1 Introduction
2 Background and Research Context
3 Research Aims and Data
3.1 Research Aims
3.2 Data
4 Methods
4.1 Structural Topic Model (STM)
stm
(Roberts, Stewart, & Tingley, 2019), which handles model estimation, summary, and visualization. Further, it is used in the present paper. The tolerance level default value in the R function for the estimation is 10–5.quanteda
(Benoit, et al., 2018), and for implementing the topic model, we used stm
(Roberts, Stewart, & Tingley, 2019).4.2 Twitter-Based Indexes
5 Results and Discussion
5.1 Model Selection
Metric | Criterium | Range of topics |
---|---|---|
Held-out likelihood | + | > 45 |
Lower bound | + | 30–50 |
Residuals | – | 45–60 |
Semantic coherence | + | 45–55 |
Exclusivity | + | 45–55 |
5.2 Topic Discovery
SDG | CSR Dimension | No. of Topics | Description of topics |
---|---|---|---|
SDG 8: Decent work and economic growth | Economic Social | 6 1 | CEO talks about leadership Economic impact of the business Announcement of partnerships Workplace well-being |
SDG 9: Industry, Innovation, and Infrastructure | Social | 4 | Social impacts of innovation and digitalization Human–machine interaction to improve everyday life |
SDG 10: Reduced inequalities | Social | 4 | Accessibility and inclusiveness (disability) Creating a better world for everyone Fighting racial discrimination Closing the gaps (in gender, digital spaces, and other areas) |
SDG 11: Sustainable cities and communities | Social | 4 | Preserving the culture of communities Sustaining small businesses Celebrating and supporting communities Safer and more equitable cities |
SDG 3: Good health and well-being | Social | 2 | Promoting the importance of scientific research for well-being, vaccinations, and disease prevention |
SDG 4: Quality education | Social | 2 | Grants and scholarship for students Encourage STEM education |
SDG 5: Gender equality | Social | 2 | Gender pay gap Women in business and STEM Women’s empowerment |
SDG 1: No poverty | Social | 1 | Business actions to fight extreme poverty |
SDG 6: Clean water and sanitation | Environment | 1 | Clean water to all global communities World Water Day Oceans and Marine Conservation Water pollution |
SDG 7: Affordable and clean energy | Environment | 1 | Initiatives to promote clean energy and reduce pollution |
5.3 Covariate Effect
5.4 CSR Twitter Indexes
Sector | Frosini Index |
---|---|
Financials | 0.75 |
Industrials | 0.70 |
Energy and materials | 0.65 |
Consumer discretionary | 0.55 |
Consumer staples | 0.53 |
Communications | 0.47 |
Technology | 0.44 |
Health care | 0.35 |
No. of tweets | Sector | COM | CD | CS | E&M | FIN | HC | IND | TECH |
---|---|---|---|---|---|---|---|---|---|
1667 | COM | 0.00 | |||||||
1450 | CD | 0.13 | 0.00 | ||||||
1980 | CS | 0.14 | 0.04 | 0.00 | |||||
571 | E&M | 0.22 | 0.09 | 0.08 | 0.00 | ||||
3943 | FIN | 0.28 | 0.21 | 0.21 | 0.16 | 0.00 | |||
3092 | HC | 0.13 | 0.15 | 0.15 | 0.23 | 0.36 | 0.00 | ||
1462 | IND | 0.23 | 0.23 | 0.20 | 0.20 | 0.12 | 0.35 | 0.00 | |
8551 | TECH | 0.06 | 0.12 | 0.12 | 0.21 | 0.28 | 0.08 | 0.27 | 0.00 |
Firm | Sector | Frosini Index |
---|---|---|
Travelers | Financials | 0.80 |
Chevron | Energy and materials | 0.77 |
Caterpillar | Industrials | 0.70 |
Boeing | Industrials | 0.70 |
JPMorgan Chase | Financials | 0.63 |
Goldman Sachs | Financials | 0.63 |
Coca-Cola | Consumer staples | 0.60 |
McDonalds | Consumer discretionary | 0.56 |
Dow | Energy and materials | 0.56 |
Home Depot | Consumer discretionary | 0.54 |
Procter & Gamble | Consumer staples | 0.52 |
American Express | Financials | 0.49 |
Visa | Technology | 0.48 |
Verizon | Communication | 0.47 |
Intel | Technology | 0.46 |
Salesforce | Technology | 0.45 |
UnitedHealth | Health care | 0.43 |
Microsoft | Technology | 0.43 |
Cisco | Technology | 0.39 |
J&J | Health care | 0.38 |
IBM | Technology | 0.37 |
Amgen | Health care | 0.33 |
Merck | Health care | 0.32 |
No. of tweets | / | VZ | HD | MCD | KO | PG | CVX | DOW | AXP | GS | JPM | TRA | AMGN | JNJ | MRK | UNH | BA | CAT | CSCO | IBM | INTC | MSFT | MRC | V |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1640 | VZ | 0.00 | ||||||||||||||||||||||
1158 | HD | 0.14 | 0.00 | |||||||||||||||||||||
273 | MCD | 0.12 | 0.09 | 0.00 | ||||||||||||||||||||
139 | KO | 0.32 | 0.21 | 0.20 | 0.00 | |||||||||||||||||||
1770 | PG | 0.13 | 0.05 | 0.04 | 0.19 | 0.00 | ||||||||||||||||||
225 | CVX | 0.32 | 0.18 | 0.20 | 0.22 | 0.19 | 0.00 | |||||||||||||||||
346 | DOW | 0.16 | 0.06 | 0.05 | 0.17 | 0.03 | 0.16 | 0.00 | ||||||||||||||||
712 | AXP | 0.07 | 0.08 | 0.07 | 0.25 | 0.06 | 0.25 | 0.09 | 0.00 | |||||||||||||||
1436 | GS | 0.41 | 0.38 | 0.30 | 0.21 | 0.34 | 0.34 | 0.32 | 0.37 | 0.00 | ||||||||||||||
831 | JPM | 0.19 | 0.13 | 0.07 | 0.13 | 0.09 | 0.17 | 0.07 | 0.13 | 0.25 | 0.00 | |||||||||||||
964 | TRA | 0.26 | 0.28 | 0.27 | 0.36 | 0.31 | 0.14 | 0.29 | 0.27 | 0.37 | 0.26 | 0.00 | ||||||||||||
1390 | AMGN | 0.13 | 0.15 | 0.19 | 0.32 | 0.15 | 0.33 | 0.18 | 0.12 | 0.48 | 0.25 | 0.39 | 0.00 | |||||||||||
768 | JNJ | 0.13 | 0.12 | 0.15 | 0.29 | 0.12 | 0.30 | 0.15 | 0.09 | 0.45 | 0.21 | 0.35 | 0.04 | 0.00 | ||||||||||
770 | MRK | 0.14 | 0.16 | 0.20 | 0.31 | 0.16 | 0.34 | 0.19 | 0.13 | 0.49 | 0.26 | 0.40 | 0.02 | 0.05 | 0.00 | |||||||||
164 | UNH | 0.13 | 0.08 | 0.11 | 0.23 | 0.07 | 0.25 | 0.10 | 0.08 | 0.40 | 0.17 | 0.35 | 0.09 | 0.05 | 0.09 | 0.00 | ||||||||
163 | BA | 0.19 | 0.21 | 0.13 | 0.16 | 0.17 | 0.17 | 0.15 | 0.20 | 0.24 | 0.08 | 0.19 | 0.32 | 0.28 | 0.33 | 0.24 | 0.00 | |||||||
1201 | CAT | 0.25 | 0.29 | 0.20 | 0.26 | 0.24 | 0.24 | 0.23 | 0.27 | 0.25 | 0.17 | 0.19 | 0.39 | 0.35 | 0.40 | 0.31 | 0.09 | 0.00 | ||||||
927 | CSCO | 0.10 | 0.13 | 0.14 | 0.30 | 0.11 | 0.30 | 0.14 | 0.08 | 0.44 | 0.20 | 0.34 | 0.05 | 0.03 | 0.06 | 0.07 | 0.27 | 0.34 | 0.00 | |||||
230 | IBM | 0.10 | 0.15 | 0.16 | 0.32 | 0.13 | 0.32 | 0.16 | 0.09 | 0.45 | 0.22 | 0.36 | 0.04 | 0.04 | 0.05 | 0.09 | 0.29 | 0.36 | 0.02 | 0.00 | ||||
666 | INTC | 0.05 | 0.11 | 0.09 | 0.29 | 0.10 | 0.29 | 0.13 | 0.04 | 0.39 | 0.16 | 0.28 | 0.11 | 0.09 | 0.11 | 0.09 | 0.21 | 0.28 | 0.06 | 0.07 | 0.00 | |||
2930 | MSFT | 0.05 | 0.14 | 0.12 | 0.31 | 0.13 | 0.32 | 0.16 | 0.06 | 0.41 | 0.19 | 0.30 | 0.09 | 0.09 | 0.10 | 0.09 | 0.23 | 0.30 | 0.06 | 0.06 | 0.03 | 0.00 | ||
3350 | MRC | 0.05 | 0.12 | 0.10 | 0.30 | 0.11 | 0.30 | 0.14 | 0.05 | 0.40 | 0.17 | 0.28 | 0.10 | 0.08 | 0.12 | 0.09 | 0.21 | 0.28 | 0.06 | 0.07 | 0.01 | 0.02 | 0.00 | |
448 | V | 0.12 | 0.05 | 0.08 | 0.22 | 0.04 | 0.22 | 0.07 | 0.05 | 0.38 | 0.13 | 0.32 | 0.11 | 0.08 | 0.12 | 0.03 | 0.21 | 0.28 | 0.09 | 0.10 | 0.07 | 0.10 | 0.08 | 0.00 |