Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Articles Article Faculty Publications -Articles Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Corporate social initiatives and wealth creation for firms-an empirical examination Subject The topic of the resource Firm performance; Human rights; Social initiatives; Two-stage least squares (2SLS) system; Workforce Description An account of the resource Purpose: This study aims to examine whether social initiatives adopted by firms lead to improved financial performance. The authors analyse the impact of different elements of social initiatives on wealth creation for firms in terms of operating and market performance. Design/methodology/approach: The study is based on the social initiative scores of over 4,500 firms collected from Thomson Reuters' ESG database. The study uses two-stage least squares (2SLS) to analyse the relationship between social initiatives and firm performance. Findings: Profitable, mature, capital intensive and firms with high sales growth rate tend to invest more in social initiatives. Firms with high agency costs invest in social initiatives for workforce efficiency, maintaining human rights and product responsibility. The study documents evidence that social investments are value creating mechanism for firms which leads to improved financial performance in terms of operating and stock market performance. Firms with high dividend intensity invest in social initiatives for workforce welfare and human rights initiatives. Investment in employee well-being and community initiatives results in intangible benefits such as improved stock market valuation. Practical implications: The research model has not considered the impact of intervening variables to understand the relationship between corporate social performance and corporate financial performance. Social implications: Firms ought to recognize that social investment is beneficial in terms of value creation of firms as stock market perceive such investments favourably. Firms must focus more on community development initiatives and workforce initiatives for the value creation of firms compared to investments directed towards human rights initiatives and product responsibility initiatives. Originality/value: This study focusses exclusively on the social dimension of the CSR activities. The authors examine the impact of social welfare scores on firm performance by analysing the valuation effects on scores representing workforce, human rights, community and product responsibility. Moreover, the paper also examines the impact of a new dimension of product responsibility on firm performance. They also focus on both aspects of financial performance in terms of operating performance (proxied by ROE) and the joint impact of both operating and market performance (proxied by Tobins Q). This paper contributes to the research on the linkage of social performance to financial performance by observing that firms with high agency cost characteristics tend to invest in social initiatives for work force efficiency, maintaining human rights and product responsibility. 2024, Emerald Publishing Limited. Creator An entity primarily responsible for making the resource Bhaskaran R.K.; Sukumaran S.K.; Abdul Waheed K. Source A related resource from which the described resource is derived Journal of Global Responsibility Publisher An entity responsible for making the resource available Emerald Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2024-01-01 Identifier An unambiguous reference to the resource within a given context <a href="https://doi.org/10.1108/JGR-11-2022-0125" target="_blank" rel="noreferrer noopener">https://doi.org/10.1108/JGR-11-2022-0125</a> <br /><br /><a href="https://www.scopus.com/inward/record.uri?eid=2-s2.0-85202740871&amp;doi=10.1108%2FJGR-11-2022-0125&amp;partnerID=40&amp;md5=a8c6881a055b08fa3dca31d9687879df" target="_blank" rel="noreferrer noopener">https://www.scopus.com/inward/record.uri?eid=2-s2.0-85202740871&amp;doi=10.1108%2fJGR-11-2022-0125&amp;partnerID=40&amp;md5=a8c6881a055b08fa3dca31d9687879df</a> Rights Information about rights held in and over the resource Restricted Access Relation A related resource ISSN: 20412568 Format The file format, physical medium, or dimensions of the resource Online Language A language of the resource English Type The nature or genre of the resource Article Coverage The spatial or temporal topic of the resource, the spatial applicability of the resource, or the jurisdiction under which the resource is relevant Bhaskaran R.K., Department of Finance, Institute of Management Technology Dubai, Dubai, United Arab Emirates; Sukumaran S.K., School of Business and Management, Christ University, Bangalore, India; Abdul Waheed K., Department of Marketing, Shiv Nadar University, Gautam Buddha Nagar, India