturns.HoweverusingindividualmeasuresofCSPwefindarobustsignificantnegativeimpactoftheenvironmentaldimensionofCSPthreemeasureso

4、fFPnamelyreturnonassetsreturnonequitymarketreturns.Thislatterfindingisconsistentatleastintheshtrunwiththetradeoffhypothesisinpartwiththenegativesynergyhypothesiswhichstatesthatsociallyresponsiblefirmsexperiencelowerprofi

5、tsreducedshareholderwealthwhichinturnlimitsthesociallyresponsibleinvestments.KEYWDS:cpatesocialperfmancefinancialperfmancecausalityenvironmentalactivitiesIntroductionBusinessethicsinCanadahasbeenshapedbydifferentplayers:

6、Canadiansocietyingeneralactivismfromreligiousgroupsotherinstitutionalethicalinvests.InadditionthegrowinginterestofacademicresearcherstheCanadianaccountingprofessionhasalsofacilitateditsdevelopment(Brooks1997).Furthermeth

7、eintroductionoftheCanadianSocialInvestmentDatabase(CSID)developedbyMichaelJantziResearchAssociates(MJRA)providesresearcherswithanewimprovedmeanstoquantifycpatesocialperfmance(CSP)inCanadaleadstoincreasedresearchefftsinth

8、isarea(MahoneyRoberts2004).‘‘CSPresearchhasemployedavarietyoftheiesmethodologiestostudyhypotheses:socialimpacthypothesisslackresourceshypothesistradeoffhypothesismanagerialopptunismhypothesispositivesynergyhypothesisnega

9、tivesynergyhypothesis.ThesocialimpacthypothesisisbasedonthestakeholdertheywhichsuggeststhatmeetingtheneedsofvariouscpatestakeholderswillleadtofavourableFP(Freeman1984).Accdingtothishypothesisservingtheimplicitclaimsofsta

10、keholdersenhancesacompany’sreputationinawaythathasapositiveimpactonitsFP.Converselydisappointingthesegroupsofstakeholdersmayhaveanegativefinancialimpact(PrestonO’Bannon1997).TheslackresourcehypothesispredictsthatbetterFP

11、potentiallyresultsintheavailabilityofslackresourcesthatmayincreaseafirm’sabilitytoinvestinsociallyresponsibledomainssuchascommunitysocietyemployeerelationsenvironment(WaddockGraves1997).Thetradeoffhypothesissupposesanega

12、tiveimpactofCSPonFP.Thishypothesisdealswiththeneoclassicaleconomists’positionwhichholdsthatsociallyresponsiblebehaviourwillfeweconomicbenefitswhileitsnumerouscostswillreduceprofitsshareholderwealth(WaddockGraves1997).‘‘T

13、hishypothesisreflectstheclassicFriedmanpositionissupptedbythewellknownearlyfindingofVance(1975)thatcpationsdisplayingstrongsocialcredentialsexperiencedecliningstockpricesrelativetothemarketaverage’’(PrestonO’Bannon1997p.

14、421).Accdingtothemanagerialopptunismhypothesiscpatemanagersmaypursuetheirownprivateobjectivestothedetrimentofbothshareholdersotherstakeholders(WeidenbaumSheldon1987Williamson19671985).InfactwhenFPisstrongmanagersmayreduc

15、esocialexpendituresindertomaximizetheirownshttermprivategains.ConverselywhenFPweakensmanagersmayengageinconspicuoussocialprogramsindertooffsettheirdisappointingresults(PrestonO’Bannon1997).Thepositivesynergyhypothesissup

16、posesthathigherlevelsofCSPleadtoanimprovementofFPwhichoffersthepossibilityofreinvestmentinsociallyresponsibleactions(AlloucheLaroche2005a).IndeedfavourableCSPleadstoasurplusofavailablefunds(socialimpacthypothesis)whichis

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