Library:
Paris Champerret
Madrid
London
Paris Montparnasse
Turin
Berlin
- Item type
- Study and report
- Dissertation
- Language
- English
- Publication year
- 2025
- Contributors
- NEFEDOVA, Tamara
- Subjects
- FINANCES
This thesis explores the relationship between Corporate Social Responsibility (CSR) and corporate financial performance, with a particular focus on the moderating role of investors’ investment horizons. The aim is to provide new empirical evidence and perspectives to the ongoing academic debate on the CSR–Performance relationship.
The study provides a review of current research on CSR and investment horizon, as well as their connections to financial performance, and introduces two hypotheses for empirical testing. An empirical analysis is then conducted based on data from companies listed on the French SBF 120 Index, covering the years 2019 to 2022. The methods employed include correlation analysis, regression analysis, and lagged effect analysis.
The results indicate that investment horizon is a significant moderating variable in the CSR–Performance relationship. Specifically, the presence of long-term investors, those who hold investments for extended periods and seek long-term returns, has a positive moderating effect on this relationship. When long-term investors are absent from the ownership structure, CSR is negatively related with company performance, whereas with sufficient presence of long-term investors, this relationship will turn positive.
Key Words: Corporate Social Responsibility, Investment Horizon, Financial Performance, Relationship, Moderating Effect
