Do Investors Value a Firm’s Commitment to Social Activities?

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Corporate social responsibility and financial performance relationship: a review of measurement approaches (2017, methodology): “Similarly, the financial health of a company (measured using a Zmijewski score – a construct based on a company’s profitability, liquidity and leverage ratio) was another measure used as a proxy for accounting-based company profitability (Rodgers et al., 2013).”
Relationship between Corporate Social Responsibility and Competitive Performance in Spanish Smes: Empirical Evidence from a Stakeholders’ Perspective * (2016, result): “’’ While some studies show a positive relationship (Maron, 2006; Wu, 2006; Rodgers et al., 2013; Gallardo-Vázquez and Sánchez-Hernández, 2014a), others older claim a negative influence (Boyle et al.”