Study On Corporate Social Responsibility And Financial Performance From The Stakeholder Perspective

With the increasing development of stakeholders theory in the 1960 s,the study of corporate social responsibility based on stakeholders perspective attracted the academia’s attention.In the same time,with the debate between stakeholder theory and shareholder’s wealth maximization theory,study of influence from fulfilling social responsibility on corporate financial performance was gradually going public.How has corporate social responsibility affected current financial performance and later period? Will taking social responsibility raise operating costs or promote financial performance? According to these questions,this paper studies the relation between corporate social responsibility and financial performance from the perspective of stakeholders.The paper first concludes and analyzes domestic and foreign findings about relevance between social responsibility and financial performance,and then divides corporate social responsibility into seven dimensions based on stakeholder theory so as to measure the fulfilling degree of corporate social responsibility.After that,this paper builds the hypothesis of the relevance between corporate social responsibility and financial performance and designs a model to examine the hypothesis.By arranging and analyzing the financial date of A shares listing corporations from 2011 to 2013,the paper proves the hypothesis that corporate social responsibility has a lagging impact on financial performance and puts forward targeted suggestions according to the research conclusions.