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Centre for Building Sustainable Value

Yao Yao

University of Toronto

Do Gains from Corporate Social Responsibility Vary by Context? A Comparative Study of the Moderating Effects of Corporate Governance Systems


This study addresses whether and how differences in corporate governance systems may affect instrumental outcomes of a companys corporate social responsibility (CSR) efforts. Based on Gospel and Pendleton's (2003) model of the impact of financial institutions and corporate governance and Matten and Moons (2008) framework for differentiating implicit and explicit CSR, we hypothesize that the context of corporate governance acts as a boundary condition on several outcomes of CSR: corporate financial performance, stock prices, and sales revenue. Using a panel dataset of corporate social performance (CSP) ratings and financial data, we find that being in the Anglo-American system strengthens the effect of CSP on stock prices and sales revenue, but does not affect the financial outcomes of CSP. 


Yao Yao is a second-year PhD student in Centre for Industrial Relations and Human Resources, University of Toronto. She has a background in human resource management and industrial relations. She obtained her Bachelors Degree in Human Resource Management from Renmin University of China and M.S. degree in International Employment Relations and Human Resource Management from the London School of Economics and Political Science. 

Her research interests are mainly in comparative corporate social responsibilities (CSR), CSR in developing countries, and impacts of CSR on human resource managementThe study Yao is submitting to the Sustainability Academy is to an international comparative study that investigates whether and how corporate governance systems act as a boundary condition on the instrumental outcomes of CSR 

Outside work, Yao is a loving cat owner and a cooking enthusiast.

Yao Yao

Yao Yao

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