Analysis of the Relationship between CSR and Corporate Financial Performance Based on the Quantitative Analysis of CSR activities by Using Text-Mining.

Abstract

The relationship between CSR activities and corporate financial performance has attracted attention as the importance of corporate social responsibility (CSR) activities has increased. Existing studies suggested that CSR activities may enhance the corporate financial performance. However, every company cannot increase corporate financial performance through CSR activities. Thus, it is required to clarify the type of company that can enhance corporate financial performance through CSR activities, focusing on the characteristics of the CSR and business activities. This study extracted the characteristics of each company's CSR activities by using text mining on the CSR reports. We revealed the characteristics of the company can achieve high corporate financial performance by promoting CSR activities.