دانلود مقاله ISI انگلیسی شماره 9347
عنوان فارسی مقاله

معاملات توانمندسازی اقتصادی سیاه در آفریقای جنوبی: شناخت هنگامی که مسئولیت اجتماعی شرکت ها ممکن است ارزش را ایجاد یا از بین ببرد

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
9347 2011 21 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Black Economic Empowerment Transactions in South Africa: Understanding When Corporate Social Responsibility May Create or Destroy Value
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Long Range Planning, Volume 44, Issue 4, August 2011, Pages 229–249

کلمات کلیدی
اقتصاد سیاه - معاملات توانمندسازی - آفریقای جنوبی - مسئولیت اجتماعی -
پیش نمایش مقاله
پیش نمایش مقاله معاملات توانمندسازی اقتصادی سیاه در آفریقای جنوبی: شناخت هنگامی که مسئولیت اجتماعی شرکت ها ممکن است ارزش را ایجاد یا از بین ببرد

چکیده انگلیسی

Why can some firms create value from a particular corporate social responsibility (CSR) action while other firms destroy value from the same type of CSR action? This study explores this question in the context of Black Economic Empowerment (BEE) in South Africa. BEE has helped to drive the transformation in the economic, political and social landscapes of post-apartheid South Africa. It strives to increase black wealth through the sale of an equity stake in a company to black empowerment groups. Thus, BEE appears to represent corporate social responsibility that benefits the previously disadvantaged population. This inductive study investigates whether BEE can represent a value-creating CSR action and under what conditions. We explore the economic impact of BEE for the shareholders and find that South African firms that engaged in BEE transactions that were completed at a discount experienced positive and significant average shareholder returns. However, the firms that engaged in BEE transactions that were completed at a premium experienced negative and significant average shareholder returns. Furthermore, for empowerment deals completed at a discount, the size of the equity stake was positively associated with shareholder returns. Our analysis suggests that the CSR aspects of BEE deals created value when pursued in earnest, but destroyed value otherwise. We offer several implications from our findings for managers. We also link the insights from our findings to implications for stewardship theory, signalling theory and broader CSR perspectives.

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