关键词: 企业社会责任, 财务绩效, 结构方程模型

Abstract: This paper focuses on the influences of corporate social responsibility (CSR) on corporate financial performance (CFP) and relationships among different elements of CSR. Based on stakeholder theoretical theory and management process perspective, CSR is decomposed into five elements, including CSR on customers, CSR on employees, CSR on environments, CSR on philanthropy, and CSR on government. By using structural equation model, the research shows that (1) not all CSR activities influence CFP, and only CSR on governments and philanthropy directly and positively affect CFP; (2) elements of CSR play different roles in the relationships among each other, and CSR on customers and governments are keys that significantly influence the CSR performance on other elements. The implications of study and future directions are discussed.

Key words: Corporate, social, responsibility, Corporate, financial, performance, Structural, equation, model