Abstract:

Corporate social responsibility is an important aspect of the functioning of enterprises and fits in with the idea of ​​sustainable development. Disclosing information about CSR may bring a number of benefits to companies, including impact on the financial results achieved by them. The aim of the article is to analyze selected financial and investment indicators and compare them within companies which disclose and do not disclose information about CSR. The study was based on the financial and investment results of companies listed in the mWIG40 and sWIG80 indices on the Warsaw Stock Exchange. The conducted analysis showed that in the case of indices of small and medium-sized companies listed on the WSE, it can be concluded that companies that do not disclose information on CSR are able to obtain better financial and investment results. In terms of the measures used, it was the average portfolio of companies not reporting information on CSR in 2015-2020 that was characterized by higher ROE and ROA, higher dynamics of the EPS, higher investment efficiency according to monthly and annual rates of return and risk-adjusted measures (Sharpe and Treynor ratios). Research on the influence of CSR on financial results is a frequent subject of research at the international level. On the other hand, in Poland, this issue has not been studied exhaustively. The conducted analysis is a voice in the discussion on the impact of CSR on the achieved selected financial and investment results of joint-stock companies.