Corporate social responsibility (CSR) and financial results of insurance companies

Existence of dependences between Corporate Social Responsibility (CSR) performance and financial results is the research problem addressed here. CSR performance is assumed to be measured with reporting of non-financial information. It is treated as one of the dependent variables that affect financial results measured with the rate of return on equity (ROE). The following research hypothesis has been advanced: non-financial reporting has no statistically significant effect on ROE. Insurance companies active in the Polish market are examined. A panel model is constructed and results of the model estimation are analysed to verify the hypothesis. The study has corroborated the research hypothesis. This study will contribute to the development of theories presuming effects of CSR performance on financial results of firms.