Analysis of the Impact of External Stakeholders on the Performance of Non-Financial Companies

Every year, an increasing number of companies apply the Corporate Social Responsibility (CSR) policy to achieve their corporate goals. In this regard, the question arises of what impact CSR has on the financial results of firms, the answer to which is a lot of work on this topic. However, most studies focus on analyzing the influence of internal stakeholders, while corporate social responsibility, in which companies attempt to meet the interests of external stakeholders, attracts much less attention. In this paper, an attempt is made to determine the composition and nature of the impact of various external stakeholders on the performance of non-financial companies, measured by ROA, ROE and q-Tobin coefficient, using the example of companies from two developed countries (the USA and Japan) and one developing country (China). External stakeholders include clients, the local community, competitors, contractors and the media. To achieve the goal of the study, a regression analysis was used based on data for 2019 obtained from the “Eikon” terminal. The analysis was implemented using the program “EViews”. As a result of the research, it was possible to confirm the influence of external stakeholders on the performance of non-financial companies. This implies the practical significance of this study, which is that the results of the analysis can be used by the Board of Directors as recommendations on how they should build their CSR policy aimed at external stakeholders.