Do Investors Care about CSR? Evidence from Polish Public Listed Companies

• Autorzy: Agnieszka Kłysik-Uryszek
• Języki publikacji: EN

Abstrakty

EN

The CSR (corporate social responsibility) concept has become an increasingly important part of corporations' strategies and plans. However, it does not have to translate into investors' decisions to buy their shares. The article investigates the relationships between companies implementing a CSR strategy, the rates of return on their stocks, and their investment risk. The paper aims to verify whether applying a CSR strategy affects stock market parameters (lower risk, higher investment profitability) and whether investors consider CSR companies less risky or more profitable and reliable than non-CSR firms. The following hypotheses have been formulated: (I) CSR companies are less risky (in terms of investment risk) than non-CRS ones; (II) CSR companies are characterized by higher rates of return than non-CSR ones. (original abstract)

Słowa kluczowe

EN

Corporate Social Responsibility (CSR); Risk; Rate of return; Stock market companies

PL

Społeczna odpowiedzialność biznesu; Ryzyko; Stopa zwrotu; Spółki giełdowe

• Czasopismo: Annales : etyka w życiu gospodarczym
• Rocznik: 2020
• Tom: 23
• Numer: nr 4
• Strony: 53--63

Twórcy

autor

Agnieszka Kłysik-Uryszek

• University of Lodz

Bibliografia

• Bacon, C. (2009). Practical Portfolio Performance Measurement and Attribution. Chichester: John Wiley & Sons.
• Borowski, K. (2014). Miary efektywności zarządzania na rynkach finansowych [Measures of management efficiency on financial markets]. Warszawa: Difin.
• Buczkowski, B., Dorożyński, T., Kuna-Marszałek, A., Serwach, T. & Wieloch, J. (2016). Społeczna odpowiedzialność biznesu. Studia przypadków firm międzynarodowych [Corporate Social Responsibility. Case Studies of International Companies]. Łódź: Wydawnictwo Uniwersytetu Łódzkiego.
• Cegliński, P. (2015). 5 lat funkcjonowania RESPECT Index. Ocena i perspektywy. In: Perspektywa - Wyzwania współczesnej gospodarki, Vol 1 (pp. 239-253). Toruń: Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika.
• Długopolska-Mikonowicz, A., Przytuła, S. & Stehr, Ch. (2019). Corporate Social Responsibility in Poland: Strategies, Opportunities and Challenges. Springer International Publishing. https://dx.doi.org/10.1007/978-3-030-00440-8
• Doś, A. (2019). Społeczna odpowiedzialność przedsiębiorstw z perspektywy ekonomii dobrobytu [Corporate Social Responsibility: the Perspective of Welfare Economics]. Annales. Ethics in Economic Life, 22(4), 21-36. http://dx.doi.org/10.18778/1899-2226.22.4.02
• Emerging markets. Looking to expand your investment horizon? The modern index strategy. (2019). New York: Morgan Stanley Capital International. https://www.msci.com/documents/1296102/1362201/MSCI-MIS-EM-Dec2018-Brochure.pdf/778681c7-09c8-9142-9f08-58aa16690e0e (accessed: January 15, 2020).
• Fisher, B., Turner, R. K. & Morling, P. (2009). Defining and Classifying Ecosystem Services for Decision Making. Ecological Economics, 68(3), 643-653. https://doi.org/10.1016/j.ecolecon.2008.09.014
• ISO 26000: Social Responsibility. (2010). Geneva: ISO - International Organization for Standardization. https://www.iso.org/iso-26000-social-responsibility.html (accessed: July 30, 2020).
• Kotler, P. & Lee, N. (2004). Corporate Social Responsibility: Doing the Most Good for Your Company and Your Cause. Hoboken: John Wiley & Sons.
• Modigliani, F. & Modigliani, L. (1997). Risk-Adjusted Performance. The Journal of Portfolio Management, 23(2), 45-54. https://doi.org/10.3905/jpm.23.2.45
• Moon, J. (2014). Corporate Social Responsibility: A Very Short Introduction. Oxford: Oxford University Press.
• MSCI emerging markets index. (2019). New York: Morgan Stanley Capital International. https://www.msci.com/documents/10199/c0db0a48-01f2-4ba9-ad01-226fd5678111 (accessed: January 15, 2020).
• Rasche, A., Morsing, M. & Moon, J. (2019). Corporate Social Responsibility. Strategy, Communication, Governance. Cambridge: Cambridge University Press.
• Reclassification of Poland from advanced emerging to developed market status. Semi-Annual Index Review - September. (2018). London: FTSE Russell. https://www.ftse.com/products/downloads/FTSE_FAQ_Document_Poland.pdf (accessed: January 17, 2020).
• Stiglitz, J. E. (1999). Knowledge as a global public good. In: I. Kaul, I. Grunberg, M. A. Stern (Eds.), Global public goods: International cooperation in the 21st century (pp. 308-325). New York: Oxford University Press.
• Tarczyński, W., Witkowska, D. & Kompa, K. (2013). Współczynnik beta. Teoria i praktyka [The Beta Coefficient. Theory and Practice]. Warszawa: Pielaszek Research.
• Treynor, J. (1965). How to Rate Management of Invested Funds. Harvard Business Review, 43(1), 63-75.
• http://respectindex.pl/ (accessed: February 1, 2020)
• https://stooq.pl/ (accessed: February 5, 2020)
• https://www.bankier.pl/ (accessed: February 5, 2020)
• https://www.biznesradar.pl/ (accessed: February 5, 2020)
• https://www.gpw.pl/akcje (accessed: February 5, 2020)
• https://www.gpw.pl/aktualnosc?cmn_id=108700&title=GPW+uruchamia+indeks+WIG-ESG (accessed: February 1, 2020)

Identyfikatory

DOI

https://doi.org/10.18778/1899-2226.23.4.03