Sustainable Development and Corporate Financial Performance: A Study Based on the FTSE4Good IBEX Index
利用西班牙首个可持续发展指数FTSE4Good IBEX，比较了社会责任型企业与非社会责任型企业的财务变量差异，发现前者在相同系统风险下利润更高，且对市场变化、杠杆水平和公司规模更敏感。
ABSTRACT The social and environmental aspects of business investment and financing are becoming increasingly important. Most studies on corporate social responsibility (CSR) focus on analysing the relationship between company performance in the financial and social fields. However, the results obtained have not been conclusive, mainly due to the variables used to measure CSR. In order to simplify its measurement, in this work we used an empirical analytical method to determine possible differences between the financial variables of firms considered to be socially responsible and those not considered to be such. The results obtained show that socially responsible corporations obtain higher profits for the same level of systematic risk and show greater sensitivity to market changes, leverage levels and company size. This pioneering study is the first to make use of the first, and at the present time only, Spanish sustainability index, the FTSE4Good IBEX. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.