Integrating corporate image of corporate social responsibility, stock price crash risk and profitability into a dynamic corporate sustainability performance measurement.

In this study, we develop an approach that integrates corporate image of corporate social responsibility (CSR) activities, stock price crash risk and profitability into a dynamic slack-based measure model to evaluate corporate sustainability performance. We illustrate our methodology by applying it empirically to examine the sustainability performance of firms that won a Top 50 Corporate Citizenship Award from the Commonwealth Magazine of Taiwan. Our proposed model yields an accurate estimation of time-specific dynamic corporate sustainability performance over multiple periods. Specifically, we find that it is essential to integrate the corporate image of CSR activities into the evaluation of dynamic corporate sustainability performance. We also find that performance results have a better explanation and practical significance to the actual situation. Thus, our performance ranking results and cluster analysis can help stakeholders identify investment decisions as they seek out the most worthwhile investment firms and groups of firms. Additionally, our findings can help policymakers identify inter-temporal corporate sustainability performance trends. [ABSTRACT FROM AUTHOR]