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EMAC 2021 Annual Conference

The impact of firm age on corporate social responsibility: Does firm age have a different impact on social, environmental and governance performance?

Published: May 25, 2021


HeaJeong Han, YonSei University; Youngchan Kim, YonSei University


Using panel data for 184 US-listed firms from 2010 to 2018, we examine how corporate social responsibility(CSR), CSR adverse events and CSR three pillars (environment, social, governance) affect corporate financial performance(CFP), and investigate the moderating effect of firm age on these relationships. Results show that CSR and environmental performance have positive impact on CFP, but firm age negatively moderate these relationships. Positive association between social performance and CFP is strengthened by firm age. We explain these results based on the context of CSR value embeddedness to firm image and stereotypes. Further test of environmental subcategories (emissions, innovation and resource use) indicates that resource use is positively associated with CFP, while emission reduction is negatively related to CFP. We suggest that older firm to focus more on social aspect CSR and adverse events management, and younger firm to devote more to environment, especially resource use.