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摘要：本文是作者的一篇英国本科毕业论文。任何一个企业和社会组织都是存在于环境之中的。企业环境可分成微观环境和宏观环境。微观环境包括那些直接影响企业履行其使命状况的行动者、供应商、各种市场中间商、顾客、竞争对手等。宏观环境包括那些影响企业微观环境中所有行动者的较广泛的社会力量或因素，包括人口的、经济的、技术的、政治的、法律的、以及社会文化方面的力量和因素。企业的经济环境包括：1、宏观经济形势，如国民经济发展水平及其发展趋势，政府财政。金融情况;2、本行业在整个经济体系中的地位和行业特点;3、企业的直接经济环境，包括人均实际收入、平均消费取向、消费支出分配模式。

Stakeholder theory is popular in the empirical studies to explain the relationship between CER and CFP. Roberts (1992) asserted stakeholder theory was a reasonable approach to explain the issues between environmental performance and financial performance.

There are some examples for other theories, for instance, Russo and Fouts (1997), which is based on the resource-based perspective, suggested a positive correlation between CER and profitability. Moreover, Waddock andGraves(1997) explained the positive relationship between CER and CFP in two directions of causality by applying slack resources theory and good management theory.

2.6 The direction of causality

The direction of causality is an important issue in the research of relationship between CEP and CFP. Orlitzky, Schmidt.and Rynes, (2003) proved that the relationship between CEP and CFP should be ‘bidirectional and simultaneous’. This means there are two directions of causality, namely prior CFP could affect the CER while CER is a predictor of CFP.

McGuire, Sundgren and Schneeweis (1988) argued that the social responsibility might be also linked to the prior firm financial performance. The results show that it is worthy to examine how financial performance affects the CER, as prior financial performance seems to be a good predictor of corporate social performance. Later Stanwick and Stanwick (1998) found that better financial performance has a positive effect on CSP by using the samples in the Fortune 500 listing from year 1987 to 1992.

It is obviously that a majority of studies chose to research the second direction of causality, namely CER affects CFP. For example, Salama (2005) selected CER as an independent variable and CFP as a dependent variable, finally achieved the result that there is a positive relationship between two variables.

2.7 Different analysis methods

The inconsistent results, not only derive from various variables measures, but also due to different analysis methods.

The most popular analysis methods used in the studies should be descriptive statistics, correlation analysis and regression analysis. Stanwick and Stanwick (1998) applied these analysis methods and achieved a positive relationship between CSP and CFP. However, Pava and Krausz (1996) only used descriptive statistics.

Salama (2005) examined the relationship between CEP and CFP using median regression. And there are some assumptions for applying the median regression. (Kahane, 2001) The results show that there is a stronger positive relationship when employing the median regression.

2.8 Possible research errors

Apart from the reasons mentioned above, there might be some errors in the researches, which could lead to the inconsistent findings. The possible errors include ‘stakeholder mismatching (Wood and Jones, 1995), the general neglect of contingency factors (Ullmann, 1985), measurement errors (Waddock and Graves, 1997), and failing to see important differences between theory and operational context (Margolis and Walsh, 2001)’. (as cited in Orlitzky, Schmidt.and Rynes, 2003)

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