Corporate social responsibility and hotel financial performance

ABSTRACT

This paper assesses the causal relationship between corporate social responsibility (CSR) activities and corporate financial performance using a sample of 43 hotels for the period 2007–2018. The research employs a dynamic panel vector autoregressive model (PVAR) which brings more analytical insights in the CSR- Financial Performance modeling. The results show that CSR has a positive and significant impact on corporate financial performance and lend support to the theoretical underpinnings with respect to the CSR and financial performance nexus. The results suggest that growth opportunities mediate the relationship between CSR and performance. High-growth hotels will have better opportunities to engage in CSR activities which in turn positively impact on their performance. Practically, our findings suggest that CSR is an important mechanism to improve the efficiency of organizations.

本文以2007-2018年间43家酒店为样本，评估了企业社会责任（CSR）活动与企业财务绩效之间的因果关系. 本研究采用动态面板向量自回归模型（PVAR），为企业社会责任财务绩效建模提供了更多的分析视角. 研究结果表明，企业社会责任对企业财务绩效有着积极而显著的影响，支持了企业社会责任与财务绩效关系的理论基础. 研究结果表明，成长机会在企业社会责任与绩效之间起中介作用. 高增长酒店将有更好的机会参与企业社会责任活动，进而对其业绩产生积极影响. 实践证明，企业社会责任是提高组织效率的重要机制.

KEYWORDS:

• Corporate social responsibility
• firm performance
• hotels
• PVAR
• causality

Notes

1. $\mathrm{R}\mathrm{O}{\mathrm{E}}_{\mathrm{i}\mathrm{t}}=\alpha +{\alpha }_1\mathrm{C}\mathrm{S}\mathrm{R}+{\alpha }_2\mathrm{G}\mathrm{R}\mathrm{O}\mathrm{W}+{\alpha }_3\mathrm{S}\mathrm{I}\mathrm{Z}\mathrm{E}+{\alpha }_4\mathrm{L}\mathrm{E}\mathrm{V}+\alpha 5\mathrm{A}\mathrm{G}\mathrm{E}+{\alpha }_6\mathrm{C}\mathrm{R}+{\mathrm{U}}_{\mathrm{i}\mathrm{t}}$

2. $\mathrm{T}\mathrm{o}\mathrm{b}\mathrm{i}\mathrm{n}\mathrm{s}{\mathrm{Q}}_{\mathrm{i}\mathrm{t}}=\alpha +{\alpha }_1\mathrm{C}\mathrm{S}\mathrm{R}+{\alpha }_2\mathrm{G}\mathrm{R}\mathrm{O}\mathrm{W}+{\alpha }_3\mathrm{S}\mathrm{I}\mathrm{Z}\mathrm{E}+{\alpha }_4\mathrm{L}\mathrm{E}\mathrm{V}+\alpha 5\mathrm{A}\mathrm{G}\mathrm{E}+{\alpha }_6\mathrm{C}\mathrm{R}+{\mathrm{U}}_{\mathrm{i}\mathrm{t}}$