Résumé

This paper explores the mutual links between corpor ate social responsibility (CSR), corporate governan ce (CG), and corporate financial performance (CFP). We aim to in vestigate the extent to which a firm's internal CG structures may influence its CSR practices and the resulting impac t on its financial performances. To take into accou nt the mutual interactions between these variables, we propose a global model, based on the partial least squares pa th modelling (PLS-PM), using a sample of 486 large U.S. and Euro peans firms for the period 2002–2011. Our results h ighlight a positive impact of corporate governance and financi al variables on CSR. The main determinant of CSR is the governance under financial constraints (firm levera ge mainly and size). Firms' leverage allows them to obtain more financial resources and positively affects their CS R practices. The adoption of CSR principles is foun d to increase primarily the firm's accounting performance and sec ondarily its market performance. However, in our mo del, we have a double effect; we underline the direct link betwe en CG and financial performance and identify an ind irect link between these two variables mediated by CSR. This s econd relationship, not explored in the literature, reinforces the impact of good CG on financial performance.

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