摘要
The discourse of corporate social views of the role of the firm in a responsibility （CSR） has grown rapidly over the last decade. There are different society and disagreements as to whether wealth maximization should be the sole goal of a corporation. There is also a debate on whether CSR practices are beneficial for firms. Studies examining the performance of firms that have adopted a CSR policy within a range of sectors in various countries provide inconsistent results. Some studies show excess returns among companies adopting a CSR policy relative to the companies that do not adopt such a policy, while others do not find differences in returns. To further dispel the ambiguity on this issue, the authors explore the relationship between CSR adoption and financial performance of firms＇ shares in Israeli market, with a US market benchmark as a test of specificity. The findings reveal that no significant difference exists between the performance of firms adopting a CSR policy and firms that do not. Thus, the inclusion of investments in socially-responsible firms in an investor＇s portfolio does not appear to significantly impact the portfolio＇s performance. Managers and investors interested in investing in CSR may do so without any concern of the lower returns or performance. This study provides an additional support for the CSR School in that its findings indicate that, on the one hand, investments in firms that integrate social and environmental responsibility are just ＂as good as＂ investments in firms that do not. On the other hand, such investments can be seen as superior, since in addition to the financial returns, investors contribute to changing the face of the global environment and are creating a system for support and enforcement that ensures the existence of a better world for the children in the present and future.
