Relation d’impact entre Performance financière et performance sociale : Enseignement d’une étude empirique

Abstract

This work aims to provide answers to a question widely debated within academic circles. This is the study of the links between corporate social responsibility (CSR) and financial performance (PF). In this context, several hypotheses and explanatory models, studying the interactions between them, have been developed. In this logic, we tried to address the following question: to what extent can social performance impact financial performance especially for listed companies? The methodology followed to answer this question is the calculation of correlation matrices and the application of the Granger causality test. To represent the financial performance, four ratios have been used, namely: PER, ROE, BPR, BPA. for social performance, the scoring method was used to assess companies listed on the Casablanca stock exchange in terms of their socially responsible commitment. The results obtained by the causality test in the sense of Granger show that it is difficult to reveal a causal link, either unidirectional or bidirectional, between social performance and financial performance at the level of all the ratios considered. Indeed, this relationship has only been shown for certain ratios and also for different thresholds, sometimes up to 12%; Rarely at interesting thresholds like 1% and 5%. This corroborates with the results obtained by most of the previous research in this area.