Co po a e Social Responsibili y and Financial Pe o mance:
A C oss-cul u al Analysis
ABSTRACT:
Based on he geog aphic limi a ions o p e ious me a-analysis made abou Co po a e Social Responsibili y
(CSR) and Financial Pe o mance (FP) and on he e idence ound in p e ious wo k on he coun y's
in luence in his ela ionship, he aim o his pape is o analyze he ela ionship be ween hese wo a iables
s udying he possible mode a ing e ec ha he coun y a iable may ha e on i .
By he use o he cul u al dimensions o GLOBE (2004), we classi y he coun ies, and es he hypo hesis
h ough he s a is ical echnique o me a-analysis. The esul s show ha he coun y whe e he companies
a e home-based mode a es he ela ionship be ween CSR and FP. In pa icula om he esul s, we can
conclude ha while in Aus alia, Canada, USA and he Uni ed Kingdom he ela ionship is s onge and
la ge , in some coun ies, such as Japan, he e is no ela ionship.
KEY WORDS:
Co po a e Social Responsibili y, Cul u e, Financial Pe o mance, Clus e Analysis, Me a-analysis.
Mi as Rod íguez, Ma ía del Ma (mmi [email protected])
Ca asco Gallego, Amalia (agall[email p o ec ed])
Escoba Pé ez, Be nabé ([email p o ec ed])
1. INTRODUCTION
Deba e is g owing abou he con enience o he companies o ca ying ou Co po a e Social Responsibili y
( he e o e CSR) p ac ices, e idence by Hayek (1969), D essel (2003), F eeman (1984), F iedman (1970)
among o he s, and especially he lack o ag eemen on he ela ionship be ween Co po a e Social
Responsibili y (CSR) ac ions and Financial Pe o mance (FP) (Da idson and Wo ell, 1990, Ru e al.,
2001). Al hough ha is a ques ion ha he academia has spen 45 yea s s udying, he indings a e
he e ogeneous. In his sense, ecen wo ks ha e aimed o s udy he possible media o o mode a o ole
ha ce ain a iables can ha e on he ela ionship be ween CSR and FP, which will make a g ea e
consensus on his ela ionship possible.
Some o he mode a ing o media ing a iables ha ha e been s udied a e he s akeholde managemen
(Van de Laan e al., 2008), he ea nings managemen (P io e al., 2008), he di e en ia ion o indus y and
inno a ion capaci y (Hull and Ro henbe g, 2008), he deb and he cha ac e is ics o he boa ds in Dunn and
Sain y (2009), and in angible esou ces (Su oca e al., 2010) among o he s.
In his way, O li zky e al. (2003), Allouche and La oche (2005) and Wu (2006) deepened h ough a me a-
analysis in his ela ionship, emphasizing he in luence how o measu e CSR and he FP.
Mo eo e , basing on he geog aphical limi a ion o p e ious me a-analysis Mi as e al. (2010) made a me a-
analysis whe e hey included as mode a ing a iable he coun y which companies a e home-based. So
ha , hey used di e en classi ica ions (con inen , sus ainable compe i i eness index, he a e age income o
each coun y acco ding o he Wo ld Bank, and inally, he legal sys em) o e eal he in luence o he
"coun y" a iable on he ela ionship, emphasizing ha Eu opean coun ies and hose wi h an Anglo-Saxon
legal sys em, showed a close ela ionship be ween CSR and FP.
Gi en hese esul s and basing on he e idence ound in he li e a u e abou he in luence ha na ional
cul u e ha e on CSR p ac ices (Ringo and Zollo, 2007), on he disclosu e o CSR (P ado and Ga cia,
2011), and on he e hical beha io o he companies (Luna and Fe nandez, 2007; Singh and Ga cía, 2008;
Yong, 2008; S ensson e al., 2009), we decided o look mo e closely he in luence o he coun y a iable on
he ela ionship be ween CSR and FP.
To ha e a speci ic and ela i ely objec i e assessmen o he cul u e o a coun y, we can ind lo s o
di e en cul u al classi ica ions (Ho s ede, 1980, 2000, 2005; Schwa z, 1992, 1994; Ingleha s, 1977, 2001,
2004; T ompenaa s, 1993; GLOBE, House e al., 2004), al hough he mos used in he s udies abou
coun y cul u e a e Ho s ede and GLOBE (Shi and Wang, 2011). We ha e used he GLOBE na ional cul u al
dimensions (House e al, 2004), because i is conside ed o be he mos ecen (Chhoka , 2007) and
nowadays, i has ecei ed less numbe o c i icism.
In his line, we will make successi e clus e analysis allow us o iden i y g oups o coun ies wi h simila
cul u al dimensions, and la e , h ough a sample o med by pieces o wo k ha measu e he ela ionship
be ween CSR and FP om 2004 un il 2010, ying o inden i y whe he coun y mode a es o no he
ela ionship be ween CSR and FP using me a-analy ic echnique.
The esul s e eal ha he geog aphical a ea educes he he e ogenei y ob ained in simila s udies be o e,
and how he coun y a iable mode a es he ela ionship be ween CSR p ac ices and FP. Coun ies like
Aus alia, Canada, he USA and UK, s and ou o ha ing a ela ionship be ween CSR and FP ha is
posi i e and highe han a e age. On he o he hand, in he case o Japan, we ound ha hese a iables
show us no ela ion. Finally, we highligh he g oup o coun ies o med by B azil and Tu key, whe e he
ela ionship be ween hese a iables is nega i e, ie companies wi h mo e CSR p ac ices e u n a lowe FP.
The e o e, he s uc u e o ou wo k is con igu ed as ollows. In sec ion 2, we ocus on he deba e abou he
ela ionship be ween CSR and FP and o mula e he ele an hypo heses. In sec ion 3, we look mo e closely
a he s a is ical echniques we used: clus e analysis and he me a-analysis. Sec ion 4 p esen s he esul s
o he s udy. Finally, we show he indings in Sec ion 5, he s udy's limi a ions and some o he lines o
in es iga ion emain open.
2. CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE
In e es in he s udy o he ela ionship be ween CSR and FP began wi h Moskowi z (1972), whose wo k has
been ollowed o e 45 yea s o esea ch in which many a icles ha e been published, and among hem,
se e al li e a u e e iews (B amme and Milling on, 2005, Fe nandez and Luna, 2007; Beu den and
Gössling, 2008). This is why such he e ogeneous esul s ha e been ound and why he e is no widesp ead
conclusion abou he exis ence o no o he ela ionship and e en less abou he meaning o i .
In his sense, he me a-analysis pe o med (O li zky e al., 2003; Allouche and La oche, 2005; Wu, 2006;
Mi as e al., 2010) comes o he conclusion ha he ela ionship be ween CSR p ac ices and he FP exis s
and is posi i e, al hough hey all e lec he in luence ha bo h he way o measu ing CSR ac i i ies and he
FP o businesses ha e on he ela ionship.
S a ing wi h he concep ual amewo k ha seeks o explain he ela ionship be ween CSR and FP, we ind
ha mos accep ed heo e ical based a e summa ized by P es on and O'Bannon (1997). These au ho s
p opose six hypo heses which y o ake he a ious possibili ies ha allow he ela ionship be ween CSR
and FP, such as he Social Impac Hypo hesis, he Slack Resou ces Hypo hesis, he Posi i e Syne gy, he
T ade-o Hypo hesis, he Manage ial Oppo unism Hypo hesis and he Nega i e Syne gy (as can be seen in
Table 1.).
CAUSAL SEQUENCE
SIGN OF THE RELATIONSHIP
Posi i e
Neu al
Nega i e
CSR → FP
Hypo hesis o Social
Impac
Hypo hesis o mode a o
a iables
Hypo hesis o T ade- o
CSR ← FP
Hypo hesis Funds
A ailabili y
Hypo hesis o Di ec o s´
Oppo unism
CSR ↔ FP
Posi i e Syne gy
Nega i e Syne gy
Table 1: Types o ela ionship be ween CSR and FP.
Sou ce: P es on and O'Bannon (1997) and Gomez (2008).
Based on hese hypo hesis and he p e ious li e a u e, he e is no unanimi y abou he di ec ion o he
ela ionship, since we can ind wo ks ha suppo he s udy o he ela ionship in bo h ways and o he s o
suppo he bidi ec ional ela ionship. Thus, we can ind jobs ha ake CSR as he dependen a iable (P io
e al., 2008, Choi and Jung, 2008; Apos olakau and Jackson, 2009; Soana, 2009; Su oca e al, 2010, Chih
e al., 2010) wo ks ha conside he FP as he dependen a iable (Ba kus e al., 2006, Luo and
Bha acha ya, 2006, Lopez e al., 2007, Fe nandez and Luna, 2007; Be one e al., 2007, Van de Laan e
al., 2008 , Yu e al., 2009; Poddi and Ve galli, 2009; Mone a and O a, 2010) and o he s who s udy he
bidi ec ional ela ionship (Nakao e al., 2007; Makni e al., 2009, Yang e al., 2010; A as e al., 2010; Fauzi,
2010).
O special in e es o ou wo k is he hypo hesis p oposed by Gomez (2008) "Hypo hesis o mode a o
a iables", which can be added o ha p e iously aised by P es on and O'Bannon (1997). This hypo hesis
seeks o explain he neu ali y o lack o signi icance ound in ha ela ionship (be ween CSR and FP)
h ough he exis ence o a iables ha could ac as mode a o s. These a iables could show ha he indi ec
ela ionship be ween CSR ac ions and FP ( ia he mode a o a iable) we e signi ican . An example o his
is ound in he ecen wo k o Su oca e al. (2010), which in oduced a iable in angibles as mode a ing
a iable o he ela ionship be ween CSR and FP and, in conclusion, e en claims ha he indi ec
connec ion is supe io o di ec . The indi ec ela ionship is signi ican , while he di ec is insigni ican .
In his ega d, we mus also highligh he esul s h ough me a-analysis by O li zky e al. (2003), Allouche
and La oche (2005); Wu (2006) and Mi as e al. (2010), in which e eals he in luence ha he way o
measu e he CSR and he FP ha e on he ela ionship. Mo e speci ically, hey ound a mo e signi ican
ela ionship when measu ed CSR by epu a ion indices o su eys. In u n, ocusing on he RF, accoun ing
measu es and in pa icula he ROA, help be e p edic he CSR policies.
In Mi as e al. (2010), also ex ends he s udy o he in luence o he coun y unde s udy as a mode a o
a iable o he ela ionship be ween CSR and FP. The decline in he he e ogenei y ac oss he mode a ion o
he coun y is highe han ha esul ing om he di e en measu es o CSR and FP. In pa icula , in
coun ies belonging o Eu ope, hose wi h high coe icien s on he index o sus ainable compe i i eness and
highe incomes (as he Wo ld Bank in 2007) and hose who a e go e ned by an Anglo-Saxon legal sys em,
is whe e he ela ionship be ween hese a iables is highe .
Based on he mode a ing ole o some a iables in he ela ionship CSR-FP, we conside i o in e es
because he esul s o Mi as e al. (2010), o u he in es iga e he e ec he coun y as a mode a o o he
ela ionship.
As a esul , we o mula e ou esea ch hypo heses:
H 1: The coun y unde conside a ion mode a es he ela ionship be ween CSR and
FP.
3. METHODOLOGY
As men ioned ea lie , ou aim is eaching a conclusion abou whe he he coun ies in which s udies a e
ca ied ou , a ec o no he ela ionship es ablished be ween CSR and FP, i.e., i he coun y a iable
mode a es he ela ionship be ween CSR and FP, based on a sample om 2004 o 2010.
To do his, i s we pe o med a clus e analysis aking he cul u al alues – based on he GLOBE
classi ica ion (House e al. 2004)- o each o he coun ies in ol ed in o de o o mula e di e en g oups
which would allow us o con as ou hypo hesis h ough he me a-analysis.
3.1. SAMPLE
Ou sample is composed by 26 pieces o wo k ha a e con ained in Appendix A, which includes a b ie
e e ence o he empo al ho izon co e ed by each o hem, he size o he sample used, he geog aphical
a ea e e ed o, and he measu e o CSR and he FP o each a icle.
To iden i y hem, i s ly, he e ha e been included in he ini ial sample hose a icles ha a e e e enced in
he li e a u e e iew o Gössling & Beu den (2008) abou he ela ionship be ween CSR and FP om he
ea ly 90's un il 2007.
Secondly, we pe o med a sea ch in he da abase ISI Web o Knowledge, chosen because i con ains all
i ems om he mos ecognized and specialized jou nals in CSR. The wo ds used in hese sea ches ha e
been ““Co po a e Social Responsibili y, Financial Pe o mance, Empi ical” and “Co po a e Social
Responsibili y,FinancialPe o mance,Analysis”ino de  oa oid he heo e icala icles.

Finally,due o heimpo an  ole ha  he“publica ionbias”(Ki kham&Dwan, 2010), e en ques ioning he
obus ness o he conclusions eached, we include pape s om SRNN in ou sample, because i is such a
p es igious ecognized in e na ional ne wo k. This bias is due o he ac ha many scien i ic pape s, mos ly
wi h "nega i e" esul s ( hose which ind no signi ican di e ences, o which ha e esul s agains he s udy
hypo hesis o he es ablished no m), ne e ge published, ake longe o do so o a e less ci ed in o he
publica ions.
A e collec ing all he pieces o wo k, we pu hem in o de and ollowed p ocedu es o elimina e any
duplica ion ha migh exis o ha ing used di e en sou ces. Subsequen ly, we also had o exclude i ems
o he ollowing easons:
1. The heo e ical a icles, in which he ela ionship be ween CSR and FP is no s udied quan i a i ely,
as hey a e no use ul o ou pu pose o eaching a conclusion on empi ical e idence.
2. S udies published p io o 2004 a e excluded om he sample based on one he limi a ions
de ec ed in he p e ious analysis o O li zky e al. (2003), Allouche & La oche (2005) and Wu
(2006) in which hey showed ha all he s udies included in he samples we e published p io o
2003, and ha his could esul he conclusions we e no up o da e.
3. We had o exclude s udies ha do no p o ide some s a is ics ha could be ans o med in o
Pea son co ela ion coe icien s, acco ding o he o mulas p oposed by Wol (1986), Rosen hal
(1991) and Lipsey & Wilson (2001).
4. Finally, we emo e hose a icles ha comp ise mo e han one coun y, because we a e going o
s udy one o he na ional cul u e dimensions.
3.2. MODERATOR VARIABLE: THE CULTURE OF THE COUNTRY UNDER STUDY
The e is no uni e sal ag eemen in social sciences o de ine he e m cul u e. Gene ally speaking, cul u e is
used o e e o a se o pa ame e s o a g oup ha se s his g oup apa om ano he in a signi ican way.
To House e al. (2004), cul u e se es as a amewo k ha allows us o in e p e and gi e meaning o he
signi ican e en s ha esul om he common expe iences o membe s o a collec i e, which, being an
issue o g ea impo ance, a e ansmi ed h ough gene a ions. The undamen al ea u e o cul u e is ha i
is a social design ha a ec s he majo i y o p ac ices and social p ocesses, so ha much o social beha io
can be unde s ood by he p e ailing cul u e.
The e o e, CSR p ac ices will be condi ioned by he social design and cul u e o each coun y. Yong (2008)
indica ed ha di e en cul u al a iables a ec ed he a i udes o manage s owa ds p o i and social
a i udes in he business and ound ha manage s wo king in Aus alia a e he mos socially conside a e
owa d hei employees, cus ome s and en i omen , while hose employed in Malaysia had he highes
ega d o p o i . S ensson e al. (2009) ound ha co po a ions ope a ing in Sweden ha e u ilized e hical
s uc u es and p ocesses di e en ly han hei Canadian and/o Aus alian coun e pa s, and ha in each
cul u e he way ha companies ashion hei app oach o business e hics appea s cong uen wi h hei
na ional cul u al alues. Ringo and Zollo (2007) sugges ha na ional cul u e dimensions ha e a s ong
impac on CSR beha iou .o o ganiza ions.
Va ious s udies ha e a emp ed o iden i y dimensions o cul u al alues ha a e use ul in explaining he
cul u al di e ences be ween coun ies. The i s was Ho s ede (1980) which iden i ied 4-5 cul u al
dimensions, his was ollowed by se e al o he wo ks which aimed o imp o e, expand o cla i y he
measu emen o he cul u e o a coun y. In esponse o his concep ual de elopmen we can include s udies
o he cul u al alues o Schwa z (1992, 1994) o Ingleha s (1977, 2001, 2004) and T ompenaa s (1993),
and inally, d aw he cul u al amewo k o GLOBE (House e al., 2004).
Ho s ede's o iginal esea ch (1980) was based on a ques ionnai e sen o IBM employees in 40 coun ies
and wo ime pe iods (1967-1968) and (1971-1973). Ho s ede iden i ied ou cul u al dimensions ha
dis inguished di e en coun ies, which we e e e ed o as powe dis ance, unce ain y a oidance,
indi idualism and masculini y1. La e (1987) he added a i h cul u al dimension called long- e m o ien a ion.
In 2004, he GLOBE esea ch p og am, in i s o iginal ac onym Global Leade ship O ganiza ional Beha io
E ec i eness (House e al, 2004), p esen ed he esul s o esea ch whose main objec i e was o desc ibe,
unde s and and p edic he in luence o cul u al a iables on leade ship, p ocess managemen and
e ec i eness anywhe e in he wo ld. This p og am began in 1993, which used da a om 825 o ganiza ions
om 62 coun ies, and iden i ied 9 dimensions ha we e ca ego ized as: unce ain y a oidance, powe
dis ance, emphasis in socie y on collec i ism, collec i is p ac ices in amily and g oup; gende equali y,
asse i eness, u u e o ien a ion, pe o med o ien a ion and human o ien a ion2.
1 Powe dis ance: he deg ee o which a socie y accep s he unequal dis ibu ion o powe in ins i u ions and
o ganiza ions.
Unce ain y A oidance: Re lec s ha people in a coun y p e e s uc u ed si ua ions o e uns uc u ed
si ua ions.
Indi idualism: The deg ee o which indi iduals p e e o ac as such a he han as membe s o a g oup.
Masculini y: The deg ee o which alues like asse i eness, pe o mance, success and compe i i eness
associa ed wi h he male ole, p e ail o e alues such as quali y o li e, pe sonal ela ionships, se ice,
solida i y, he la e alues associa ed wi h he eminine ole.
(Ho s ede, 2000)
2 Pe o mance O ien a ion: The deg ee o which a collec i e encou ages and ewa ds g oup membe s o
pe o mance imp o emen and excellence.
Fu u e O ien a ion: The ex end o which indi iduals engage in u u e-o ien ed beha io s such as delaying
g a i ica ion, planning, and in es ing in he u u e.
As poin ed ou by Robbins (2004), Ho s ede's cul u al dimensions ha e become he basic amewo k o
di e en ia ing na ional cul u es, hough da a which emana e om a single company, namely IBM, and which
is abou 40 yea s old, can educe and e ode he abili y o explain cul u al di e si y be ween coun ies. All
his poin s o he need o an upda ed and ongoing assessmen o he cul u al dimensions. A compa ison o
he dimensions o GLOBE and Ho s ede shows ha he o me upda esandex endsHo s ede’swo k.
In ou wo k we will ake as a mode a o a iable o he ela ionship CSR-FP, cul u e measu ed by Globe
dimensions (House e al, 2004) (Appendix 2) because i is conside ed o be he mos ecen (Chhoka ,
2007) and nowadays, i has ecei ed less numbe o c i icism.
In e ms o hese a iables, we a e going o conduc a clus e analysis o iden i y g oups o coun ies wi h
simila cul u al ai s. To do his, i s o all, we will pe o m a hie a chical clus e , since he numbe o
coun ies in he sample (14) is no e y high and ou in en ion is o educe he he e ogenei y wi hin g oups,
o de e mine he numbe o clus e s, la e , we use a non-hie a chical clus e analysis k-means, o accu a ely
de e mine he coun ies ha make up each g oup.
3.3. META-ANALYSIS
The me a-analysis was he wo k o Schmid and Hun e (1977) and Smi h and Glass (1977) in he ield o
psychology. La e i was used in bo h s udies on accoun ing by Ga cía-Meca and Sánchez-Balles a (2006),
among o he s, and in s udies conce ning he ela ionship be ween CSR and FP, as we ha e seen in O li zky
e al. (2003), Allouche and La oche (2005) and Wu (2006).
We can say ha he aim o he me a-analysis is o de e mine he s a e o a ai s ela ing o a pa icula
esea ch p oblem and acco ding o Sánchez-Meca (2008), whose main con ibu ion when compa ed o
adi ional li e a u e e iews is ha om he co ela ions o each o he s udies we ob ained a weigh ed
a e age co ela ion o he ela ionship analyzed, which subsequen ly can be examined o hei signi icance
h ough p obabili y dis ibu ions.
Humane O ien a ion: The deg ee o which a collec i e encou ages and ewa ds indi iduals o being ai ,
al uis ic, gene ous, ca ing, and kind o o he s.
Gende egali a ianism: The deg ee o which a collec i e minimizes gende inequali y.
Asse i eness: The deg ee o which indi iduals a e asse i e, con on a ional and agg essi e in hei
ela ions wi h o he s.
Ins i u ional Collec i ism: The deg ee o which o ganiza ional and socie al ins i u ional p ac ices encou age
and ewa d collec i e dis ibu ion o esou ces and collec i e ac ion.
In-G oup Collec i ism: The deg ee o which indi iduals exp ess p ide, loyal y and cohesi eness in hei
o ganiza ions and amilies.
Powe dis ance: The deg ee o which membe s o a collec i e expec powe o be dis ibu ed equally
Unce ain y a oidance: The ex end o which a socie y, o ganiza ion o g oup elies on social no ms, ules,
and p ocedu es o alle ia e unp edic abili y o u u e e en s.
(House e al., 2004)
In ou case, using he me a-analysis we will y o answe he ollowing ques ion: does i he cul u e o he
coun ies unde s udy in luence in he ela ionship be ween CSR and FP?
To pe o m he es o hypo hesis we use he s a is ical ool o me a-analysis, o which we calcula e he
o e all e ec sizes3 and de i a i es o each o he classi ica ions shown by clus e analysis. Fo his, we
weigh ed each e ec size wi h i s co esponding sample size. Subsequen ly, we es ima ed a con idence
in e al o 95% o each o he calcula ed e ec sizes, a ange ha will show he signi icance o he e ec .
Finally, o see he deg ee o he e ogenei y o esul s, we ha e calcula ed he Q s a is ic o homogenei y
(Hedges and Olkin, 1985)4 which ollows a chi-squa e dis ibu ion wi h n-1 deg ees o eedom, whose
signi icance is he ejec ion o null hypo hesis, ie ha he s udies a e he e ogeneous.
4. STUDY RESULTS
He e a e he esul s o he clus e analysis, which we ha e summa ized in Figu es 1 o 3 , and he me a-
analysis ca ied ou , in he Tables 2 and 3 , which a e p esen ed below. They all con ain: he numbe o
co ela ions s udied (K), he sample (N), he e ec size (E), he con idence in e al (95%) and, inally, he Q
es o homogenei y.
In each o he ables, in he i s ow, appea s he o e all ela ionship be ween CSR and FP, in o de o
compa e i he g oup o coun ies (based on he cul u al alues o GLOBE) makes a di e ence in he size
e ec and will in u n educe he he e ogenei y o he esul s. And he e o e, whe he we accep o ejec he
hypo hesis.
Fi s , we pe o med a clus e analysis acco ding o he Globe cul u al dimensions, gi ing 4 majo g oups, as
shown in Figu e 1. In Appendix 3 and 4 we can ind he dend og am o he hie a chical analysis and
ANOVA es . Appendix 4 shows how he a iables a ec he clus e analysis, in his case, human
o ien a ion, in-g oup collec i ism, and powe dis ance ha e a g ea e impac on he g oups. On he o he
hand, he asse i eness and he u u e o ien a ion a e a iables a ec ing less o he clus e s and a e no
signi ican . In addi ion, we can see g aphically he means o hese a iables ha a e mos in luen ial o each
g oup. G oup 3 includes coun ies wi h high alues on humane o ien a ion, and low alues on in-g oup
collec i ism and powe dis ance. While, he coun ies included in g oup 4 ha e low alues on hese
dimensions.
Since we ha e he g oups, we can pe o m he es o he hypo hesis, and consequen ly s udy he
mode a ion o he coun y a iable.
3 The magni ude o any s a is ical measu e ha shows he deg ee o which an e en is p esen in a sample
(Cohen,1969).Ē=∑(ni*Ei)/∑ni
4 Qj =∑ nij * (Eij - Ēj)2
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Appendix 1
A icle
S udied
pe iod
Sample
size
Coun y
Measu e o CSR
Measu e o FP
Tsou sou a (2004)
1996-2000
422
USA
KLD
ROA, ROE, ROS
Goll y Rasheed
(2004)
1985-1986
62
USA
Su ey
ROA, ROS
Elsayed y Pa on
(2005)
2004
227
Uni ed
Kingdom
Su ey simila o
Fo une
ROS, ROA,Q Tobin
Salama (2005)
2000
201
Uni ed
Kingdom
Su ey
B amme y Milling on
(2005)
2002
209
Uni ed
Kingdom
Su ey simila o
Fo une
ROTA
Galb ea h (2006)
2000
38
Aus alia
Repu ex
ROA, ROE, MVA
Clemens (2006)
2003
76
USA
Su ey
Su ey
Guens e , De wall e
al. (2006)
1997-2004
154-519
USA
Pun ua ions
ROA, Q Tobin
Nakao, Amano e al.
(2007)
2002-2003
278
Japan
NEMS (Su ey
En i omen
Managemen ,
Nikkei)
ROA
He, Tian y Chen
(2007)
2005
438
China
Su ey
Su ey
Lyon (2007)
2004-2005
120
New
Zeland
Pun ua ions
ROA, ROE
Fauzi, Mahoney y
Hahaman (2007)
2005
324
Indonesia
KLD
ROA, ROE
Andayani, A mini y
Kamau (2008)
2004-2006
18
Indonesia
Belonging o social
index (dummy)
Q Tobin
Singh (2009)
2007-2008
37
India
Social Cos
Annual bene i s
Dunn y Sain y (2009)
2002-2006
104
Canada
Simila o KLD
ROE
Re ab, Ben B ik y
Mellahi (2009)
280
EAU
Su ey
Su ey
Makni, F ancoeu y
Bella ance (2009)
2004-2005
179
Canada
MJRA y KLD
ROA, ROE y S ock
Pe o mance.
Shen y Chang (2009)
2005-2006
640
Taiwan
Social Index
ROA, ROE, EPS
Fauzi, Rahman e al.
(2009)
2001-2004
461
Indonesia
KLD
ROA, ROE
Lin, Yang y Liou
(2009)
2002-2004
33
Taiwan
Dona ions
ROA
A icle
S udied
pe iod
Sample
size
Coun y
Measu e o
CSR
Measu e o FP
Ga cía-Cas o, A iño y
Canela (2010)
1991/2005
658
USA
KLD
ROE, ROA, Q
Tobin y MVA
Yang, Lin y Chang
(2010)
2005-2007
150
Taiwan
ARESE
ROA, ROE, ROS
A as, Ayba s y Ku lu
(2010)
2005-2007
40
Tu key
Su ey
ROA, ROE, ROS
Fauzi (2010)
2004-2006
120
USA
KLD
ROA, ROE
Lima, de Souza y
Co és de
Vasconcellos (2010)
2001-2006
71
B azil
Social Index
Q Tobin, ROA,
ROE
Schadewi h y Niskala
(2010)
2002-2005
236
Finland
GRI (Global
Repo ing Index)
(dummy)
Ma ke Value
Sou ce: Own elabo a ion
Appendix 2
Globe 1:
Pe o mance
O ien a ion
Globe 2:
Fu u e
O ien a ion
Globe 3:
Humane
O ien a ion
Globe 4:
Gende
Egali a ianism
Globe 5:
Asse i eness
Aus alia
4,36
4,09
6,24
3,4
4,28
B azil
4,04
3,81
6,15
3,31
4,2
Canada
4,49
4,44
6,36
3,7
4,05
China
4,45
3,75
5,85
3,05
3,8
EAU
(Dubai)
3,45
3,78
4,62
3,63
4,11
USA
4,49
4,15
6,28
3,34
4,55
Finland
3,81
4,24
6,29
3,35
3,81
India
4,25
4,19
6,02
2,9
3,73
Indonesia
4,41
3,86
6,23
3,26
3,86
Japan
4,22
4,29
5,63
3,19
3,59
New
Zealand
4,72
3,47
6,23
3,22
3,42
Uni ed
Kingdom
4,08
4,28
6,21
3,67
4,15
Taiwan
4,56
3,96
5,66
3,18
3,92
Tu key
3,83
3,74
6,25
2,89
4,53
Globe 6:
Socie al
Ins i u ional
Collec i ism
Globe 7:
Socie al In-
g oup
Collec i ism
Globe 8:
Powe
dis ance
Globe 9:
Unce ain y
a oidance
Aus alia
4,29
4,17
4,74
4,39
B azil
3,83
5,18
5,33
3,6
Canada
4,38
4,26
4,82
4,58
China
4,77
5,8
5,04
4,94
EAU
(Dubai)
4,5
4,71
4,73
3,99
USA
4,2
4,25
4,88
4,15
Finland
4,63
4,07
4,89
5,02
India
4,38
5,92
5,47
4,15
Indonesia
4,54
5,68
5,18
4,17
Japan
5,19
4,63
5,11
4,07
New
Zealand
4,81
3,67
4,89
4,75
Uni ed
Kingdom
4,27
4,08
5,15
4,65
Taiwan
4,59
5,59
5,18
4,34
Tu key
4,03
5,88
5,57
3,63
Sou ce: House, R.J.; Hanges, P.J.; Ja idan, M.; Do man, P.W.; y Gup a, V. (2004)

Appendix 3
HIERARCHICAL CLUSTER ANALYSIS
Dend og am using A e age Linkage (Be ween G oups)
Rescaled Dis ance Clus e Combine
Appendix 4
ANOVA
Clus e
E o
F
Sig.
Mean Squa e
d
Mean Squa e
d
Pe o mance_O ien a ion
,315
3
,064
10
4,929
,024
Fu u e_O ien a ion
,075
3
,077
10
,970
,444
Humane_O ien a ion
,830
3
,027
10
30,350
,000
Gende
,162
3
,036
10
4,531
,030
Asse i eness
,177
3
,089
10
1,999
,178
Ins i u ional_collec i ism
,281
3
,069
10
4,071
,040
Ing oup_collec i ism
2,247
3
,154
10
14,561
,001
Powe _dis ance
,223
3
,023
10
9,630
,003
Unce ain_a oidance
,514
3
,095
10
5,431
,018
Appendix 5
T es o equali y o means
d
Sig.
Means
di e ence
S anda d e o
o di e ence
Pe o mance_O ien a ion
,287
4
,789
,0900000
,3140910
Fu u e_O ien a ion
1,464
4
,217
,3850000
,2629104
Humane_O ien a ion
,240
4
,822
,0125000
,0520967
Gende
1,689
4
,166
,2425000
,1435651
Asse i eness
3,187
4
,033
,6425000
,2015836
Ins i u ional_collec i ism
-5,555
4
,005
-,4350000
,0783023
Ing oup_collec i ism
2,325
4
,081
,3200000
,1376136
Powe _dis ance
,056
4
,958
,0075000
,1333756
Unce ain_a oidance
-2,365
4
,077
-,4425000
,1871121
Appendix 6
ANOVA
Clus e
E o
F
Sig.
Mean Squa e
d
Mean Squa e
d
Pe o mance_O ien a ion
,031
2
,009
2
3,280
,234
Fu u e_O ien a ion
,063
2
,038
2
1,659
,376
Cha isma ic
,107
2
,020
2
5,331
,158
Gende
,004
2
,037
2
,110
,901
Asse i eness
,025
2
,008
2
3,153
,241
Ins i u ional_collec i ism
,178
2
,014
2
12,273
,075
Ing oup_collec i ism
,505
2
,025
2
19,864
,048
Powe _dis ance
,028
2
,026
2
1,070
,483
Unce ain_a oidance
,159
2
,090
2
1,762
,362