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Sustainability 2017, 9(12), 2171; doi:10.3390/su9122171

Measure the Performance with the Market Value Added: Evidence from CSR Companies

Department of Law, University of Brescia, 25121 Brescia, Italy
Department of Economics, University of Brescia, 25121 Brescia, Italy
University of Ferrara, 44121 Ferrara, Italy
Department of Economics and Management, University of Brescia, Fondazione Eni Enrico Mattei, IAERE, 25121 Brescia, Italy
Author to whom correspondence should be addressed.
Received: 4 October 2017 / Revised: 1 November 2017 / Accepted: 15 November 2017 / Published: 24 November 2017
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
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An increasing number of firms in OECD countries are obtaining certification as Socially Responsible. Literature is sensitive in testing whether there is a relation between firm performance and Social Responsibility certification. In order to overcome problems related to the multiplicity of Corporate Social Responsibility (CSR) definitions and certifications, our work implements a CSR index based on the intersection between two of the three main international indices (Domini 400 Social Index, Dow Jones Sustainability World Index and FTSE4Good Index). By using this database in a panel framework, our work shows that among Corporate Performance Measures (CPF), Market Value Added (MVA) is affected by a firm’s social responsible behaviour and certification. The results support the idea that CSR firms have better long-run performance. Thanks to the reputation effect, they achieve higher sales volumes and profits and a reduction in long-run costs: these effects compensate the costs due to the certification. View Full-Text
Keywords: corporate social responsibility; growth; market value added; firms performance; certification corporate social responsibility; growth; market value added; firms performance; certification

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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Carini, C.; Comincioli, N.; Poddi, L.; Vergalli, S. Measure the Performance with the Market Value Added: Evidence from CSR Companies. Sustainability 2017, 9, 2171.

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