Purpose

This study tests whether corporate social responsibility (CSR) performance is a predictor of the financial sector's financial stability (FS), with the moderation of a sustainability committee.

Design/methodology/approach

The sample covers financial sector firms included in the Thomson Reuters Eikon database. The analyses are based on 8,840 firm-year observations for the years between 2002 and 2019 and the country-firm-year fixed-effects (FE) regression analysis is executed.

Findings

The results reveal that CSR initiatives contribute to the financial sector's FS as a whole and the sector's three individual sub-sectors. This proven significant association holds for all sub-sectors, namely insurance, banking, and investment banking. Moreover, the moderation analysis reveals the prominent role of a sustainability committee in bridging CSR performance (CSRP) with FS.

Research limitations/implications

The findings highlight that meeting societies' expectations pays back in the form of greater FS in the financial sector.

Practical implications

The findings suggest that CSR engagement helps the financial sector firms manage their risks and alleviates exposure to insolvency. This is because CSR performance promotes firms' accountability and transparency toward stakeholders. The results help motivate managers to pursue CSR goals more seriously to ensure FS. The moderation analysis implies that sustainability committees develop policies and practices to integrate the non-financial and financial goals of the firm.

Originality/value

Although prior studies have examined the link between CSR and financial performance (FP) in the financial sector, those studies have largely ignored FS in terms of risk-adjusted performance. Besides, prior studies have exclusively focused on the banking sector, but the authors concentrate on the banking, insurance, and investment banking sectors.

中文翻译：

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企业社会责任是否有助于金融部门的金融稳定？可持续发展委员会的调节作用

目的

本研究测试了在可持续发展委员会的调节下，企业社会责任（CSR）绩效是否可以预测金融部门的金融稳定性（FS）。

设计/方法论/途径

样本涵盖汤森路透 Eikon 数据库中包含的金融部门公司。这些分析基于 2002 年至 2019 年期间的 8,840 个公司年度观察结果，并执行了国家/公司年度固定效应 (FE) 回归分析。

发现

结果表明，企业社会责任举措有助于整个金融部门的金融稳定以及该部门的三个单独子部门。事实证明，这一重要关联适用于所有子行业，即保险、银行和投资银行。此外，调节分析揭示了可持续发展委员会在弥合企业社会责任绩效（CSRP）与金融服务方面的突出作用。

研究局限性/影响

研究结果强调，满足社会期望会以金融部门更大的金融服务形式得到回报。

实际影响

研究结果表明，企业社会责任参与有助于金融部门公司管理风险并减轻破产风险。这是因为企业社会责任绩效提高了公司对利益相关者的责任感和透明度。结果有助于激励管理人员更加认真地追求企业社会责任目标，以确保 FS。适度分析意味着可持续发展委员会制定政策和实践来整合公司的非财务和财务目标。

原创性/价值

尽管之前的研究已经考察了金融领域企业社会责任与财务绩效（FP）之间的联系，但这些研究在很大程度上忽略了风险调整绩效方面的财务绩效。此外，之前的研究主要集中在银行业，但作者主要关注银行业、保险业和投资银行业。