financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-4-131-141finance-2310Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEВлияет ли корпоративная социальная ответственность на финансовые показатели? Данные по индийским компаниямIs There Any Impact of CSR on Financial Performance? Evidence from Indian Firmshttps://orcid.org/0000-0001-7630-9045СавниР. К.SawhneyR. K.

Рамит Каур Савни — соискатель степени PhD в области коммерции, научный сотрудник Колледжа коммерции и финансов Амити

Нойда, Уттар-Прадеш

Дели

Rameet Kaur Sawhney — Pursuing PhD in Commerce, Research Scholar at Amity College of Commerce and Finance; Assist. Prof.

Noida, Uttar Pradesh

Delhi

rameetsawhney3@gmail.comhttps://orcid.org/0000-0002-0563-7671ГоэлП.GoelP.

Пунита Гоэл — PhD, профессор

 Ноида, Уттар-Прадеш

Puneeta Goel — PhD, Prof.

Noida, Uttar Pradesh

pgoel4@amity.eduhttps://orcid.org/0000-0003-0196-9377БхардваджС.BhardwajS. B.

Сачин Бхардвадж — PhD, ассистент профессора

Морадабад, Уттар-Прадеш

Sachin Bhardwaj — PhD, Assist. Prof.

Moradabad, Uttar Pradesh

sachinmba04@gmail.comУниверситет Амити; Университет ДелиИндияAmity University; University of DelhiIndiaКолледж коммерции и финансов АмитиИндияAmity College of Commerce and FinanceIndiaТехнологический институт МорадабадаИндияMIT UniversityIndia202328082023274131141Copyright © Савни Р.К., Гоэл П., Бхардвадж С.B., 20232023Савни Р.К., Гоэл П., Бхардвадж С.Sawhney R.K., Goel P., Bhardwaj S.B.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/2310

Скептическое отношение к взаимосвязи корпоративной социальной ответственности (КСО) и корпоративных финансовых показателей (КФП) составляет основу данного исследования. Существующая литература сосредоточена только на положительной стороне деятельности КСО и выгодах, получаемых от нее. В соответствии с Законом о компаниях 2013 г. индийские компании с определенным оборотом и прибылью за последние три года обязаны использовать 2% от своей прибыли для осуществления деятельности в области КСО. Учитывая этот факт, цель данного исследование — определить влияние КСО на финансовые показатели самого бизнеса. Также исследуется экономическая легитимность КСО, т.е. имеет ли КСО положительный экономический эффект. Для этого был проведен панельный регрессионный анализ Пирсона с фиксированными эффектами на примере компаний Nifty 50 за период 2010–2018 гг. Данные о переменных финансовых показателях получены из базы данных Prowess IQ. Данные о КСО собраны из годовых отчетов компаний, а контент-анализ проводился с помощью программного обеспечения NVIVO. Результаты исследования дают представление о реакции корпораций на обязательные требования о проведении мероприятий КСО и их влиянии на финансовые показатели компании. Результаты исследования показывают отсутствие существенного влияния КСО на финансовые показатели индийских компаний.

The sceptical attitude towards linking corporate social responsibility (CSR) and corporate financial performance (CFP) forms the basis of this study. The available literature concentrates only on the positive side of CSR activities and benefits derived from them. The Companies Act, 2013, has made it mandatory for Indian companies of a certain turnover and profit to use 2% of their profits from the past three years on CSR activities. Given this background, this study examines the impact of CSR on the financial performance of the business itself. The economic legitimacy of CSR is also probed, that is, does CSR have a positive economic impact? For this examination, the Pearson Fixed effects panel regression analysis was performed on Nifty 50 companies during the period 2010–2018. Data regarding financial performance variables was obtained from Prowess IQ database. The CSR data was collected from the companies’ annual reports and content analysis was done using NVIVO software. The results of the study provide insights into the corporate response to the mandatory requirement of CSR activities and their impact on the company’s financial performance. The results of the study conclude that there is no significant influence of CSR on the financial performance of Indian companies.

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The authors declare that there are no conflicts of interest present.