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CSR-prestation och kostnad för eget kapital: en kvantitativ studie på 548 europeiska företag
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.
University of Gävle, Faculty of Education and Business Studies, Department of Business and Economic Studies, Business administration.
2017 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
CSR-performance and cost of equity capital : a quantitative study of 548 European companies (English)
Abstract [sv]

Syfte: Hur CSR-prestation påverkar ett företags finansiella prestation har länge varit ett omtalat ämnesområde, vilket har bidragit till motstridiga resultat. Denna studie har tillämpat kostnad för eget kapital för att mäta finansiell prestation. Genom att betrakta CSR som en transparenseffekt, vilket ökar bolagens transparens, vill studien undersöka om CSR-aktiviteter kan sänka företagets uppfattade risk för att minska kostnad för eget kapital.

Metod: Studien har tillämpat en positivistisk forskningsfilosofi och en deduktiv forskningsansats med uppställning av hypoteser. Vi har använt en kvantitativ forskningsmetod från vilket insamling av sekundärdata skett från den finansiella databasen Thomson Reuters. Studiens urval består av 548 företag från åtta europeiska länder. All data som inhämtats har bearbetats och analyserats i statistikprogrammet SPSS och JASP.

Resultat & slutsats: Våra resultat bevisar att det förekommer ett positivt respektive negativt samband mellan CSR-prestation och kostnad för eget kapital beroende på nation.

Förslag till fortsatt forskning: Ett förslag till vidare forskning är att undersöka varför sambandet mellan CSR-prestation och kostnad för eget kapital uppträder olika inom nationer.

Uppsatsens bidrag: Denna studie bidrar till en ökad förståelse för hur CSR-prestation påverkar företagets kostnad för eget kapital i en europeisk kontext. Studien har bidragit till en ny forskningsinriktning beträffande hur CSR-aktiviteter kan fungera som en transparenseffekt för att minska bolagets kostnad för eget kapital. Vidare bidrar uppsatsen med ytterligare kunskap om relationen mellan CSR-prestation och finansiell prestation, vilket visar i tidigare forskning motstridiga resultat. 

Abstract [en]

Title: CSR-performance and cost of equity capital – a quantitative study of 548 European companies

Aim: The subject of how corporate social responsibility affects the company’s financial performance has been discussed for a long time, which has contributed to conflicting results. This study has applied cost of equity capital in order to measure financial performance. By considering corporate social responsibility as a transparency effect, which increases firms’ transparency, this study wants to examine if corporate social responsibility can minimize the company’s perceived risk to decrease cost of equity capital.

Method: The study has applied a positivist research philosophy and a deductive research approach with setting of hypotheses. We used a quantitative research method where the secondary data was collected from Thomson Reuters DataStream. The sample of the study includes 548 companies from eight European countries. The collected data has been processed and analyzed in the statistical program called SPSS and JASP.

Result & Conclusions: Our results prove that a positive respective negative relationship between corporate social responsibility and cost of equity exists depending on nation.

Suggestions for future research: One suggestion for further research is to investigate why the relationship between corporate social responsibility and cost of equity appears different in nations.

Contribution of the thesis: This study contributes to an increased understanding for how corporate social responsibility can affect the company’s cost of equity capital in a European context. The study have contributed to a new research turn concerning how corporate social responsibility can work as a transparency effect too reduce the firms cost of equity capital. It provides further acknowledge on the relationship between corporate social responsibility and financial performance which in previous research shows conflicting results. 

Place, publisher, year, edition, pages
2017. , 41 p.
Keyword [en]
CSR, cost of equity capital, required return, financial performance, risk, transparency
Keyword [sv]
CSR, kostnad för eget kapital, avkastningskrav, finansiell prestation, risk, transparens
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hig:diva-23757OAI: oai:DiVA.org:hig-23757DiVA: diva2:1082374
Subject / course
Business administration
Educational program
Business administration
Supervisors
Examiners
Available from: 2017-03-17 Created: 2017-03-16 Last updated: 2017-03-20Bibliographically approved

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