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Drugov, Mikhail - C.E.P.R. Discussion Papers - 2015

that patronage may be strictly positive in both of them. We also apply the second setting to the case of corruption. … and applications include political groups, ethnicities, agents motivated by the work in the public sector and corruption … discretion which allows an immediate advancement of their cause and promotion discretion ("patronage") which allows a biasing of …

Persistent link: https://www.econbiz.de/10011145475

Voluntary Corporate Environmental Initiatives and Shareholder Wealth

Fisher-Vanden, Karen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2008

Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...

Persistent link: https://www.econbiz.de/10005662265

Corporate Social Responsibility and Managerial Entrenchment

Cespa, Giovanni; Cestone, Giacinta - C.E.P.R. Discussion Papers - 2004

When stakeholder protection is left to the voluntary initiative of managers, relations with social activists may become an effective entrenchment strategy for inefficient CEOs. We thus argue that managerial turnover and firm value are increased by the institutionalization of stakeholder...

Persistent link: https://www.econbiz.de/10005504332

Social Capital, Trust, and Firm Performance during the Financial Crisis

Lins, Karl; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2015

We study the extent to which a firm’s social capital, as measured by the intensity of a firm’s corporate social responsibility (CSR) activities, affects firm performance during the 2008-2009 financial crisis. We find that high-CSR firms have crisis-period stock returns that are four to five...

Persistent link: https://www.econbiz.de/10011165644

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

Edmans, Alex; Li, Lucius; Zhang, Chendi - C.E.P.R. Discussion Papers - 2014

We study the relationship between employee satisfaction and abnormal stock returns around the world, using lists of the “Best Companies to Work For” in 14 countries. We show that employee satisfaction is associated with positive abnormal returns in countries with high labor market...

Persistent link: https://www.econbiz.de/10011083605

Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence

Albuquerque, Rui; Durnev, Artyom; Koskinen, Yrjö - C.E.P.R. Discussion Papers - 2013

This paper presents an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities. We model CSR activities as an investment in customer loyalty and show that CSR decreases systematic risk and increases firm value. These effects are stronger...

Persistent link: https://www.econbiz.de/10011083749

Clientelism and Aid

Casamatta, Georges; Vellutini, Charles - C.E.P.R. Discussion Papers - 2006

Using a model of probabilistic voting, we analyse the impact of aid on the political equilibrium in the recipient country or region. We consider two kinds of politicians: the benevolent one is interested in promoting social welfare whereas the other one is clientelistic, his only goal being to...

Persistent link: https://www.econbiz.de/10005124076

Political Foundations of the Resource Curse

Robinson, James A; Torvik, Ragnar; Verdier, Thierry - C.E.P.R. Discussion Papers - 2002

In this Paper we argue that the political incentives that resource endowments generate are the key to understanding whether or not they are a curse. We show: (1) politicians tend to over-extract natural resources relative to the efficient extraction path because they discount the future too...

Persistent link: https://www.econbiz.de/10005067503

Do Exporters Gain From VERs?

de Melo, Jaime; Winters, L. Alan - C.E.P.R. Discussion Papers - 1990

welfare. Key parameters of demand and supply are estimated for leather footwear exports from Taiwan subject to the USA Orderly …

Persistent link: https://www.econbiz.de/10005661823

Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections

Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015

Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...

Persistent link: https://www.econbiz.de/10011249372

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