An Institutional Theory Approach to the Evolution of the Corporate Social Performance – Corporate Financial Performance Relationship
整合动态制度理论，分析1991-2008年间企业社会绩效的制度化如何影响其与财务绩效的关系，发现早期采纳者获利更高但风险也大，而随着制度化推进，这种驱动作用减弱。
Abstract In the present study, we integrate research from the dynamic institutional theory literature to develop a set of theory‐driven hypotheses regarding how the institutionalization of corporate social performance (CSP) in the organizational field over the period 1991–2008 impacts the CSP‐ corporate financial performance (CFP) relationship for firms in the marketplace. The results of our panel time series and dynamic linear estimation models suggest that early CSP adopters are more likely to experience both greater firm profitability and increased stock market valuation as a result of their higher CSP levels. However, they also tend to incur more firm‐idiosyncratic risk for being ahead of the market’s CSP expectations. We also demonstrate that the significant rise in CSP adoption and activities over time, as CSP has become institutionalized, has resulted in CSP becoming a weaker driver of both firm profitability and stock market valuation.