Abstract
Most previous studies on the financial performance of socially responsible investments have measured their profitability compared to conventional investments. Few studies have explored in detail this profitability in relation to the expectations of the company's stakeholders. Based on a sample of 48 Moroccan companies listed on the Casablanca Stock Exchange over the period 2011-2019, this study, examines, using stakeholder theory, the impact of "Very Engaged", "Engaged", and "Not Engaged" socially responsible investment on the perspectives of the company's main stakeholders through three accounting and financial measures . The ROE to identify managers interested in Return on Equity, the payout for shareholders who expect dividends, and the Price to Book Ratio (PBR) which is of great interest to speculators who compare book value of the company's assets with its market price to identify undervalued companies. The results highlight the interest of the managers for this type of investment, then they locate an important aversion on behalf of the speculators and shareholders considering that the SRI impacts negatively their business.
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Article Details
- Year: 2022
- Volume: 43
- Issue: 2
- Pages: 29 - 56
- Accepted: 31.05.2022
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DOI:
https://doi.org/10.5281/zenodo.16946980 -
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How to Cite?
Mohammed ALAMI CHENTOUFI, Tarek ZARI, Jamal TIKOUK (2022). The Performance of Socially Responsible Investments in the Eyes of Stakeholders. Journal of Economic Cooperation and Development, 43(2), 29-56. https://doi.org/10.5281/zenodo.16946980
