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The Impact of Corporate Social Responsibility on the Value of Healthcare Companies

ФИО студента: Kseniia Volkova

Руководитель: Varvara Nazarova

Кампус/факультет: St.Petersburg School of Economics and Management

Программа: Finance (Master)

Год защиты: 2021

Today corporate social responsibility is the key element of a company’s strategy. Companies become more concerned about the impact of its business activity. It is important to mention that healthcare companies are under constant pressure by society and government. Therefore, it is interesting to examine how the corporate social responsibility influences the value of pharmaceutical, biotechnological and medical facilities companies. Consequently, the aim of this study is to find the impact of corporate social responsibility on the value of healthcare companies. The sample consists of the listed companies and the research period is from 2015 till 2019. The econometric models have been performed to find the relationship between corporate social responsibility and firm’s value. The results show that CSR negatively related to the companies’ value. In addition, the industrial differences are significant and the cross effect of country-level social responsibility and CSR makes negative relationship between company’s corporate social responsibility and the company’s value weaker. The results of this study will be interesting for healthcare companies and provide them with more clear understanding of the complex nature of CSR and whether it is worth to engage in sustainable development.

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