PL EN


2017 | 1/2017 (66), t.2 | 207 – 220
Article title

Społeczna odpowiedzialność a wartość przedsiębiorstw na rynku kapitałowym

Content
Title variants
EN
Corporate Social Responsibility and Enterprise Value on the Capital Market
Languages of publication
PL EN
Abstracts
PL
Celem opracowania jest udzielenie odpowiedzi na pytanie, czy realizowanie przez przedsiębiorstwo koncepcji społecznej odpowiedzialności przyczynia się do budowania jego wartości na rynku kapitałowym. Analizie poddano wyniki indeksu RESPECT Giełdy Papierów Wartościowych w Warszawie oraz spółek nim objętych w latach 2009–2014. Na podstawie przeprowadzonych badań potwierdzono, iż społeczna odpowiedzialność przyczynia się do budowania wartości przedsiębiorstw na rynku kapitałowym. Spółki społecznie odpowiedzialne charakteryzują się wyższym zwrotem z zainwestowanego kapitału oraz wyższą stopą dywidendy. Z ostrożnością natomiast należy podchodzić do oceny wyników wskaźnika ceny do zysku oraz ceny do wartości księgowej – zarówno spółek, jak i indeksów giełdowych – w kontekście oceny potencjalnego wpływu społecznej odpowiedzialności na budowanie wartości przedsiębiorstw, ponieważ nie dają one jednoznacznych wyników w badanym okresie.
EN
Does the implementation of the concept of corporate social responsibility by an enterprise contribute to building its value on the capital market? In order to provide an answer to that question, the research study on the results of the RESPECT Index of the Warsaw Stock Exchange as well as on the results of all companies covered by the RESPECT Index in the years 2009–2014 was conducted. The study allowed for proving that corporate social responsibility contributes to creating enterprise value on the capital market. The research findings demonstrate that socially responsible companies are characterized by higher return on invested capital, and a higher dividend yield. However, the Price to Equity ratio as well as the Price to Book Value ratio of both stock indexes and companies’ results should be evaluated cautiously in the context of estimating potential influence of corporate social responsibility on enterprise value creation as they do not give clear results in the period examined. Keywords: Corporate Social Responsibility, CSR, enterprise value, RESPECT
Year
Pages
207 – 220
Physical description
Dates
published
2017-05-30
Contributors
  • Instytut Zarządzania Wartością w Kolegium Nauk o Przedsiębiorstwie Szkoły Głównej Handlowej w Warszawie, karo.ludzinska@gmail. com
  • Międzynaro0dowe Centrum Zarządzania Wydziału Zarządzania Uniwersytetu Warszawskiego.
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Document Type
Publication order reference
Identifiers
ISSN
1644-9584
YADDA identifier
bwmeta1.element.desklight-6af26850-3f10-400c-a2ab-87bb8f95f9c3
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