Social Capital and Risk-Shifting Incentives

As firms need to invest to build their social capital, we investigate the relationship between CSR reputation and firm investment. We find that social capital affects risk-shifting incentives: high CSR firms shift risk from shareholders to creditors. Also, firms facing a higher probability of default increase their CSR investment. CSR reputation then acts as a signal-jamming mechanism preventing investors and other stakeholders from identifying how distressed a firm is

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Year of publication:	[2021]
Authors:	Andriosopoulos, Dimitris ; Deepty, Sheikh Tanzila
Publisher:	[S.l.] : SSRN

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Extent:	1 Online-Ressource (61 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments October 11, 2021 erstellt
Other identifiers:	10.2139/ssrn.3940590 [DOI]
Classification:	G31 - Capital Budgeting; Investment Policy ; G33 - Bankruptcy; Liquidation ; M14 - Corporate Culture; Social Responsibility
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013322557