Purpose
Despite the intensive research on corporate social responsibility (CSR) and firm financial performance, little is known about how the linkage between CSR and firm financial performance is ...heterogeneous across industries and how the performance implications are differentiated among specific categories of CSR activities. The purpose of this paper is to explore how the association between a firm’s engagement in CSR and firm financial performance is heterogeneous across industries and CSR categories.
Design/methodology/approach
Using a sample of 17,083 firm-year observations representing 1,877 firms from the largest 3,000 US companies during years 1991 and 2011, the authors compare the association between CSR and firm financial performance across ten industry sectors defined by Global Industry Classification Standard and across the four CSR categories classified by Mandl and Dorr (2007).
Findings
The authors find that the association between the overall CSR activities and firm performance is heterogeneous across industries. CSR has significant positive implications for firms from most, but not all, industries. Comparing the performance implication of CSR practices targeting different stakeholder groups, the empirical results indicate that different types of CSR have different influences on financial performance of firms from different industry sectors.
Research limitations/implications
This study provides new angles for managers in maximizing firm performance through CSR activities and suggests an important and interesting direction for researchers who engage in CSR research. Due to its heterogeneous nature, the CSR-performance relationship needs to be examined more specifically – across industries and different CSR categories. Findings from studies incorporating both company industrial sector and CSR categories would provide more meaningful and practical implications for managers.
Practical implications
This study provides important managerial implications. First, to maximize firm performance through CSR activities, managers must interpret the linkage between CSR and firm financial performance from the perspective of a specific industrial sector and acknowledge the importance of CSR practices across different CSR categories. Second, the findings suggest that CSR practices aiming at different stakeholder groups generate different financial returns in different industries. Firms engage in CSR to satisfy different stakeholder groups. When budgets are tight, managers may give higher priority to the CSR practices that have stronger effects on firm financial performance.
Originality/value
This study advances our understanding of the CSR-financial performance relationship by exploring its heterogeneous nature across industry sectors and across specific categories. To obtain the biggest gain from CSR spending, managers must have a good understanding how a specific CSR category can contribute to the financial performance of their particular company in their particular industry.
Purpose
Despite the intensive research on corporate social responsibility (CSR) and firm financial performance, little is known about how the linkage between CSR and firm financial performance is ...heterogeneous across industries and how the performance implications are differentiated among specific categories of CSR activities. The purpose of this paper is to explore how the association between a firm’s engagement in CSR and firm financial performance is heterogeneous across industries and CSR categories.
Design/methodology/approach
Using a sample of 17,083 firm-year observations representing 1,877 firms from the largest 3,000 US companies during years 1991 and 2011, the authors compare the association between CSR and firm financial performance across ten industry sectors defined by Global Industry Classification Standard and across the four CSR categories classified by Mandl and Dorr (2007).
Findings
The authors find that the association between the overall CSR activities and firm performance is heterogeneous across industries. CSR has significant positive implications for firms from most, but not all, industries. Comparing the performance implication of CSR practices targeting different stakeholder groups, the empirical results indicate that different types of CSR have different influences on financial performance of firms from different industry sectors.
Research limitations/implications
This study provides new angles for managers in maximizing firm performance through CSR activities and suggests an important and interesting direction for researchers who engage in CSR research. Due to its heterogeneous nature, the CSR-performance relationship needs to be examined more specifically – across industries and different CSR categories. Findings from studies incorporating both company industrial sector and CSR categories would provide more meaningful and practical implications for managers.
Practical implications
This study provides important managerial implications. First, to maximize firm performance through CSR activities, managers must interpret the linkage between CSR and firm financial performance from the perspective of a specific industrial sector and acknowledge the importance of CSR practices across different CSR categories. Second, the findings suggest that CSR practices aiming at different stakeholder groups generate different financial returns in different industries. Firms engage in CSR to satisfy different stakeholder groups. When budgets are tight, managers may give higher priority to the CSR practices that have stronger effects on firm financial performance.
Originality/value
This study advances our understanding of the CSR-financial performance relationship by exploring its heterogeneous nature across industry sectors and across specific categories. To obtain the biggest gain from CSR spending, managers must have a good understanding how a specific CSR category can contribute to the financial performance of their particular company in their particular industry.
Transdiaphragmatic intercostal herniation can occur following blunt or penetrating trauma and is usually associated with rib fractures. It is uncommon and only sporadically reported in literature. We ...report a case of cough-induced intercostal herniation containing large bowel, on a background of sustaining a blunt chest trauma 25 years prior to presentation. The patient was treated by reducing the hernia followed by surgical repair of the diaphragm and intercostal muscles defect. He was discharged without further complications and remained well at follow-up.
Students in higher education deserve opportunities to succeed and learning environments which maximize success. Mathematics courses can create a barrier for success for some students. College algebra ...is a course that serves as a gateway to required courses in many bachelor's degree programs. The content in college algebra should serve to maximize students' potential in utilizing mathematics and gaining skills required in subsequent math-based courses when necessary. The Committee for Undergraduate Programs in Mathematics has gone through extensive work to help mathematics departments reform their college algebra courses in order to help students gain interest in the utilization of mathematics in solving real-world problems. In many instances, college algebra courses have evolved from a traditional curriculum into a modeling or applied curriculum. Successful completion rates and academic achievement in a survey of calculus course were compared between students who had traditional college algebra content versus modeling college algebra content. Results of statistical analyses between the two types of college algebra content determined that a higher percentage of students successfully completed survey of calculus on their first attempt when they had traditional college algebra content in a prerequisite course than students who had modeling college algebra content. No statistically significant difference was determined in academic achievement in survey of calculus, measured by average GPA of students, between the two types of college algebra content. The results of this study suggest that a higher percentage of students will complete survey of calculus with a grade of C or higher on their first attempt after successfully completing traditional college algebra content versus successfully completing modeling college algebra content; however, academic achievement based on GPA will not be significantly different between students who successfully complete either type of college algebra content.
In this study, we determined the sensitivity and specificity of the new serum assay CA19-9 in detecting adenocarcinoma of the pancreas and compared the results with those of the serum assay to ...carcinoembryonic antigen (CEA). Thirty-seven patients with biopsy-proven adenocarcinoma (14 patients with resectable disease and 23 patients with unresectable disease) were compared with 157 controls (48 patients with benign pancreatic disease, 34 patients with nonpancreatic sources of abdominal pain, 58 patients with benign jaundice, 7 patients with nonpancreatic malabsorption, and 10 patients with renal failure on dialysis). It was determined that a cutoff of 75 U/ml enhanced the diagnostic efficiency (sensitivity + specificity) of CA19-9 over the manufacturer's recommended cutoff of 37 U/ml. The sensitivity of CA19-9 (greater than 75 U/ml) in detecting cancer was greater than that of CEA (greater than 5 ng/ml) (86.5% vs. 48.4%) (p less than 0.01, McNemar test). The sensitivity of CA19-9 was 78.6% in resectable and 91.3% in unresectable disease. The specificity of CA19-9 was also greater than CEA (92.5% vs. 87.3%), although this difference was not statistically significant. The higher the CA19-9 or CEA level, the greater the specificity of either assay; at CA19-9 levels greater than 600 U/ml and CEA levels greater than 20 ng/ml the specificity is approximately 99%. The combination of an elevated CA19-9 level (greater than 75 U/ml) and an elevated CEA level (greater than 5 ng/ml) also enhanced specificity to 99%. It is concluded that CA19-9 used alone is superior to CEA used alone in detecting cancer of the pancreas and that the combination of mild elevations of both assays improves their specificity. Although the CA19-9 marker can be elevated with other intraabdominal adenocarcinomas (e.g., gastric, biliary, or colonic), CA19-9, together with CEA, will be useful to the clinician in differentiating benign from malignant pancreatic processes and in alerting the clinician to the possible presence of an intraabdominal neoplasm in the proper clinical setting.
The authors followed 6 first-year medical students through their first semester in a problem-based learning curriculum to understand how they self-regulated their learning. The study, using a ...situated research strategy, resulted in a grounded theory built around the central phenomenon of stance. In short, learners illustrated different types of stances-proactive, reactive, retroactive, interactive, and transactive-that served to govern their perceptions of themselves and the environment, their selection of goals, and their adoption of learning strategies. Furthermore, recursive patterns of stances were longitudinally described as either evolving or shifting. Findings indicated that more successful students demonstrate an evolving, interactive-transactive stance that affected the ways they participated in the learning environment and the professional identities they were beginning to develop.
Computer-assisted instruction (CAI) can enhance medical education, but course directors and curriculum designers need thorough, credible evaluative data to make sound decisions about procuring and ...implementing CAI programs. There has been extensive research on the merits of CAI in general (although much of it is flawed by methodologic shortcomings), but sufficient evaluative data on specific programs are rarely available. The author proposes that a consumer-oriented model would be useful for evaluating CAI programs, and he discusses one published, consumer-oriented evaluation of a multimedia CAI program for ophthalmology students. The author contends that if CAI programs were routinely evaluated using the consumer-oriented model, and if CAI program developers used this model to evaluate their programs during the developmental phase, medical educators would be better able to choose and implement the programs that would best serve their needs.
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