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[size=13.0038px]Author: Meng-Wen Wu, Chung-Hua Shen
Journal of Banking & Finance，2013年5月
abstract
[size=8.83268px]The current study investigates the association between corporate social responsibility (CSR) and financial
[size=8.83268px]performance (FP), and discusses the driving motives of banks to engage in CSR. Three motives, namely,
[size=8.83268px]strategic choices, altruism, and greenwashing, suggest that the relationship between CSR and FP is posi-
[size=8.83268px]tive, non-negative, and non-existent, respectively. We obtained our sample, which covered 2003–2009,
[size=8.83268px]from the Ethical Investment Research Service (EIRIS) databank and Bankscope database. The data consists
[size=8.83268px]of 162 banks in 22 countries. We then classified the banks into four types based on their degree of
[size=8.83268px]engagement in CSR. This study proposes the use of an extended version of the Heckman two-step regres-
[size=8.83268px]sion, in which the first step adopts a multinomial logit model, and the second step estimates the perfor-
[size=8.83268px]mance equation with the inverse Mills ratio generated by the first step. The empirical results show that
[size=8.83268px]CSR positively associates with FP in terms of return on assets, return on equity, net interest income, and
[size=8.83268px]non-interest income. In contrast, CSR negatively associates with non-performing loans. Hence, strategic
[size=8.83268px]choice is the primary motive of banks to engage in CSR.
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