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Keywords = 100 Best Corporate Citizens

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27 pages, 318 KiB  
Article
Corporate Social Responsibility and Firm Financial Performance: Evidence from America’s Best Corporate Citizens
by Kelly Huang, Yanglin Li, Kabir Oyewale and Emily Tworoger
Int. J. Financial Stud. 2025, 13(3), 119; https://doi.org/10.3390/ijfs13030119 - 1 Jul 2025
Viewed by 871
Abstract
This paper examines the relation between corporate social responsibility (CSR) and firm financial performance—a topic that continues to generate debate among academics and practitioners. We focus on firms included in the 100 Best Corporate Citizens (BCC) rankings from 2009 to 2022, a list [...] Read more.
This paper examines the relation between corporate social responsibility (CSR) and firm financial performance—a topic that continues to generate debate among academics and practitioners. We focus on firms included in the 100 Best Corporate Citizens (BCC) rankings from 2009 to 2022, a list that highlights companies recognized for CSR transparency and performance. Using panel data regression analyses and matched sample comparison, we examine whether BCC firms outperform their peers. Our findings show that, relative to matched firms not included in the rankings, BCC firms demonstrate significantly stronger future operating performance. Among BCC firms, CSR rankings are positively associated with future operating performance, although this positive relation has diminished in more recent years. Furthermore, we find no significant association between operating performance and most individual CSR component rankings except for employee relations. Finally, our evidence indicates that more socially responsible firms engage in less tax avoidance and pay higher audit fees, suggesting that CSR-oriented firms exhibit stronger ethical considerations across a broad range of corporate activities. This study contributes to the CSR literature by providing updated empirical evidence and practical insights for stakeholders evaluating corporate behavior and outcomes through the BCC rankings. Full article
(This article belongs to the Special Issue Sustainable Corporate Governance and Financial Performance)
21 pages, 375 KiB  
Article
Does Corporate Social Responsibility Affect the Timeliness of Audited Financial Information? Evidence from “100 Best Corporate Citizens”
by Ebenezer K. Lamptey, Jin Dong Park and Isaac Bonaparte
J. Risk Financial Manag. 2023, 16(2), 60; https://doi.org/10.3390/jrfm16020060 - 17 Jan 2023
Cited by 9 | Viewed by 4765
Abstract
Companies are under immense pressure to integrate activities that will improve society and the environment with their business objectives. Such integration is likely to introduce complexity into the firms’ activities and impact the timeliness of the financial statements. Audit report lag is significant [...] Read more.
Companies are under immense pressure to integrate activities that will improve society and the environment with their business objectives. Such integration is likely to introduce complexity into the firms’ activities and impact the timeliness of the financial statements. Audit report lag is significant to investors as it directly impacts investor decision-making and investment fortunes. This study examines the association between corporate social responsibility (CSR) and audit report lag. We measure CSR activities using a composite variable representing a firm’s inclusion on or exclusion from the annual list of “100 Best Corporate Citizens.” In the robust regression analyses with a sample of 3661 firm-year observations from 2011 to 2016, we found a positive and significant association between CSR activities and audit report lag after controlling for extraneous variables potentially influencing audit report lag. Furthermore, the additional results with the six CSR components in the list confirm our finding that, except for governance, all the other components, such as environment, climate change, human rights, employee relations, and philanthropy, have a positive and significant association with audit report lag. Our findings suggest that CSR activities introduce audit complexities and risks that compel auditors to assess a high risk of material misstatements, translating into more audit effort and longer times to complete audits. Full article
(This article belongs to the Special Issue Managing Sustainability Risk)
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