Odpowiedzialność środowiskowa jako czynnik przewagi konkurencyjnej w warunkach kryzysu
Environmental responsibility as a factor of competitive advantage during the financial crisis

Summary/Abstract: Corporate Social Responsibility (CSR) is becoming an important element of strategic management. Though expenses related to the implementation of CSR diminish corporate profits in the short term, they improve company ability to successfully communicate with stakeholders and secure long term market position. The paper investigates the importance of CSR implementation for investors analyzing behaviour of sustainable business indexes such as Dow Jones Sustainability Index and FTSE4GOOD, and for comparison market indexes Dow Jones Industrial Average and FTSE. It has been found that there are no important differences between indexes behaviour in the long run, but in the short run, during the last financial crisis, sustainability indexes have often changed more than the market. One of possible explanations is that during the financial crisis investors concentrate on the short term results and may treat CSR related expenses as reducing company value.

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