Global Compact International Yearbook Ausgabe 2013

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When does it pay? Linking Carbon and Financial Performance Why do firms have a management orientation toward sustainability? How should society reconcile the dilemma of maximizing satisfaction today without placing an undue burden upon ourselves in the future? In the strategy literature, a related question remains fiercely debated: Does it pay to address ecological and social issues? 184 Global Compact International Yearbook 2013
Agenda Integrated ISO 26000 Reporting By Prof. Dr. Timo Busch Starting from very fundamental investigations, John Spicer was one of the first authors to conduct an econometric study that investigates the economic consequences of ecological and social efforts. Ever since then, a substantial body of more recent management research has sought to address this question and investigate the relationship between corporate sustainability performance (CSP) and corporate financial performance (CFP) from different angles. However, there continues to be much confusion within this debate. At the 2010 Academy of Management conference in Montreal, papers presented in a session entitled “Examining the corporate social performance–corporate financial performance relationship” offered various results: no relationship, a positive relationship, or even a curvilinear relationship. These results are reflected by scholars’ attempts to detect an outperformance of mutual funds or specialized indexes that invest in firms with enhanced CSP: Empirical studies suggest that sustainable investments may either outperform the market, underperform the market, or make no difference in terms of their risk-adjusted financial returns. As a result of these mixed findings, some scholars suggest that the situation has remained the same: There is no clear relationship between CSP and CFP. Other scholars conducted meta-analyses and indicate – albeit highlighting epistemological and methodological concerns – that CSP practices are likely to pay off. At least there seems to be no clear indication of a negative relationship between CSP and CFP. One common notion that has recently emerged in the literature emphasizes that there is no unequivocal, final answer to the CSP–CFP debate. As a consequence, focusing further on the “Does it pay?” question defeats its purpose, as it “reinforces, rather than relieves, the tension surrounding corporate responses to social misery.” As a call for extending this debate, scholars have suggested that instead of seeking to answer the “Does it pay?” question, future research should address the more important one of “When does it pay?” This line of thought is consistent with Rivoli and Waddock’s argument that there is a clear business case for sustainability, but it shifts over time. What is – and what is not – responsible corporate practice is time- and context dependent; the same holds for the profitability of CSP practices. In sum, Berchicci and King conclude that CSP practices “may pay only for some firms, or in certain cases, or in certain time frames.” Global Compact International Yearbook 2013 185
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