The Market Value of CSR Performance Across Sectors

  • Karolina Daszynska-Zygadlo Wroclaw University of Economics
  • Tomasz Slonski Wroclaw University of Economics
  • Bartosz Zawadzki Wroclaw University of Economics
Keywords: Corporate Social Responsibility performance, financial performance, sector analysis, Tobin’s q, P/E ratio


In this paper we investigate the relationship between Corporate Social Responsibility performance (CSP) and firms’ financial standing – corporate financial performance (CFP) in ten Global Industry Classification System (GICS) sectors. The analysis of each sector provides unique opportunity of finding these CSR actions which nowadays play the most important role. We use Thomson Reuters ASSET4 ratings in order to proxy the CSR behaviour of 7942 companies from all over the world. We find CSR actions’ effects measured by value increase as well as transitory effect on earnings conditional upon the company’s sector. Firstly, we prove that eco-efficiency investments are value destructors in 8 out 10 sectors. For corporate governance we find significant results only in three  sectors with ambiguous characteristic. Despite of adding the third, Social dimension we observe relatively lesser  impact of CSR actions on firms’ financial performance in case of four sectors.


Author Biographies

Karolina Daszynska-Zygadlo, Wroclaw University of Economics
Assistant Professor, Institute of Financial Management
Tomasz Slonski, Wroclaw University of Economics
Institute of Financial Management, Chair of Public and International Finance Department
Bartosz Zawadzki, Wroclaw University of Economics
PhD candidate, Institute of Financial Management