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In this study, we empirically examine the impact of win-win growth effort of domestic large firms on their financial performance. Specifically, we classify the financial performance into three aspects such as profitability, stability and efficiency, select corresponding financial ratios to each aspect, and analyze the causal relationship between the firms` win-win growth effort and each of the financial ratios. In addition, we figure out the impact of the firms` win-win growth effort on their stock rate of return. From the analysis, we show that the win-win growth effort has a positive impact on the firms` profitability, stability and stock prices; however, it does not give statistically significant impact on the firms` efficiency with even negative impact on it. These results imply that the firms` win-win growth effort could bring about inefficiency in their business operations, but the effort could increase the firms` profitability and make their financial structure more stable. Furthermore, the effort could enhance the firms` image of leading CSR (corporate social responsibility), which in turn increase their stock values.

The Impact of Win-Win Growth Effort of Large Firms on Their Financial Performance