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\setlength{\parindent}{0pt}\raggedright \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt \textcolor{GJBlue}{\large\bfseries\abstractname\space} }{% \vskip8pt \textcolor{GJMediumGrey}{\rule{\textwidth}{2pt}} \vskip16pt } \usepackage[absolute,overlay]{textpos} \makeatother \usepackage{lineno} \linenumbers \begin{document} \author[1]{Priyanka Aggarwal} \affil[1]{ University of Delhi} \renewcommand\Authands{ and } \date{\small \em Received: 16 December 2012 Accepted: 5 January 2013 Published: 15 January 2013} \maketitle \begin{abstract} Sustainability is a crucial issue for corporate world today. The interest of investors in Socially Responsible Investment (SRI) has grown substantially over last decade. Thus, sustainability has potential to influence company performance. The purpose of this paper is to find ?whether sustainable companies are more profitable?. Various researches were conducted in past for examining this relationship. Results, however, have been mixed and inconclusive. Moreover, most of the studies have been conducted in context of developed countries. The purpose of this paper is to examine impact of sustainability rating of company on its financial performance in an Indian context using secondary data. We also separately analyze impact of four key components of sustainability (i.e. Community, Employees, Environment and Governance) on financial performance. We find no significant association between overall sustainability rating and financial performance. However, further analysis reveals that four components of sustainability have significant but varying impact on financial performance. \end{abstract} \keywords{corporate sustainability, financial performance, corporate social responsibility (CSR), sustainability reporting, socially responsible investment (SRI} \begin{textblock*}{18cm}(1cm,1cm) % {block width} (coords) \textcolor{GJBlue}{\LARGE Global Journals \LaTeX\ JournalKaleidoscope\texttrademark} \end{textblock*} \begin{textblock*}{18cm}(1.4cm,1.5cm) % {block width} (coords) \textcolor{GJBlue}{\footnotesize \\ Artificial Intelligence formulated this projection for compatibility purposes from the original article published at Global Journals. However, this technology is currently in beta. \emph{Therefore, kindly ignore odd layouts, missed formulae, text, tables, or figures.}} \end{textblock*} \let\tabcellsep& \section[{Introduction}]{Introduction}\par ustainability is currently a burning issue and a major cause of concern across the globe. At the World Commission on Environment and Development (WCED), \hyperref[b9]{Brundtland (1987)} defined sustainability as -"meeting the needs of the present generation without compromising the ability of future generations to meet their own needs." The interest of investors in company's non-financial performance has grown significantly over the past few years \hyperref[b17]{(Ernst \& Young, 2009}). In the wake of increased regulations and growth in level of awareness of stakeholders, the concept of corporate sustainability has been assuming great importance. World Business Council for Sustainable Development (2002) defined Corporate Sustainability as -"the commitment of business to contribute to sustainable economic development, and to work with employees, their families, the local community and society at large to improve their quality of life." Today, the firms should take accountability for various beneficial and harmful impacts of their activities on the overall society and environment in which they exist. Moreover, the firms should make proper disclosure of these impacts in an appropriate sustainability report, which provides a detailed description of their governance structure, stakeholder engagement approach and triple bottom line performance. \hyperref[b16]{Elkington (1998)} developed the term 'triple bottom line' to emphasize on three aspects -people (social), profits (economic) and planet (environmental). Global Reporting Initiative (2011) defines Sustainability Reporting as -"the practice of measuring, disclosing, and being accountable to internal and external stakeholders for organizational performance towards the goal of sustainable development."\par It is widely believed and suggested by researchers that in today's dynamic and complex business environment, the corporate sustainability is likely to influence corporate profitability and overall performance. It lays a foundation for preserving and enhancing value of firm. The firms reap plenty of strategic benefits as a result of embedding sustainability in their core strategies. These various benefits of corporate sustainability are shown in Figure \hyperref[fig_0]{1 below}. Corporate Sustainability and its impact on financial performance have emerged as important areas for research in recent years. Various studies have been performed over the last decade for examining this relationship. However, the results have been mixed and inconclusive. Moreover, most of the previous studies have been conducted in the context of developed countries (like US, Europe, UK, Australia, etc.). Therefore, this paper attempts to analyze the impact of overall sustainability and its four major components on corporate financial performance in an Indian context. \section[{II.}]{II.} \section[{Objectives of Study}]{Objectives of Study}\par The primary objective of this paper is to find "whether sustainable companies are more profitable or not". Some specific objectives have been formulated to achieve this main object, which are as follows:\par ? To provide an overview of the concept of corporate sustainability and its various components. ? To analyze whether companies with higher sustainability ratings are more profitable or not. \section[{III. Concept of Corporate Sustainability}]{III. Concept of Corporate Sustainability}\par As per the report by \hyperref[b30]{Mays (2003)},'Corporate Sustainability' means creating long-term shareholder value by embracing opportunities and managing risks arising from social, environmental and economic factors. The Mays Report also specified advantages of corporate sustainability. Sustainable behavior adds value to commercial endeavor and makes for good business sense. It is specifically a helpful instrument to manage corporate image. It helps in assessing the capabilities and effectiveness of business administration and management. It leads to shift in the organizational focus from short-term to long-term goals. Transparency is an essential element of corporate sustainability. It can be assessed along various dimensions like: energy efficiency, community relations, eco design, materials efficiency, product recyclability, and employee relations. The four major components of corporate sustainability have been described in \section[{Related Theory}]{Related Theory}\par There are three major theories, namely, Legitimacy Theory, Stakeholder Theory and Agency Theory, which suggest that companies should be sustainable and should incorporate corporate sustainability in their core strategic goals. The companies should disclose their sustainability performance in a proper sustainability report. These theories primarily suggest positive relationship between corporate sustainability and company performance. These theories are briefly shown in Figure {\ref 2} \section[{4)}]{4)} \section[{GOVERNANCE}]{GOVERNANCE}\par The Governance Component covers disclosure of policies, procedures, board independence and diversity, executive compensation and evaluation of company's culture of ethical leadership and compliance. This component rates factors such asalignment of corporate policies and practices with sustainability goals; transparency to stakeholders; integration of sustainability principles from top down into day-to-day operations of company. Governance focuses on how management is committed to sustainability and corporate responsibility at all levels.\par Leadership ethics, board composition, executive compensation, transparency and reporting, and stakeholder treatment. \section[{Global Journal of Management and Business Research}]{Global Journal of Management and Business Research} \section[{Hypotheses}]{Hypotheses}\par Based on theoretical arguments and review of literature, and keeping the research objectives in mind, the following five hypotheses have been formulated and these are shown in Table \hyperref[tab_5]{3} below. \section[{Research Methodology}]{Research Methodology}\par The present study makes use of secondary data. The average data over a period of two years from FY 2010-11 to FY 2011-12 has been used to enable cross-sectional analysis. A series of statistical tools like -multiple regression, correlation, t-test and F-test have been used to analyze the data and to investigate the impact of corporate sustainability on financial performance. \section[{a) Sample Description}]{a) Sample Description}\par The following criteria have been used to select companies eligible to be included in sample:\par Companies continuously included in S\&P CNX Nifty 50 Index from 1st April, 2010 to 31st March, 2012 = 45 Thus, the final sample comprises of nonfinancial companies; listed on the NSE; which have continuously been included in NIFTY 50 Index during 1st April, 2010 to 31st March, 2012, with easily available financial and sustainability data, and which issue sustainability report as per GRI guidelines. The 20 sample companies and the industry to which they belong are shown below in Table \hyperref[tab_6]{4}. Five Accounting-based measures, namely, Return on Assets (ROA), Return on Equity (ROE), Return on Capital Employed (ROCE), Profit before Tax (PBT), and a growth variable -Growth in Total Assets (GTA), have been used as proxies for financial performance. Accounting-based measures have been used because the audited accounting data is likely to be authentic and credible and is not influenced by market perceptions or speculations, and is thus considered less noisy in returns, share prices, etc. \hyperref[b28]{(Lopez et al., 2007)}. Overall Sustainability Rating (OSR), Community Performance Rating (COM), Employees Performance Rating (EMP), Environmental Performance Rating (ENV) and Governance Performance Rating (GOV) have been used as proxies for sustainability performance of company.\par The financial data has been obtained from company's website, audited financial statements, annual reports and Moneycontrol.com. Corporate Sustainability, governance, community, employee and environment ratings data have been obtained from "CSRHub database", which claims to be world's largest corporate sustainability ratings database and principally adheres to GRI guidelines.\par Further, we controlled for size of firm because larger firms are likely to have higher profitability as they have greater resources for investing in profitable ventures. We use natural log of total assets as proxy for firm size. \section[{c) Research Model}]{c) Research Model}\par This research paper tests two different models using Multiple Regression Analysis as statistical tool in IBM SPSS Statistics software, in order to examine and analyze the relationship between corporate sustainability and financial performance. These models are described in the following section. \section[{i. First Model}]{i. First Model}\par The first model intends to examine the impact of overall sustainability rating of company (independent variable -OSR) on the financial performance of firm (dependent variables -ROA, ROE, ROCE, PBT, and GTA); while controlling for size of firm (SIZE). Five regression equations shall be tested in this model, which are as follows: ROA = c + b1.OSR + b2.SIZE\par (1) ROE = c + b1.OSR + b2.SIZE\par (2) ROCE = c + b1.OSR + b2.SIZE\par (3) PBT = c + b1.OSR + b2.SIZE (4) GTA = c + b1.OSR + b2.SIZE\par ii. Second Model\par The second model aims at examining separately the impact of four major components of corporate sustainability (Community, Employees, Environment and Governance) on company's financial performance, while controlling for size of firm. The five regression equations to be tested in this model are as follows: \section[{Global}]{Global}\par VIII. \section[{Data analysis and Results}]{Data analysis and Results}\par The descriptive statistics for various variables used in this study have been shown in Table {\ref 5} below. \section[{Table 5 : Descriptive statistics}]{Table 5 : Descriptive statistics}\par From Table {\ref 5}, we observe that the mean value of Overall Sustainability Rating is only 52.95\% and ratings along four components of sustainability are also approximately 50\%. This highlights that Indian companies need to take strong steps towards sustainability to improve their sustainability performance ratings. From Table \hyperref[tab_7]{6}, we observe that all p-values are more than .05, while most of beta values (b1) are positive. Thus, Overall Sustainability Rating (OSR) has positive but insignificant impact on financial performance of company. Thus, we accept the first null hypothesis Ho1 and reject the first alternate hypothesis Ha1. \section[{Variables}]{Variables} \section[{C}]{C}\par The results of first model regarding impact of overall sustainability rating on financial performance of company have been summarized in Table \hyperref[tab_7]{6} below.\par The results of second model regarding impact of four components of sustainability on financial performance of company have been summarized in Table \hyperref[tab_9]{7} below. \section[{Conclusions and Discussion}]{Conclusions and Discussion}\par The statistical results reveal that corporate sustainability as a whole has no significant influence on financial performance. Further, corporate sustainability influences some of the financial performance measures positively (ROA, PBT \& GTA), while others negatively (ROE and ROCE). Our result confirms to the findings of many existing researches which argue that corporate sustainability has no significant association with firm performance \hyperref[b10]{(Buys et al., 2011;}\hyperref[b29]{Manescu, 2011)}, no significant impact in short-term \hyperref[b5]{(Adams et al., 2012)} and that the varying effects of different dimensions of sustainability may negate and offset each other leading to no significant influence on financial performance \hyperref[b19]{(Galema et al., 2008;}\hyperref[b38]{Statman \& Glushkov, 2009;}\hyperref[b7]{Brammer et al., 2006)}.\par Further investigation of the impact of each component of sustainability separately on company's financial performance provides clearer results. We find that all components except Community, i.e., Employees, Environment and Governance, have significant but varying association with financial performance. Governance and Community dimensions have positive influence, while Employees and Environment dimensions have negative influence on financial performance.\par The present study also reveals insignificant positive association between corporate sustainability and growth of firm. This finding is in consonance with \hyperref[b24]{Kapoor and Sandhu (2010)}. This may be due to the reason that growth of a firm is dependent on other factors like product quality, price, marketing strategy, etc. apart from sustainability activities performed by firm. The control variable (firm size) comes out to be significant for financial performance. This result is in consonance with our expectation and with those observed by Guindry and Patten (2010).\par Our research result that sustainability performance along employees, environment and governance dimensions does significantly influence company's financial performance may support company's decision to improve its performance in managing sustainability. Companies should understand that improving sustainability performance is as important as improving the financial performance. A company needs to be concerned towards the needs of future generations in running the business, in order to ensure its survival in the long-run.\par X. \section[{Limitations of Study}]{Limitations of Study}\par The present study is subject to certain limitations. Firstly, the sample size is small (i.e. 20 companies). Secondly, the time frame of research is short (i.e. 2 years). Thirdly, market-based measures of financial performance are not considered in this paper. Lastly, the study ignores control variables like age of firm, growth of firm, capital intensity, leverage, risk, R\&D intensity, industry type, etc. that may have significant influence on this relationship.\par The results of study should be interpreted in light of these limitations and the future researchers should attempt to overcome them while doing further research in this area.\begin{figure}[htbp] \noindent\textbf{1}\includegraphics[]{image-2.png} \caption{\label{fig_0}Figure 1 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{}\includegraphics[]{image-3.png} \caption{\label{fig_1}Volume}\end{figure} \begin{figure}[htbp] \noindent\textbf{}\includegraphics[]{image-4.png} \caption{\label{fig_2}}\end{figure} \begin{figure}[htbp] \noindent\textbf{1} \par \begin{longtable}{P{0.85\textwidth}} 2013\\ ear\\ Y\\ Volume XIII Issue XI Version I\\ ( )\\ Global Journal of Management and Business Research\end{longtable} \par {\small\itshape [Note: C]} \caption{\label{tab_1}Table 1}\end{figure} \begin{figure}[htbp] \noindent\textbf{1} \par \begin{longtable}{P{0.85\textwidth}} Source: CSRHub (www.csrhub.com)\\ IV.\end{longtable} \par \caption{\label{tab_2}Table 1 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{} \par \begin{longtable}{P{0.3456599286563614\textwidth}P{0.03234244946492271\textwidth}P{0.4719976218787158\textwidth}} \tabcellsep Components\tabcellsep Description\\ 1)\tabcellsep COMMUNITY\tabcellsep The Community Component covers the company's commitment and effectiveness within local, national and global community in which it\\ \multicolumn{2}{l}{Human rights, supply chain, product quality \& safety, product sustainability, community development, philanthropy.}\tabcellsep does business. It reflects company's citizenship, charitable giving and volunteerism. This component covers company's human rights record and treatment of its supply chain. It also covers the environmental and social impacts of company's products and\\ \tabcellsep \tabcellsep services, and development of sustainable products, processes and\\ \tabcellsep \tabcellsep technologies.\\ 2)\tabcellsep \tabcellsep \\ \multicolumn{2}{l}{Diversity, labor rights, treatment of unions,}\tabcellsep \\ \multicolumn{2}{l}{compensation, benefits, training, health,}\tabcellsep \\ \tabcellsep worker safety\tabcellsep \\ 3)\tabcellsep \tabcellsep \\ \multicolumn{2}{l}{Environmental policy, environmental}\tabcellsep \\ \multicolumn{2}{l}{reporting, waste management, resource}\tabcellsep \\ \multicolumn{2}{l}{management, energy use, climate change}\tabcellsep \\ \multicolumn{2}{l}{policies and performance.}\tabcellsep \end{longtable} \par {\small\itshape [Note: ENVIRONMENTThe Environment Component data covers company's interactions with the environment at large, including use of natural resources, and company's impact on Earth's ecosystems, compliance with environmental regulations, leadership in addressing climate change, energy-efficient operations, renewable energy, natural resource conservation, pollution prevention programs, strategy towards sustainable development and programs to engage stakeholders for environmental improvement.]} \caption{\label{tab_3}}\end{figure} \begin{figure}[htbp] \noindent\textbf{2} \par \begin{longtable}{P{0.10582329317269075\textwidth}P{0.011378848728246318\textwidth}P{0.11037483266398929\textwidth}P{0.3004016064257028\textwidth}P{0.1968540829986613\textwidth}P{0.1251673360107095\textwidth}} 2013\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ ear\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ Y\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ Volume XIII Issue XI Version I\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ ( ) C\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ Global Journal of Management and Business Research\tabcellsep S.No. 1 2\tabcellsep Study \& Country Jones (2005) -Australia Van de Velde et al.\tabcellsep Measure of Corporate Sustainability GRI Sustainability Reporting Index Score Vigeo Sustainability Scores on -\tabcellsep Measure of Financial Performance Market adjusted returns; other financial ratios; and financial distress probability scores. Average Monthly\tabcellsep Relationship Mixed Results with different measures of company performance Positive, but not\\ \tabcellsep \tabcellsep (2005)\tabcellsep Human Resources, Environment,\tabcellsep Returns on portfolio\tabcellsep significant\\ \tabcellsep \tabcellsep -Europe\tabcellsep Customers \& Suppliers,\tabcellsep \tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep Community \& Society, and\tabcellsep \tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep Corporate Governance\tabcellsep \tabcellsep \\ \tabcellsep 3\tabcellsep Brammer et al. (2006)\tabcellsep Composite/Aggregate\tabcellsep Stock Returns\tabcellsep Negative\\ \tabcellsep \tabcellsep -UK\tabcellsep Sustainability Score from EIRIS\tabcellsep \tabcellsep \\ \tabcellsep \tabcellsep \tabcellsep database\tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_4}Table 2 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{3} \par \begin{longtable}{} \end{longtable} \par {\small\itshape [Note: S. No. HypothesisVII.]} \caption{\label{tab_5}Table 3 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{4} \par \begin{longtable}{P{0.05991541353383459\textwidth}P{0.36508458646616543\textwidth}P{0.425\textwidth}} S.N.\tabcellsep Sample Companies\tabcellsep Industry\\ 1\tabcellsep Bharat Petroleum Corporation Ltd. (BPCL)\tabcellsep Petroleum Refineries\\ 2\tabcellsep Bharti Airtel Ltd.\tabcellsep Telecommunications\\ 3\tabcellsep GAIL (India) Ltd.\tabcellsep Natural Gas Distribution\\ 4\tabcellsep Hindalco Industries Ltd.\tabcellsep Mining (Except Oil \& Gas)\\ 5\tabcellsep Hindustan Unilever Ltd.\tabcellsep Food Products\\ 6\tabcellsep Infosys\tabcellsep IT \& Network Services\\ 7\tabcellsep ITC\tabcellsep Conglomerates (FMCG, Hotels and Agri Business)\\ 8\tabcellsep Larsen \& Toubro Ltd.\tabcellsep Heavy \& Civil Engineering Construction\\ 9\tabcellsep Mahindra \& Mahindra Ltd.\tabcellsep Motor Vehicle Manufacturing\\ 10\tabcellsep Maruti Suzuki India Ltd.\tabcellsep Motor Vehicle Manufacturing\\ 11\tabcellsep NTPC Ltd.\tabcellsep Electric \& Gas Utilities\\ 12\tabcellsep Oil \& Natural Gas Corporation Ltd. (ONGC)\tabcellsep Oil \& Gas Extraction\\ 13\tabcellsep Power Grid Corporation of India Ltd.\tabcellsep Electric \& Gas Utilities\\ \tabcellsep \tabcellsep Chemicals, Plastics \&\\ 14\tabcellsep Reliance Industries Ltd.\tabcellsep Rubber Products\\ \tabcellsep \tabcellsep Manufacturing\\ 15\tabcellsep Sterlite Industries (India) Ltd.\tabcellsep Mining (Except Oil \& Gas)\\ 16\tabcellsep Tata Consultancy Services Ltd. (TCS)\tabcellsep IT \& Network Services\\ 17\tabcellsep Tata Motors Ltd.\tabcellsep Motor Vehicle Manufacturing\\ 18\tabcellsep Tata Power Co. Ltd.\tabcellsep Electric \& Gas Utilities\\ 19\tabcellsep Tata Steel Ltd.\tabcellsep Steel Manufacturing\\ 20\tabcellsep Wipro Ltd.\tabcellsep IT \& Network Services\\ \multicolumn{3}{l}{b) Variable Description and Data Sources}\end{longtable} \par \caption{\label{tab_6}Table 4 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{6} \par \begin{longtable}{P{0.09329268292682927\textwidth}P{0.0725609756097561\textwidth}P{0.07947154471544715\textwidth}P{0.11056910569105692\textwidth}P{0.08983739837398375\textwidth}P{0.12784552845528457\textwidth}P{0.183130081300813\textwidth}P{0.09329268292682927\textwidth}} \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep Beta\tabcellsep \\ Particulars\tabcellsep R\tabcellsep R 2\tabcellsep Adjusted R 2\tabcellsep F\tabcellsep Significance of F\tabcellsep Coefficient for OSR\tabcellsep p-value\\ \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep (b 1 )\tabcellsep \\ ROA\tabcellsep .420\tabcellsep .176\tabcellsep .079\tabcellsep 1.817\tabcellsep .193\tabcellsep .316\tabcellsep .381\\ ROE\tabcellsep .568\tabcellsep .323\tabcellsep .243\tabcellsep 4.050\tabcellsep .036\tabcellsep -.607\tabcellsep .220\\ ROCE\tabcellsep .520\tabcellsep .270\tabcellsep .184\tabcellsep 3.148\tabcellsep .069\tabcellsep -.441\tabcellsep .548\\ PBT\tabcellsep .671\tabcellsep .451\tabcellsep .386\tabcellsep 6.973\tabcellsep .006\tabcellsep 30.584\tabcellsep .887\\ GTA\tabcellsep .436\tabcellsep .190\tabcellsep .095\tabcellsep 1.992\tabcellsep .167\tabcellsep .155\tabcellsep .571\end{longtable} \par \caption{\label{tab_7}Table 6 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{7} \par \begin{longtable}{P{0.615084388185654\textwidth}P{0.032278481012658226\textwidth}P{0.04064697609001406\textwidth}P{0.04064697609001406\textwidth}P{0.04124472573839662\textwidth}P{0.04423347398030942\textwidth}P{0.035864978902953586\textwidth}} \multicolumn{2}{l}{Particulars}\tabcellsep ROA\tabcellsep ROE\tabcellsep ROCE\tabcellsep PBT\tabcellsep GTA\\ R\tabcellsep \tabcellsep .730\tabcellsep .769\tabcellsep .760\tabcellsep .826\tabcellsep .690\\ \multicolumn{2}{l}{R 2}\tabcellsep .533\tabcellsep .592\tabcellsep .577\tabcellsep .683\tabcellsep .475\\ \multicolumn{2}{l}{Adjusted R 2}\tabcellsep .367\tabcellsep .446\tabcellsep .426\tabcellsep .570\tabcellsep .288\\ F\tabcellsep \tabcellsep 3.201\tabcellsep 4.064\tabcellsep 3.825\tabcellsep 6.036\tabcellsep 2.538\\ \multicolumn{2}{l}{Significance of F}\tabcellsep .039\tabcellsep .017\tabcellsep .021\tabcellsep .004\tabcellsep .078\\ \multicolumn{2}{l}{Beta Coefficient for COM 1 )}\tabcellsep 1.182\tabcellsep 1.106\tabcellsep 1.833\tabcellsep 260.220\tabcellsep .314\\ \multicolumn{2}{l}{Beta Coefficient for EMP (b 2 )}\tabcellsep -1.526\tabcellsep -1.684\tabcellsep -2.901\tabcellsep -886.278\tabcellsep .154\\ \multicolumn{2}{l}{Beta Coefficient for ENV (b 3 )}\tabcellsep -1.228\tabcellsep -2.483\tabcellsep -3.337\tabcellsep -464.416\tabcellsep .871\\ \multicolumn{2}{l}{Beta Coefficient for GOV (b 4 )}\tabcellsep 1.381\tabcellsep 1.926\tabcellsep 3.026\tabcellsep 827.701\tabcellsep -1.073\\ \multicolumn{2}{l}{p-value for COM}\tabcellsep .072*\tabcellsep .214\tabcellsep .167\tabcellsep .494\tabcellsep .537\\ \multicolumn{2}{l}{p-value for EMP}\tabcellsep .011**\tabcellsep .036**\tabcellsep .017**\tabcellsep .014**\tabcellsep .722\\ \multicolumn{2}{l}{p-value for ENV}\tabcellsep .066*\tabcellsep .012**\tabcellsep .020**\tabcellsep .237\tabcellsep .106\\ \multicolumn{2}{l}{p-value for GOV}\tabcellsep .024**\tabcellsep .025**\tabcellsep .018**\tabcellsep .027**\tabcellsep .031**\\ Note:\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{**. Significant @ 5\% level of significance}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{*. Significant @ 10\% level of significance}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{The following conclusions can be inferred from}\tabcellsep \tabcellsep \tabcellsep \\ analysis of Table 7:\tabcellsep \tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{? Community-related performance has insignificant}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{positive relationship with company's financial}\tabcellsep \tabcellsep \tabcellsep \\ performance.\tabcellsep \multicolumn{2}{l}{Hence, the second alternate}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{2}{l}{hypothesis (Ha2) is rejected.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{? Employee-related performance has significant}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{negative relationship with company's financial}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{performance. Hence, the third alternate hypothesis}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{2}{l}{(Ha3) is accepted.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{? Environment-related performance has significant}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{negative relationship with company's financial}\tabcellsep \tabcellsep \tabcellsep \\ performance.\tabcellsep \multicolumn{2}{l}{Hence, the fourth alternate}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{2}{l}{hypothesis (Ha4) is accepted.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{? Governance-related performance has significant}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{positive relationship with company's financial}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{performance. Hence, the fifth alternate hypothesis}\tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{2}{l}{(Ha5) is accepted.}\tabcellsep \tabcellsep \tabcellsep \tabcellsep \\ \multicolumn{3}{l}{The results of Hypothesis Testing are shown below in}\tabcellsep \tabcellsep \tabcellsep \end{longtable} \par \caption{\label{tab_9}Table 7 :}\end{figure} \begin{figure}[htbp] \noindent\textbf{88} \par \begin{longtable}{P{0.40963855421686746\textwidth}P{0.4403614457831325\textwidth}} Hypothesis (Alternate)\tabcellsep Accept/Reject\\ Ha1\tabcellsep Reject\\ Ha2\tabcellsep Reject\\ Ha3\tabcellsep Accept\\ Ha4\tabcellsep Accept\\ Ha5\tabcellsep Accept\\ IX.\tabcellsep \end{longtable} \par \caption{\label{tab_10}Table 8 .Table 8 :}\end{figure} \footnote{© 2013 Global Journals Inc. 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