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Research Article
Does it pay to be different? An analysis of the relationship between corporate social and financial performance
Article first published online: 19 SEP 2008
DOI: 10.1002/smj.714
Copyright © 2008 John Wiley & Sons, Ltd.
1097-0266/asset/cover.gif?v=1&s=f21741be70afec8fda7a78364d0bbf96e0cb833f "Strategic Management Journal")
Additional Information
How to Cite
Brammer, S. and Millington, A. (2008), Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29: 1325–1343. doi: 10.1002/smj.714
Publication History
- Issue published online: 30 OCT 2008
- Article first published online: 19 SEP 2008
- Manuscript Revised: 8 MAY 2008
- Manuscript Received: 17 MAR 2003
- Abstract
- References
- Cited By
Keywords:
- corporate social responsibility;
- firm performance
Abstract
This study explores the relationship between corporate social performance (CSP) and corporate financial performance (CFP) within the context of a specific component of CSP: corporate charitable giving. A model of the determinants of the extent of corporate charitable giving is estimated and used as the basis of a classification that groups firms according to the difference between their actual and their predicted intensity of gift giving. The financial performance attributes of the classification are explored. We found that firms with both unusually high and low CSP have higher financial performance than other firms, with unusually poor social performers doing best in the short run and unusually good social performers doing best over longer time horizons. Copyright © 2008 John Wiley & Sons, Ltd.